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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

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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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http://ochousingnews.com/blog/deflating-chinese-real-estate-bubble-destabilize-world-economy/ The deflating Chinese real estate bubble could destabilize the world economy 30 June 2014   Irvine Renter The Chinese inflated a real estate bubble more than ten times larger than the United States. Bursting this bubble could destabilize the world economy. I recently asked what would happen if the Chinese housing bubble burst. The implications for Coastal California’s real estate market is enormous as a crash in Chinese real estate would not just remove a component of local demand, it could turn Chinese buyers into desperate sellers. My sanguine attitude about the ability of lenders to maintain pricing through inventory restriction would change if desperate Chinese sellers began putting must-sell inventory on the market.  The problems in China go beyond our little niche in the real estate world. A deflating housing bubble in China could destabilize their entire financial system and disrupt the world economy.  Some in China want to...
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  • Louie2U
    Louie2U says #
    Yes, it is scary economics but so is Australia's economy. Our national debt levels are through the roof. This Liberal government t
  • Louie2U
    Louie2U says #
    Yes, it is scary economics but so is Australia's economy. Our national debt levels are through the roof. This Liberal government t
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read more   http://www.afr.com/p/national/ato_franking_credit_crackdown_targets_c1DhjFeJkLgiKzKwzZs3NN ATO franking credit crackdown targets fundies, brokers and investors PUBLISHED: 24 Mar 2014 Thousands of fund managers, stockbrokers and sophisticated investors have been hit with warning letters threatening audits and heavy penalties if they do not confess to over-claiming franking credits on shares.  Leading figures within the finance industry are fuming that the Australian Taxation Office believes it can use data matching to trawl back as far as 2010 to compare tax deductions with individual share trading records.  “Our information indicates you, or an entity closely associated with you, participated in a franking credit arrangement,” Deputy Commissioner Tim Dyce writes in one of the 3000 ­letters sent by the ATO. “In this case, two sets of franking credits have been claimed on what is effectively the same parcel of shares.” Treasurer Joe Hockey announced in November last year that the ­government would close down a ­“loophole” which allowed...
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  • doyla66
    doyla66 says #
    Are the ATO looking at lenders who double dip as well? With small lenders hitting the wall (how convenient!) while owing compensat
  • doyla66
    doyla66 says #
    So why have the Government not yet enacted it when announced last November? Smart shareholders and fund managers have been onto t
  • doyla66
    doyla66 says #
    That's interesting. I wondered how they did that. I'd never have thought of it myself. So now that everyone knows how to do it, w
  • doyla66
    doyla66 says #
    Now I wonder if bank CEO's got such a letter?
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New bankruptcy fee to net Federal Government $25 million over four years PM Business reporter Pat McGrath Updated Wed 2 Apr 2014, 8:35am AEDT Photo: New charges for bankrupts will earn the Federal Government $25m over four years. (Giulio Saggin, file photo: ABC News)     The Federal Government is hoping to earn $25 million over the next four years by charging people a fee to prove they are broke. From today, filing for bankruptcy protection will cost $120, while travelling overseas while bankrupt will attract a $150 charge. It has been revealed the fees can be paid by credit card, meaning the cost could ultimately be borne by a bankrupt person's lender. The Government's decision to start charging fees to cover the costs of personal insolvency administration was announced in December's mid-year economic and fiscal outlook. Gerard Brody from the Consumer Action Law Centre says the details of the fees...
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  • doyla66
    doyla66 says #
    This is certainly not a pat on the back for the Government. Pretty disgusting really when you consider we are supposed to be the
  • doyla66
    doyla66 says #
    Is this for real or just an April Fool's day joke? Had ASIC protected the right interests there would be few consumer bankrupts t
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  Major bank pulls about-face on interest rate future   by Adam Smith | 18 Mar 2014   A major bank has reversed its prediction that rates are set to drop further in 2014, and is now predicting a rise next year. Westpac had previously predicted two further rate cuts before the end of 2014. Chief economist Bill Evans has now pulled an about-face, and has instead forecast that the RBA will remain on the sidelines for the rest of the year. Instead, Evans has forecast the beginning of a new tightening cycle, with the first 25bp interest rate hike occurring in the third quarter of next year. "We still see those forces operating to moderate growth and inflation pressures but now assess that better news on employment, consumption and business confidence will dampen those contractionary forces to exclude a sufficiently strong case to cut rates," he said.    http://www.brokernews.com.au/news/breaking-news/major-bank-pulls-aboutface-on-interest-rate-future-185503.aspx  ...
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  • doyla66
    doyla66 says #
    Heard on radio 2GB Alan Jones is after any politician in bed with miners, he'll go for their jugular when he finds out who they ar
  • doyla66
    doyla66 says #
    Australia is going to the pack as they say. The Government cannot be trusted. The Banks cannot be trusted. The Government Bodies
  • doyla66
    doyla66 says #
    OMG just opened another one from BOQ where I have a saving a/c still with what must be almost a nil balance for that all got dried
  • doyla66
    doyla66 says #
    Just to make you wanna throw up I have just opened today's mail to find a letter from ANZ! Not a response to my letters to Mr. Mi
  • doyla66
    doyla66 says #
    Just letting us know they have plans D E and F well in place for if interest rates rise more aussies will be forced out of their h
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$3.5 billion reverse mortgage market a wasted opportunity http://www.brokernews.com.au/news/breaking-news/3-5-billion-reverse-mortgage-market-a-wasted-opportunity-179404.aspxby AB | 17 Sep 2013   The reverse mortgage market isn’t living up to its full potential and risks becoming a missed opportunity, according to Deloitte’s 11th annual study of the sector, released today. While the $3.5 billion market has clocked up more than 7% growth since 2012, the Deloitte report claims that, with the ‘tailwinds’ of the baby boomers retiring and an increasing focus on post-retirement funding, the opportunities in the equity release market are in danger of being missed by banks and other financial services organisations. As of 31 December, 2012, more than 42,000 senior Australian households had a reverse mortgage with total balances of $3.5 billion and James Hickey, the Deloitte financial services partner who led the study, says there’s obvious potential for even greater growth. “The size of the senior Australian population is set to increase by more than 50% in the...
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  • doyla66
    doyla66 says #
    Hear hear and make sure you read the fine print with a magnifying glass for they have been very busy sneaking inclusions into the
  • Denise
    Denise says #
    If you want to ask about the risks of Reverse Mortgage DO NOT ASK A BANKER or the broker agent! Very simple: Go and ask your ind
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BFCSA: Cyprus Bail Out plans for Australia. Is it enough to save our banks? Posted by Denise Brailey on Sunday, 04 August 2013 in Consumers Fight Back     To all our readers:  Yes a little quiet right now as I am busy with submission to Parliament and other urgent matters requiring my attention.  We have several things banked up to release shortly so your patience is appreciated.  new blogs will again appear at the end of this week and my thanks to those "holding the fort," in my absence.   Meanwhile I hope you are all busy sending in your own submissions and victim impact statements to the current Parliamentary Inquiry into ASIC's Dismal Performance in the area of consumerism.     Are these Banks using taxpayer funds to stay a float, indirectly or otherwise?  Yes the Cyprus Bail Out was a telling moment in time and we did warn you all....
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 A new credit history system coming to affect in March (12th) will allow lenders to check an extensive list of your credit behaviour ”   Click on this link to watch this report from Today Tonight Adelaide  by reporter Bryan Seymour  Broadcast 27 February 2014    http://www.todaytonightadelaide.com.au/stories/credit-chec    organza- Posted on Tuesday, March 4, 2014 Here is the government link to read all about what has been going on  http://www.oaic.gov.au/privacy/privacy-law-reform/credit-reporting-reform  AND I can't wait to view Today Tonight's next story "Broker Banks" by reporter: Leisa Goddard Broadcast: Tuesday 4th March 2014   Here is that link, however at this time it was not uploaded.. So you must definitely check back later..  http://www.todaytonightadelaide.com.au/stories/broker-banks Emailed in by a BFCSA member who watched the Today tonight program Broker Banks live... CBA owns 80% Aussie and 21% owns another. NAB owns 100% of  Choice, Plan and Fast Westpac owns 100% of RAMS......... Really highlights the "cosy relationship" the banks...
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  • doyla66
    doyla66 says #
    CBA owns 80% Aussie and 21% owns another. NAB owns 100% of Choice, Plan and Fast Westpac owns 100% of RAMS......... Really highl
  • doyla66
    doyla66 says #
    No wonder we cant get any justice the bloody banks have that much Government backing it is farcical. Here is just yet another exam
  • doyla66
    doyla66 says #
    All cloak and dagger stuff as usual and as evil as. Wonder if there will be any mention of whose corporate partner is said to be
  • doyla66
    doyla66 says #
    Not surprizing RAMS charges a RISK fee instead of LMI and it is underwritten by Westpac! This is evil stuff. They don't have to a
  • doyla66
    doyla66 says #
    Here is the government link to read all about what has been going on behind our backs http://www.oaic.gov.au/privacy/privacy-law-r
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APRA’s domestic ADIs property exposure data for the December 2013 quarter By Cameron Kusher on February 25, 2014 in Economics, Housing finance, Research   Each quarter the Australian Prudential Regulation Authority (APRA) publishes data on the exposure of Australian Authorised Deposit-taking Institutions (ADI).  The data is extremely useful as it provides highlights of all outstanding exposures (mortgages) and also some information about those written over the quarter. The data indicates that across all ADIs, 66.7% of the value of outstanding loans is to owner-occupiers with the remaining 33.3% to investors.  Over time there has been little change to these proportions indicating pretty much a two thirds owner occupier to one third investor split. Looking at the type of loans mortgagees have is also interesting. At the end of 2013 a record high 34.6% of all mortgagees had a loan with an offset facility.  The figure was up from 34.2% over the...
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By Rob Taylor and David Winning CANBERRA, Australia — Australia is readying a plan to sell 130 billion Australian dollars ($117.49 billion) in assets ranging from health insurers to electricity poles, hoping to set an example to cash-strapped governments around the world that need new funds to boost their economies. Treasurer Joe Hockey, who will chair a meeting of finance ministers and central bankers from the Group of 20 developed and developing nations this month, said Australia’s conservative government was finalizing a deal with state counterparts to prioritize assets and businesses that could be sold to private investors. “We are going to free up the capacity to get on with the job of building things,” Mr. Hockey told The Wall Street Journal in an interview at his parliamentary office in Canberra. “We’re going to form a partnership with the states that is going to be rolled out over the next few...
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  • doyla66
    doyla66 says #
    Well Joe the doer, have you blokes in Canberra finally worked out that the toxic crap that the Banking industry advised you to sel
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" Criminologist Denise Brailey, who runs the Banking and Finance Consumers' Support Association (BCFSA), said the airlines were using their loyalty schemes as a sort of "trojan horse" to push unwanted and potentially illegal financial products out to consumers. “People should be writing to ASIC and letting them know their utter horror that these companies would be able to issue unsolicited products while the regulator gives them a green light,” she said. http://www.smh.com.au/business/banking-and-finance/qantas-and-virgin-skirting-the-law-with-unsolicited-card-mailouts-20140130-31ol2.html#ixzz2rw6WK2R5   MasterCards for 16-year-olds in massive frequent flyer mail-out MICHAEL WEST 30 Jan, 2014 04:30 PM  Qantas and Virgin Australia have embarked on the biggest mail-out of unsolicited debit cards in the country’s history, sending MasterCards and Visa cards to up to 12 million frequent flyer program members. There is more than one catch to this unique event however. Not only are the cards unsolicited – a tactic which appears to breach federal payment card laws – but,...
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  • doyla66
    doyla66 says #
    Sorry made a typo, was in early 1974 I applied for that Bankcard job. The year before I landed one when they were setting up the
  • doyla66
    doyla66 says #
    Thought I was right for this article evoked even more memories. I actually went for an interview to work for them in 1972 - then
  • doyla66
    doyla66 says #
    Yes that is right Organza. I remember getting one from Nab sent in the mail, no questions asked. I think it was for $300.00 Big
  • doyla66
    doyla66 says #
    Is this not what they in the 1970's when Australian Banks first introduced bankcard? Just sent them out to everybody with a credi
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Copies of Loan Application Forms were not given to me even though I asked. I was told they go to the bank. Retrieved copies in 2012 as suggested by Denise. Three banks involved. Bendigo Bank (the main player) multiple loans including buffers and lines of credit to help me pay off their loans. (very generous of them). I did not understand what a line of credit was, it was explained to me as "It's there if you need it for a holiday etc. if you don't use it it just sits there, (what a load of crap). It was used to help pay off the loans. WE were told there was no risk and would help- financially.  The thing was we were not told about the honeymoon period, we were told payments planned for us would be better off and affordable and then WHAMMO payments were hiked up to 55% higher...
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  • doyla66
    doyla66 says #
    Firstmac's loan was 2006 it was a loan in the middle, somehow i convinced the corrupt broker to use a different lender. She was r
  • doyla66
    doyla66 says #
    Hi Maria , Would like to know,what year did you get the loan from Firstmac? and was it the first or last loan? They were our lende
  • doyla66
    doyla66 says #
    Maria I feel for you , Bendigo and Adelaide Bank took my home under similar circumstances , their recovery section comprising of M
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  Media release 84/2012 - 1 November Last updated: 25 October 2013 Finance provider Heritage Financial Solutions Pty Ltd has paid $17,000 in relation to an infringement notice for calling numbers on the Do Not Call Register. The Australian Communications and Media Authority's investigation found that calls promoting Heritage Financial Solutions were made, without checking the numbers against the register. Alerted to the problem through complaints, the ACMA found Heritage Financial Solutions did not adequately supervise the activities of its telemarketers." Members of the public can opt out of receiving unsolicited telemarketing calls and marketing faxes by calling 1300 792 958 or by visiting www.donotcall.gov.au.      ...
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Comment from one of our many readers. Domenic - Posted on Thursday, January 16, 2014 Denise I was appalled to find out from my FOS Senior Case Manager that the Banksters have been, by passed legislation only last year he believed, allowed to destroy all original documentation and store everything as electronically scanned versions. I find it incredible firstly that some political moron would even consider this a valid request from the Banking fraternity let alone table it and get enough support that it get passed into LAW. This must have happened during the last days of the trauma filled previous Government and flew by unnoticed as there were so many things dominating the news at the time such as the debacle of their leadership spill and outward bickering. It probably slipped under the radar as an add on and another favour from Mr Swan to his Bankster buddies as...
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Warning to home buyers as banks make obtaining a home loan easier DARYL PASSMORE, MICHELLE HELE THE COURIER-MAIL JANUARY 11, 2014 12:00AM       With interest rates unlikely to move in the next quarter, competition is expected to increase this year.Source: Getty Images LENDERS are making it ­easier for homebuyers to get mortgages and promising fierce competition as the property market heats up. The majority of home loans lenders are allowing deposits of 5 per cent or less and some mortgage brokers have no ­deposit loans schemes. "It's definitely an extremely hot market,'' Alex Parsons, CEO of leading financial ­comparisons website RateCity, said. "Competition is fierce.'' EDITORIAL: THERE'S NO BETTER TIME TO BUY BUT BEWARE THE BUBBLE Mr Parsons said lenders were loosening their purse-strings close to pre-Global ­Financial Crisis levels, which peaked at 86 per cent in 2008 but fell back to 49 per cent in 2010. Banking watchdog, the...
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  • doyla66
    doyla66 says #
    How ludicrous are these ridiculous statements. Seriously........ Get a grip ........did I read this right...... "Australian banks
  • doyla66
    doyla66 says #
    All parties go in with their eyes open??? Australian banks lend ­responsibly and are required by law to do so??? Lending now on 12
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Credit Card balance transfers warning.. Here is cc's comment                    Tuesday, 07 January 2014 ·                          "and what about being tricked into thinking you can TRANSFER ALL debt from old credit card to new one at reduced rate for limited time.. This is bollocks.. because instead of having the intention of cutting up the old card I now have two credit cards! My application for balance transfer to new credit card was done on line easily enough and I was expecting to be able to transfer all to the new credit card. Congrats, approval comes back... however only 3/4 of existing credit card debt to be transferred , so now I am stuck with 2 cards.. both have high limits (over $10K) This is not what I was led to believe by all those "money gurus" on Current affair shows etc telling us to transfer all our credit card debt to a lower...
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  • Denise
    Denise says #
    I suggest you all lodge Credit Card complaints with FOS especially the offer to raise the debt was given to you. Look at FOS webs
  • doyla66
    doyla66 says #
    Hi do you have solutions with Credit Cards as so meany of use are taped in this situation how can we raise up ? when we are sinki
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johntyd Sunday, 15 December 2013 Please Explain How does doctoring loan applications to secure loans disadvantage the borrower? It means the borrower is receiving a lower interest rate relative to their real credit risk. What this practice does is to perpetrate a fraud upon bank shareholders and regulators that misrepresents the bank's loan portfolio as being safer than it actually is. If interest rates rise or realty prices fall that affect repayment or equity rates the increased prospective or actual default that will occur will see everything fall in a heap sooner than the presumed margin of financial safety. The risk here is the bank engaging in reckless lending practices - just what the GFC was all about. This services the current real estate price bubble that is going to eventually crash everything. Denise Brailey Sunday, 15 December 2013 · Yes John, the ROT RUNS DEEP. Doctoring Loan Applications is a fraud...
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A new comment is posted on the blog post: BFCSA: "ASIC is only paying lip service...".... "The ANZ Bank has committed Fraud against me and my family..." http://www.bfcsa.com.au/index.php/entry/bfcsa-asic-is-only-paying-lip-service-to-the-australian-peopleBelow is a snippet from the comment that has been posted. Robin Ruth Henderson - Posted on Thursday, December 12, 2013 At this stage I have just a suspicion that ANZ has committed me unfairly to a mortgage after reading an article online published in The Australian newspaper in May 2012...about a man who got a Lo Doc loan who was a deckhand and found he'd been described on the Loan Application Form for his Lo Doc Loan as a ship's captain on $150,000.00 per annum. He defaulted on his loan, went to court and was relieved of his mortgage.For anyone else's information ...the woman who wrote the article that made me suspicious of my own situation is: Denise Brailey who runs The Banking and...
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  • doyla66
    doyla66 says #
    What you suspect is unfortunately most likely correct Robin. Do whatever is needed to obtain a copy of your LAF for far better to
  • doyla66
    doyla66 says #
    Wish you all the best, Robin. You and I and we don't deserve this illegal conduct by former pillars of society, now chief suspects
  • doyla66
    doyla66 says #
    Dave also predicts a banking collapse is around the corner, "There IS a collapse that is coming. The banks have been preparing for
  • doyla66
    doyla66 says #
    It would appear you have been caught in the web of deceit we all are totally familiar with. Keep pushing for the Loan Application
  • doyla66
    doyla66 says #
    To The Editor from Ex Nun...I will join you, I need to know how to do this.... and what a great PIC, very appropriate......"Beware
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  Reposted blog from Sunday, 28 October 2012 in Lawyers and Insurance Co's   Managing fraud in the Mortgage Market Spotlight Series - Issue 2 Genworth Financial (Mortgage Insurer)   http://www.genworth.com.au/downloads/4-2-3-Spotlight/spotlight-series-managing-fraud.pdf     Page 3 - "Furthermore, many within the industry may not realise that Lenders Mortgage Insurers are not licensed to cover losses suffered as a result of a fraud perpetrated by the lender or a third party acting on its behalf in the origination chain. As a result, the lender may seek to recover the losses from those who may be considered to be liable"     Comment Posted by portabello on Sunday, 28 October 2012 in Lawyers and Insurance Co's     I'm sure lenders will not want the fact that fraud has been committed by links in their chains to come out in court otherwise their insurance on the loan WILL NOT BE PAID!!     EDITOR:...
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  • doyla66
    doyla66 says #
    On the loan I have it says no LMI required, but still charged a Lenders Mortgage Risk Fee. Is this the same as Lenders mortgage i
  • doyla66
    doyla66 says #
    What is Risk Fee? from a google search for Australian lenders "Risk Fee is a fee paid instead of LMI. The Mortgage Risk Fee conc
  • doyla66
    doyla66 says #
    I don't know about you but we paid over $10,000 LMI not realising at the time that we were not covered at all. We didn't have the
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October 29, 2013   Maha Al Nasser got a little bit more than she bargained for on her shopping trip to the local mall. She may have had groceries on her mind when she set out that day, perhaps a few Christmas gifts too. By the time she got home however Ms Al Nasser had bought a $207,000 time-bomb – a home loan she could not afford.  It was to break up her marriage and bleed her dry financially.  Maha Al Nassar was signed up at the mall by scouts for the now defunct Adelaide mortgage broker, Power Loan.    On top of the $207,000 loan, she was also inveigled into making a $120,000 ‘property investment’ in the doomed Westpoint Financial group.  The idea was that the income from the Westpoint investment would meet the repayments on the loan. Little did she know that financial planners were being paid hefty upfront commissions to...
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  • doyla66
    doyla66 says #
    Jerks is right, Denise. What an incredible example of the total failure of both consumer protection and consumer justice! Not a m
  • Denise
    Denise says #
    Yes Andy, and Taxpayers stump up for ASIC fat pay paypackets for doing nothing: $450k to $800k for top paid jerks
  • doyla66
    doyla66 says #
    From: Maha Sent: Wednesday, 30 October 2013 3:59 PM To: Denise Bailey Subject: RE: Su Lin at the AGE and the SMH Thanks Denise I
  • doyla66
    doyla66 says #
    It would be nice to envisage a term, such as, "as safe as houses" to be actually applicable to homes-owned thru mortgages, hoping
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  Were you surprized when your mortgage was approved? Are you struggling today to keep up with your repayments, because you are not earning enough income?  In fact, you were probably not earning enough income from DAY ONE to afford the repayments.  If your bank was watching your back, as any responsible lender would be, you should never have been approved for this mortgage in the first place.  Am I right?  Have you been given top up loans, buffer money.. or a Line of credit, to help you meet your mortgage repayments?  Yes? Are you in a hardship arrangement right now?  What are you going to do when that period runs out?  Do you now owe more than your home is worth? Were you given a copy of your Loan Application Forms (LAF) at point of signing?  No?   You should have at least 11 and some had 20 or so pages. Do yourself a favour and ask your Lender...
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  • doyla66
    doyla66 says #
    I was surprised when my mortgage was approved. But then I didn't understand how Banks calculated capacity to repay the loan. Going
  • doyla66
    doyla66 says #
    Funny thing is you do not even think about the loan documents until things start to go pear shaped. That is when you start wonder
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I have decided to tell my story in the hope that it might jog some other reader to look into their loan application. I will keep this story to a minimum as it is complicated and I would be here all day! I had sold my home and after renting for a year decided I would prefer to own my home so I applied for a loan thru a broker (Boardroom Finance or Opal Home Loans or whatever name they used!) After having a valuer come out I was approved a loan with Perpetual Trustees in May 2006. It was a Low Doc Loan as I was unemployed but studying so I could go into my own business within a years time. I also provided a large deposit for my home after selling the previous one.  Everything was fine as far as I knew and in July 2006 I decided to apply...
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  • doyla66
    doyla66 says #
    If not for the knowledge collated and overwhelming evidenced compiled of endemic loan fraud, a bystander might simply say "unbelie
  • doyla66
    doyla66 says #
    Thankyou, Grandma, for sharing your story. I'm sure reading this does make a difference to members and to our many readers around
  • doyla66
    doyla66 says #
    Before bfcsa we wandered about like lost sheep but now with Denise as our sheperd we will keep the big bad nasty bankster wolves a
  • doyla66
    doyla66 says #
    So much destruction and so much corruption and so much suffering for good people who never ever broke any laws. What is the world
  • doyla66
    doyla66 says #
    Well Grandma, we thought our story was bad but at least we haven't been put in jail yet. There is fraud on everybody's loans. Wh
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From Macrobusiness  10/10/2013 At the AFR this morning there are two stories about the growth in high LVR lending. One from Robert Harley: Martin North, the principal of boutique research consultancy, Digital Finance Analytics, also notes that high LVRs can depress the economy. When interest rates inevitably rise, borrowers, geared to the maximum, stop discretionary spending. The result, as happened in Western Sydney last decade, can be years of stagnation. ...North, who has long followed the mortgage industry, has no doubt the banks have become more aggressive. The non-conforming lenders, like Liberty Financial, Pepper Home Loans and Bluestone Mortgages are back lending aggressively and the big banks are being forced to follow. Read the rest, about APRA and especially the comments! http://www.macrobusiness.com.au/2013/10/are-high-lvr-loans-shrinking-or-growing/...
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Posted by on in Consumer Warnings
Hi Members, What does it mean if the lender has admitted that they don't have a Loan Application Form (LAF) on file? It appears that our Lender cannot produce a LAF because they don't have one on file and they have admitted to it.  It looks like they used a statement of finanical position to assess our loan.  Which could not & should not consitute a LAF. I would think without a correct LAF then the loan can not be validated. Any comments appreciated.  Thanks. Gina....
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  • doyla66
    doyla66 says #
    The bank have admitted to having no LAF on file & I would guess they may not as we had a letter of offer in our hands 2 days after
  • doyla66
    doyla66 says #
    Hi all & thanks for your responses... Just to clarify there is no LAF handwritten or electronic for our loan, the bank relied on
  • doyla66
    doyla66 says #
    Yes, That is what I am trying to get at. The Electronic version is a complete sham. Altered to suit the needs of customer at that
  • doyla66
    doyla66 says #
    Is the bank your regular bank and have you had loans before from same? If so then no identification would be necessary. If FOS ar
  • doyla66
    doyla66 says #
    Hello GinaB can you confirm if the loan is a Broker initiated lend then Bank Financed, if so it has to go through the proper chann
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 What is going on? A valuation 'expert' has spoken up, suggesting the changes to the industry may need to be even more far reaching: Why do some valuers get it so wrong?  by Patrick Bright, Thurs, 26 Sept 2013: I was speaking with a finance broker last week and he was telling me a story about one of his clients who purchased a property for $661,000. Ok, so there’s nothing unusual about that but here's where it gets interesting.The broker knew the area as he lived close by and thought that $661,000 was a lot for a two-bed apt in that location so it must be something special. As per standard practice the bank ordered a valuation which came in at $661,000 (purchase price). This surprised him as he was sure the val' was going to come in well below that figure. In sharing the story with a co-worker, they discovered that a...
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  • doyla66
    doyla66 says #
    I'm sure you keep a list of those documents requested of the lender via FOS. Same for the questions asked and whether they have be
  • doyla66
    doyla66 says #
    It is my understanding that from the onset of our FOS lodged dispute ALL letters, files, documents are forwarded to the Lender in
  • doyla66
    doyla66 says #
    Andy, I am in total agreeance with your comment re:'Fos legal counsel blatantly 'err' to support the banksters" It is so obvious
  • doyla66
    doyla66 says #
    I agree, fos is empowered to fsp's to hand over documents, but kid the papers sometimes it does, sometimes it does not...what is t
  • doyla66
    doyla66 says #
    Many years ago someone in real estate told me "don't take any notice of bank valuations. They're invariably wrong." I took that l
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By Vern Gowdie  Wednesday, 21st August 2013  Photo - homeless family ‘CBA’s record result delivers Narev $7.8m pay cheque’ said a headline in the Business section of The Australian yesterday. According to the article, the CEO’s salary package rose to $2.1m compared to last year. Nice work. Narev is not an isolated case; bankers around the world are reaping the benefits of stabilised markets courtesy of central banker intervention.  Don’t get me wrong; if someone genuinely delivers they should share in the spoils. But what irks me is the banking sector (globally) is a protected species. As we witnessed in the GFC, the financial sector is backstopped by taxpayer money. Success is theirs and failure is ours. Globally the financial sector has grown like topsy over the past two decades and remuneration has followed suit. But has this growth added any real value to the economy? Paul Volcker (Chairman of the...
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