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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: Why does ASIC refuse to assist mortgage fraud victims? SEC in the USA is filing law suits!

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Where is the Australian Justice System?  ASIC snooze at the Wheel of Fortune.  ASIC snooze and you loose. Wait until the Police find out their parents have been taken for a mortgage ride.

Yes indeed there are members of the State Police Forces who have had to seek help from us.   Others have asked what the pitfalls are........Police, Teachers, Nurses have been targeted by Lenders.

 

Bank of America may face civil charges

THE SEC is set to lay charges against Bank of America over mortgage-related matters, and against Merrill Lynch over a collateralised debt obligation probe.

 

The bank said in a regulatory filing on Thursday that the US Department of Justice told the company that it intends to file civil charges related to one or two jumbo-prime securitisations.

The Securities and Exchange Commission (SEC) is also considering filing civil charges against Merrill Lynch tied to a collateralised debt obligation investigation.

Banks used to regularly package mortgages into bundles known as CDOs, or collateralised debt obligations, and then sell them off in pieces to investors. Many went sour when the housing market collapsed.

Additionally, the filing said that the New York Attorney General's office intends to file action against Merrill Lynch, following an investigation of some of its residential mortgage backed securities.

Bank of America said that it was fully co-operating with the investigations. It also said it had been in active discussions with each government entity to explain why the threatened civil charges were not appropriate.

 

Company spokesman Lawrence Grayson said that the Bank of America had "made progress resolving many issues and will continue to work to address any outstanding matters".

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  • doyla66
    doyla66 Saturday, 03 August 2013

    The case is SEC v. Tourre, U.S. District Court, Southern District of New York, No. 10-03229.- Reuters

    Yes Denise, only yesterday--SEC Wins as Ex-Goldman Executive Tourre Found Liable For Fraud by failing to disclose billionaire John Paulson helped choose, and intended to bet against, mortgage securities underlying the 2007 'Abacus' deal. ---Paulson went on to make billions of dollars in 2007 betting against the U.S. housing market.

    The SEC said Paulson & Co made about $1 billion from his short position on Abacus, while investors including ACA and IKB Deutsche Industriebank AG lost about the same amount.

    http://www.thestar.com.my/Business/Business-News/2013/08/02/SEC-Wins-As-Ex-Goldman-Executive-Tourre-Found-Liable-For-Fraud.aspx

  • doyla66
    doyla66 Saturday, 03 August 2013

    "We are gratified by the jury's verdict," said Andrew Ceresney, co-director of the regulator's enforcement division. "We will continue to vigorously seek to hold accountable, and bring to trial when necessary, those who commit fraud on Wall Street."

    In 2007 email Tourre told his girlfriend at the time that the "whole building is about to collapse anytime now," referring to financial markets.

    "Only potential survivor, the fabulous Fab ... standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstrosities!!!"

  • doyla66
    doyla66 Sunday, 04 August 2013

    Regulators, Government avoiding the issues for as long as they can get away with it?

    Look how long it took to bring the Goldman Tourre Paulson case to court in the US!
    Movies have been made and released, books published, television shows aired ... and finally the case is in court?
    Of course in Australia they'd be saying "we can't take this to court as they wouldn't get a fair trial with all the media exposure".
    Just like they're trying with the ICAC NSW corruption scandal to get out of prosecuting white collar crime. Part of the problem is that corruption isn't a crime in NSW. Corruption is part of intention, motivation, according to my informant. If the political will can be found to something more than snicker at the carrying on by the wrong doers via the media then maybe some other charge can be found to ensure justice prevails.
    Our Federal Government and Regulators like ASIC seem to think no one is watching, no one is counting and no one can do anything to hurt their positions. They could be horribly wrong about that.
    If they don't admit to anything or take cases to court then maybe this whole Loan Fraud business will just go away?
    More requests for "flexibility" from an already over-stretched and fraudulently exploited borrower class?
    AS IF !

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