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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: I am so glad to be a member of BFCSA and helping to throw “a spanner in The Dirty Banking works”

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What has been going on in USA and elsewhere around the world, has been happening here in Australia FOR YEARS also.. What are all the banksters hiding??.. Thanks to Denise Brailey and BFCSA member blogs and comments we are finding out.

Most of us borrowers should never have been approved for millions or perhaps $57 billion in loans in the first place.  It is only clear after the intended FIVE YEAR IMPLOSION MARK (generally the interest only period) that these loans were non affordable from DAY ONE, based on our net income at the time.  It is now clear that the Bank Engineered Strategies used by the bank staff (36%) and their agents (64%) with the use of Line of Credit, credit cards and extra “top ups” thrown at us to help pay the interest (with the bank's money) was HIGH RISK. The bank strategies guaranteed to sink us financially and help the banks make obscene profits based on a fraud.   

Denise is right....this is the biggest Bank Cartel FRAUD this country has ever seen and it was clever: these Banksters used our trust to believe the strategies recommended would help us all become financially secure in ten years and we all fell for it.  However, after five years we all realised we had been sold a plot to steal our existing homes.    Then, when the “recommended strategy” collapses, our "friendly" Bankster arranges Hardship agreements.  We still did not believe the Banks were taking advantage of us, with fraudulent documents hidden in the vaults most of which we had never seen.  The arrears from the hardship offering which we paid insurance payments for, are added onto our loans, making our debt even greater.... getting us deeper and deeper into debt!  But we are so thankful at the time.  How wrong were we?

So, how did most of us get into this mess?  Does this spiel sound familiar?
We said to Bankster, “We wish we could, but we can’t afford it.” 
Bankster says “Yes you can. You can buy another property easily..  you have the equity in your own home to do that right now.  Borrow against this equity to buy an investment home (or shares or whatever). .. fix up the investment house, get it re valued and then you can borrow against that equity as well, so you can buy another property... “  “Here you go” Bankster says.. “why use your own money to pay back the interest when you can use the banks money, and write it off in next year’s tax return as an expense?” You will be set for life”  

Set up all right... set up to fail.  What happened to abiding by the Bankers Code? 

Brokers say “oh we were only trying to help” Slowly the Brokers are beginning to realise that they have been set up by the Banks as the fall guy.  The Brokers will be jailed for this unless they join forces with the Borrowers.

Why did the bank need the Broker Channel that they, the Banks, invented anyway to sell these dodgy loan products to us?  
The Bank could have offered these dodgy loans DIRECT to borrowers themselves, and saved so much money by not having to pay commissions to Brokers etc.  We all know why.....Well NOW we do, thanks to BFCSA.  Without BFCSA we would never have figured this out.  

The Broker Channel was to protect themselves of course.  It’s not the banks fault at all they say.  The dodgy brokers did it.  We lent the money in good faith...blah, blah, blah...  yet the Banks gave the Brokers the “tools,”  like the dodgy SERVICE CALCULATOR to invent the fudged figures.  They even gave the Broker the passwords to enter the world of regulator sanctioned fraud.  What the.........?

Had we never been approved in the first place, based on our income at the time, we would not be in the financial mess we all find ourselves in today.  We were approved because the “fudged” income produced by the computerised service calculator showed we could afford it.. (amongst other things). 


Now the Banks are trying to say: "fraud and forgery are irrelevant!"  Really?  On whose island?  I know some friends whose signatures have been forged.

Dear Bankster, Why did you not say on receipt of our original application “Sorry, approval rejected.  You cannot afford this loan based on your income”   Instead, we find out many years later, that the bank strategy was to seize our assets all along. Falsely advising their shareholders (and government) that this income stream was AAA rated,  massive profits to be had etc.. and at the same time, conveniently earning themselves fat bonuses from toxic loan approvals. All at our expense!. 

Once we started to receive copies of our Loan Application Forms many years later (thanks to Denise Brailey’s blogs educating us) we finally discover that our income was hugely inflated to ensure the "deal" fits..   Some of us are still waiting to see these loan application form copies.  We are told by the Banks that our forms are missing or none of our business, it's commercially sensitive.  In our own case, the broker told us that he was advised to shred all our files.  Why is that Mr Banker?

30 year Loans approved to people who are about to retire!! You gave us INTEREST ONLY loans too.  Nothing was coming off the principal for at least 5 years.. Some of us have not lasted that long to keep up with interest only repayments.  Some of us did not find out about the EDR process until it was too late to stop the bank taking further action against us whilst we tried to sort this mess out.

Mr Bankster, your strategy is working fine.. for you.  What about abiding by the bankers code?

Today most of us have loans that are worth more than our properties are worth. Every day you are "stealing" more of our homes, leaving us with nowhere to go.  Most of us have not rented a property in years, and now face the added stress of putting in rental applications, paying thousands in bonds and relocation costs, obtaining character references etc and looking for rentals that allow our beloved pets.   Not that easy.  Rents are high, so we are forced to move out of our area, like others who have moved out to rural towns, we will have to leave our support network too.  We've probably lost our health, our jobs, or our family due to the stress of it all.  Ten BFCSA members have life threatening illnesses and suffer added stress... All Members are suffering enormous stress.

What creature would crawl out from a rock and do this deliberately to another human being?  Everything we have worked so hard for and gone without for years has been stolen by these Major Banks.  What is worse the Government is deceitful by protecting ASIC which has systemically hidden the evidence and engaged in the biggest cover-up affecting so many Australians like us.  We are just ordinary people.  We raised decent families.

But you Mr Bankster, knew it eventually would end up like this when the LOC and buffer money ran out.  How can someone on our low incomes keep up with such high mortgage repayments?  We even had to borrow to pay the mortgage insurance fee, and the valuation fee.  Not a problem says Mr Bankster, we will just add that to your loan too. Then you always INTENDED to move in for the kill and steal our homes and brand us foolish for trusting YOU Mr Bankster, and trusting the Government.

Your strategy was to blame the Broker for selling your dodgy loans, and most probably the Broker and his family has suffered the same fate or perhaps his parents have....... I know our Broker is now bankrupt!

Many of us did not realise at the time that this Mortgage insurance protects the banks, NOT US, should things go pear shaped.  Why did you not explain that to us?  Why did you not tell us that if our home sells for less than what we owe to you, that after we have paid you all the sale proceeds, the Mortgage insurance company will pay you this difference and then pursue us to pay them back for paying you out?   And we were forced to pay this Mortgage Insurance premium in the first place! So now we have no home and still owe money on it!  No wonder many of us are forced into bankruptcy by the banks. 

 Mr Joe Hockey MP, how does approving Toxic Loans help the Australian economy?  We are aware that your own mother in law fell into the Banksters’ trap as well.

Mr Bankster Why didn't you make one phone call to confirm our income at the time of our loan application? 

We realise now that it was not part of your plan.  Now we feel like we are being treated like criminals.. many of us being forced into bankruptcy and many of us at retirement age!...  You say “Well that’s your signature on the dotted line.. “  and that’s that, even after we have provided you with proof showing clearly that information was added after our signatures were obtained!  How can this be? Like me, some of us even managed to have “wet ink” original documents and when the bank copies arrived for comparison, we were shocked at what we read!  There are multi copies of the same document and all are different with three people's hand writing meaning the credit assessors were in on this criminal activity.

But there are "no systemic issues "says ASIC
We do not know each other, yet how come thousands of us have VERY similar stories?  How come?  How come this huge jump in maladministration? Dodgy Loan approvals were still being approved AFTER the new banking laws came into practice after 1 July 2010 ..... and still ASIC says no systemic issues.  Denise says there are nearly 50 Members with these approvals and  their time of implosion is just around the corner.  Their loans will collapse within 4 years.

Lenders today are rubbing their hands together as they watch home buyers panic buying, because of their fear of missing out.  Banks offer finance on 5 % deposits...they still offer paying by deposit bonds too.  Interest rates are low, but for how much longer I wonder?   Yes its true, before this horrible episode in our lives, which we have worked hard to avoid, we did not understand banking or finance.  We trusted the Banks. 

So how does this work according to ASIC, APRA, Treasury and the RBA?  We lose our homes, are forced into bankruptcy, the broker channel collapses with mass unemployment and you Mr Bankster are given a free guaranteed "get out of jail time card"  You, Mr Bankster, get to walk away with glorious retirement benefits and  5 star living.  Who knows where we will end up.  We certainly don't know at the moment.... and Christmas is just around the corner, adding more stress. 

If you think the PUBLIC once they begin to know the truth of what you did to us will wear that deal .... then you are all delusional.  We will demand justice from the Government.  This is financial abuse.

YES Everything appears to be going according to the banksters plan..

but not for long ... especially now that we know the real story! 

Insiders are telling us yes the credit assessors were "tweaking" documents under orders.... on whose orders at the top of each Bank?  Now that's the Billion dollar question.

Thankfully, every day more and more ex bank and broker whistleblowers are saying enough is enough... 

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  • doyla66
    doyla66 Saturday, 26 October 2013

    Thankyou Change for that true discription. Very well explained and very helpful for the new members - it will assist them in understanding how it was all purposely set up from the beginning to trap us all into a no win situation.
    The Banksters never dreamed that their little secret would ever be discovered but it has, thanks to Denise's strong determination and long hours of investigative work - we can now see a light at the end of the tunnel.

  • doyla66
    doyla66 Saturday, 26 October 2013

    This our story. Except that we have 4 LAF's (which we didn't know existed until BFCSA ) and NONE of them have our signature on them because we didn't know they existed. Apparently that's OK because LAF's are only internal documents and we shouldn't bother our little heads about the fact that almost nothing on them is correct and we never signed any of them.

  • doyla66
    doyla66 Saturday, 26 October 2013

    Reading you blog surely brings home all the home truths we have all been subjected to. The Broker involved did not even complete a LAF it was finally found out. The only doc signed by us was for him to get his commission. The Nab business loan was approved in 3 days with supporting financial statements etc provided by the Broker. Nab in letters indicated their confidence in him. We never met with or had contact with the BDM who assessed and approved the alleged loan. Nab accepted the Broker figures and other details from the Broker without our knowledge. We never met the Broker either, he was employed by the business franchise type business. We could have been purple with 2 heads for all he knew. Manipulation at its best, acting in good faith. Rubbish. Looking for the loot. Cheats and frauds.

  • doyla66
    doyla66 Saturday, 26 October 2013

    Can someone enlighten me how a broker selling a bank product is any different from a new car dealer selling a car manufacturers product or a retailer selling an electrical manufacturers product? In the case of the car dealer and the retailer, if the product is faulty the manufacturer is responsible. How did the banks become exempt from this?

  • doyla66
    doyla66 Sunday, 27 October 2013

    Yes Ed, how did the banks become exempt of their faulty products I wonder?

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