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.
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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From the TEN NETWORK - THE PROJECT April 4th LINDSAY DAVID L F Economics Interview
A Housing Bubble is when housing loans climb higher than the house is worth. A long time splurge in gratuitous mortgage loans and low interest rates, tax concessions etc, lead to an artificial over inflation of prices and the BUBBLE BURSTS. People mortgaged to the eyeballs are forced to place home on the market and then a flood of homes enter the FOR SALE space at same time causing housing prices to FALL and leading to RECESSION.
Catherine Cashmore: "we are absolutely in a Bubble..."
Heidi whomever....calls herself an "expert" She says "NO burst bubble..... as the INDUSTRY IS HIGHLY REGULATED and the regulators are really just starting to investigate the types of lending that happens." Which Planet is Heidi on? Must be dating a regulator.
APRA wrote to the Banks last Friday and asked the Banks to stop lending so many Interest Only Loans and remind them to ensure they are engaging in responsible lending. Well that should work!!!!!!
ASIC called for greater surveillance to ensure they are engaging in responsible lending. Glad that's sorted!!!
LINDSAY DAVID, researcher for L F Economics: Housing is definitely over-rated and we are experiencing HOUSING BUBBLE - 50% OVERVALUED. The signs are all there. We live in a country (pop. 24 million) where the total household debt is $2.1 Trillion, the mortgage debt is $1.5 Trillion of which $500 million is speculative investor mortgages. I am hearing that down the line a large number of these mortgages will never be repaid.
TEN: Why aren't our regulators looking at this? Our regulators have seemingly turned a blind eye to unethical and illegal lending practices which leaves banks doing things they should not be doing. We have grave concerns - our banks doing same dodgy things the American and Irish lenders were doing a decade ago which led to their housing market crash through the floor.
LINDSAY: My advice to young people stay away from this disturbing market. Not to take out Jumbo loans that are TOXIC INTEREST ONLY LOANS and can never ever be repaid...........Enjoy your smashed avocado's and some travel.
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