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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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Subscribe to this list via RSS Blog posts tagged in Australian Banks Worse
Citizens Electoral Council of Australia Media Release  Wednesday, 8 October 2014 Craig Isherwood‚ National SecretaryEmail: This email address is being protected from spambots. You need JavaScript enabled to view it. Australia: Look to Egyptian nation building Australia must look to Egypt to see what’s possible when a nation has a sovereign mission for development. After the political unrest and protests of 2012‑13, under President Abdel Fattah al‑Sisi, Egypt’s future now looks bright. Just last month, Head of the Suez Canal Authority, Vice Admiral Mohab Mamish said that the Armed Forces have completed 25 per cent of the digging work of the New Suez Canal Project and the new canal will be complete within just one year. An Australian government feasibility study would take longer! On 5 August, President al-Sisi presided over the ceremony commencing the construction of canal and by the next day, under the supervision of the Egyptian Army Corps of Engineers, 7,500 workers began digging. In the same spirit, Egyptian citizens overwhelmingly supported...
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Australian housing a Ponzi scheme and the housing price bubble will burst: Academic Larry Schlesinger | 6 February 2012 http://www.propertyobserver.com.au/finding/residential-investment/15075-australian-housing-a-ponzi-scheme-and-the-housing-price-bubble-will-burst-academic.html The only thing that prevented Australian house prices from crashing during the 2008 GFC was the first-home owners’ boost, says Deakin University’s Philip Soos, who believes the sector is now operating like a Ponzi scheme.  Soos, a researcher in Deakin University’s School of International and Political Studies, believes the Australia’s residential property market has resembled the Ponzi stage of financing for the last 11 years. The Ponzi finance stage is the third and final stage of US sub-prime mortgage theorist and economist Hyman Minsky’s “state capitalist economies cyclically generated crises”.  In the first hedge finance stage “income flows from an asset is sufficient to pay down both principal and interest on the debt financing asset purchases. Prices are based upon fundamentals”.  In the second speculative finance stage “income flows cover only...
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We agree - bank managers and officers have been writing a minimum of 36% of all Toxic loans where fraud takes place inside the bank.  Staff are also "tweaking" loans submitted by "agent sellers" after the Loan Applications have been sent in for "processing."  We have the proof.  We simply need a Royal Commission into the banks asap, so that we can present our collective and extensive evidence.  INTEREST ONLY LOANS ought to be banned immediately. We need to jail a few Bankers.   Notice how ASIC is simply rounding up a couple of hapless brokers a year?  We notice and so does the "seller agent" industry.  This email address is being protected from spambots. You need JavaScript enabled to view it. ASIC should crack down on bank branch managers, association says       inShare by Adam Smith | 27 Aug 2014   An industry association has called for ASIC to apply the same scrutiny to bank managers as it does to brokers.According to a Fairfax report,...
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  • Denise
    Denise says #
    You should all be reading comments on Broker News right now. They are also calling for Royal Commission and we agree. Ready to s
  • setup
    setup says #
    6000 plus Submissions??? this is unbelievable. Its from CEC re Glass Steaqgall? Fantastic
  • organza
    organza says #
    How interesting. I note there is no mention of Banker CEO's at the very top in the article responsible for manufacturing the loan
  • Rob
    Rob says #
    It becomes to easy for them to do some creative alterations to the applications, before long all they see is trailing commissions
  • setup
    setup says #
    The tampering of our documents took place inside the bank and we have the names of the Credit Assessor who inflated our income fi
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Well i have never used social media or as such never read blogs let alone created one but here we are all starting out on this journey into the unknown and untrusted. im pushing 60 and have always been technology minded and used everything except social media and blogs, never thought much them as i always thought what do i need other peoples opinions for that is until i have been hit with this injustice to a mega degree in Australia who would of thought that after america and sub prime that good old Aussie banks with the customers best interest in mind would do this and with blessing for the powers at be to place pensioners and near pensioners in such a state where the banks due to the greed and imprudent lending practices can take away our homes in a blink of an eye. Now im no rhode scholar...
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  • Aries
    Aries says #
    "They have the customers best interest in mind" that made me laugh. They are parasites, leeches, bleeding the Aussie battler for e
  • NABbed Nanna
    NABbed Nanna says #
    You did not mention which lender you became involved with. Guessing one of the Big 4. Don't worry about dropping their name.
  • NABbed Nanna
    NABbed Nanna says #
    The more people come forward like you have the better for all of us members. What a tragic story Eldiablo. All our stories are so
  • setup
    setup says #
    Hi eldiablo, sorry to hear of your terrible situation and also of your many health issues making everything so much harder to bare
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Governments should BAN HYBRID SECURITIES to everyone, not just retail "investors, otherwise the Greedy Nasty Banks will dub all investors as SOPHISTICATED as they have been doing for years to avoid detection by lazy regulators.  I warned ASIC of this in 2001 after pointing out many products were being sold to UNSOPHISTICATED Mums and Dads, and we had LAWS in place back under Corp Law in the nineties under the old pooled managed investment provisions where selling to the wrong market was free-for-all leaving so many retirees broke and distressed.   We all had the information but Government protected the Banks not the People.  We need a Federal Bureau of Consumer Protection in Australia and Britain.   We have a Global problem with Bankers because Governments say "we did not see this coming...."  But they did! Its the regulators either lying to Parliament, or Parliamentarians doing nothing about reigning in their beloved Banker...
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