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BFCSA
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MORTGAGE
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What BFCSA Does...
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: Finance Sector Union not happy with big four banks back in 2007.. Banks are STILL getting away with murder in 2014
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Home Lending Report fails to address Debt Pushing crisis
The House Economics Committee on home loan lending has failed to address the problem of debt pushing by the big four Australian banks, choosing instead to target predatory lending practices from fringe lenders.
FSU Policy Director Rod Masson, representing 55,000 finance workers, welcomed the report but said it had failed to acknowledge that inappropriate sales targets set by the major banks are playing a dangerous role in undermining lending standards.
"The inquiry has been short and sharp, but has not delved into the level of detail required to fix the crisis, in particular it has failed to address inappropriate sales targets for finance workers.
"Bank workers and consumers are looking for more than just a political quick fix on the issue"
"Major banks talk a lot about their sustainable lending, but their pay structure for staff and culture of sales targets forces bank workers to push debt to customers who cannot afford it."
"Finance sector workers are under pressure to sell debt products such as mortgages and credit cards to people who may not need them," said Mr Masson..."
http://www.fsunion.org.au/Campaigns/Consumer-Credit-Law-Changes/default.aspx
AND MORE - This from 2008
Bank Workers Call for Regulation of Lending Practices
"Bank and finance company sales targets must be regulated to tackle debt stress and put a lid on spiraling consumer debt, according to a new report into lending practices to be released today by the Finance Sector Union (FSU)....."
“Despite increasing interest rates, banks are not passing on any relief to customers by reducing pressures on bank workers to sell credit cards, personal loans or mortgages.”
“Banks and finance companies have failed to regulate themselves, it’s time for the Federal Government to establish a body to regulate the sales culture of the finance industry for the protection of Australian consumers, for the promotion of professional service and to safeguard the industry’s reputation.”
“Self-regulation does not work; debt is a looming national problem and we don’t want to end up with an Australian sub-prime disaster. It is time for a national response,” said Rod Masson.