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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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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: Emails internal between Lenders and Brokers tell the story of FRAUD by Bankers

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Members who have scrolled through our library are seeing the truth for themselves of how Bankers manufactured faulty mortgage products to gain maximum profits using FRAUD as a means to a greedy end.  Members are expressing horror at what has been uncovered, yet ASIC were given 200 of these emails in hard copy form (I have the 2000 originals), and failed to expose the crime.  Members can see what ASIC corruptly refuses to see or cannot see through sheer stupidity.  Brokers did not set up this gigantic sub-prime scam...................Banks did.  

The emails BFCSA has uncovered were mostly sent to the entire Broker Channel.  That means that every Broker received copies.  Unfortunately, many brokers did not reach the giddy heights of the big hitter commissioned high flyers.  Far from a profitable career, brokers lasted many months, worked very long hours and did not earn a great deal of money.  These hard working people thought they had found wonderfully exciting new employment prospects  in the world of banking soon realised, they were being used.  They had to pay for courses that were useless.  As explained to me, Brokers  soon found they were being used by banks as pawns, same as the Insurance industry.  All were being used to sell FRAUDULENT LOANS.

Australian Securities and Investment Commission luminaries poured over the documents and said: "that's just a little bit of marketing."  I can assure readers, there are no heroes at ASIC.

 The mortgage broking industry often comments on the "high turnover" factor and the need to recruit and train more people into the banking sector to sell bank products - one in particular LOW DOC LOANS.  The first step was to convince newbee brokers to "practice" bank strategies and spiels on their own parents family and friends.  At that early stage the only ones making money from this wicked industry are the training course promoters and of course the Banks as the first Loan Application Forms are faxed to head offices.  85% of toxic Low Doc Loans are set to implode in six years or less. This means the trailing commissions that brokers are promised which will "pay your own mortgage....." start to fizzle out within three years.

The only decent thing ASIC has done is point out that the commission structure is quite evil and ought to be "phased out."  But ASIC's pitiful efforts stop short of doing anything about this.  Commissions doubt about that.    They ruin the life of those who try to emulate the high flyers.  Few reach a steady income for two or three years because commissions wax and wane in precariously hard to manage incomes for Brokers.  Of course the bankers do not explain that cycle to the intended new recruit.

Banks fail to advise the newbee Broker that the system is geared and controlled by the Banks.  The products on sale are created by the Banks and are deliberately and cleverly crafted as toxic.  It is the hidden toxicity, hidden from the broker, hidden from lower level bank staffers and BDM's, hidden from borrowers and that is the most galling of all.  The sheer audacity of the Bank Executives who then become part of the treadmill, but stay one removed from responsibility, creating obscene profits and bonuses from faulty products.  


Which manufacturer, you rightly ask, gets away with that?

Our factories are closing down, our manufacturing industry is disappearing, farmers are walking off their farms.....and we are fed fairy stories about this being good for all Australians?  Yet our banks are the most profitable in the world, we are told.  How can that be?  We are only 23 million people?  The US has 350 million.  London UK has 15 million.  

How can our people buy homes and pay them off in 20 years, owning their own home by say 45 - 50, and have regular work to sustain the mortgage payments?  Banks turned the humble mortgage into a dastardly 30 year, interest only loan.......................How did the banks get away with delivering a vile product to the marketplace?  What mechanics were used to hide the truth from Government for so long?  

How did Elite Bankers capture ASIC?

Very simple: criminal activity on a grand scale that even seasoned drug barons would be in awe of.  Yet not one Lender has been charged.

Yet this evil system hides another abhorrent crime, other than a mere "product".  It recruited "pushers," to take the blame when the entire structure collapsed.  The Bankers have created mechanical tools such as SERVICE CALCULATORS to specifically "calculate incomes, to exaggerate or "fudge" income figures.    The BDM's innocently "teach" brokers in the comfort of their own offices, to use these calculators, suggesting the system is perfectly legal to exaggerate incomes, (its a complex mathematical formula to create futuristic incomes) but DO NOT TELL THE need PASSWORDS for these and we have copies.....................the bank print-out of the sheet states clearly: NOT TO BE SHOWN TO THE BORROWER.

Brokers were just told to follow orders.  Whose orders?  Bankers of course, in the penthouse suite.  This scandal goes all the way to the top deck.  ASIC agree "yes Denise, the Banks are the engineers........."  Internal documents do not lie, but banks are busy shredding evidence.

MY MESSAGE TO BROKERS: Never shred your copies of the LAFs - the wet ink copies......the banker's copies are exaggerated higher than yours.  You have the evidence that can shift blame to its rightful owner:  the bank.  It is your protection, but we know the banks told you to "shred the original LAF" in order to destroy evidence that could protect YOU and implicate themselves.  

Al Capone and Charles Ponzi must be giggling underground about all this.  The biggest bank heist in the world, pulled off by the Bankers. In the US this would equate to $1.6 Trillion heist.

No-one involved believes the Banks could do something as chronically criminal and get away with it.  The evil lawyers who advise the banks on how to circumnavigate laws, codes and rules of decency, assure brokers, "all is above board."  Once again no-one believes the banks could possibly be breaking the law....after all they are the Banks.  

Brokers innocently think "ASIC is watching."  YES of course ASIC is watching, that's all it does.  It will ping a broker here and there: around 10 per year. ASIC threatens jail time and labels the so called offenders as "rogue brokers."  Brokers think they have rogues amongst them.  

But dear readers, notice that there are no rogue banks????  Rogue Banks are in America, in England, In Ireland, in Iceland, Spain and Greece, but not in Australia.  No indeed, we have ASIC watching.....................glory be!!!

The Bankers have captured the regulator.................ASIC wandered down to Macquarie and asked them to politely and quietly sign an Enforceable Undertaking saying: "we will wipe the slate clean, no harm to reputation, we will not tell the public what you did and we will promise never to raise the issue again as long as you are good boys from now on."  Yet ASIC failed to go after the BIG FOUR American owned Banks who were all doing the same thing: Low Docs, Broker Channel, imploding 30 year 'interest only' loans to 80 year olds etc.....................

Truth will not be silenced.  BFCSA are slowly education the public about their hideous banking system.  Now watch the 6 hour a week jobs disappear!  How is any of the above good for the economy?  I would love to be corrected.  Has Treasurer Joe Hockey been fully briefed by ASIC yet?  Joe, pre election, you promised a ROOTS AND BRANCH INQ into the Banking Sector within 100 days of office.  You promised us all and, Mr Tony Abbott's office staffers personally assured me this would take place.  You have less than 40 days...............................    This email address is being protected from spambots. You need JavaScript enabled to view it..a


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  • doyla66
    doyla66 Sunday, 10 November 2013

    Old and dotty I may be, but everything you have written is absolutely correct Denise. I know I keep bashing the Nab but with good reason. We have been violated both physically and mentally by those Bar.....s. Nab's leader obviously has no morals and the weak employees that go along with there insidious fraudulent plot should hang their heads in shame. The Brokers involved with Nab are probably wishing that they had never listened to Nab's barrage of a wealthy future because Nab could care less about you all and are about to hang you out to dry. Job security is a thing of the past now. Nobody is guaranteed thirty years employment to service their loans including all you Nab loyal employees, and the way employment is now there is no guarantee you will walk into a new job. With the swipe of a pen the Nab can cut employee numbers by hundreds. Why would employees be any safer than its customers and after all profit is the name of the game as far as Nab are concerned. You are a cost, we are income. House prices are out of control and I know I certainly would not like to be looking down the barrel of a monstrous mortgage with any of the Big 4 lenders and especially Nab. One hiccup and your gone!!!. Nab have no loyalty to their customers so steer clear of getting tied up with them. Do not think that Nab will offer any hardship deal? Nab's lending practices are shonky to say the least and I get angry every time I think of how they manipulated and deceived us. Do not trust Nab or their ridiculous advertising. "We see your business" the only way Nab see your business is thru their eyes ie: taking you down and getting your assets your homes, making a fat commission for the assessors, brokers, etc Nab will do anything to get you tied up in knots. Shareholders don't hold your breath waiting for Nab shares to go back to their highest, Nabs reputation is tarnished and it will take more than the out of date ad. "More - Less". to get rid of that bad reputation.

  • doyla66
    doyla66 Sunday, 10 November 2013

    These loans are a scam from top to bottom.

    Brokers conned, Bank staff conned, Borrowers conned, Spruikers and Promoters conned, ASIC conned, the Public conned... even the Australian Parliament conned??
    And all the way along payments changed hands to ensure everyone stayed calmly in the game!
    Of course ASIC could be relied on to follow the wrong leads, come to the wrong conclusions and deliver far too little and at least a decade too late! What was the payoff for ASIC from the Banks to keep them co-operating?
    My gut instinct is that it was more than just sheer stupidity at ASIC. I've dealt with intelligent and helpful people there, as well as the less enlightened. Dealing with front line staff shows how the hierarchical structure of ASIC is dreadfully out of step with the modern corporations and educated individuals they deal with. The rot starts at the top: control, suppress, deny and coverup. Clearly we won't get any sense out of ASIC while ever they have the old guard at the helm. A purge is needed asap, but first lop the top branches - Parliament, please.
    When human beings are paid to override their normal human responses within a fair and humane society - responses to illegal conduct, cruelty, lying, unfairness (especially as Australians) - this does serious damage, both to the individual and to those they impact.
    When enough people engage in this sociopathic and psychopathic conduct it does serious damage as the fabric of society and healthy social interaction breaks down. This suits the Banksters and other extortionists, stand over merchants, abusers and criminals - they can carry on their dirty trade in secret.
    BFCSA has provided an important forum for many isolated victims of secret Bankster abuse and extortion, now internationally. It is worth noting that ASIC referred to this forum as a "gossip site" - pompous fools :D:D:D
    The Banking Industry will be up for some huge financial reparation bills when enough Australians cotton on to what these creatures have done in their property crime spree.

    I wonder how much of the Centrelink budget is attributable to Bankster conduct?

    Re Brokers' trailing commissions: if the Bank is responsible for affordable lending and the broker has done nothing illegal and has no liability in the collapse of a loan, surely the Brokers should continue to get their commissions regardless? Maybe Brokers should be chatting to their lawyers about this. I doubt the MFAA would stick up for the Brokers unless there were something in it for them as well. How about it Phil Naylor?

    As for ASICs comments about the emails being marketing, is it possible that ASIC is too thick or inexperienced in sales to be able to tell the difference? Probably that's what the Banks told ASIC1
    It's also likely that ASIC haven't got it yet: no one believes them anymore! Credibility zilch, ASIC, gone, blown it, out the window, with the public divided between outright rage against ASICs perfidy and the rest laughing hard at ASICs posturing and lying in public while they desperately try to cover up and pretend there isn't a problem!
    Why? Because ASIC didn't find it - Denise Brailey did! :D:D:D
    Sack ASIC and save other less well informed members of the public from the frustration we've had to endure, trying to get ASIC kick started on urgent cases of Fraud, Deception, Larceny, Extortion.
    Urgent? - that's not in ASICs rusty old public service dictionary.
    Over and over the Senate submissions underline the reality: ASIC has one forward gear, which kangaroo hops from extreme to weak action, and four reverse gears to enable them to successfully butt cover retrospectively. Don't worry, ASIC, BFCSA will be in Canberra watching your butts and ready to kick them hard :)

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