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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: I have spoke to Emmanuel Cassimatis a few times. I have spoken to several Brokers. SHOCKING TRUTH

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1.  The Bank copy of the LAFs which were missing and never sent to Storm or the customers remained hidden despite a Senate Inquiry

2.   Banks Officers known as Business Development Managers BDM's frequented Storm offices - to teach Brokers how to use the CBA Service Calculator

3.  The Faxed copy of LAF from Bank (those who have secured their copy) differs from the originals.

4.  Only Brokers who kept their originals and ignored bank warnings to "shred the wet-ink LAF" have proof.  Proof the Broker was not the culprit

5.  Brokers are saying they were under instructions from Banks that ALL LAFs faxed to bank must have SERVICE CALCULATOR page and ICW (worksheet) attached to the LAF.  

6.  Bank customers were told to sign  "we have read and understood everything" yet Banks only asked for three pages to be presented to all clients, knowing all other pages had to be then collated and faxed as a 40 page bundle, knowing customer had only ever seen three pages.


Banks made no telephone calls to customers to verify income...NONE!  Why?

Banks insisted SERVICE CALCULATOR and ICW be attached to LAF "or we will not process your deal."  Why?

Banks in unison approved $50 billion worth of loans with obvious "non-affordability" issues.  Why?

Banks targeted ARIP's (asset rich income poor = pensioners low income families) Why?

Banks failed to put sign in window saying "we do LOW DOCS HERE"  Why use expensive Broker Channel if not to set up brokers and borrowers?

Banks approved loans with "futuristic incomes" created by their own engineered SERVICE CALCULATOR.  Why was that crucial?

Banks Hired BDM's as sellers to sell faulty products to Brokers and insisted BDM's adhere to BIG Quotas. Why?

Banks told BDM's to "pump up the volume and sign up older borrowers."  Why?

Banks acted as a Cartel and used the same service calculator computer program.  Why?

Banks paid brokers commission and asked they sign STAT DEC to fulfill Bank's Obligations under Anti Money_Laundering and Counter Terrorism Financing Act.  Why?

Banks lied to courts and said LAF is only three pages.  Why?

Banks lied and said Broker is not Agent of Bank, knowing the Brokers were working for the Bank, paid by the Bank, under instruction from the Bank, stationary and logos supplied by banks, instructed Brokers via direct emails on each individual case with direct access with Credit Assessors Why?

Banks ensured (by changing leavers) the Credit Assessor Service Calculator (same program) was geared at 1.10 NSR and Brokers set at 1.489. Why?

Banks had ASIC lie to Parliament and suggest the "public" service calculator was similar to SECRET SERVICE CALCULATOR. Untrue.  Why lie about it?

Banks corrupted the regulator according to ASIC evidence to Parliament.  Why?

Banks knew three people's hand-writing on every LAF but approved the loans in anyway......for anyone with a pulse and a home.  Why?

Banks permitted credit assessors to use white out. In many cases we have seen after the fax was sent from broker AND DIFFERENT INCOME INSERTED by Bank Staffers at higher $50K real income on original SCF typed in by Broker.  Av. $150k written on original LAF copied from Bank Engineered and supplied Service Calculator, used by Brokers under orders "or we will not process your deal."   Credit Assessors told they can tweak the futuristic income supplied by broker fax to new figures (generated by new NSR) $220k and use white-out.  Banks said not necessary to get customer initials on alterations.  Why?

Credit Assessors never hinted that income figures were being exaggerated further by use of SERVICE CALCULATOR.  Why?

Banks instructed BDM's to inform Brokers all of the above had been approved by Bank lawyers.  Why?

No Customer (Banks and Non Banks) ever received copy of LAF across Australia.  Why?

Banks in unison refuse to hand over a copy of the SERVICE CALCULATOR with same in unison excuse: "sensitive commercial info."  Why is that, when document contains the financial details of the customer?  ie Customer entitled to view anything that contains their own financial record?

Banks have breached S25.1 (now 27.1) of the Australian Bankers Code, on every loan we have investigated.  Why?

Every mortgage loan has been approved by a computer - wide open for fraudulent abuse.  Why is this not being investigated?

ALL the above are STANDARD INDUSTRY PRACTICE for Banks and Non Banks using Low Docs and Full Docs.


Banks have ASIC, FOS and COSL using same nonsense refusal over discovery of files.  Why is that?

ASIC has tolerated Banks stating "files are missing"  If files are missing then loan must be immediately extinguished as no proof of prudent lending at all.

Senators are confused by what the SERVICE CALCULATOR is all about.  Why is that?  Due to Medcraft's misleading statements perhaps?

Self Regulation has meant Banks are a law unto themselves.  Why do we tolerate this obscenity within our society?

BFCSA Members and supporters are unravelling the biggest BANK SCAM this nation has seen in its history.  We started with convicts who built this country and became decent citizens.  Now we tolerate corruption and deceit on a grand scale by powerful Bankers who are simply crooks engineering mass misery for our country's older citizens.

When you think our ancestors were transported to the wilds of Australia on leaky boats, sentenced to a life in chains for stealing a loaf of bread due to hunger, we have to question more than ever why our Parliament is allowing this farce and cover-up to continue.

Banks targeted anyone who owned their own home and had a pulse!  How have we permitted this scam to rage out of control and produce more devastation than all our bush fires and floods married into one event. Time FOR THE AUSTRALIAN FEDERAL POLICE to round up each one of these bandits, place them in chains and drag them screaming and kicking into our CRIMINAL COURTS.

This issue will not be silenced.  The ball is still in play the same CARTEL, the same MODEL OF DECEIT, the same PLAYERS, the same TARGETS, the same SERVICE CALCULATOR, the same FRAUD.

ASIC lies when it says the new laws protect people.  The old laws were powerful and ASIC failed to use them to PROTECT CONSUMERS.  ASIC lied to parliament when it said the service calculator was a "general tool that could be used if the broker chose to."  What a Whopper that is!

There is NO CONSUMER PROTECTION in Australia for those who wish to sign an application for a MORTGAGE LOAN.

Unless ASIC start telling the truth to Parliament as to their 15 years knowledge of the use of the SERVICE CALCULATOR as a key component in Mortgage Fraud, then a ROYAL COMMISSION into the BANKING SECTOR must be of top priority.

All Bank Executives involved in the creation and implementation of this SCAM must face very long jail terms.  Anything less is unacceptable.

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  • doyla66
    doyla66 Wednesday, 19 March 2014

    The Truth Will Prevail

    It may take time Denise but I'm sure I speak for all members if BFCSA:...we will not give up until the truth is exposed, it's only a matter of time!
    Maggie M.

  • doyla66
    doyla66 Wednesday, 19 March 2014

    ASIC has tolerated Banks stating "files are missing" If files are missing then loan must be immediately extinguished as no proof of prudent lending at all.
    I want my loan extinguished now... the broker told us he has destroyed all our files... and there were stacks and stacks ???

  • doyla66
    doyla66 Wednesday, 19 March 2014


    Anything less than jail time for persons who know that this fraud on low doc loans is occurring is unacceptable. If staffers at FOS and COSL know that borrowers have been scammed then rule in their favour. We don't want to make money out of this mess we just want our lives back so please use some common sense.

  • doyla66
    doyla66 Sunday, 23 March 2014

    Declan Carnes from BOQ North Ward is only being defended by BOQ and ASIC at the moment because if they do anything to him - he will squeal like a little pig and expose the corruption that started from the top whilst David Liddy was CEO. There is a lot of covering up going on there.

    ED: cover-up by Major Banks and ASIC going on for 15 years, so not surprising. Medcraft brought in as expert because those who appointed him from Treasury knew sub prime here, was ready to blow. Damage too great to stop the flood of LOST HOMES.

    Just pulling a few levers that is all they are doing in holding pattern. They hope the old timer victims all die off quickly and they can then bury the bodies and carnage.

  • doyla66
    doyla66 Sunday, 23 March 2014

    There are people who are pursuing this and more and more information is being uncovered.

    What happened with Storm Financial loans was not an isolated practice by this BOQ branch. There is also evidence and suspicions that this BOQ branch still breaks the laws. Certain people with credit licences etc have spoken to Declan to see how he operates and it has become clear this guy will put through any loan regardless of the laws.

    ED: If this is as you say, DeClan does not APPROVE THE LOANS. HE SIMPLY SUBMITS THEM. I'ts the EXECUTIVE SUITE who set the standards of approval - bank credit officers were told by hierarchy to sign up everyone, affordable or not.

    The evidence is obvious and compelling. brokers told to sign up everyone - it's for us to approve or reject. So everyone stamped APPROVED

    That's the issue. Banks acting as a Cartel....Bank invented service calculator so all brokers and bank managers just like puppets following orders.

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