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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: The nation is in need of a properly funded Consumer Protection Agency run by consumers - not run by Banksters.

Posted by on in Consumers Fight Back
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Cody Torrents Tuesday, 07 January 2014 · COMMENTS ....             

Neil it is well and truely evident we are certainly not alone any more

Well done to you Neil for your persistence and to our illustrious leader Denise Brailey who has become our shining light. Like you Neil about the same sort of timing, some years of fighting the battle alone (so I thought) and then also aligned to our group of about 130 people all affected by one very dodgey broker we stumbled upon Denise by sheer chance.

We have achieved greatness over the past 18 months between the alignment of our little group who managed to get the dirty broker deregulated and then with Denise's help I have managed to get my FOS Case to Senior Investigation Level. The big problem is of course getting FOS to see the case for what it is they keep referring to the broker as the guilty party (and yes no doubt he is nothing but a crook) but someone must approve the loan and no one but the two banks involved could do that.

Based on the information supplied by us at the time even though the loans be LOW DOC we had been in business for over ten years when they were raised and had no problems supplying our last three years figures (the same ones we had supplied to the taxation department). The banks although taking the figures we supplied, never used what we gave them instead preferring to insert the figures required to procure the loan than use the real ones supplied which we now know would have fallen a long way short of the figure needed to make the loan a reality.

I believe that we all have done an extraordinary job considering that the system really does go against us, its now time to see if our politicians really do have our (the voters) best interests in mind. Lets be honest and above board with our politicians and let them know that if they are not going to support their constituents they will only ever be one term wonders and that will apply to either party without exception. I on the other hand have extreme faith in our Senators and believe the probe for the truth in relation to the ASIC and the Banking and Finance fiasco will be treated with the importance it holds in the determining of many decent peoples lives.

I unfortunately will finish on a negative with my extreme disappointment in our Treasurer elect Mr Hockey just consequently a man I held a great deal of respect for until his very poor appointment of the panel installed to investigate a root and branch inquiry into our criminally driven Banking and Finance Industries. Shame on you Mr Hockey pandering to long term friendships and giving jobs to mates has destroyed your credibility, we as the voting public (many votes directed to you on this one very important issue) have been left angry and disillusioned.  I hope you rethink your appointments Mr Hockeyas that would show a real sign of a man determined to seek the truth and not just another glory hunting distortion effort at deflecting plebs into lives of poverty after a hollow giving.

Keep up your great work Denise and you too Neil, the word is getting to the masses and 2014 will be the year where exposure will come thick and fast our time has come.

Just a word of note ask your Bank for your real documents wet ink as our politicians allowed our Banks to destroy our originals and keep them only as electronic copy, this was made as law by legislation last year. We do not know when or by who but it is apparently true and this has been stated to me by my FOS case file manager my opinion is that if original signed documents are destroyed that contract no longer exists. We will chase this one up as our New Year quest and hopefully this ridiculous piece of legislation will be rescinded.

  • Denise Brailey
    Denise Brailey Tuesday, 07 January 2014 ·                         

    Thanks Cody. Yes its been a decade of lobbying. But by collecting data (ASIC's job) BFCSA has the proof of what the banks were doing under the guise of self regulation. As you would expect where big money involved........NO DOCS were being sold as LOW DOCS and you heard that gob smacking revelation on the BFCSA site first. We have the proof.

    All these loans were NO DOCS but signed up on LOW DOC forms to hide the criminal element of the lending practices. Bankers worked feverishly as a Cartel for massive $4million in bonuses per year. All will be revealed. By joining all the sub groups together its has made us all stronger in spirit.

    The Mortgage Market has become a massive crime scene with the greatest scam this nation has ever experienced. Its a good thing Mr Hockey has chosen his mates for the Inquiry.........the public and the media will be digging into the past of all those tainted by that very Panel. It will be such a white-wash as to instigate a very public demand for a Royal Commission.

    To think of targeting ARIPs: Asset Rich Income Poor pensioners is morally bankrupt. To actually carry out the deeds and covet and boast of $50 Billion as a "new market" to steal homes. Well that just takes the cake. How did these Banksters and Mates ever think it would not all unravel one This email address is being protected from spambots. You need JavaScript enabled to view it.

    The nation is in need of a properly funded Consumer Protection Agency run by consumers - not run by Banksters. If we uncovered this scam as volunteers, just think what we could achieve with a levy on every mortgage - for consumer protection purposes.

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  • doyla66
    doyla66 Wednesday, 08 January 2014

    It is ultimately the decision of the Lenders if a loan is approved. Ours was business loan as well. Nab local branch had declined the loan. The Broker connected to the main business being purchased became involved and trumped up a heap of figures and profits and whammo the Nab approved the loan. It was a different branch some 300 kilometres away, city branch. We later found out that the broker was an ex Nab manager. Try as I will I have never been able to find his accreditation details although the web pats him on the back as accredited with Nab, CBA etc. The loan was approved with a letter of offer in just 3 days. We never saw a wet copy of the LAF only an electronic version supplied through FOS. Lots of misrepresentations and deception amid it. Home over valued to the max to secure the loan, debt forgotten, credit cards missed etc. No contact ever with the Nab. No phone calls nothing. Matter of fact he never completed a LAF. His main concern was getting us to sign his authority to receive his commission from Nab. Nab need to be hung out to dry over this type of fraud. We are homeless now. Nice touch Nab you Thugs.

  • doyla66
    doyla66 Saturday, 11 January 2014

    from Punch magazine published 3 April 1957

    Q What are banks for?
    A To make money
    Q For the customer?
    A For the banks
    Q Why doesn’t bank advertising mention this?
    A It would not be in good taste but it is mentioned by implication in references to reserves of $249,000 or thereabouts, that is money they have made
    Q Out of customers?
    A I suppose so
    Q They also mention assets – have they made that too?
    A Not exactly but that is the money they use to make money
    Q I see and they keep it in a safe somewhere?
    A Not at all they lend it to customers
    Q Then they haven’t got it?
    A No
    Q Then how is it Assets?
    A They maintain it would be if they got it back
    Q But they must have some money in a safe somewhere?
    A Yes usually $500,000 or thereabouts. This is called Liabilities
    Q But if they’ve got it how they be liable for it?’
    A Because it isn’t theirs
    Q Then why do they have it?
    A It has been lent to them by customers
    Q You mean customers lend banks money?
    A In effect. They put money into their accounts so it is really lent to the bank
    Q And what do banks do with it?
    A Lend it to other customers
    Q But you said that money they lent to other people was Assets?
    A Yes
    Q Then Assets and Liabilities must be the same thing?
    A You can’t really say that
    Q But you’ve just said it. If I put $100 into my account the bank is liable to have to pay it back so it’s liabilities. But they go and lend it to someone else and he is liable to have to pay it back so it’s assets. It’s the same $100 isn’t it?
    A Yes but……
    Q Then it cancels out. It means doesn’t it that banks haven’t really any money at all?
    A Theoretically
    Q Never mind theoretically. And if they haven’t got any money where do they get their Reserves of $249,000 or thereabouts?
    A I told you. That is the money they have made
    Q How?
    A Well when they lend your $100 to someone they charge him interest
    Q How much?
    A It depends on the bank rate. Say 5 and a half percent. That’s their profit
    Q Why is it not my profit? Isn’t it my money?
    A It’s the theory of banking practice that…..
    Q When I lend them my $100 why don’t I charge them interest?
    A You do
    Q You don’t say how much?
    A It depends on the bank rate. Say half a per cent
    Q Grasping of me, rather?
    A But that’s only if you’re not going to draw the money out again
    Q But of course I’m going to draw it out again. If I hadn’t wanted to draw it out again I could have buried it in the garden couldn’t I?
    A They wouldn’t like you to draw it out again
    Q Why not? I keep it there you say it’s a liability. Wouldn’t they be glad if I reduced their liabilities by removing it?
    A No because if you remove it they can’t lend it to anyone else
    Q But if I wanted to remove it they’d have to let me?
    A Certainly
    Q But suppose they have already lent it to another customer?
    A Then they’ll let you have someone else’s money
    Q But suppose he wants his too….and they let me have it?
    A You are being purposely obtuse
    Q I think I’m being acute. What if everyone wanted their money at once?
    A It’s the theory of banking practice that they never would
    Q So what banks bank on is not having to meet their commitments?
    A I wouldn’t say that
    Q Naturally. Well if there’s nothing else you think you can tell me……
    A Quite so. Now you can go off and open a banking account
    Q Just one last question
    A Of course
    Q Wouldn’t I do better to go off and open up a bank?

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