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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: National imperative, get ASIC sorted before the housing bubble spirals out of control.

Posted by on in Consumer Protection Disaster
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Dear members

Much to ASIC's chagrin we are no longer the ill informed consumer left to lament over ASIC standard fob off letters and trying to come to terms how this all happened and why no one in authority will help us. Thanks to the internet we no longer stumble through the maze of political and regulatory bureaucracy that puts obstacles in our path. Through the internet a whole world of information has opened up to us and guided each of us to BFCSA and Denise and at last we have a loud and collective voice.  Today I've been catching up on all the new supplements to the Senate submissions and its obvious that BFCSA members have heeded the call to arms, well done.

To refresh my memory I read ASIC's supplement in reference to BFCSA.s submission. What a smug condescending lot they are and just reaffirms why they must be reigned in and brought to account.  I can now understand why our politicians have been slow to answer our cries for help.  After seeing what they say about BFCSA in public, can you imagine what they tell the politicians about Denise and BFCSA behind closed doors? They still don't want to acknowledge any wrong doing on loan contracts which they deem investments before the NCCP act.

I'm no financial mastermind but even a dumb arse like me can see there is a national problem thats starting to spiral out of control and unless ASIC gets a size ten up the backside and starts to regulate like its name infers, this country is facing a major meltdown.

At present the banksters are going gang busters trying to get consumers onto the property ladder, record numbers have locked into fixed interest rates as they are due to raise soon. ING bank are dropping their variable rate to attrack customers.  They are all offering incentives to attract clients and are stating its never been a better time to purchase property with record low interest rates.

Organza stated the other day that down her way the Chinese have been buying lots of property.  They are buying huge swathes across the country as its seen as a safe investment. On the Graham Richardson show on Sky last night Gerry Harvey from Harvey Norman fame stated a developer mate of his has just sold off the plan over 80% of the two hundred units he's building to the Chinese, and is taking numerous calls from them.

In the last few days this information has been on TV, the various industry electronic and print formats and internet browsers and have dealt with the housing market on an individual basis.  For example, first home buyers or Chinese investment, it hasn't looked at the whole picture collectively.

One of the biggest players emerging on the property market is the Self Managed Super Funds.  SMSF owners can borrow to purchase investment properties and avoid capital gains tax once they reach sixty five.  Already $75 billion (SMSF news) worth of property is held in SMSF and analysts expect this to boom in the next few years.

This emerging problem has to be addressed by parliament and a revamped regulator. The banksters, lawyers, brokers, real estate agents  and everyone else will ride this snowball as it gains momentum and when it turns into an avalanche and destroys all before it, banksters will have made their money and the poor first home buyer or retiree investor will be left with nothing, as the banksters and their lawyers move in to foreclose.  

ASIC will say get legal advice and the politicians won't respond to email, post or phone calls. Ireland is a prime example with buildings now lying derelict because everyone wanted to invest in the next big thing, the housing market. Alas when this bubble bursts, unless the government gets its act together, there will be another long line of lost souls treading there way to BFCSA's front door. Thanks Neil T.


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Guest Friday, 18 September 2020