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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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BFCSA: Australia's secret subprime scandal exposed. Senators hear the truth by Nick Hubble

Posted by on in ROYAL COMMISSION URGENT
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Senators hear the truth

" Consumer activist Denise Brailey was busy last week exposing Australia's secret subprime scandal to Australian senators investigating the performance of the corporate regulator ASIC.

By all accounts she caused quite a stir, although some senators just don't seem to get the basics. The scandal is slowly making its way through Australia's financial system from the mortgage brokers to the banks to the courts to the regulators to the ombudsmen services. And everyone is trying to keep the matter quiet.

As I wrote about in The Daily Reckoning last week, I am worried the economic turmoil in south-west Victoria is going to be the trigger for the subprime scandal finally causing major economic problems. Why I think this could happen may be a little difficult to grasp at first.

One of the things that emerged out of the US subprime crisis is that, while house prices go up, irresponsible lending is not a bad thing. If worst comes to worst people can sell their house for a profit. But as soon as house prices fall, the whole scheme falls…like a house of cards. Just how bad some loans are is exposed, and the national mortgage and property market gets a reality check.

When property investors realise much of the demand for housing around Australia comes from fraudulent mortgages, they will panic and sell out, causing house prices to fall elsewhere.

It's bizarre to think that factory closures in Geelong could trigger a financial crisis, but all crises start somewhere. While house prices are on the up, Australia's regulators and policy makers have a chance to deal with this problem without causing a financial crisis. Despite Denise's best efforts, I doubt that will happen....."

Nick Hubble
Editor, The Money for Life Letter

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  • doyla66
    doyla66 Monday, 24 February 2014

    as Denise commented to the Senators, if there are only 1200 or so fraudulent mortgages, why aren't the banks dealing with it.. at the very least a sorry letter... UNLESS this is the tip of the iceberg!

    Low Docs are ready to explode..........................then we can see who is lying and who is telling the truth.

  • doyla66
    doyla66 Monday, 24 February 2014

    Ditto Change. The trouble is people do not find out until their source of income dries up (for whatever reason) so with all the job losses being reported daily I get exactly what Nick means. Had I not found the BFCSA site just one week before settlement and managed to get 11 of 37 pages from ANZ of my LAF I would not ever have known I was a victim. Still hard for me to accept all I saw when that arrived for I was only interested in sighting the loan security figure re other problems I myself had been trying to trace the source of i.e. wrong property info. everywhere on computer systems which ANZ did not want to know of. Had they obliged and provided valuation copies I would never have found out what I did and which I am still reeling from!

  • doyla66
    doyla66 Monday, 24 February 2014

    The second paragraph of this article sums it up perfectly everyone is trying to keep the matter quiet but we are like a dormant volcano, quiet at first and unnoticed but slowly and gradually building up pressure and then when least expected the pressure of numbers of victims and all the evidence will spew forth and blow the complacent, regulators, politicians and banksters away.That's now four media outlets that are reporting the Senate hearings, the ABC, Nick Hubble, The Australian and I think the young girl was from the SMH so the volcanic pressure is getting aa lot stronger

  • doyla66
    doyla66 Monday, 24 February 2014

    Has anyone got photos of the heads of FOS and COSL?
    After lying to Parliament they belong in the Hall of Shame.
    They are supposed to report on this issue, but they are hiding it.

  • doyla66
    doyla66 Monday, 24 February 2014

    Gfs246

    Hi NT
    I got 2 emails from Senetors Williams today.
    He cares.
    Not much he can do at the moment, but seems like he is red hot on to it.
    He said he hears my story all the time.
    These men are not silly.
    We just need to keep on top of it like a real team.
    Still no baby? I am excited that you have this in your life xx

  • doyla66
    doyla66 Monday, 24 February 2014

    Gfs246

    Change ....... I have to agree
    Tip go the iceberg
    It's going to explode
    I can feel it........I don't know any of you, but trust me.........
    I predicted my mothers car accident 6 weeks before she was killed.
    Get ready BFCSA...... Big things are about happen.......

  • doyla66
    doyla66 Tuesday, 25 February 2014

    I can feel it also GFs and the gut feelings never lie. Check out this article from the Queensland Times just 2 hours hot off the press re Qantas planning to dump 5000 employees http://www.qt.com.au/news/qantas-silent-reported-plans-sack-5000-employees/2180440/

  • doyla66
    doyla66 Tuesday, 25 February 2014

    A gut feeling is information coming from the soul and the soul is able to detect what is in store for us.

  • doyla66
    doyla66 Tuesday, 25 February 2014

    I agree Ali - those Regulators had better re-watch the movie GHOST and fast to see what lies in store for them!

  • doyla66
    doyla66 Tuesday, 25 February 2014

    Gfs246

    It all about to unfold......
    I was ready to fold.........just give up.....as we have at some stage I am guessing.......
    But yes my soul, heart and head are saying DONT
    So today I am strong and will strength will remain.....
    It's a promise for my kids xx it's the greatest gift I can give them

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