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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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Yesterday, Greg and the Bobble Heads, today the circus is in town its the FOS&COSL CLOWNS performing

Posted by on in SENATE INQUIRIES
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Dear members

I'm not really sure whether we achieved anything great today but BFCSA's presence was seen and felt as we rallied behind our leader Denise. It was a bit unfair as Denise's time slot was moved forwardbone to 2-45 to 3-30 and reduced by fifteen minutes.

Senators Bishop and Bushby had trouble getting their heads around the Service calculator and the process, Senator Bushby asked why would anyone sign a fraudulant LAF with altered figures, you could hear the groans from our attending membersbits as Denise explained everything. Senator  Williams is more familiar because Denise was before him in 2012.

As Ali stated  FOS and COSL sat there like stunned mullets after some questions were asked of them, the silence was deafening.Again FOS and COSL keep referring to post NCCP and keep avoiding anything pre 2010 and try to pass it off as irrevelant. They basically said everything is rosie in FOS and COSL land then all jumped into their little clown car and sped off while drenching BFCSA members with water from their fake flowers on their coat lapels, thank God they didn't have cream pie's to throw at us.

 Because of Denise's time slot being moved forward we finished early, we had inter staters and people who had travelled a fair bit bade their fare wells and as a few of us stood around talking. Andrew Robertson from the ABC24 The Business turned up to watch Denise give evidence. He wasn't impressed about the time change, but members it could be fate, he listened to everyones stories and got their contact details and none of us held back, we told him everything no holds barred so we will see what may come of it. He said he will also get in contact with Denise, we explained if there are no systemic issues in loan fraud how come 105 of our members out of 1200 have lost homes and 800 have fraudulant LAF's and we are just the tip of the iceberg. No politition except one or two and no regulator or authority will listen to us.

I think the media will be the tool to force the issue, one or two friendly polititions won't be enough to change the present mind set. As soon as you state the big four banks are involved i 1n altering loan contracts the  new Senators look dumb struct and can't fathom why they would do this.I just hope they absorbed enough to better understand the situation but they did keep referring to the submissions and how many vulnerable people were targeted, but they keep falling for the bankster trap and think  its the brokers alone and not the banksters.Lets hope the ABC runs with the ongoing story.Thanks NeilT.


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  • doyla66
    doyla66 Thursday, 20 February 2014


    NT.... I listened
    DB was straight to the point.
    With in 30 secs she had pinned it on the banks.
    I think the senators got it, I wasn't there to see but from what heard......I can't see how they wouldn't act on DBS accusations and investigate more......
    How could they just let the whole calculator conversation blow over..... Surely not.....
    How did DB feel after the event.....? Can't wait till she blogs....

  • doyla66
    doyla66 Thursday, 20 February 2014

    Thanks Neil. Like i said in another comment i thought it was rude that Denise's time was cut short. Did Bishop think the information she was giving him, was too hot to handle? Well he needs to face the truth about what the banks are doing. He needs to get together with Sen Williams and Denise for a private meeting. He needs to be enlightened to reality. Yes a lot of waffle and lies from Asic and the edr's. They never get to the point and then you lose the content of it. they no doubt do it on purpose. Is it on tonight on abc 24 or was it lastnight? I will have a look anyway.

  • doyla66
    doyla66 Thursday, 20 February 2014

    Thanks again Neil

    Thanks again for your blog Neil and bring on the media!!! And a HUGE THANK YOU DENISE! The more we expose this the better it is for all of us.

  • doyla66
    doyla66 Thursday, 20 February 2014

    The Senators were talking about sending an investigator to examine this calculator. I fear the fact THE BIG DIFFERENCE that there is the online published calculator and then the EVIL OTHER, internal calculator, is not understood.
    Don't know how we get across that there are two different calculators.
    The Senators listened up when Denise said the loans are designed to blow up after a few years.
    I think they did get their head around the issue of banks lending the repayment money for a period.
    FOS and COSL lied outright and by omission.
    Example: Senator Williams asked: What if the broker falsified a LAF or words to that effect.
    FOS COSL cited a case where the broker was made to pay 80% of the compensation awarded. They did NOT say that they find the broker was the victim's agent and therefore the victim is responsible.

    They said more than 80% of cases were settled by agreement. We pressed Tregiliis on that point in the hallway after the meeting and he conceded that this did not apply to complex loans, but more to other financial products.
    The Senators know nothing about the new determination regime with no chance of appeal. ED WE will bring that out next week! Bank on it.

  • doyla66
    doyla66 Thursday, 20 February 2014


    And no doubt if an investigator is bought in, DB will be part of this you would think.
    It sounds like if they were discussing an investigator, they are taking it all very seriously.
    Can't wait to hear what DB thinks.
    DB won't let this chance slip..... She will be on to it

  • doyla66
    doyla66 Thursday, 20 February 2014

    What kind of games are FOS playing at. We know their capabilities at investing complaints are limp as wet lettuce leaves. No doubt the truth will come out though. To much unrest in FOS at the moment. There cage is being rattled!!

  • doyla66
    doyla66 Friday, 21 February 2014

    My sense is that their investigative capablilities are spot on. It is not a competency issue as I see it. It's how the rules have been set in place to squash the complainant. FOS knows they are screwing us, maybe some of them even don't like doing it, but they do like their organization and their jobs and their slaries etc, so they have an interest in maintaining the staus quo.
    Senator Bishop asked them how they are funded. Well, the banks fund them on a case by case basis and it was my impression that this fact will keep them in place. The government has no appetite or money to fund more things.
    BUT the Senators do want to make positive change. One question was whether consumer protection should be handled by the ACCC?
    Denise suggested a separate consumer protection agency. The Senators I believe did hear this.
    Funding this would be major obstacle.
    We need to think this through thoroughly and make suggestions, proposals to be truly heard.

  • doyla66
    doyla66 Saturday, 22 February 2014

    Banksters & FOS & COSL in Damage Control.
    banksters pay from $5,000 up to $18,000 for a Determination,:p
    now compulsory with accompanying low ball final offer :(

    "The Financial Logistics" on 1000 Lender Mortgage Fraud Cases
    $500,000,000 in lending $500,000 per loan
    $285,000,000 max payout $285,000 compensation limit
    $100,000,000 loss on sale $100,000 mortgagee sale discount/loss
    $9,000,000 bank admin costs $150 per hour (all up costs) x 60 hours = $9,000
    $18,000,000 Determinations $18,000 for a Determination
    $5,000,000 other EDR exp $500 other EDR expenses; signature analysis, reports, solicitor costs etc
    $417,000,000 LOSS EXPOSURE

    By reducing:
    the steps and time in EDR, :(
    the amount of compensation awarded, :(
    compensation awarded then reduced by "contributory negligence" :(
    the way it is awarded (refund of the principal) :(
    still saddling the borrower with the Fraudulently made loan :(
    greatly reduces the banksters $417,000,000 LOSS EXPOSURE

    By how much???
    $500,000,000 in lending $500,000 per loan
    $50,000,000 max payout $50,000 compensation paid
    $10,000,000 loss on sale 10% are now sold up at $100,000 mortgagee sale discount/loss
    $6,000,000 bank admin costs $150 per hour (all up costs) x 40 hours = $6,000
    $18,000,000 Determinations $18,000 for a Determination
    $2,000,000 other EDR exp $200 other EDR expenses; signature analysis, reports, solicitor costs etc
    $86,000,000 Reduced LOSS EXPOSURE

    Result banksters still have
    $400,000,000 in lending $450,000 per reduced loan
    $9,000,000 profits yearly generated on a 2% net interest margin

    $26,000,000 Reduced by tax loss $86,000,000 Reduced LOSS EXPOSURE
    $60,000,000 NET Reduced LOSS EXPOSURE

    "The Financial Logistics" on 100,000 $500,000 loans
    $60,000,000 loss on
    $50,000,000,000 loans
    1.2% or
    $600 per loan written
    20 basis points of the 200 basis points or 2% net interest margin over 6 years

    To underwrite the Fraudulent and imprudent loans was always going to be a winning profitable move for the banksters

    :(:(Consumers / sheepie, were but pawns, used and then cast aside, all to generate obscene bankster profits and bonuses:(:(

  • doyla66
    doyla66 Saturday, 22 February 2014

    If the Banks own or have a stake in the insurance companies then it probably isn't costing them anything from their profitability, depending on who and where the insurer is e.g. Genworth. Is that how it works?
    I read somewhere that in the US? they make sure the insurance claim is bigger than what's needed so the Bank figures look better. Maybe that's to offset the lost interest from an early release or collapsed securitised loan. Banks have to think about their RMBS and similar investors plus their shareholders. The Banks will always know how to find additional profits and savings or turn the situation to their advantage.
    Maybe some lenders re-use the credit from a cancelled loan. That could be a be a saving for them. Is that true or just rumour and is it legal?
    And the money loaned isn't really loaned money so fraud and maladministration cases that are successful are a hassle to the Bank or lender but may be more profitable than the original loan contract.
    I think I heard Denise say to the Senators, if there are only 1200 fraud loans why not just write those off? The prospect of having to go to court, even with the help of the police, is not good: it can take a long time to get cases to court this way and that can be stressful and sometimes risky, especially when the other side are known for lawless conduct and don't want witnesses telling the truth.
    Could be more loans being written off quietly that we don't know about. Could that explain some of the increasing profitability of the Banks despite the low interest rates and loss of credit customers?
    And there was talk of Banks converting debit to credit in such a way as to increase their bottom line to make government and shareholders happy. I don't know if the Senators understand about all the ins and outs of banking and securitised lending. One of the Senators was still talking about paying back the money to the lender - what money??
    There seem to be so many unanswered questions for this Inquiry. I wonder if they will ever get to the bottom of it, or if they think it isn't the job of government to sort out this mess?

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