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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 Brokers Agents of Banks
Narev: Brokers play a vital role in financial services       inShare by Julia Corderoy | 15 Aug 2014   The Commonwealth Bank of Australia’s market share of the mortgage world is huge, with the bank financing one in four home loans in Australia over the 2013/14 financial year. Brokers were behind 38% of the total home loan balance settled through the major lender during the year, which has increased slightly from the 37% share in the year to June 2013. Chief executive of CBA, Ian Narev told Australian Brokerbrokers play a vital role in the financial services industry.  “Brokers help our customers by offering expert opinions on decisions that are of great importance to them, particularly with home buying, but also in business lending as well. Our view is that brokers play an important part in the way many Australians want to deal with financial institutions, and our bank is happy to have solid...
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Continue reading   BULLETIN NO 36 DECEMBER 2002 In this Bulletin: • Agency of brokers – update of approach • EFT disputes and financial hardship • Issues featured in our Bulletins this year 1.Agency of brokers – ABIO Revised Approach Introduction The December 2001 Bulletin (Bulletin 32) set out our approach to the question of when a bank will be liable as principal for misleading and deceptive conduct of a broker who is involved in the marketing, application for or establishment of a loan or other financial service.   We have recently reviewed our approach as a result of the following observations in the cases that have been considered by us: • An increase in the use of brokers by banks for activities which go beyond merely providing information about available products and assisting in the completion of the loan application and extend to activities which would traditionally be the responsibility of...
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Just be aware 36% of Fraudulent Low Doc mortgages are written up by bank broker involved.  ASIC declares open season on dodgy brokers but not on dodgy Lender approvals and acceptance of fraudulent documents.  Let the Cover Up Games Begin! ·         Australian Broker News by | 11 Dec 2013 ASIC has permanently banned two Sydney-based brokers and one former mortgage broker while announcing the conviction of another. Two Sydney-based mortgage brokers have been banned by ASIC after it was found that they had provided false information to credit providers in support of loan applications worth over $3 million. ASIC has also permanently banned  former mortgage broker Daniel Minh Tuan Nguyen from engaging in any credit activities and providing financial services following his criminal conviction for a range of offences, and convicted another, Hee Seng Lee, of providing false information to banks to secure approvals for home loans totalling almost $7.5 million. Wen Yao Hsieh (also known as Leon Hsieh and Adrian Hsieh)...
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  • doyla66
    doyla66 says #
    ASIC Deputy Chairman Peter Kell said, "By falsifying loan applications Hsieh and Shen put consumers at risk. What about ASICs trac
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ASIC refuse to look at the Banks.........................banks paid Money Choice Guru, Matt George Commissions.  Banks took on the clients from Matt (perhaps 600?) and gladly stitched the people up with unaffordable loans as any IMPRUDENT LENDER would. No Bank wanted to stop the income stream to Matty.  Too lucrative a business.   He had 17 Banks?Lenders to choose from.  And which aggregators involved?  FAST GROUP of course and STEPHEN KANE.....the conduit to protect the banks.  No-one was protecting consumers. BFCSA have gathered together over 90 members of Money Choice that are left in a deplorable situation.  They are coming in from three states so far: WA NSW, VIC I spoke with Matt last year:  He said something extraordinary: “I always did a pensioner statement. denise....always”  Meaning he declared to the bank his clients were pensioners. He was placing all his deals to the banks via aggregators FAST GROUP – Stephen Kane involved in a n...
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  • doyla66
    doyla66 says #
    This is a classic example of white collar crime on the public and society. Hardly anything will happen to this guy but if your ch
  • doyla66
    doyla66 says #
    Good question Lisa, what does happen to his unfortunate clients who have bought properties with a toxic fraudulent loan. Very impo
  • doyla66
    doyla66 says #
    I'm glad you explained this, Denise. Otherwise I would have concluded that Matt George was the credit provider and lender. So onc
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