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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: Crooked Accountants in the Australian Low Doc Mortgage Scandal

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Time to expose the accountants involved in the scam.  For a few years Banks asked Brokers to provide accountant's letters to "provide financial details to satisfy affordability criteria."   Banks also asked for Real Estate Agent's letters to provide "proof of rental returns likely on any given property."

Business Development Managers employed by the Banks would teach Brokers across Australia how to satisfy this "criteria" without too much fuss.  Ask a local accountant to write a letter on behalf of Mrs Jones (whom accountant had no knowledge of) to write I can verify that Mrs Jones earns $120,000 p.a.  The local real estate agent would write on letterhead of course: "Dear Mrs Jones, the rental property you wish to purchase would bring in $2000 per month in rent....."

The Low Doc Loan files from say six years ago are riddled with these letters.  You are entitled to a copy.  If there is no fraud Mr Banker and the letters are legitimate, then why the fuss in handing them over?  Be good boys and girls and hand them over immediately.

Seventy year old pensioner: Mrs Jones asked for her letters (as I suggested) and as expected , she rang me a few days later: "My dear are you sitting down?  Well I am.......I cannot believe this.  I have never seen these letters and, until you mentioned them, I had no idea of their existence."  I never knew I had an ABN number.  I have never heard of this accountant and I have never met or spoken to the real estate agent.  How dare they.  What do we do now......?"

Yes indeedy,  CROOKED ACCOUNTANTS and ROGUE REAL ESTATE AGENTS were on a fine little earner with multiple letters per week to "satisfy lending criteria."  BDM's told Brokers - "we do not check the details."  Bank Sales Managers were eager to obey commands from higher up in the executive quote: "Pump Up the Volume" - "tell Brokers nothing to worry about as like the ABN's we will never check."  Brokers told the Accountants : bank managers told us at functions: "we will never check but it will help these people get are helping them.  We love helping people."

I asked ASIC:  Is this what a prudent lender would do?  So we have 30 Imprudent Banks and Non Bank Lenders including the four majors?   The Brokers did not know each other.  Did 100% of the 20,000 Brokers dream this up?  NO?  So the Banks are the Engineers?  Is that a NOD?  Yes indeedy - its called the Great Australian Stitch the Broker Up Plan!   And, rope in the Borrower,,,,,,,,,,,,,,,,,,,,,big time.  

PSST want to see the proof?   Coming to this website very soon.

Mama Mia!!!! How can we trust these banks eh?  Oh Madonna!                    This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Tuesday, 14 May 2013

    Warrior organisations

    I love the way Denise has presented this scenario. The banks are running scared of her knowledge and tactics. Also the Canberra Polies' don't want the evidence of corrupt banks to hit the fan.
    However, the Canberra Polies 'warrior' organisations (ASIC, etc) that were supposed to fight tooth and nail to stop Denise in her tracks have been 'done in' by her smartness. They are now toothless tigers with their tails tucked in under.

    Don't mess with Denise!!
    The Federal government's armory is now bare, and the Polies have no answer. This all adds up to the banks finally being exposed and it hitting the fan very very soon.

  • doyla66
    doyla66 Wednesday, 15 May 2013

    Remember that the word - piranha ends with -ha: as in, ---hahahahaha --- it is a bankster word

    ING sought accountant confirm property worth HTW val. + worked for myself, but NO INCOME verification sought ever = asset lend (only): ps: equity at time $290k(2008) , but now "negative equity" (-$100k+false arrears) so they stripped everything (equity) to the bone, now intend to "break bones": "piranha~ing,bank"

    Pronunciation: /pɪˈrɑːnə, -njə/

    Translate piranha | into German | into Italian
    Definition of piranha
    a deep-bodied South American freshwater fish that typically lives in shoals and has very sharp teeth that are used to tear flesh from prey. It has a reputation as a fearsome predator.
    Serrosalmus and other genera, family Characidae: several species

    mid 18th century: via Portuguese from Tupi pirá 'fish' + sainha 'tooth'

    Spelling help

    Remember that piranha ends with -ha: it is a Portuguese word. ----hahaha

  • doyla66
    doyla66 Wednesday, 15 May 2013

    Nothing would surprise me with dodgy accountants and real estate agents - nice little earner on the side thanks to Banks and Brokers.
    I could just imagine my former accountant saying "not my problem, I deny all liability, I didn't have a contractual relationship with the bank and we all know what brokers are like". He's also a veteran of stoushes with ASIC and he dismisses them like kids fresh out of school. And he still gets away with it. He wrote ambiguous complexity in support of my loan and it was accepted by the silly bank who he knew wouldn't check - but I didn't know that at the time :( Hence the mess.

    Warrior organisations! Hahaha - Joke, Joyce!
    If that's what the government send out as their "warriors" it's no wonder that people are scratching their heads and saying why aren't our government stronger with bullies.
    Like the banks, ASIC rattles the sword verbally and like weak people they think up some nasty and passive aggressive tactics, like "ASIC see nothing", "ASIC received no evidence" and so on ...
    So often the target is wrong and ASIC are well known for shooting the wrong horse. It looks like they get a directive: "Greg, we've had another thousand letters of complaint about ASICs ineptness. Better go shoot some horses (e.g. brokers) so the people can see you doing something for your multimillion dollar budget" and like the dutiful foot soldiers they march off to do the government's bidding. The government and ASIC have to pick easy targets so there is something to show for our money.
    ASIC is a bureaucracy ie. paper pushers not natural gun toters. They are recruited as paper pushers. They could have all the legislation and ammo they like but they lack the stomach to go after the real culprits with any commitment beyond fear of the personal consequences if they don't make a show of it. Nothing personal, Greg, but the old expression, don't send a boy on a man's job, is true for ASIC. Do us all a favour and give it to the police along with some of the ASIC outsourced legals budget, even as an experiment, to deal with the extended family of bank crimes effectively and efficiently. The police are dealing with nasty criminals every day and they carry the authority, the gun and have the experience to deal with corporate fraud - not that they usually have to shoot white collar workers but from experience these guys can be smooth operators, tricky and elusive, just like scammers.
    It's so frustrating to watch the government and ASIC shy away from the real fight. They leave that to pensioners, nannas and single mums and dads to do!
    BTW has anyone been in touch with the Accountants association e.g. CPA to alert them about these practices? or the REI of whatever state? I understand they have their own version of FOS.

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