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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: When High Profile People realise their parents have been skinned by Banks......this may gather momentum

Posted by on in Consumers Fight Back
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Treasurer Joe Hockey is not the only one with a close family member ripped off by Banks.  There are others.  We are planning a big contingent of people to Canberra in November.  Every victim will want to be front row to hear Australian Securities and Investment Commission's lame duck excuses for seeing all and doing nothing.    BFCSA voices will inspire the timid and embarrassed to also come forward.  Anyone wish to arrange a bus from Sydney?  Talk to me.

 Dates have not been set as yet.  We will keep you posted.   Meanwhile FOS (Financial Ombudsman's Service) is closing files where loans were arranged in 2006 or earlier.  Statute of Limitations can only apply from when people "were aware of the affability issue."    FOS would not be able to get away with such nonsense in a court of law, but then this is a game to assist Banks.....................   Statute of Limitations for Fraud in some states is 20 years and others states there are no limits.

FOS sees FRAUD as being some type of misdemeanor!  Most of our members are class of 2008 and above and some are in class of 1 July 2010 and beyond.  This proves the new laws permitted the game to keep playing simply because ASIC has failed to test the new laws by taking a Bankster to Court.  Then again, ASIC treats failure to protect consumers as a badge of honour.  Instead ASIC do a great job of protecting Lenders.

Every Loan Application Form discovered to date is riddled with fraud and 36% of all loans were arranged by Bank Managers and Officers - no broker involved.  An investigation into this national scandal as indeed part of a wider global scandal, is TOO EASY!  Just press a button that tells all banks to hand over the documents and ten years jail for all those guilty of "shredding evidence."

There are certainly evil forces at work.  There are many cases where positive outcomes have been achieved, thanks to the existence of BFCSA.  WE have also seen significant reductions in mortgage loans and in some cases extinguished, but it takes around three years.   Most BFCSA members are still in their homes................. some for four years without paying any payments .  Its a stalemate.  More members are joining each week and its all the same scandal: fraudulent LAFs, corrupted service calculators, exaggerated incomes and the usual asset lending and Maladministration in Lending.

Bring on the Royal Commission into the Banks and the EDR Ombudsman's services.

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  • doyla66
    doyla66 Saturday, 21 September 2013

    I'm afraid FOS does see fraud as anything. FOS spend way to much time hiding evidence just like the lenders. There professionalism is less than desirable. Their motives even worse. FOS are just as unscrupulous as the Lenders. We consumers don't go running to FOS without good reason. It is a time consuming affair to document events and provide the evidence necessary. We all usually bare our souls to FOS. FOR WHAT? we ask now. We must all remember that our dispute including all the documents forwarded to FOS get passed onto the Lenders. This enables them to prepare their responses. When things get dicky for the Lenders they just lose documents, which the FOS accept. The Lenders request extra time enabling them to get their own legal eagles fighting their cause. We go to FOS genuinely seeking help but it is a waste of time when the lenders are being given our evidence enabling them to manipulate responses and documents to their own advantage. Why is it that FOS have not requested the LAF's from the lender for every person who lodges a complaint/dispute.? Living in each others pockets I suspect. !!! maybe the incentives offered are just to good to ignore! Money is the evil of all persons! All in it together it now appears. ASIC, FOS and Lenders.!!!!!

  • doyla66
    doyla66 Saturday, 21 September 2013

    Australian Banking is an ongoing crime scene, an underworld of complex scamming. Can't see it? Talk to us.

    Well said, Denise and Nanna.
    That's what's going on. We can see it all as we peel away the layers of the complex fraud.
    ASIC talk about "complex" - that's public service speak for "this is so difficult for ordinary people (like politicians and the public) to understand. Just leave us alone and we'll look at this very serious and complex situation. Of course we'll need more staff, a lot more time and considerably extra funding to attend to such important work. This shows how important we are. Now bugger off and don't ask important people like us silly questions."

    Well we're unravelling the mysteries of Bank fraud, without law degrees or delusions of grandeur.
    It galls us that ASIC knew about the whole box and dice of it and would not help, speak up, confirm, deny, admit to anything or most importantly assist consumers and complainants unless they were dragged kicking and screaming into incremental improvement in a well paid part of their jurisdiction: Consumer Protection.

    What a freaking joke that was! Under the "care" of ASIC?!
    But a succession of governments and ASIC Chairs thought it was appropriate! Back to school for all of them to learn the basics of governance!
    No excuses! We can work out right from wrong. We don't need an education for that.
    Quite the reverse: those without the complicated education can see it first and much clearer than those who have been fed the BS that right can be wrong and other mind bending rot.
    Even with minimal school education we can see the evidence: the Banks fudged the figures and beefed up their loan books and their fake values and figured that no one would ever see the paperwork.
    So what the heck were ASIC playing at?
    Well ASICs job was looking after the markets, keeping the markets healthy, protecting the markets - begs the question what were the ASX doing then ... overlap?
    ASIC also administer the Corporations Act, as they keep telling us in various ways in their flick letters, and they even get that part screwed up regularly, especially when it involves a Bank, a large corporation and anyone with a good legal team. It looks like ASIC get talked out of doing their alleged job. Even when the Banks agree to pay something to their victims (does that come out of the Bank advertising budget?) they get away with the no liability deal!
    Wake up, ASIC! Clearly they've never been a victim of fraud and cheating and common stealing like we have. Money helps but it doesn't heal the wounds and the damage. And real justice is needed to prevent this happening again... and again... as any idiot could see... because it's still going on... and ASIC is doing nothing zip zilch to help consumers at all... still... and we're shouting it from the rooftops: "Protect yourselves because no one else can or will in Australia".
    Little wonder Banking is attracting the money launderers of organised crime and former criminals wealth enough to "go straight" now.
    I hope anyone who has connections to someone high profile who could make a big difference, to assist us in getting this country's financial legal justice system sorted out and real compensation for those damaged by their Banking experience is passing on this information. We need to bring this dreadful phase of our personal histories to an end. And Australia needs badly to clean house, repair the damage, compensate the victims and never forget this shameful segment of our history.
    May the Banksters learn to cringe with shame and remorse as they write the substantial cheques, returning the money to ALL Australian borrowers. ASAP.
    It's really very simple - it's the consequences for ASIC that are "complex" :D

  • doyla66
    doyla66 Saturday, 21 September 2013

    FOS are stooges, even if you send them evidence, the banks just have to tell FOS it was a mistake or misunderstood
    as they did in my case with Firstmac and fos takes their side against the borrower.
    I also told fos the bank is lying and was told by fos they believe the bank.
    I suppose they have been instructed to find any avenue they can so it goes the lenders way.

  • doyla66
    doyla66 Sunday, 22 September 2013

    Victims face loosing everything all because Fos can't or won't look at cases after or before a certain date or because they exceed their unreasonable limit....what rubbish. Fos say their hands are tied and they may well be.
    It is so obvious that they are under instruction from Asic and the FSP to close cases in order to avoid having the evidence of deceit seeing the light of day and to minimise the number of investigations.
    BUT surely Fos's staff/case workers can see how dirty this all looks from the outside and i wonder how do they continue to work in such a polluted environment knowing fully well that closed cases equals homelessness.
    These are innocent families who have not committed any crime but instead are victims of bank crime and you (Fos's staff) who are closing files are just as guilty as the Banks who have committed this offence against us.
    How do you all sleep at night knowing that you have contributed to someone loosing their home?
    Wake up Fos's Case workers, do you really want to be working in a position where you are contributing to a crime scene?

  • doyla66
    doyla66 Monday, 23 September 2013

    Just a couple of questions

    I would like to say firstly great information for anyone new reading these blogs well written by everybody involved. I have a few questions that maybe some of you well versed people may be able to shed some light on.
    Q1. What relationship to Joe Hockey are the family members that have been affected by the Banking Fraud scandal.
    ED; Patricia Babbage. His mother in law.
    click here to read earlier blog
    Q2. Would all people that hold Bank SHARES IN THIS COUNTRY be aware that they have bought FRAUD and their SHARES once this finally comes to a head will be worth ZERO or at least enormously eroded.

    Q3. As Mr Swan did in stopping the RMBS's and telling the public they had been good for the country but they are now to be withdrawn, is it illegal as a public servant or polititian to tell a bare faced lie because I feel sure that if the public was told why they were stopped they would certainly have many more questions.

    Q4. Does anybody know if Mr Hockey has set a date for his ROOTS and BRANCH investigation into the BANKING and FINANCE INDUSTRIES that he said he would undertake in his first 100 days in office.

    I hope someone out there can give me some answers to these questions as there seems to be little information out there regarding these issues. Thank you in advance to anyone that can help.

  • Denise
    Denise Monday, 23 September 2013

    Hi Anton. It was his Mother in Law. If the bubble bursts yes Shareholders have been given fudged figures as to the true exposure to bad practices and toxic lending ie 36% of TOXIC loans created by Bank Officers - no broker involved. ASIC say 97% of brokers are hard working good guys - we agree. Banks tell Parliament "only 1% of loans credit impaired" That's plain rubbish. Telling lies to APRA and Parliament? APRA's figures to treasury are gleaned from only one source and left unverified. Figures come from trusted banks and are not cross's analysed! Do shareholders know this? Yes I raised the RMBS issue in Parliament last year (8th August) that "Government cannot profit from fraud..." Treasurer Swan acted soon after and shot down "the most profitable policy of purchasing RMBS." Swan realised I was right and responded to minimise loss of income stream to taxpayer investments via the AOFM (Austn Office Financial Management). AOFM only did checks - audits on the assets (people's homes and not the key component of the income stream. They did not check whether loans were TOXIC, knowing the risk of sub prime lending globally. AOFM trusted Treasury. Treasury figures were rubbery and could not be trusted coming from APRA which came from the Banksters!!!! Abbott has inherited the same Treasury! I mentioned this to senators and then AOFM were called in for questioning. Swan reacted by a sell off and a promise to drop the program which he did the moment he was briefed and despite the "profitability." Taxpayers cannot profit from a fraud! ASIC said in Parliament: "we see no systemic evidence of fraud."

    Our blogs are full of the details and thanks for taking an interest. You can join us Anton. [email protected]

    No date set for ROOTS and BRANCH but we will be hard at work lobbying for the 100 days commitment. Letters to Hockey later this week.

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