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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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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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Some Useful Definitions & Explanations of Terms

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Hi All,

I thought I'd put these important definitions up for all members because, after reading a lot of older posts, I notice that there is a range of knowledge levels amongst our group and I feel that it's important to help all members to come to understand what has happened in their particular situation. To do this, certain concepts need to be understood.

The following links include a definition of the term, an explanation of the term and, in some instances, a video to further explain the term. It's definitely a good starting point for anyone who needs to improve their knowledge on this complex topic. If this post gets a good response, I'll continue to add to it over time. Apologies to any members that already know this stuff. Maybe you can chime in with some further useful terms and definitions?




Equity Stripping:   and


Money:   - which is quite different from 'credit'.

Credit:   and

Credit Rating:



Mortgage Insurance:

Reverse Mortgage:



Mortgage Backed Security:


(Security) Settlement :

Credit Default Swap:

Inverse Exchange Traded Fund: - or how they make money in falling markets



A few common legal terms you may find useful in relation to your matter:


Promissory Estoppel:


Non est factum - it is not my deed

Mistake (types of) :

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  • doyla66
    doyla66 Wednesday, 31 October 2012

    Add one more
    408C Fraud
    (1) A person who dishonestly—

    (a) applies to his or her own use or to the use of any person—
    (i) property belonging to another; or
    (ii) property belonging to the person, or which is in the person's possession, either solely or jointly with another person, subject to a trust, direction or condition or on account of any other person; or
    (b) obtains property from any person; or
    (c) induces any person to deliver property to any person; or
    (d) gains a benefit or advantage, pecuniary or otherwise, for any person; or
    (e) causes a detriment, pecuniary or otherwise, to any person; or
    (f) induces any person to do any act which the person is lawfully entitled to abstain from doing; or
    (g) induces any person to abstain from doing any act which that person is lawfully entitled to do; or
    (h) makes off, knowing that payment on the spot is required or expected for any property lawfully supplied or returned or for any service lawfully provided, without having paid and with intent to avoid payment;
    commits the crime of fraud.

    (2) An offender guilty of the crime of fraud is liable to imprisonment for 5 years save in any of the following cases when the offender is liable to imprisonment for 12 years, that is to say—

    (a) if the offender is a director or member of the governing body of a corporation, and the victim is the corporation;
    (b) if the offender is an employee of another person, and the victim is the other person;
    (c) if any property in relation to which the offence is committed came into the possession or control of the offender subject to a trust, direction or condition that it should be applied to any purpose or be paid to any person specified in the terms of trust, direction or condition or came into the offender's possession on account of any other person;
    (d) if the property, or the yield to the offender from the dishonesty, or the detriment caused, is of a value of $30000 or more.
    (3) For the purposes of this section—

    (a) property, without limiting the definition of property in section 1, includes credit, service, any benefit or advantage, anything evidencing a right to incur a debt or to recover or receive a benefit, and releases of obligations; and
    (b) a person's act or omission in relation to property may be dishonest even though—
    (i) he or she is willing to pay for the property; or
    (ii) he or she intends to afterwards restore the property or to make restitution for the property or to afterwards fulfil his or her obligations or to make good any detriment; or
    (iii) an owner or other person consents to doing any act or to making any omission; or
    (iv) a mistake is made by another person; and
    (c) a person's act or omission in relation to property is not taken to be dishonest, if when the person does the act or makes the omission, he or she does not know to whom the property belongs and believes on reasonable grounds that the owner can not be discovered by taking reasonable steps, unless the property came into his or her possession or control as trustee or personal representative; and
    (d) persons to whom property belongs include the owner, any joint or part owner or owner in common, any person having a legal or equitable interest in or claim to the property and any person who, immediately before the offender's application of the property, had control of it; and
    (e) obtain includes to get, gain, receive or acquire in any way; and
    (f) if a person obtains property from any person or induces any person to deliver property to any person it is immaterial in either case whether the owner passes or intends to pass ownership in the property or whether he or she intends to pass ownership in the property to any person.

  • doyla66
    doyla66 Thursday, 01 November 2012

    Good post, lee.

    I'm personally all for this kind of information being shared but I don't make the rules so...

    If people want it, we could start another post to include relevant sections of legislation applicable to things such as requirement to provide documents, forgery, fraud, matters to do with default notices, etc..

    Don't know what Denise' thoughts are on this yet and if she would object for any reason but if not, and its something members want, it could be done.

    Let us know what you all think.

  • doyla66
    doyla66 Thursday, 01 November 2012

    Apart from legislation, there are also things such as ASIC Regulatory Guidelines (which are interpretations of the actual legislative acts), APRA Prudential Standards, etc.

    Some of these documents cover areas such as credit provider licensing obligations and include more info on provision of documentation requests, lenders responsibility to verify LAF info to be true, etc.

    Again, I'd appreciate Denise consent to go down this path before proceeding but I have quite a bit to share if it is something that is desired by members and approved by Denise. I'm sure others will chime in with a lot of other useful contributions of their own. We're all here to help each other, right?

  • doyla66
    doyla66 Thursday, 01 November 2012

    Good info, but the problem is : most of these corrupt Banks & corrupt regulators deliberately choose to ignore the Laws, their own Codes of Conduct & their own guidelines - when it suits them, and more importantly - IF THEY THINK THAT THEY CAN GET AWAY WITH IT!
    In our case with FOS for example, FOS deliberately ignored their own guidelines on Low Doc Lending. I even sent them copies of their own guidelines for reference, with the relevent parts highlighted, yet they still chose to ignore them!
    (Fos Circular. Assessment of Low Doc Lending. Issue 5 - March 2011.)

  • doyla66
    doyla66 Thursday, 01 November 2012

    FOS and COSL are supposed to be independent dispute resolution schemes, a part of the ridiculously conceived concept of self-regulating industry bodies. Both are funded by their members, so what is the likelihood that FOS or COSL will look the gift horse in the mouth when it is asked to rule in a matter involving one of it's own funding members?

    The system was designed to allow banks to get away with blue bloody murder while government continued on its own mission of doing less and less... and less. Out source all responsibility until you are responsible for nothing and then declare that you are no longer necessary and bring in One World Corporate Government.

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