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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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Subscribe to this list via RSS Blog posts tagged in bank bullying
0 0 0 Sub. 23   Our Submission to the Senate Inquiry “Effects of the GFC on the Australian Banking Sector” Economics References Committee P.O. Box 6110 Parliament House Canberra ACT 2600 23/05/2012   Dear Senators, Before you read this letter, my family & I would like to Thankyou for taking the time to read about our harrowing & disconcerting experience with Commonwealth Bank / Bankwest This is our story - my name is David Crisp & my wife of 46 years is Margaret. I am 67 years of age and I am writing to you because we have had our whole life savings taken by the banking systems of the ‘Commonwealth Bank / Bankwest.   My wife & I have been in business since the age of 21. We have been happily married for 46 years and we have raised 4 wonderful sons. One son works for an airline; the other...
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  • doyla66
    doyla66 says #
    Dear Crisp family, I truly feel for you and what you are going through. It is heart breaking to see everything you have worked for
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0 0 0 0 0 0 These excerpts are taken from a Submission to Parliamentary Inquiry.  28 April, 2012 Senate Standing Committees on Economics PO Box 6100 Parliament House Canberra ACT 2600     Dear Sir I Madam, I wish to make a submission within the terms of reference above; regarding an incomplete and misleading valuation of a property, commissioned by the Commonwealth Bank of Australia, which was subsequently purchased under mortgage to the CBA. I am now trying to sell the property, and it is worth nothing like its valuation. This has caused me to be unable to discharge the mortgage, for which the CBA is now rejecting any form of responsibility.   Consequently, the valuation over-estimated the value of the property and provided a misleading basis for decision making regarding {a) the merits of purchasing at all, and (b) at the specific price that could be regarded as reasonable...
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  • doyla66
    doyla66 says #
    Don't bank with any of them. Try societies like the Teachers Credit Union, Nurses Credit Union, etc.
  • doyla66
    doyla66 says #
    and the bank also slugs us for the valuation and revaluation fees as well...
  • doyla66
    doyla66 says #
    My partners property was valued by the bank earlier this year at $200k less than the valuation in 2008 at the time he refinanced.
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  29 Jun 2012 - Good reading and video at: http://barnabyisright.com/2011/06/29/rba-says-our-banks-are-stuffed-in-other-words/#comments   Yesterday, RBA Assistant Governor Guy Debelle indulged in some MOPE.   Management Of Perceptions Economics.   Lies, deceit, and propaganda, in other words.   But for those with an ear to hear, and an inclination to check the “authorities’” claims, what he really did – unintentionally – was to give us a heads up.   That our Too Big To Fail banks (TBTF) are going to get bailed out, sooner rather than later.   Go grab a modest quantity of your favourite beverage, and settle in.  You are about to learn – in detail – why we cannot trust a word the banksters say.   Ready?   Now as expected, the mainstream press all lazily parrotted the “everything’s fine, move along, nothing to see here” headline that Mr Debelle wanted. Here’s a good example, from the nations’ “premier” newspaper:...
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  • doyla66
    doyla66 says #
    "why is the Australian taxpayer on the hook to backstop the banks?.." Why not change this scenario around in favour of the tax p
  • doyla66
    doyla66 says #
    Lisa, 'you're a woman after my own heart', but would you be employable to the press? Hmm, let me think......computer says, "no" r
  • doyla66
    doyla66 says #
    A big read Lisa. Keep them coming.
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  BROKER CONFIRMS BANKS ENCOURAGED FRAUD!    (Aug. 2012) Peter Wood confirms :   I was a broker for a very large non bank lender and I am willing to be a witness at any enquiry to confirm that low doc and no doc loan applications  WERE TAMPERED WITH BY LENDERS  and back office staff so loans met servicing and purpose requirement set by credit.   The sales area of our business would make statements like "just get the loan on the books." This included selling no doc loans to pensioners.     ANOTHER BROKER CONFIRMED:   I can promise you that the Banks ARE ALL INVOLVED in corrupt loans.       My own aggregator taught me how to lodge a dodgy loan using falsified income statements. A senior broker who has also earned millions for himself was openly known to get anyone any size loan for a price.  ...
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  • doyla66
    doyla66 says #
    Just look at how many lives are being affected by this unscrupulous behaviour,honest, hard working citizens,brokers,home owners,sm
  • doyla66
    doyla66 says #
    Good post, Wayne. That is THE TRUTH. That makes sense. THANKYOU to the brokers who had the decency to say so. It's sad when peop
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Comment: Australian's put their lives and everything they value at risk everytime they deal with an Australian Bank or the Australian legal profession. Both are a disgrace "with notable execeptions". It is like Russian Roulette. The risks are too high, according to those whose eyes have been opened to the truth about Australian banking culture. Our politicians, once again, "with notable exceptions" should also be ashamed of themselves. Not only did they not want to listen, not want to act but they systematically attempted to gag our political representatives who wanted to raise such issues in parliament. Those who participated in this disgusting conduct are a total disgrace. We will name and shame them if this conduct EVER happens again in OUR Houses of Parliament. Stay away from the Australian Banking and Financial Sector until a committed and thorough investigation followed by a total overhaul of the regulatory systems and a...
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  • doyla66
    doyla66 says #
    "The legal professional has no such excuse, having seen the whites of the eyes of parties to unequal exchange."
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Posted by on in Bankers A Law Unto Themselves
Often when you tell people your story and plight with the banks or to the media- they comment - but you signed the papers. My next question to them is - so you think it is okay that fraud has been committed and that the Banks are profiting from it? Are you saying that the banks are above the law and should not be accountable to the rules set by the law of this country.  No matter which way you look at it - a crime has been commited and it needs to be investigated. Isn't that why we have laws for?  Crime is crime. No sugar coating of it or exceptions. When put that way to most people - they understand better and agree - if fraud has been committed - it needs to be investigated. So if you speak to the media - make sure you ask that question. Remain focused...
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  • doyla66
    doyla66 says #
    I am interested!
  • doyla66
    doyla66 says #
    Based on what I've read about the other political options this is probably a good time to kick off a new party. Who is the brillia
  • Denise
    Denise says #
    Hands up those who wish to be part of new party? We have a brilliant leader, an exciting name. I cannot be leader as it would de
  • doyla66
    doyla66 says #
    http://www.bfcsa.com.au/index.php/entry/bfcsa-demands-to-federal-government
  • doyla66
    doyla66 says #
    We should call for a Suspension of Normal Business in the House, and possibly a joint sitting to attend to the crime and corruptio
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Comment: An enlightening read ... Thu, 06/21/2007 - 21:36 — Arthur Cristian The Banks and John Howard By Dr Evan Jones Sydney University Political Economics [Caution: this is a very long post. The post is rated M for mature audiences only.] In the early 1980s, John Howard was Federal Treasurer under the Fraser Coalition Government. Howard had initiated the Campbell Inquiry into the financial sector and its 1981 Report recommended comprehensive deregulation of the sector. The ‘experts’ thought and talked abstractly about the merits of ‘competition’ but remained blissfully indifferent to the meaning of competition on the ground. Facing a loss of market share to various newcomers, the trading banks set about transforming their cultures. Banking culture was passé; marketing and speculative mindsets were the new cultures de jour. Dealers earned inordinate salaries and bonuses. Lending manager’s earnings and status was tied to business done. Delegated Lending Authority limits (constraints on...
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"A Royal Commission into the Australian Banking Sector is our democratic right. To deny us that right is truly unAustralian."   There are many strong arguments in favour of holding a Royal Commission into Banking with wide terms of reference.  One of the side effect of the Royal Commission is its capacity to bring the issues into every Australian home through the main stream media. This in turn will generate far greater awareness of the serious anomalies and inherent risks within the Australian Financial Sector. It may also answer the questions for so many Australians whose lives have been smashed by the deregulated "free market" Australian Financial Sector, directly and indirectly, including the big ones: Why weren't we told? How could this be allowed to happen in Australia? Consumer protection isn't for just for the elderly - it benefits all Australians. We've been badly misled by those entrusted to protect us,...
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  • doyla66
    doyla66 says #
    Yes, infestation of "Mainstream" banking Full-Doc products must be a game changer & raise the necessary eyebrows , if not, the cur
  • Denise
    Denise says #
    Thanks for your kind thoughts Hugh. I met with Geoff in Canberra and also other members and they support our efforts and our peti
  • doyla66
    doyla66 says #
    Hi Denise & BFCSA Members, Why not join forces with Unhappy Banking, link together to call for the Royal Commission? More Support
  • doyla66
    doyla66 says #
    Good idea Hugh. UNHAPPY BANKING also has good evidence about the BANKS FRAUDULENT activities.
  • doyla66
    doyla66 says #
    Hi Denise & BFCSA Members, Why not join forces with Unhappy Banking, link together to call for the Royal Commission? More Support
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    By Barry Ritholtz, Published: June 24 Ever since the robo-signing scandal erupted in October 2010, large U.S. banks have slowly come to realize that their practices are under ever-increasing scrutiny. A “Duh!” observation for most people, but not, apparently, for bankers. Belatedly, the bankers took a closer look at their internal procedures for handling defaulted mortgages. It did not take long for them to discover that something significant was amiss. By mid-2011, most of the major money center banks had put the brakes on their normal foreclosure machinery: “What was all this sturm und drang over some bums who don’t pay their bills? Perhaps we better look into it.” (The Washington Post/Source: RealtyTrac)   Their internal review of how mortgages in default were handled revealed a surprising amount of chicanery. Indeed, most of what was going on had elements of something wrong. The banks might have been better served had they asked...
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  by Barry Ritholtz, Columnist, Washington Post Published: February 26, 2012 After many months of wrangling, a foreclosure settlement has been reached between 49 state attorneys general and a consortium of banks.  It is an epic failure of law and a triumph for bank attorneys. It will accomplish little of value, as I’ll explain. First, let’s recall what the “robosigning” foreclosure scandal was all about. Foreclosure is an extremely serious issue in American jurisprudence. As a nation of laws with strong respect for property rights, we have always treated this process appropriately. After all, having a sheriff forcibly evict a family that typically made a down payment, moved into a home, lived there for some years, made payments, etc., is disruptive — for the family, the lender and the neighborhood. Foreclosure laws vary from state to state. However, all are specific and precise as to the legal steps that must be...
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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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This is simply brilliant! - a "creative" solution to bank angst - in particular, NAB angst. Bankslayer has done it again :)   This is my how to for creative visualization - I imagine the building is the headquarters of the National Australia Bank being demolished after they've gone bankrupt. How did the nab go bankrupt? Well, after months of campaigning politicians finally did the right thing and there was a Royal Commission into Bank Malpractice. Following even more months of evidence including that of victims of the bank such as Ozzie Inak and Rosie Cornell as well as numerous expert witnesses the nab was stripped of it's license to trade as a bank. Unable to be a fully functioning bank their shareholders abandoned them.  After considerable whingeing the nab was declared bankrupt. See how easy creative visualization is? Help me out - if you're an Aussie demand your Federal MP...
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  • doyla66
    doyla66 says #
    I think I must be more callous than you. I imagine all I have been associated with throughout this dispicable loan being homeless
  • doyla66
    doyla66 says #
    just testing - trying to learn how to blog Editor: hey u made it! Congrats Robyn
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By Larry Schlesinger  Monday, 20 August 2012 http://www.propertyobserver.com.au/mortgages/banks-negligent-and-reckless-with-low-doc-loans-denise-brailey-in-senate-testimony   Most of the low-doc loans banks provided to borrowers would have been rejected if they had made a "simple phone call to the borrowers”, banking consumer advocate Denise Brailey has testified before a Senate inquiry into behaviour of the banking sector post-GFC. But she says banks chose “in a corporate decision” not to make this phone call to ascertain the true financial circumstances of the borrower. Brailey, who runs the Banking and Consumers Finance Support Association (BCFSA), brought with her to the inquiry a “small bundle” of 4,000 “falsified loan applications", which she said includes applications to every bank in Australia. “The four majors are in there. “They are all responsible, through a series of emails from banks to brokers, instructing the brokers how to get their deals across the line — 'make the deal fit' was their usual interpretation." Brailey’s views...
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  • doyla66
    doyla66 says #
    They must realize by now the 'people' are coming to get them. Best they put their hands up!!! EDITOR: We have the numbers - so m
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Posted by on in COURTS & LEGALS
  by: Andrew Burrell From: The Australian August 18, 2012 12:00AM   A GROUP of 20 banks, including Commonwealth Bank, National Australia Bank and Westpac, has been ordered to pay up to $3 billion after failing to overturn a landmark court ruling that they seized assets from Alan Bond's collapsing Bell Group in 1990. The West Australian Court of Appeal yesterday upheld a 2008 ruling that the banking syndicate must repay Bell Group creditors, in the latest chapter of Australia's most expensive and longest-running litigation. The appeal backfired on the financiers when two of the three Court of Appeal judges found the trial judge, Neville Owen, had under-calculated the amount the banks should hand over, finding he had used a "deflated multiplier" in assessing compound interest. Acting judges Malcolm Lee, Christopher Carr and Douglas Drummond, who all came out of retirement to hear the appeal, handed down their ruling after a...
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  • doyla66
    doyla66 says #
    I had to use the calculator to divide $3,000,000,000.00 by 20! It means each of the 20 will have to come up with $150,000,000.00 i
  • doyla66
    doyla66 says #
    Wonderful! lol - still laughing ... That would be the ethical BFO and Rothschild sponsored magician's hat with the green organic m
  • doyla66
    doyla66 says #
    The reality is that if they share that cost amongst them, you're right, it's a drop in the ocean. Being the kind of businesses tha
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A LEADING Australian banker has been branded a goose after he reportedly praised Hitler during a briefing of business leaders. Macquarie Bank board director Michael Hawker reportedly told the meeting Hitler was a skilled leader. "You have to paint a great picture of your vision of the future if you want people to follow," he said, according to a report in the Australian Financial Review. "Hitler painted a great picture ... Well, maybe not from another point of view." The comment was allegedly made to Macquarie clients at Sydney's swanky Westin Hotel on Thursday. Macquarie Bank yesterday refused to say whether Mr Walker was accurately quoted or address concerns the comments were offensive. Read on ... http://www.heraldsun.com.au/news/victoria/hitler-had-great-vision-macquarie-bank-board-director-michael-hawker-tells-business-leaders/story-e6frf7kx-1226452911520 (Note: I used my FREE 28 day pass from The Australian to read this.)...
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  • doyla66
    doyla66 says #
    If more people read books like PAWNS IN THE GAME by w.g. carr. OURSELVES AND GERMANY by lord londonderry.and the HISTORY OF THE CO
  • doyla66
    doyla66 says #
    When the bank and regulatory staff go to jail or have to be under supervision or investigation, they should pay for all this thems
  • doyla66
    doyla66 says #
    Unbelievable! Offensive on so many levels. I am sickened by this sort of unconsciousness.
  • doyla66
    doyla66 says #
    Mr Hawker: the common denominator with Aus. banksters = both executed the greatest ConJob on their own citizens. Go paint your pic
  • doyla66
    doyla66 says #
    yessss!
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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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I have been listening to BankWest's executives squirm and lie.   The senate hearing allocated 90 mins for them, I think the longest of all the presenters! Their catch cry is: "There's always two sides to every story".  There second favourite is continue the blame the GFC, which was created by the banks in the first place, and "We always work hard with our clients when they get into difficulty", and the killer, "It is not in our best interests to let the loans go to receivership".  What a LOAD OF RUBBISH!   It is very very well documented, and in fact presenter,  Mr Guy Goldrick’s outlined in his introduction this morning (submission 56) exactly how the banks get paid 3-4 times when a client defaults:   1) Claw back (writing off the loan), 2) Tax losses related to the claw backs, 3) Suing the client, and 4) Selling off the assets....
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  • doyla66
    doyla66 says #
    They work hard with their clients to get rid of them so they can extinguish the debt. I experienced that first hand & it was no jo
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