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What BFCSA Does...

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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Denise Brailey

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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TOXIC LOANS STILL BEING SOLD IN AUSTRALIA: Is the exposure to the Australian economy of likely property crash due to: 90% toxicity or the official 40% of loans being sold? Or is the truth, somewhere in the middle of fudged bank and regulatory stats?
PM Malcolm Turnbull's dilemma is this: approximately 90% of loans on the market for sale are most likely toxic INTEREST ONLY LOANS and are called LOW DOCS and of course we have the evidence to prove this. Sellers confirm this. Government kept telling Parliament for years; that only 10% Low Docs were being sold, and recently agreed there 'maybe' a possible 40%. Professional property investors knew the risks with bridging loans and purchased Interest Only mortgages for short term gains. That figure is the likely 10% suggested. The ARIPS (Mums and dads low income no debt) were 90% of the market sold, and had no idea until recently these loans were INTEREST ONLY. They are now in shock!!! They have been lied to by the banks for years. They have since been told "their investment homes can never be paid off and their income was so low they had to keep borrowing buffer monies and top ups to survive and now those will stop. If all those homes flood the market place at once then the property market will plummet yet again. New buyers will vanish through lack of trust and confidence in banks and their nefarious products.
The public know the 40% TOXIC LENDING figure is much much higher and so the FAKE STATS from APRA continue. Where do those stats come from? The lying and thieving Major Banks, who will not admit 90% profit comes from fraud, and no deposit lending. Australians are demanding the TRUTH as to the real situation we face. At the height of the GFC most countries reported no more than 25% toxicity, so anything higher is of 'concern.' I had high level meetings with ASIC over this issue in 2013.
Do Nothing Malcolm has allowed another $140 Billion worth of TOXIC Interest Only Low Doc loans to be SOLD in the past twelve months as more and more families are dragged into financial ruin. We have young people who have less jobs, no pay rises, and no chance of owning a home. We have people in expensive homes due to property boom and they have no idea the market will crash due to unsustainable lending practices. We have ARIPs - the bankers favourite target market - who own their own home and NO DEBT who have finally realised they are at risk of financial ruin thanks to Bad Banks: risk of losing both the investment home and their own home as the promoted bank strategy and face being thrown into the streets as "the new" homeless.
The grief that is being felt around the nation will become much worse due to the Banker CEO's who gamed the banking system as a roulette wheel to intentionally profit from asset-stripping. Criminal charges must be laid for this PONZI financing scam. Involving defenceless older persons on very low incomes who were given a strategy to take out $450k loans to buy a second home to "enhance" retirement, is indeed scandalous.
THE GFC was caused by BANKERS who PUMPED UP THE PROPERTY BUBBLE. The intentional Australian bubble will burst at the worst possible time and now Australia has the dubious honour of carrying the due to insane Liberal Banking free market policies. We carry the second highest household debt in the World!!!! Liberal means translates into FREE FOR Bankers to do as they wish - criminal or otherwise....go for it boys! People have been spruiked into these mad strategies and lied to. The Sellers (bank managers and brokers) have been lied to. There has been suicides and attempted suicides, the most recent two weeks ago. There will be massive losses of financial security that was already there.
We are no longer "the lucky country" because we allowed criminal bankers to train and army of sellers in suits to wander the streets, knocking on doors and phone calling. Sellers were given only a pitiful few hours of training and had no idea the system not only was a fraud, but geared for everyone to lose their existing homes. Sellers were taught to practice on the parents of they owned their own home. Instead of non recourse loans, the Bankers used an evil cross-collateralisation method to snare the residential home with the intention of stealing this home at a later date. Sellers neither saw nor understood these risk signs. Sellers had a password to access the bank computerised amortisation calculator which produced PROJECTED incomes. They were told "do not show the borrower" but were asked to place the computerised bank calculation using neg gearing benefits etc ONE SIZE FITS ALL and record that on hidden paperwork that was never shown to the borrowers. Sellers dd not see the fraud and were just following paper processes. Sellers did not approve loans! Of course not. The Banks developed computerised ROBO APPROVALS some of which are now carried out in India.
Do Nothing Malcolm will not tell the truth, that 90% of all loans written are Low Doc/Interest Only sub prime and geared to fail. He is a banker and he knows these things. He has made a fortune from the RMBS packs but thats another bi-product of the scam and another story for another day. We know every inch of this scandal. Malcolm has only, and at last under a barrage of criticism, acknowledged "only 40%" of these loans are toxic!!! Insanity personified!
Now the regulators have suggested lowering the toxicity down to 30%. So we can now breathe easy as we have according to Mad Mal, only 30% criminal and fraudulent loans being approved by the ROBOT at the present time!!!
This scandal is asset stripping whereby poor people lose their modest homes and, wealthy Bankers make more money and bonuses, profiting from crime. Sounds like the USA? Yes, because the loans here are identical to the subprime IO Low Docs that caused the GFC....except we sold very few loans to NINJA's. (No income no job nor assets). These 30 year loans are now set to implode in five years.
Banks taught sellers to target ARIPs who are income poor but had one big asset - their own home!!!! Such meticulous and devious planning is as criminal as it is scandalous.
Will the AUSSIES STAND FOR THIS CRIME SPREE? No, they will not and, hence a huge CROWD has gathered to DEMAND a proper ROYAL COMMISSION INTO BANKING and nothing less will do. Message to all Liberal MPs - you are now involved in covering up a banking crime scene and YOU will pay the price. We need an election as soon as possible. The crowd has had enough of do nothing Malcolm and his bank loving cohorts.
Experts are now saying the TOXIC loans are UNSUSTAINABLE, UNAFFORDABLE, UNVERIFIED and ROBO approved. The Bankers' excuse for profiting from mass FRAUD? Well the computer did it? Experts are predicting a bloodbath.
The two million families who we know have suffered from LOW DOC LENDING will fight back. The effects of this Banking and property bubble disaster will affect all generations in the decade to come, where we will all be pulling out brooms and mopping up.
Denise L Brailey
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