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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: New NCCP laws an ASIC furphy - here come the 2012 victims - fr Broker News

Posted by on in Consumers Fight Back
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New comments:  I am a new victim from 2012...Banks are Corrupt


 <>            Natalie, what happened to me by a rogue mortgage broker happened in 2012. So please dont speak when you know nothing and have not been affected? From a life of no worries and free of financial problems my life has become a worry from day to day, i have changed my whole life because of a rogue broker and cosl, fos and asic, all of who ignored my pleas. they know the loopholes and they play them. the broker made a lot of money from my "deal" and i was left to pick up the pieces of my life, including the humiliation and frustration of not being believed.

Cowboys? Banks are corrupt, lets face it, why would CBA be facing $250million compensation for poor innocent people if they were 'the good guys'. This is not an old problem, it is still happening, trust me. I am a 'new' victim. Please don't be so naive to believe that all is good in the world... There is still corruption at today's date. We would just hope this Senate Enquiry after years of pleas by many will hear the voices of the innocent. <>                




 <>            'Dishonest conduct more common in brokers than lenders': ASIC <>      


Denise Brailey's comment on Broker News thread:   


      We all agree there may be a few rogue brokers but the main thrust of this thread is that the Lenders are the rogues who set up the calculators to calculate "futuristic incomes" which is clearly against the Code of Practice re the APPROVAL of unaffordable loans. In 2002 Colin Neave released a policy to say Brokers are the Agent of the Bank. It is FOS that changed the rules on that after Neave left to become Commonwealth Ombudsman - Read FOS Bulletin # 36. The Lenders are indeed the culprit for the exaggerated incomes and the Lenders intended to avoid liability, pay commissions and suggest brokers were merely joint partners and brokers were to blame. That's what Lenders regulators and agencies told Parliament recently. I was there. Meanwhile older persons with one asset - their home were targeted. Senator Bishop had to ask five times of the regulators: "what happened to cause this 2002 - 2008 problem of targeting pensioners?" The Senators want to know what happened. They all want the truth. The new NCCP laws are a grouping of old laws that existed and we won cases prior to 2010. ASIC had power and never used it....hence the Inquiry they now face. The loans under NCCP are starting to implode after 2011. WHY - they are interest only and high risk lending in sub prime fashion that will impact us all. That's the problem and APRA is concerned - well Bloomberg is.....27th May....39% increase in interest only loans. We have found 63 of these loans already - set to implode within 5 years or less - all unaffordable and all approved by Major banks. I can only report to Parliament on what documentation I have gathered. If your work discovered an UNexploded bomb in the finance sector, would you report it?           






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  • doyla66
    doyla66 Monday, 09 June 2014

    Getting justice is like pulling teeth from a hen. The lenders themselves are the culprits with their corrupt manipulative plans which take us all down. The Brokers take their orders from the Lenders who supply all the necessary tools including the stationary. These Brokers are paid handsomely for their input as are the banks inside teams working to achieve targets and commissions. My daughter worked for the CBA for a short while and was disgusted as what she was supposed to entrap the customers into. Lodging a dispute I have found in my case with Nab was the grossest waste of time and effort but was necessary even to have a chance of being heard by FOS. FOS have the authority and power to pull these fraudster bankers into line, but are failing us all by there sheer lack of fortitude. I found FOS believed whatever the bank put forward which included complete lost files. Now that is really a cracker given this day and age of computers. This lost file never turned up but a business plan which accompanied it did. It provided the fact that the file was not lost but simply concealed I believe. This meant that FOS were unable to make an unbiased decision given they did not have all the file to base their decision on. So it still goes on now, some 4 years later, now trying to battle the neighbours from hell who have purchased our dear old home. Police records indicate the older man is a criminal who spent time in jail for his crimes. These b.......s are the pits who cannot keep their sticky fingers off our possessions. I blame Nab for all this. Busting their necks to get the property and then busting there necks to unload it. Nab's representatives trespassing all over our privately leased property for what reason? Taking photos, writing reports again for what purpose other than to cause us a nuisance. This private lease has been in place some 30 years and has nothing to do with Nab. Just another case of Nab's bullying and thuggery.

  • doyla66
    doyla66 Monday, 09 June 2014

    Brokers take their orders from the Lenders who supply all the necessary tools including the stationary.
    Exactly, Nanna. So it looks like they're working for the Bank, regardless of any fancy business relationship ideas the Lenders and Banks have. Brokers have to use the Bank's calculator to submit the Loan Application Forms. All the Banks and Lenders insist that this is done. The Brokers collect the personal data. I can see that and I do remember that happening.
    It's still going on because NO ONE HAS STOPPED THIS FROM HAPPENING.
    So every broker, good or rogue, uses a calculator and follows the relevant bank's instructions to give the loan the best possible chance of approval.
    If it weren't for Denise I never would have seen the evidence myself and I would certainly have been chucked out of my home years ago.

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