BFCSA Blog

Members understand what this crime scene is all about.  They are ordinary Mums and Dads who did not deserve to be preyed upon by deceitful banks: One Member writes: Banks cultivated brokers but also saw them as disposable pawns and foot soldiers, like door to door salesmen, which is how they were behaving where we lived. Out hawking for business, the bigger ones out spruiking and touting at glossy property investment and wealth creation events. As I understand it the Credit Assessor (CA) can override the system if they wish. Thus any loans that are knocked back can be reviewed ("talk to us") according to the collection of Bank/BDM/Broker emails I've read. Banks & Lenders were vying for business, offering Brokers "incentives" to put more business their way. Brokers also knew which Banks & Lenders were being "generous" ie. lenient with lending rules and generous to Brokers, allowing more loans through...

    What has been going on in USA and elsewhere around the world, has been happening here in Australia FOR YEARS also.. What are all the banksters hiding??.. Thanks to Denise Brailey and BFCSA member blogs and comments we are finding out. Most of us borrowers should never have been approved for millions or perhaps $57 billion in loans in the first place.  It is only clear after the intended FIVE YEAR IMPLOSION MARK (generally the interest only period) that these loans were non affordable from DAY ONE, based on our net income at the time.  It is now clear that the Bank Engineered Strategies used by the bank staff (36%) and their agents (64%) with the use of Line of Credit, credit cards and extra “top ups” thrown at us to help pay the interest (with the bank's money) was HIGH RISK. The bank strategies guaranteed to sink us financially and help the...