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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 letter to Joe Hockey, Federal Treasurer of Australia: Royal Commission into Banking System is critical. Please immediately ban Serviceability Calculators created by Bank CEO's to fudge incomes.

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See below the Joe Hockey Media Release:  Note Joe the Federal Treasurer does not understand the issues:  85% of Low Docs are written by agents of the Major Banks and approved by the BIg Four.  36% of of loans are written by bank staff (no broker involved) and 18% of toxic mortgage files we have uncovered, are FULL DOCS.  

The culprit of lending fraud in Australia is the Majors' SERVICEABILITY CALCULATOR (the secret weapon) that fudges the income figure on Mortgage applications after the signature is obtained and without the client's knowledge and continues to do so under the old powerful consumer protection laws and the new rejig NCCP laws.  Why is it that BFCSA are the only ones to discuss this issue?

Yet Joe insists he will get tough with Brokers...........................................brokers are agents of the banks Joe, and just following Banker orders.

Joe Hockey our Federal Treasurer is speaking with American counterparts.  We know SEC lie to Americans and ASIC lies to us, but...........

Dear Joe,  

This issue will not go away................mortgages are still being written using the service calculator income fudging machine.  Its a "compulsory tool" provided to all agents by Major Bank CEO's.

Consumers of Mortgage Products are desperately in need of protection in mortgage lending from PREDATORY BANKS/LENDERS......past victims and current would be victims.............................

The Broker agents are not fudging the income's,  Banker CEO's can step forward on that one!    The Serviceability Calculator which is not as ASIC told Parliament recently "similar to online."  That's a lie Joe...........The secret weapon has been created by the Banker Blokes AT THE TOP.

CEO's were the Engineers of the dreaded bank created Secret Serviceability Calculator, only available to Bank Managers and staff and to Bank Agents/Brokers.............................using the bank's own provided passwords.  We know that Joe.  We have copies of those passwords.

The Public are not even shown the one page document  the bank chiefs produce: the service calculator form ("SCF") which is secretly attached to every Loan Application Form ("LAF").   Surely you were briefed on this Joe when you were Minister for Financial Services?  You must have approved of Bank Agents using this calculator to hike up incomes without the clients' knowledge or authority?  Didn't ASIC brief you?  Your own family member is a victim of this criminal activity.


You must have known in 2005 that your beloved Australian Securities and Investment Commission (the sister regulator to The American SEC) gave the infamous Class Order exemption CO # 05/1122, to allow banks and it agents to use this secret weapon a for predatory lending purposes with impunity......................................and why did Treasury permit this to go ahead?

These are simple questions  Mr Treasurer and extremely relevant to the 100,000 families caught in this minefield of toxic mortgage loans.  The Brokers are not the culprits - the Banks and I have known of these practices since 2001.  I did not know of the secret calculator until 2012, and my apologies for my slight tardiness and limited resources.  But whats your excuse please?  With respect, you knew this was going on and so did Treasury.

Yes its criminal activity by Australian Bank CEO's but what is worse, the Australian Government and its servants assisted the Banks all the way................why?  Why would any self respecting Government do that to its own people? Why turn a blind eye and permit ASIC to facilitate the crime?  As a Parliamentarian of standing, you facilitated laws to outlaw predatory lending practices, agreed to new laws in 2002 to protect consumers of banking products and THEN permitted banks to play on as normal.  THEN, permitted ASIC to exempt the banks from the laws that had been in place since 2002.  Why would anyone do that?

Consumers of banking products and services are back to Buyer Beware and have been since 1986.  The powerful laws in place were made impotent by non enforcement of law and then completely rendered useless by ASIC CLASS ORDERS exempting Bankers from prosecution.

I can understand now why you and The Prime Minister do not want a Royal Commission into the both claim its John's fault and claim the Nuremberg defence, but enough is enough wouldn't;t you say?

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JOE HOCKEY's MEDIA RELEASES...................................

Predatory Lending: Time to Regulate?

This Research Brief seeks to discuss the changes in home lending practices that have emerged in recent decades. Consumers now have a choice of lenders – bank and non-bank – and an array of loan products to select from.

The entry of non-bank lenders into the finance market has been accompanied by the emergence of mortgage brokers who act as intermediaries assisting consumers to arrange a home loan best suited to their circumstances.

However, these developments in the industry have also led to a range of consumer issues such as unscrupulous mortgage brokers and lenders trapping unwary and unsophisticated borrowers into home loan products that they cannot service, leading to considerable financial stress.

Recent events, particularly some examples of predatory conduct highlighted in the media and a recent inquiry by a House of Representatives Standing Committee, have led to calls for better legislative oversight of mortgage brokers. In Queensland (as in Tasmania, South Australia and the Northern Territory) there is no broker specific regulation and, as discussed in this Brief, of all the Australian states and territories, only Western Australia requires mortgage brokers to hold a licence.

However, in November 2007, the Ministerial Council on Consumer Affairs ("mcca" advising the PM) released an exposure draft model national Bill seeking to regulate finance brokers


Latest media releases

This is a list of the latest media releases from Australian Government websites arranged under their portfolios. It is generated daily from new media releases collected overnight.

This list was generated on Tuesday, Apr 29 2014.


Australia and the United States sign an intergovernmental agreement to implement FATCA | The Treasury

The governments of Australia and the United States of America have signed an agreement: the Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA. The agreement was signed in Canberra on 28 April 2014. The agreement, together with relevant enabling legislation, will establish a framework to assist Australian financial institutions in reporting certain financial account information required by the United States' Foreign Account Tax Compliance Act (FATCA).

Signing of Tax Agreement with the United States | The Hon Joe Hockey MP

Australia and the United States have today signed an intergovernmental agreement (IGA) to reduce the burden on Australian financial institutions in complying with the United States' Foreign Account Tax Compliance Act (FATCA). It will commence on 1 July 2014 and will affect a large part of the Australian financial services sector. The IGA will also improve existing tax information-sharing arrangements between Australia and the United States, for the purpose of preventing tax evasion.




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