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BFCSA
MORTGAGE
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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: Planner orgs omit to tell Planners about Dirty Banking Products and white collar crime scene

Posted by on in ROYAL COMMISSION URGENT
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Sadly there is a glaring poverty of thinking by regulators and industry bodies.  Today we received a communique sent to all Planners as to 10 complaints a year regarding members and imprudent loans.

IT should have started with a simple: "We need a Royal Commission into the Two Big to Fail Banks, namely ANZ, CBA, NAB and Westpac, and here is why....  WE shall re-write the content for every member of the public to read and those 234,000 followers world wide.....

To all those Organisations and their info impoverished members who do not understand the banking white collar crime scene……………………….  

The Org suggests “financial planners advisers” – their own members are the culprits. - Really?

 It does suggest that a small number complaints exist (10) – rubbish as there are 30,000 complaints re Banking, Insurance, Super to Ombudsmen.   The communique does not mention or explain the following facts:-

Does not recognise potential probable 200,000 victims of Low Doc lending in Australia, nor $100 billion in toxic loans about to implode.

Does not  refer to Greedy Banker's approval of mass unaffordable loans, predatory targeting of the older community to steal homes.

Does not refer to Bloomberg concerns and APRA that 39% increase in unacceptable INTEREST ONLY lending past half year.

Does not refer to laws governing approval of unaffordable loans and Maladministration in Lending

Does not refer to Banking Code of Conduct s25.1 re affordability as Banker obligations on criteria for approval

Does not suggest Bankers be prosecuted for breaking the laws that govern prudent lending

Does not mention fraud and forgery presented as evidence in submissions to Parliament

Does not even suggest elderly (“ARIPs”) are being targeted for assets such as their only home

Does not point out that Mortgage Consumers in grave danger of losing everything they worked 30 years for.

Does not mention the emails between Bankers and Planners that teach how to flog Bank’s toxic products and that Planners believe what they are doing/selling is “legal” according to banks:  “our lawyers say all above board.”

Does not show service calculator being hidden from victims – banks tell planners  ‘DO NOT SHOW BORROWER.”

Does not show the mounting evidence the internal bank calculator fudged income figures to boost volume of sales.

Does not classify the Planners as having 8 day training course and suggesting they are “advisers” when they are bank trained “salespersons,” flogging obscene products for Bankers to grow their home grown bonus plan.

Does not show that emails from banks taught: “Good news you can now do ABN’s for a day.”

Does not show the directives whereby banks told credit assessors that additional initials were NOT required for details to be altered after signature on the LAF received for processing.

Does not advise seller members to protect themselves by handing a copy of the LAF to customers at point of signing to AVOID FRAUD AND FORGERY

Does not explain that Victims of Unaffordable sub-prime lending activity - 30 year loans are a TRAP

Does not warn that victims WILL LOSE their homes within 5 years or less.

Does not suggest warning bank customers this is a bank scam.

Does not explain 36 % of toxic loans are written by bank managers - no broker "planner" agents involved.

Does not explain 18% of all loans are written up as FULL DOCS and approved, against lending policy guidelines.

Does not explain why Orgs are not criticising  the Banks given the evidence in Parliament of a widespread Major Bank crime scene.

Does not say 85% of these loans are created by Bankers of Four Major Banks

Does not say Brokers are agents of the Banks as per COLIN NEAVE POLICY AS head of Banking Ombudsmen 2001

Does not mention that Colin Neave as Commonwealth Ombudsman is now attempting to stop victims with recovery of documents

Does not mention that ALL MORTGAGES are assessed and approved by a computer………………..

Does not mention that the Brokers and Planners are also unaware of all of the above and unaware their figures have been tweaked by computer internal to bank processing.

Does not suggest Banking Industry mass cover-up re sub-prime lending and, no reference to 95% of Australians want Royal Commission into Banking Sector in recent SMH media Poll.

Does not show the EDR decisions are disgracefully covering-up for the banks and closing case files with NO RIGHT OF REPLY.  This effectively throws the victims back into the hands of the Greedy Bankers.

Does not suggest that most Low Docs ought to have (under current law) been rejected as being UNLAWFUL.

Does not explain that trail commissions will never be paid and why...............................on 30 year loans and that Bankers lying to Sellers

 I may have left out a number of “other” more important points but that will do as starters

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Denise Brailey

President

 

BFCSA (Inc)

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Guest Sunday, 15 September 2019