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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: Denise Brailey slam dunks MFAA about Loan Application Fraud

Posted by on in ROYAL COMMISSION URGENT
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BFCSA: Denise Brailey slam dunks MFAA about Loan Application FraudThe people who complain about Loan Application Fraud are consumers. 

MFAA knows that brokers will not complain as they do not ask the bank to send the client the LAFs, therefore Brokers do not see the fraud. 

Consumers complain to BFCSA as a support group and we demand the LAFs.    It is inappropriate for MFAA to say "no systemic issues" when it has not seen the relevant documentation.  The very reason there is a Senate Inquiry into ASIC is due to the large number of complaints from consumers to ASIC which it ignored for ten years, on the subject of toxic lending.

ASIC has never taken a Lender to Court.  MFAA also has Lenders as Members.  Something to explore I would think and for consumer victims of bank fraud to consider. 

Denise Brailey

 

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  • doyla66
    doyla66 Wednesday, 29 January 2014

    education, experience, ETHICS... I think not.. Not after reading a few of the Consumer stories here. (including my own experience) Shame shame shame.. even the Brokers are not happy with how MFAA represents their "profession" either!

  • doyla66
    doyla66 Thursday, 30 January 2014

    They have got their moles in every kind of institution and organization I am afraid and look at how they keep on telling people to find work you have to re-train (and by the way pay for the privilege). Big lucrative business that one I can assure you - just ask Kevin Rudd's wife!

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