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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: My Story - Which bank CAN take your home? Commonwealth Bank CAN

Posted by on in Stolen Homes
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Name withheld please..

Which bank CAN take your home?
Commonwealth Bank CAN...

Maybe I’m wrong? If I go to the bank and ask to refinance my existing loan and they say yes. Shouldn’t they assess whether I can afford to repay the loan?

What if I couldn’t afford the loan in the first place and the bank handed over more than $2M?  What’s their objective here?  Do they trust that somehow I will repay the loan with the non existent income that was falsely recorded by the Bank in the original loan? Or do they hide behind protection  through their legal jargon and Australian laws established to protect the banker from responsibility?  I have discovered this false information since receiving copies of my loan application forms years later.. they were never given to me at the time of signing.  And besides, I was only ever given 3 pages and now I see over 11 pages were involved!  And my loan was not an investment loan.

I don’t like fighting in general. It’s negative and soul destroying. When I write to authorioties explaining that my residential loan with the Commonwealth Bank was provided based on fraudulent information provided by a Bank Agent, I would expect an investigation revealing the truth and absolute facts of the matter.

If a Bank fraudulently inflates your income to pass the serviceability test in order to obtain the loan and boost their profits, enjoy bonuses etc, then upon investigation, wouldn’t  my tax returns confirm my true income ? Simple enough to check!

Why CAN’T the bank take a proactive view of these allegations and investigate the matter thoroughly?

Maybe CBA are afraid of what they will find?  Or are they too busy counting their profits?

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  • doyla66
    doyla66 Friday, 04 April 2014

    All Banks CAN and all Banks DO. ANZ did it to me and I did not even approach them for I was spotted under their ANZ spot and refer referral program for brokers (something I then knew nothing of). End result - home gone - half the equity stolen - 3 pages provided at the time of signing - 11 pages sent AFTER the event by ANZ (and not minus great difficulty finding somebody to comply to my request) - 26 pages missing (including 2 cover sheets) - all written requests to ANZ since then ignored re where are those pages and what do they contain and why do they refuse to provide! Would have thought checking the account history of an existing customer would not have been too difficult re disproving loan affordability at the time or even now for I am still a customer. Just proves they sure are concealing something and from all I know now I suspect their computer algorithms threw in a few trick questions including what if I won lotto and then it came up bingo! No other explanation in my view

  • doyla66
    doyla66 Friday, 04 April 2014

    Caveat emptor will come back to bite Government very hard through the Courts and media

    Like the Lotto idea, Organza. Similar to many loans with pie in the sky incomes, based on fairy floss and any number the broker could dream up! So long as it got past the Bank credit assessor on the right day ... well, she'll be right mate. Right for the Bank. Totally illegal and completely wrong for the poor bastard expected to win Lotto and come up with the astronomical incomes expected!
    By now the Banks should be keen to enlist the support of the Federal Government in writing off all the BFCSA fraud loans. 100% fraud in all loans examined. It's not hard. All the Banks have to do is ask. FOS would prefer it as well, as the number of cases on the backburner are escalating at an alarming pace. Then there are the credit card cases, as they also are securitised lending. Simply trying to speed up the normal FOS process is resulting in breaches of law, travesties of justice and many more complaints to ministers, senators and other bodies.
    There are rumours that FOS will be absorbed into ASIC, but if there is no consumer complaints section in ASIC, where will they go? ACCC - conflict of interest, again, plus ineffectual against political and bank pressure, just like ASIC. Corruption is inevitable and cases at ICAC and DPP.
    It's quite clear that the government must either underwrite the writing off of these loans or risk a financial bloodbath, massive homelessness figures and a widespread voter backlash as they have clearly underestimated the dimensions and impact of the Bankster complaints pile. They should save themselves the trouble and authorise the write off now - or freeze all loans, pending proper examination by solicitors.
    Watch out now for the array of illegal practices from Banks trying desperately to get dead loans off their books and, in the case of Bank West/CBA borrowers, a rerun of the same practices used in their notorious cull of borrowers post GFC. It's already happening and they're entrenched in a mindset that they're right and everyone else is wrong. The Government does have skin in this game - sometimes I suspect they forget this, between elections.
    Not every member of BFCSA is down to their uppers and our better heeled friends are well and truly behind us, along with the mainstream media.
    The world is watching to see how intelligently the Australian Government can handle this emerging crisis of corruption, fraud and robbery. I'm tipping caveat emptor is already starting to bite those who thought they'd be free of its threat.
    Oh dear, what an embarrassing mess for Australia!
    Clean it up, guys!

  • doyla66
    doyla66 Friday, 04 April 2014

    Misleading conduct - by accident or by intent?

    BTW, take note of the language used by members of the government and bureaucrats. If they are referring to "repaying a loan" or "repaying the money" or similar they may not realise they could be considered by some to be complicit in conspiracy to defraud and covering up the true nature of securitised credit activities in Australia. We have to re-educate the Australia public so they also will be protected against this deceptive and misleading conduct by Banks, Lenders and others.

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