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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 President Denise Brailey warns: 'Mortgage fraud' hitting vulnerable whilst Banks staving off Royal Commission

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'Mortgage fraud' hitting vulnerable: advocate

 

Banking and Finance Consumers Support Association president Denise Brailey warned the big four

banks were scrapping some unpopular fees and cracking down on home loan applications as a last-

minute attempt to win public support and stave off a Royal Commission.

 

Banks dodge a bullet

 

The big banks dodge one bullet, with APRA's relatively modest capital increase, but the regulator still

has mortgages in its sights.

 

On Sunday, the Commonwealth Bank announced it was scrapping fees for customers using other bank's ATM machines.

That decision was quickly followed by the ANZ, Westpac and NAB.

Ms Brailey has long accused the banks of committing widespread mortgage fraud to increase profits

by deliberately targeting vulnerable people in the community.

These include pensioners the banks dubbed ARIP customers — or asset rich and income poor.

Ms Brailey said she had more than 2,000 low income people on her books that had lost or faced

losing their homes after being "preyed on by banks" and granted loans they could not afford.

"I have seen 70 and 80-year-olds on incomes of $30,000 a year given million dollar loans. It is just a

disgrace," she said.

"These are not isolated incidents, every case I've looked at has got fraud, some of them have got

forgery, but they are all unaffordable, unstainable, unverified loans.

"In some cases, the elderly customers were paying the interest on their loans with the bank's money."

Oversupply fuelling property slump

 

Meanwhile, a major forecasting firm said a boom had resulted in an oversupply of dwellings in Queensland, WA, SA, the NT and the ACT.

BIS Oxford Economics also predicted a slump in house prices and building construction in Perth was set to continue for at least another 18 months.

BIS Oxford Economics managing director Robert Mellor said the oversupply of detatched dwellings had seen house prices fall 13 per cent in Perth in the past two years, to levels not seen since 2007.

 

 

 

 

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