BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Consumers 'ripped off' by LMI greed by Calida Smylie | 26 Feb 2014  Australian Broker online   Consumers are being “ripped off” by having to cover lenders mortgage insurance and it has to stop, said Finance Brokers Association of Australia CEO Peter White.The industry veteran has been advocating for disclosure and portability in the LMI space for more than three years, but hopes the new government will make change in the next year, he toldAustralian Broker.While FBAA recognises LMI as a necessary insurance, it has fought for a long time to remove the restrictive and unfair nature of it.“We think that if we change LMI and its conduct and its lack of disclosure this will mean a more fluid marketplace for the whole industry. The refinance marketplace will become more active to what it is today because there is no barrier to impede the transaction, because you don’t need to pay another $20,000 to $30,000 for...
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  • doyla66
    doyla66 says #
    LMI stinks. If you have not realised it yet, LMI (or Risk insurance) does not protect you the borrower at all. We pay thousands
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Dear members Watching the news in our hotel room getting ready for the Senate hearings tomorrow am and taken aback. We cannot ger the Australian Federal Police to investigate the banksters yet they can raid two channel7 properties under the pretext of finding evidence of payments to Shapelle Corby for interviews. I'm sure if they raided the banksters on our behalf they would score better in finding indictable evidence. What they did is not of national importance, bringing the banksters to account for their engineered fraudulant deeds is. Tens of thousands of Australians lives have been decimated by their actions but no federal authority will pursue them. Tomorrow will be the new beginning, I  have never looked forward to anything as much as I look forward to  ASIC Chairman Greg Medcraft take the stand tomorrow, I hope the good Senators drill him harder than a Collins Street  dentist and leave him...
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  • doyla66
    doyla66 says #
    Typical of the AFP they make out they are doing something but in reality they are doing nothing of National importance. We have so
  • doyla66
    doyla66 says #
    My exact thoughts NT What a discrace this country is. I agree 100 % that tomorrow is "a new begining" For us all....... Things hav
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Dear members We all know the BFCSA membership is over eleven hundred and each and everyone of us has been touched by the hand of bankster fraud but when you start reading the individual stories its nothing short of a tragedy and a travesty of justice.  We haven't lost our home yet but we came close some months when we had to use a Mastercard to meet loan repayments. I was working out payments such as utilities , insurances, bankster loan repayments etc twelve months in advance and even allowed for the two months of the year when we got three pension payments for the month, these two extra payments were used to pay back the Master card which covered the months we coudn't meet the full bankster repayments. The only reason we have a little breathing space at the moment is due to the record low interest rates but its...
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  • doyla66
    doyla66 says #
    The clue is in the computer coding Neil for it's all computer money and it's not the money they are after! Think of The Emperor w
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Dear members Last Saturday I blogged about how our broker ensnared us by using a former work colleague as the bait to lure us into the banksters trap.  Once we had finished work and all our entitlements were paid out we had our mortgage almost completely paid out as I hadn't been approved yet for a full TPI pension and as such had no income for almost three months, luckily I was approved and my wife became my full time carer. Once income was established we redrew on the mortgage to finish things on the home that I could no longer do due to health. Like I stated in the blog a former work colleague steered a broker our way just for a chat, she and her husband got a juicy commission and we got heartache and destitution. I stated to the broker, we are on  DVA pensions and there is...
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  • doyla66
    doyla66 says #
    How many story's are out there? My god.... This is insane. What the hell is going on. A royal commission is beyond urgent....... T
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Graham & Anne 26/1/14                               MY STORY I left school in year 8, the end of 1954, I worked on our small family farm.  in 1958 I did part time commercial fishing to help make a reasonable income, which I did. Later we bought a rough block that had to be cleared. That was 3 months of the year picking lime stone by hand 7 days a week 15-18 hours a day.In 1975 I built a larger boat, got out of farming and went full time commercial fishing, similar hours still applied, the longest was 48 hours, no sleep, these hours still apply today.About 4-5 years ago I had no choice but to get out of commercial fishing, as I could not hold a knife and fork with either hand, because of Rheumatoid arthritis. I was unable to work at all for 6 months until I was able to see a specialist who cared...
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Dear members One of the advantages of being medically retired is we have time to spare, it wasn't planned that way but life doesn't run according to plans.We envisaged in retirement to do the grey nomad thing and travel around Australia by towing a van, we were financially secure and owned everything. Our plans would revolve around my health but we knew if any thing happened while travelling that I would be looked after being covered by DVA. We only invested because a work colleague who was getting spotter fee's unbeknown to us, steered a broker our way, he played the old you can't help your kids physically but financially you have equity locked up in your home not working for you, and like the rest of you the rest is history we had fallen for the spiel. The internet has opened up a whole new world of information to us,...
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  • doyla66
    doyla66 says #
    Took me 3 years to figure that out and then I went back to work in finance for a short until the 1987 crash after which I fled the
  • doyla66
    doyla66 says #
    Organza, you didn't fail, they were just to thick and stubborn to learn new ways because they think they already know everything.
  • doyla66
    doyla66 says #
    Yes Neil and therein lies the real problem. The trouble with Politicians is these days (aside from Senators) they are all career
  • doyla66
    doyla66 says #
    Organza, last week Gerry Harvey was on the Richo show on Sky, he stated to Peter Reith and Richo that politicians have no idea wha
  • doyla66
    doyla66 says #
    Couldn't agree more with you Neil, I only hope Mr Abbott reads the blogs on this site because if he did he would have no alternati
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What is the remedy for all those who KNOWINGLY fed off this monstrous period in our nation's history of WHITE COLLAR CRIME gone rampant through the Banking & Finance Sector. So how do we punish these morons that thought it OK to capture Government and all to do with their own personalized GREED.  Preying on defenseless people you targeted pensioners and low income families) who trusted your insane strategies touted as good economic management to get ahead into comfortable retirement, instead of satisfied with low income: Trust Me I am  Banker!"  NO MORE.  You coveted their only asset THEIR HOMES.  You Bankers were acting as a CARTEL: same stationary, same model of business, same chains involved, same database of directives, same use of BDM's, same governmental meetings, same targets ARIPS, same asset hunger, same greed, same contracts, same law firm, same lobbying techniques, same protection rackets........................better than any bikie could dream...
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  • doyla66
    doyla66 says #
    It's going to be a busy time if lawyers who cover up crime are in for it. In some areas of Australia not only is covering up by la
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Now the tables are turning - AT LAST in favour of Consumer victims of LOW DOC SUB PRIME MORTGAGE LENDING SCANDAL. In 2009, American Judges started to see these Bankster Tricks in the correct light of day and placed them under a very impressive Judicial Spotlight:  "You cannot find the files, the original documentation?  Too bad for you......MORTGAGE EXTINGUISHED.   Slowly, slowly our team BFCSA are breaking down those very same barriers that Banksters have been hiding behind.  Does the Judiciary trust Bankers?  Not really!  There have been many court cases like this since then.  Now for our turn.....and we expect a few Bankers to be jailed over these criminal activities.  We received one today Liabilities $6k per month.  Income $4K - bank approved a number of loans like this.  Big fallout likely.  Lots more to come! Mortgage debt waived after bank can't find   paperwork by Martha C. White  Oct 27th 2009...
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  • doyla66
    doyla66 says #
    2009 - incredible - and Australia is just heading down the same path to electronic applications that caused the sub-prime crisis i
  • doyla66
    doyla66 says #
    we are getting ready for the big fallout denise. I hope the regulators are taking MORE notice of little 'ol BFCSA and the evidenc
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Dear members For too many years Denise has been lobbying politicians, ASIC and anyone in authority to get across the sheer magnItude of how rampant Loan Application Fraud ( LAF) is in Australia. The upcoming investigation into the banksters with former CEO David Murray as its head is an insult to the thousands of Australians who have been affected by this man and his bankster cronies.The classification of the investigation as being independent means you want experts who are not affiliated in any shape or form to the banksters, it should not mean you need the main players in the whole sordid affair to pass judgement on themselves. Unless this situation is changed starting by the removal of David Murray as its head the whole investigation will be seen as a farce and a waste of public funds. Its apparent from recent blogs that people with mortgages after being made aware...
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  • Denise
    Denise says #
    Thanks Cody. Yes its been a decade of lobbying. But by collecting data (ASIC's job) BFCSA has the proof of what the banks were d
  • doyla66
    doyla66 says #
    Well done to you Neil for your persistence and to our illustrious leader Denise Brailey who has become our shining light. Like you
  • doyla66
    doyla66 says #
    If here is such a thing as reincarnation am starting to think once we must all have been resistance fighters and who we are fighti
  • doyla66
    doyla66 says #
    RBA broken biscuit factory? Or cooking the books more likely! Have you seen the series on the origins of "risk free" credit (fro
  • doyla66
    doyla66 says #
    GFS, thankyou for your kind words of encouragement, its through adversity that we have all been brought together, our unity is our
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Dear members 2014 is upon us and we face a year ahead with many challenges and opportunities.The Senate Committee hearing into ASIC is a  long overdue and much needed wake up call whereby the outcome will hopefully provide a complete overhaul of the Corporate Banking Regulator from the top executive suite and I sincerely hope a former Bankster is never put in power of such a body again.  WE also suggest to the Senators they recommend the disbanding of FOS and COSL who are basically agents of the banksters. The much vaunted Roots and Branches investigation initiated by Hon. Joe Hockey (Australian Federal Treasurer) into the Banksters, I am less than enthusiastic about.  What was a golden opportunity to bring the Banksters back into line has been lost by the appointment of former Bankster CEO David Murray as its head. Why is he a Bankster is the eyes of BFCSA Members?  Members...
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  • doyla66
    doyla66 says #
    I can come to ACT if needed for support and wear a T-Shirt We have to be seen and heard.
  • doyla66
    doyla66 says #
    I like the T shirt idea
  • doyla66
    doyla66 says #
    Members, the ball is now in our court. For too long the banksters dictated the state of play from being summoned to their lions de
  • doyla66
    doyla66 says #
    Well said Neil. Joe Hockey will go down in history as the politician who could have resolved the issue but blew it. If you read th
  • doyla66
    doyla66 says #
    Maybe the T. Shirt idea is not so bad Neil. It will show we are all committed and banded together. Tastefully done it could be a
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Dear members A comment by Lisa today reminded me what a long and winding road to Justice we all have embarked on. In the beginning we naturally assumed that by playing by the rules and guide lines and following all the protocols that we would eventually be vindicated. After many years of letter writing, emails and talking face to face with our elected representatives, what have we achieved? absolutely bugger all. From Rudd, Gillard and Abbott  and down through the ranks of politicians past and present apart from our local M.P. in most cases we didn't even rate a response from Canberra to state they had received our enquiry. I realise that staff vet all correspondence but why did this pertain to all politicians? Why did all the various agencies ASIC, APRA , Federal Police etc say not our problem try some one else? Why did Joe Hockey appoint a financial...
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  • doyla66
    doyla66 says #
    Dear Nanna Don't worry I'm fine, since joining BFCSA I have found new strength to carry on the fight with like minded people, we m
  • doyla66
    doyla66 says #
    Neil don't let these B......DS get at you. Always look on the bright side of things there is always someone worse off than yourse
  • doyla66
    doyla66 says #
    Lisa My biggest fear is that alot of our politicians and regulators are products of universities from the eighties and believe in
  • doyla66
    doyla66 says #
    Good one, Neil. Like you I believed in honesty, lawfulness and being vindicated in the end. What I've experienced includes being
  • doyla66
    doyla66 says #
    Good post Neil. Pretty much agreement all round. I try to concentrate on the positives rather than any negatives in my life. At t
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Dear Members Like the rest of you I am appalled at David Murray being appointed to lead the investigation into the banking system. This man has everything to lose and nothing to gain if the banks are exposed for their imprudent practices.  After a lengthy investigation and lots of fine dining at tax payers expense the banks will come out clean with a few recommendations for improvement.  The fraudulent practices that went public will be written off again as a few rogue traders who are now long gone and everything is now rosy. For Joe Hockey to find experts to run an investigation into the banksters all he had to do was read some of the Senate submissions into ASIC. There is a long list of experts from senior lawyers to accountants, people who are prominent in all aspects of the financial sector and even specialized university lecturers who are teaching...
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  • doyla66
    doyla66 says #
    NatWest run by CBA were up with the leaders when it came to "entrepreneurial advantage taking." ( fraud) when it came to their
  • doyla66
    doyla66 says #
    This is nothing more than a game being played out by Joe Hockey. I'm afraid Joe has lost my vote of confidence. He committed to t
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Lenders, including the Major Banks dreamed up a dastardly weapon against consumers known as THE SERVICEABILITY CALCULATOR.   The clever little lenders, on salaries and bonuses of $4 million per year, wanted 20,000 "agents" to use their tools to fudge income figures.  How did they manage to find 20,000 dishonest people to become brokers and earn commissions from a  grand scale fraud?  Truth is the possibility of finding 20,000 dishonest people was a little ambitious.  No, this plan was subtle: "how to have 000's of Bank Officers (BDM's) and 000's of brokers, use the Service Calculator Tool, and allow the tool to create futuristic income, yet at the same time convince bank staff and its agencies that "all of the above was within the law." Brokers ask: "what is your income please?"  Little old lady ("ARIP") - that's bank jargon for Asset Rich Income Poor......the bank taught TARGET MARKET.....she quietly answers...
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  • doyla66
    doyla66 says #
    It seems to be that there is not one honest person in either the political arena or regulatory authority or for that matter the on
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  15 November 2013-- Dear Mr Pearson-- Pioneer Mortgages Limited ACN 095 875 755 —v- Pearson District Court of Qld proceedings BD 4710 of 2012 (Proceedings) We refer to your email dated 7 November 2013. Your meeting with our client gadens lawyers  - www.gadens.com.au; ABN 30 326 150 968 ONE ONE ONE Eagle Street Brisbane Old  We are instructed that you attended our client's office on 7 November 2013 and met with Mr Peter Miller and Ms Monique Zimany. We are instructed that Mr Miller and Ms Zimany informed you that our client's position is that its actions to date comply with its internal operational policies. Based on this, you were further informed that our client would not be affording you any further concessions. Our client's position is that it is entitled to continue with Proceedings to recover possession of the property situated at Unit 1 `Bellara' 296 The Esplanade, Miami in the...
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  • doyla66
    doyla66 says #
    Good Luck, Andy
  • doyla66
    doyla66 says #
    Andy, You will win, you are protecting what's yours , the lawyers are just hired hands as long as they get paid they don't care
  • doyla66
    doyla66 says #
    You're right, Tom. Andy has the psychological edge over them. They're just hired hacks dressed up for the job bored out of their b
  • doyla66
    doyla66 says #
    Lisa, yes be nimble, let them makes the moves...see 'their" form and respond accordingly...appear to be maverick in style... there
  • doyla66
    doyla66 says #
    Good one - yes, read their game. It's theatre and a game to them. The stakes are way to high for us, not the Lender, who apparent
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Dear members The financial loss we have all suffered is bad enough but to hear the likes of ASIC, the banksters and even the judiciary talk, they make us the victims out to be idiots. The only thing we are guilty of is trust, to trust someone and to have that trust betrayed for monetry gain should be a punishable crime in itself. It would be interesting to see what percentage of loans were created as a result of spruikers and all the different seminars that were around. The common denominator was  the equity in the home which in turn could generate the money to finance anything from shares, business ventures, property for negative gearing and lots of other investment opportunities. The common lie was to scare people by stating they would not have enough to live on in retirement just on the government pension and by borrowing you would be...
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  • doyla66
    doyla66 says #
    Unless their hand is forced they have no intention of rectifying or investigating this fraud which they know all about and refuse
  • doyla66
    doyla66 says #
    I agree with every last word in your blog Neil and I certainly understand how we were coerced into believing that our investments
  • doyla66
    doyla66 says #
    I believe it is a crime to betray the trust of a person for financial gain. It's called various names, depending on the methodolog
  • doyla66
    doyla66 says #
    Yep, I think you are right Neil. The press are hungry now for the dirt on these monster banks. These so called pillars of societ
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For too long, World Leaders have been pussy footing around Banksters.  Fraud is a crime in anyone's language!  Altering people's financial documents, after they have signed and without their knowledge or consent IS A FELONY.  The result of this global activity has left millions of families homeless.  Bankers deliberately targeted the poor and defenseless, pensioners, low income families, with one objective.....for the banks to steal homes.   Teaching millions of bank staff around the globe, to assist with the crime, explaining that banks are immune from prosecution, that its OK to tweak bank documents to "make the deal fit" is legal according to bank lawyers: THAT IS GRAND LARCENY Not one of the 180 plus members of IOSCO (the global corporate chiefs) found the evidence to piece this together.  NOT ONE!!!!  Our own Greg Medcraft is Chairman of this tin-pot outfit!  Check them out:  www.iosco.org    International Org of "Ww have...
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  • doyla66
    doyla66 says #
    Remember folks the G20 and the worlds media converge on Brisbane next year, a few large well placed placards and some ordinary Au
  • doyla66
    doyla66 says #
    I wish the rest of the world were taking this scamming and ripping off of consumers as seriously as we are! This is Grand Larceny
  • doyla66
    doyla66 says #
    I dare say that if us ordinary mums and dads tweaked our loan applications and filled the application with lies, inflating our inc
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The Swiss Hunt for Yield lured investors into High RISK    The Swiss-based `bank of central banks’ said a hunt for yield was luring investors en masse into high-risk instruments, “a phenomenon reminiscent of exuberance prior to the global financial crisis”. This is happening just as the US Federal Reserve prepares to wind down stimulus and starts to drain dollar liquidity from global markets, an inflexion point that is fraught with danger and could go badly wrong. “This looks like to me like 2007 all over again, but even worse,” said William White, the BIS’s former chief economist, famous for flagging the wild behaviour in the debt markets before the global storm hit in 2008. “All the previous imbalances are still there. Total public and private debt levels are 30pc higher as a share of GDP in the advanced economies than they were then, and we have added a whole new...
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Dear members I don't know whether fate pre-ordains lifes journey, and the trials and tribulations we face along the way are meant to make us or break us. For those that survive they are stronger from the ordeal although alot more cynical and sceptical for the experience.  For those who fall by the wayside, they face many years of coming to terms and for many they face having to start over again later in life which is traumatic to say the least. Thankfully there is a way to a better future and its called BFCSA.  Twelve months ago we reached rock bottom.  We had been on to the politician, regulator, police and every other agency we could find to get help and just get answers. With the exception of our local federal M.P. everyone passed the buck "not us always someone else" was the standard reply. Our hopes were raised two years ago when a...
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  • doyla66
    doyla66 says #
    I am very surprised that Mother Theresa reached sainthood before the ANZ Bank
  • doyla66
    doyla66 says #
  • doyla66
    doyla66 says #
    Well I cant believe how nice a Bank can be ANZ it appears cant do enough for the people that they may have harmed. Just read their
  • doyla66
    doyla66 says #
    I have just read the ANZ submission to the Senate website. I don't know how much they pay their spin doctors but if a customer has
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QUOTE OF THE WEEK:  Banker tells borrower: "Fraud and Forgery is irrelevant!!"  From one of our members and worthy of a BLOG..................as Fraud and Forgery is very relevant to him especially when the bankers are trying to take his home by stealth and ASIC keep saying "no systemic issues."  I don't care how many times ASIC try to fob the blame off on someone else apart from their Bankster Mates, its the Banks and no one else that produced the FRAUD.   Oh let me tell you our Broker was and still is a crook no one doubts that and ASIC have charged him as such, but I had TWO Banks involved in my finance of the purchased investment property and both loan documents from both Banks were full of wrong, misleading and plain FRAUDULENT information. Well ASIC will tell me that I was just plain unlucky to get 2 Banks that have made...
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  • doyla66
    doyla66 says #
    I love sharing any info I am permitted with all my followers and many many school connections and enlightening EVERYONE as to what
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There are just sometimes in life when you have to call a spade a spade, or a systemic fraud a systemic fraud, or a bank scam a BANK SCAM.  Our sub prime mortgage scandal has been festering under the surface for nearly two decades and, surprise surprise not one bank regulator could smell the elephant in the room.  No regulator managed to see the emperor has no clothes!  Or did they?  Yes and if they did, then the situation ran out of control into full blown corruption.  So we the people need to be asking the tough questions as the evidence oozes out under the doors and through the cracks.......................like a thick black sludge................................ You get the picture clearly in focus when two little old ladies sitting in a coffee shop over heard the smartly dressed and dapper gentleman at the table next to them, was talking of "doing a deal by...
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