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BFCSA
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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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29 August, 2012 BankWest customers tell the Senate shocking stories of fraudulent foreclosures while Australia’s financial journalists are out to lunch — dining on the Commonwealth’s Bank’s record profits. Associate Professor Evan Jones reports. ON THURSDAY 16 August, the Sydney Morning Herald reported the Commonwealth Bank’s approximately $7.1 billion profit, up $700 million from 2010-11. The Herald’s financial journalists fell over themselves in adulation. Here was a true national champion. The previous week, a different story was being played out. The Senate Inquiry into the ‘post-GFC banking sector’ held hearings in Canberra (8th) and Sydney (9th & 10th). A couple of dozen spectators attended the Sydney hearings; it appears that the Herald was not amongst them. It was a spectacle. Transcripts of the hearings are available here. The Senate Economics Committee instigated its banking inquiry in March, following pressure from myriad former customers of CBA-owned BankWest who claim that their...
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  • doyla66
    doyla66 says #
    Thanks, John. I follow Independent Australia. There have been some excellent articles on banks and bank misconduct. Evan Jones ha
  • doyla66
    doyla66 says #
    You've struck gold again Lisa.
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I came across this 2004 ANZ submission by accident. What a gem! From the Banks perspective we, the Fringe Lending Market, were "missing out" on so many financial products. Frankly, I didn't feel like I was missing out by not having a mortgage hanging around my neck or a plethora of bank accounts and credit cards to manage! I didn't lament my lack of financial products. One bank account for everything was fine for me, and had been for as long as I could remember. Why complicate life by being chained to the wheel as a debt slave?   I got into major debt through my long time friend and partner. A decent man who thought $30,000 was a large amount of debt. He wanted to be able to retire and he felt he should be able to leave something for his children. He took the risk. And found he was...
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  • doyla66
    doyla66 says #
    Thanks for the hyperlink Lisa. Some light reading for later when I get off the net
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  Still waiting to recover fire in the belly by: Peter Switzer From: The Australian August 18, 2012 12:00AM   Westpac chief economist Bill Evans says talk of interest rates rising may be spooking consumers. Source: Herald Sun   JUST when we thought we had an improving economy, consumers have failed to give the work of the Reserve Bank and the Gillard government the thumbs up. Ironically, the news of a 2.5 per cent fall in the Westpac consumer confidence index to a disappointing 96.6 in August coincides with a rise in the NAB business confidence index to 3.9 in July, from -2.9 in June. It is the first rise in business confidence in three months. The great entrepreneur and business builder Gerry Harvey is bewildered about how tough conditions are right now. The NAB business conditions index fell to -3.5 in July from -1.1 a month earlier, which would seem...
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What is it with ASIC and women brokers? ASIC in their hurry to be seen to be doing "something" for the money have shot the wrong horse again and sent the message to banks that they'll keep punishing the brokers and letting the banks off the hook. This is not what the people (ASICs bosses) asked for! I hope the scapegoat brokers appeal against their public vilification by an out of touch and out of date system and tell all to the media and BFCSA, like Kate did. I guess the BANKS and ASIC "lost" Kate as a victim, so they had to find another one to hang out to dry. Does anyone know the brokers who were busted for the BANKS crimes? ASIC are money harvesting cowards. They lack the fundamentals to take on the banks beyond a token effort. I've seen it over and over - ASIC pick...
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  'Farm debt mediation' is a structured negotiation process in which the mediator, as a neutral and independent person, assists the farmer and the creditor in attempting to reach agreement on the present arrangements and future conduct of financial relations between them. Mediation is a simple, voluntary and confidential process that is quick, accessible and affordable.   The object of mediation under the Farm Debt Mediation Act 1994 is to provide for the efficient and equitable resolution of farm debt disputes. Mediation is required before a creditor can take possession of property or other enforcement action under a farm mortgage. It is recommended that farmers employ a professional adviser.  The adviser can be your local Rural Financial Counsellor, your Solicitor, your Accountant or some other appropriately qualified person.  The role of the parties' adviser in mediation will be to fully prepare their clients for and then to assist and advise, rather than...
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