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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Vikings Revenge: Iceland Takes Back Power To Create Its Own Money Written by 21st Century Wire on April 9, 2016 http://bsnews.info/vikings-revenge-iceland-takes-back-power-create-money/   The Vikings revenge. Iceland is taking the money back from the clutches of the private fractional reserve lending cartel. It’s happened before in history, and with great success, but it has also prompted a violent backlash from the elites… Back in 1914, the Bradbury Pound was introduced by the UK government as an ’emergency measure’ to bolster a failing economy. It was a huge success. The banking elite were unhappy, however and panicked – before managing to wrestle control of the money supply afterwards. President John F. Kennedy also introduced a similar ‘Greenback’ in 1961, and again, the banking elite were very unhappy about being pushed out, and losing control of the issuance ofmoney as debt. JFK did not survive past 1963. Then there was Muammar al-Gaddafiin Libya who,...
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  I was 54, looking through the real estate for sale on the internet when I came across the most beautiful home, right on my favourite stretch of river. Of course it was expensive but I had a good income and thought I would at least give it a go. My way of thinking was that "If the bank doesn't think I can afford it then they won't give me the money." WHAT WAS I THINKING??!! I made an application through a broker who was upbeat about loans and approval was easy.  I left the broker's office thinking it was all an interesting exercise but I would never gain approval.  How wrong was I! They had to break the loan into four smaller loans, mortgaging the home and two rural properties I owned and I had to borrow another $130,000 privately (through someone the broker recommended) to use as a deposit...
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  • NABbed Nanna
    NABbed Nanna says #
    Another story of deceit and trickery. You sort of cannot believe that these so called trusted banks would treat you like this. We
  • Aries
    Aries says #
    Same old story from everyone, loan documents tampered with deliberately. Everyone write to the Finance Minister Mathias Cormann a
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Highly paid regulators snoozing once again.............this time on Foreign Investment: Tenants in our own country?  Yes indeedy!  FIRB wouldn't have correct data.   Time for consumers to rise up against these perils.  No-one in the next generation of adults has any CONFIDENCE in being able to work work work and afford a home...........housing is all about grouping together in commune type living and putting up with mattress on floor and paying low rent.  They feel locked out of the home ownership arena.     This email address is being protected from spambots. You need JavaScript enabled to view it. http://beta.macrobusiness.com.au/2014/07/treasury-figures-show-foreign-property-buying-has-exploded/#comment-383310  Treasury data shows foreign buying rocket  1 July 2014 Leigh Van Olsen  Another day, another report on the huge surge of foreign investment in Australian property, this time from The Australian In the first nine months of this financial year, sales to foreigners are almost double the total from the whole of last year and represent a record 13 per cent of the total value...
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APRA worried about growth of high risk lending in Australia’s $1.3 trillion mortgage market   JEFF WHALLEY BANKING HERALD SUN MAY 26, 2014 8:27PM Qld Courier MAIL THE nation’s banking watchdog says it has witnessed “increasing evidence” of high-risk lending in the $1.3 trillion mortgage market as the scrap for market share intensifies in the face of low lending rates. The Australian Prudential Regulatory Authority has laid down the law to banks and other lenders with a series of new draft guidelines aimed at sharpening risk management. The Reserve Bank has maintained official interest rates at a historic low of 2.5 per cent since August last year. That’s created a hothouse atmosphere among banks which are fiercely competing to grab as much of the mortgage market as possible. “In this environment, APRA is seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,’’...
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  • doyla66
    doyla66 says #
    Interesting that there's a lot of competition for low doc clients when the interest rates are so low. The message must be getting
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Watchdog sounds warning on risky home loans DateMay 27, 2014 Read later Jacob Greber and Clancy Yeates  SMH Sydney Morning Heraldf Concerning trend: APRA chairman John Laker. Photo: Rob Homer The bank regulator has intensified its crackdown on risky lending, pushing back against a potential property ­bubble and increasing the Reserve Bank of Australia's capacity to keep interest rates at a record low. Concerned fierce competition for customers is driving down lending standards, the Australian Prudential Regulation Authority on Monday issued tough guidelines on how it expects banks to monitor and manage mortgage risks. This includes making banks consider geographic concentrations of risky loans; limits on loans relative to incomes; stress-testing borrowers; and avoiding giving managers financial incentives to make more loans. Analysts said the draft guidelines, which fall just short of the "macro­- prudential" rules adopted by regulators in New Zealand and Canada, mean the pace of growth in the mortgage...
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  • doyla66
    doyla66 says #
    This includes making banks consider geographic concentrations of risky loans; limits on loans relative to incomes; stress-testing
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http://bfcsa.com.au/index.php/entry/bfcsa-nab-and-grab-priestley-the-farmers-story-reposted Comment by arree Monday, 24 March 2014                           " disgusting and appalling, unaustralian and UNBELIEVABLE!.. then again, not so unbelievable now that we know that we borrowers have been scammed all along, thanks to BFCSA and Denise Brailey. No one inside one bank department knows what the other ones are doing... eg. today I received a greetings card from RAMS stating "Happy Loan Anniversary" !!... Our maladministration in lending complaint against RAMS is with FOS and we have not paid RAMS a cent for 2 years whilst under investigation and we have been living in our home. RAMS is playing games and stalling proceedings so that the interest just keeps piling up. RAMS has put a proposal to us which could have been put to us 2 years ago if they had of agreed to meet with us, and we would have gotten on with our lives instead of living in...
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  • doyla66
    doyla66 says #
    It's an insult to put it mildly and the transparency once you know what hollow pillars they all are and the audacity of what they
  • doyla66
    doyla66 says #
    This is totally an absolute disgrace to allow innocent consumers to be treated this way. What are the Politicians thinking and whe
  • doyla66
    doyla66 says #
    I can agree with this post. Each month for over 4 years now we still receive a statement from Nab. Each month the interest compo
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Banks jockeying to do it all over again with carbon trading  nb: everyone wins except consumers The woman credited with inventing credit default swaps (CDOs) is a key architect of the Carbon Emission Scheme, the future of which  is being debated by world leaders in Copenhagen. Blythe Masters, the JP Morgan employee who invented credit default swaps, is now heading JPM’s carbon trading efforts. Masters, 40, oversees the New York bank’s environmental businesses as the firm’s global head of commodities. Masters was part of JP Morgan’s team developing ideas for transferring risk to third parties and went on to manage credit risk for JP Morgan’s investment bank. Among the credit derivatives that grew from the bank’s early efforts was the CDO. As news circulates on the internet allegations that giant banks will make a killing on carbon trading, there are fears the scheme presents a high probability for fraud and insider...
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Dear Mortgage Brokers You will all become the prize bunnies under the new NCCP laws.  Why?  Banks made onus on you to verify documentation, even though you do not have the resources, the training or qualification and are not licensed to do this task. Even though same laws apply to Banks (and have for years), ASIC is  taking NO ACTION AGAINST LENDERS.  Instead ASIC will ignore the piece of legislation that says the Banker is responsible for verification of loan documents and instead ASIC will ping a few Brokers. THIS IS A CRIME SCENE INVENTED BY THE BANKS.............................and in crime - there is always a scapegoat.   Look in the Mirror..........................say three times; "The Banks are setting me UP.  Approval of loans is the duty owed by the Bank to its customers under s27.1 of the Bankers Code....Banks owe that duty, not me, but I am being made the SCAPEGOAT." Then...
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  • doyla66
    doyla66 says #
    Well well well Brokers are you starting to see how the sting plays out, the Banksters and the Regulators ASIC and FOS are all poin
  • doyla66
    doyla66 says #
    As predicted it's now the turn of the brokers to realise they were all set up like a row of sitting ducks. Not liking having all
  • doyla66
    doyla66 says #
    I cannot understand how you Brokers have not seen this coming. How trusting you were, foolishly so. What makes you all tick. You
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After 20 years of assisting consumers, I now have three excellent researchers who generously donate their time to our cause.  I do sift through and pick out some of the most significant information that the world wide web has provided for us.  Our latest is from an old forum site which contained chatter re the Storm victims 2008-2009.   CHATTER ONLINE from Storm people "Originator of the Contract - THE BANK RESPONSIBLE for fraudulent lending" Re: BOQ.....Where fraudulent activity is proven and it will be, with physical evidence, loans should be rendered null and void. The offending bank staff should be removed/ and or prosecuted and David Liddy should be forced to step aside. It may be deemed to be the customers responsibility, however, when an employee joins the bank in a lending capacity, they are trained to process material within the parameters of the Trade Practices Act, the Banking Code...
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  • doyla66
    doyla66 says #
    So right Bayden if no one will touch this issue but people keep scouting around it not all can be as it appears. There must be di
  • doyla66
    doyla66 says #
    You have to wonder just which politicians and ASIC executives our BANKS have managed to buy this massive scale bank fraud has now
  • doyla66
    doyla66 says #
    wow! 60 percent.. That would be close to a couple of hundred applications! What more proof does ASIC need??
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In 2010, I received settlement on my divorce and approached Maquarie Bank for a loan. I told them that I had lost my business - my divorce has undermined my enthusiasm for anything - and it has been sold. I advised them that I was unemployed - stated in writing, and was moving out of Sydney to cheaper housing. At the time, I was 55 years old. I was probably depressed, certainly upset, that I had lost both my marriage, long term dwelling and business in the space of one year. I combined all my savings - they gave me $480,000 on a 30 year loan, with the full knowledge that I was unemployed. The only thing that saved me, was I put my retirement savings from super (I was 55) into the offset account. At the time, I believed I would get work. I had been employed consistently for 20...
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  • doyla66
    doyla66 says #
    Add me to the not in control of proper thinking list for I then was widowed - distraught - health and stress levels shot to bits -
  • doyla66
    doyla66 says #
    I 2 was preyed upon at a very traumatic time in my life. Not thinking straight. In shock Suffering from road trauma Banking bastar
  • doyla66
    doyla66 says #
    Thanks for sharing, Donn. Maybe some of this may be useful in your FOS case. I read somewhere on the ASIC site that making major f
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The public have deep sympathy for bush fire victims losing their home.  The public also arrive with buckets and mops to help strangers that are victims of floods.  Australia is a land that does suffer tremendously devastating weather curve balls and disasters at times. Another one for the salvation Army to pick up.  Victims says: "So I'm moving too .... no home, no $155K refund ......to who knows where now???  Another financially ruined, middle aged person who will soon be homeless.... How does that help our economy?? Yet when one loses one's home (as an older person) from a Bank driven Service Calculator Fraud on a deliberate TOXIC Mortgage, two porters at ASIC crack their knuckles.  Why is that?   Well failure for the public to understand this phenomenon of widespread bank looting of homes is all of the reasons Australians will be much worse off during the next 50 years. This...
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  • doyla66
    doyla66 says #
    That's dreadful. Ripped off by the lender then ripped off by the Australian injustice system. Perhaps the only way to deal with t
  • doyla66
    doyla66 says #
    Appalling how these banks string you along just to claim the maximum amount from borrowers who started off trusting these parasite
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