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BFCSA
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MORTGAGE
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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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Denise Brailey
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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BFCSA: ASIC PETER KELL continues to protect AUSSIE and LENDERS who keep breaking The Bankers Code!!!
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Despite our chats a decade ago. Peter Kell still does not get it.. The Broker follows the calculator process. All the loans are constructed the same way. The fraud is in the processing of the loan (inside the bank) via a service calculator!!! The BIG point is Peter: why did you not charge the Banker who approved the unverified loan and failed to protect the consumer by rejecting the application? Simples! This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.brokernews.com.au/news/breaking-news/broker-pleads-guilty-to-fraud-200778.aspx
Broker pleads guilty to fraud
Shiv Prakash Sahay, a former AussieHome Loans broker, pleaded guilty in Downing Centre Local Court to making false statements, making false documents and using false documents. ASIC said Sahay made the statements and used the documents for loan applications with Bankwest and Suncorp totaling around $7m.
Of the $7m in loans for which Sahay applied, ASIC said nearly $4.8m were approved.
"The credit laws are designed to protect borrowers from loans they cannot afford. ASIC will act against dishonest mortgage brokers who flout the law for their own financial gain with little regard for the interests of their clients," ASIC deputy chairman Peter Kell said. "ASIC is targeting loan fraud and we will continue to remove brokers and other credit representatives who engage in fraudulent activity from the lending industry."
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Thursday, 28 May 2015“The watchdog’s statement to the High Court that the banks did not intend to mislead shows its naivety and incompetence.
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Thursday, 28 May 2015
The Commerce Commission confirmed earlier this month the likelihood of successful prosecution against the ANZ for its mis-selling of swap loans to farmers........ a yibbita yibbita & That's not all folks
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Just in. "ANZ has moral obligation to fully compensate farmers" YOU BET THEY DO "NOT BROKERS" BANKS