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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: VEDA ADVANTAGE Research Material 2.7 million fraudulent mortgage loans victims in 2013

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VEDA research has suggested a report shows 2.7 million borrowers placed incorrect information or fraudulently over stated their incomes.  This leaves a worrying trail of questions about the authenticity of this report, commented about by Gadens lawyer Jon Denovan.  We have no faith in Gadens as they and Kemp Strang are the law firms sending mortgage contracts to bank clients.  

Those law firms make a motza from toxic low docs....but they will say lawyers business is to draw up contracts...we have nothing to do with approvals. Yes BUT theses firms are making money from something we know to be an Australian wide spread scam.  That's our evidence in Parliament.  

Gadens also make more lovely dollars from prosecuting the victims, so they must know a thing or two and do not object to making more lovely fees.  Most aussies would call them "bottom feeders."

We do not say VEDA's methods are questionable, but a research company is only as good as the information provided and could have unwittingly been set up, by not being briefed on the prevalence of loan application 


Who commissioned and/or paid VEDA to do this study?

Was VEDA aware of the fraud - had they been briefed by the client that the culprit was the Bank's Service Calculator and the Bank Executives were the engineers?

Did VEDA note there were three people's (obviously different) hand writing on every document?

What was the source of all these Loan Application Forms that you examined?

Did those documents come from the Bank's faxed copy or the Broker's wet ink copy?

Were you able to verify whose handwriting belonged to bank officer, broker or borrower?

Did you see income figures on top of white out figures on many of the documents?  Was the hand-writing on the figures different from the other boxes?

Was it a fact that you were never privy to the LAFs, but instead given the data?

Did the data of 2.7 million loans come from a Major Bank?

So you merely processed data that was given to you by the client and presented in a foregone conclusion manner?

Did you realise these figures represent borrowers who are victims of fraud, by the use of the Banks INTERNAL SECRET SERVICE CALCULATOR?

Did you realise that evidence has been given to Parliament to that effect?

Were you aware that Major Banks who wrote 85% of these loans, are trying to say "the LAFs are missing?" 

Were you aware that Major Banks  are trying to say "the wet ink copy was shredded?" 

Were you aware that Major Banks are the cause of over 10,000 complaints by consumers of  LAF FRAUD and Maladministration in Lending to date?

Were you aware that Major Banks trained their BDM bank officers who trained the brokers to use a fudged income machine known as the "Service Calculator"

Does it not stand to reason that 4000 BDM's and 11,000 Brokers did NOT have an EPIPHANY and wake up one morning and create the monstrous fudging figures calculator?  Your "client/s" did not brief you on this?

We really appreciate the fact you took this job on, YOU, the Directors of VEDA have single-handedly and most likely unwittingly, forced the banking industry to come out and ADMIT they processed and approved a whacking 2.7 million DODGY APPLICATIONS and approved the settlement of Millions of dollars worth of unclean mortgages.

Economists must really be worried about this one...............................the Y Factor in Banking.  Y if not for greedy executives in a Low Doc Cartel.

But the above questions will continue to exist, until there is an announcement of a Royal Commission into the Banking Sector.  

Your firm may have been set up to produce a totally wrong outcome - just as brokers and borrowers were set up by the same CARTEL of banking ENGINEERS.

We are all in the middle of the greatest scandal this nation has ever experienced: Australian Mortgage Low Doc Scandal.  Since VEDA released the fact that 2.7 million loans contain false information and these same loans were imprudently approved by a Major Bank or two....well we deduce then came to the "obvious" conclusion that the borrowers were the culprit.

Was that your conclusion or that of the client?  So this is a smear campaign against the Borrowers?  ASIC also say 3% of Brokers are rogues and we agree BUT there is 100% tampering of LAF information and exaggeration of income without the knowledge or authority of the Borrower.  Then the borrower was given no copy of this across Australia received a copy?

Has VEDA sighted these mysterious bits of paper and if so was it the 3 page version or the mysterious 11 page version?  Was the service calculator printout and the ICW income calculating worksheet attached as the banks insisted that bank officer and brokers MUST ATTACH TO THE LAF.

I am wondering just how you saw these documents and no-one else can get copies?  And, if you did not sight the documents, how did you form the conclusion the borrower was the culprit?  One conclusion for all files?

So is your client telling you that 2.7 million clients have fudged incomes and your clients approved them?

Deary Me?  Someone in Government better start looking at this.......................someone that is no friend of the Bankers.

Another BFCSA observation that raises more questions than answers.   This email address is being protected from spambots. You need JavaScript enabled to view it.




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  • doyla66
    doyla66 Saturday, 15 March 2014


    Exactly right. This report raises some terrifying wrong doings from banks and raises many more questions the government should be asking.

  • doyla66
    doyla66 Saturday, 15 March 2014


    They just dig a bigger deeper hole....
    Yes many questions need to be answered....
    Why on earth did the banks approve all the loans?
    This is the biggest question of all
    And not to verify one single income ?? .......

  • doyla66
    doyla66 Saturday, 15 March 2014

    Most of these reports are designed to suit. Wouldn't have any faith in Gadens given their major income stream is taking down bank victims. It still all boils down to the banks shoddy deceptive practices. How about actually doing a bit of work and verifying incomes etc. Simple practices like actually phoning prospective customers. The blame for toxic loans is definitely the Lenders malpractice and unscrupulous methods going for the greedy bonuses and profits. Shame it has come to this. I believe that this will ultimately be investigated and the lenders will be bought to task. I would think sooner than later now. Takes a long time for the wheels to turn but this has been a long time and we are now on the cusp of justice for the homeless and duped customers.

  • doyla66
    doyla66 Sunday, 16 March 2014

    This is dreadful. Information like this deserves thorough and honest investigation.
    Surely the Australian Government must call a Royal Commission now for the protection and benefit of the citizens it purports to serve.

  • doyla66
    doyla66 Sunday, 16 March 2014

    Is it 2.7 million in known and admitted fraud loans in 2013?
    Or is it 2.7 million actual fraud loans across the board?
    Many more fraud loans to come out of the filing cabinets and computers and archives across Australia, New Zealand and the rest of the World.
    There's no escaping the reality of these fraudulent practices by Australian and other Banks and Lenders.

  • doyla66
    doyla66 Sunday, 16 March 2014

    I don't trust any of this. Why such a survey and why such a report? To me it looks like they are setting up something or letting everybody know that next time any S*** happens all blame will be on the borrower for not verifying their own income or failing to read all the fine print. Who in their right mind would ever believe that 2.7 million aussie families would be stupid enough to do that knowing what the consequences are of putting your signature to anything containing a lie? Sure hope the Senators know about this survey and report for it could turn out to exactly what is needed to nail them!

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