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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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Sony Bank ‘not a threat’ to Australian brokers

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By Caroline Dann | 9/07/2012
Experts believe Japan’s Sony Bank is unlikely to pose a threat to mortgage brokers, following last week’s announcement of its plans to launch in Australia.
Sony Bank is an online business which, in theory, cuts out the need for brokers with its direct-to-lender approach.
Speaking to Australian Broker Online, SAKS Consulting’s principal, Steve Patterson, was sceptical of its impact on intermediaries.
“If brokers do their jobs properly, and are there to help people through the biggest financial decision of their lives, there will always be a need for them,” he said.
“It’s a complicated process, and most people welcome someone on the other side of the kitchen table to explain everything.”
Patterson believes the Big Four have too much of a stronghold on the market to be sidelined by a foreign bank.
“Firstly, new and foreign entrants to the market traditionally haven’t done well. This is largely due to the strength, distribution and reach of the Big Four. ING Direct has been on the market for a while now, and is very aggressive, but still cannot compete with the majors. 
“A lot have come and go with big plans – none have gone that far. I would suspect the Big Four have 85% to 90% of the market. They [Sony Bank] have a hard road to walk,” he said.
Patterson warned online banks would be more of a threat in the future, as a younger generation – already adept at technology – embrace online lending.
“We may see more and more people seeking online means. However, that’s still a way away. There’s still the overriding issue of hand holding. There’s nothing brokers need worry about at the moment,” he said.
If approved, Sony Bank will be the first Japanese bank to target private mortgages in Australia.
The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Financial Group and the Mizuho Group already provide corporate loans to Australian businesses.

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  • doyla66
    doyla66 Wednesday, 05 September 2012

    Weren't online mortgages one of the issues in the US subprime crisis?
    Didn't we get into enough strife even with brokers as intermediaries between borrowers and lenders?
    Is cutting out the broker going to make it easier for banks to do whatever they like?
    I don't like the trend toward making it easier to sign up to a very long term debt contract for something that is one of the biggest financial decisions/commitments that most people are ever going to undertake?
    It sounds too much like credit card sign ups on line - but look at the size of the average home loan vs the average beginner credit card.
    Easy in - hard to get out of?
    Is this one for ACCC or ASIC or APRA or whom?
    No sign of any consumer protection as far as I can see.

  • doyla66
    doyla66 Wednesday, 05 September 2012

    Were they "ING Direct" doing competitive 'hand-holding' when they employed/applied 'white-out' on my LAF twice (mum picked-up that ING Bank 'indiscretion');
    > i'm still waiting to sight a true & correct bank (original) copy of the broker LAF facsimile transmission (not scanned tainted purported incomplete copy);
    > why did ING Bank not furnish me a'true' LAF copy (missing several pages) that I'm entitled to possess in true form?
    > answer: Planning more 'renovation' to the already banker corrupted construction? Maybe, they, your officers didn't express sufficient care & skill when completely 'white-out' on the target it chose to cover, but only managed to obscure!
    > yes, one can easily sight the 'beneath' remnants of the original 'bank offending' handwritten broker inserted information. such as "personal use"(additional funds) now reads "add funds for future invest purp",
    > but that amount was not a 'predominant purpose' amount to contrive an intended avoidance of consumer legislation re "business loan",
    > so where the LAF stated "refinance of existing home(box ticked)" you insert directly below it in handwriting similar to the other "bank amendment" the words "INV PROP"; but that does not simply negate a ticked box above contradicting that " fraudulent addition";
    > you needed to "strike-out" the bank offending item (applicant's initial needed) and then where the LAF provides a line space adjacent marked "other", you needed to insert the "contrived info" of your choice but you didn't;
    >But of course, these LAF documents were never meant to see the light of day, were they???
    > There must be at least, and we are still finding. .20 offending bank/broker contrived/falsified items!

    > That's what you call "hands-on" vis a vis "holding-hand" work, you would agree ????????????
    > see you the FEDS reeeeeal sooooooon!

    'Lawyer-up' now!!!!!!

  • doyla66
    doyla66 Wednesday, 05 September 2012

    Wow Andy, you've got some interesting evidence on your LAF - 20 so far! Clearly not intended for you to ever see. What a mess they made of your documentation. Is there some banker rule that says you can use white out so long as what's been written underneath can be almost seen? My scanned LAFs emailed to me prevent my being able to see what was underneath the white out - at least that's what it looks like. Maybe when I get to see the fax where they used the white out I might get to find out what was under the patchy job. I have a recurrent nightmare that when the lender is confronted with all the overwriting on mine they'll have some justification for doing it and say I should have known and that I'm just being picky and unreasonable - and then FOS will then accept their excuse! :( I hope not.

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