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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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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BFCSA Blog

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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http://www.mortgagesettlements.com.au/downloads/Mortgage%20Fraud%20Article.pdf With lax lending compliances and checking systems, such as exist with No Doc and Lo Doc loans, there maybe borrowers who were taught to take advantage of the opportunity to tell the Bank exaggerated detail, or so it seems.  This opportunity was created by the banks themselves, by offering a product that didn't involve the prudent checks and balances that any reasonable person would expect from a Bank or Lender in Australia.  Then there are the borrowers in our situation: we told the truth and even offered our documentation for checking, only to discover later that our honestly declared financial facts had been changed by bank staff or brokers. Without Lo Doc and No Doc loans it would be well nigh impossible to create a fraud loan... unless I've missed something?  Strict enforcement of all codes, regs and Laws should eliminate 99% of loan fraud. Banning of Lo Doc and...
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  • doyla66
    doyla66 says #
    It’s good that there are such institutions which help to identify and prevent fraud. We live in times when lots of people become v
  • doyla66
    doyla66 says #
    I'm gonna hate those fraud loan providers forever, they make me their victim a while ago when I was applying for a loan online. I
  • doyla66
    doyla66 says #
    and the longer they drag it out the more money they have to pay out....so to all concerned - ASIC, FOS, ALL GOVERNMENTS - stop pre
  • doyla66
    doyla66 says #
    MrASIC"Wake UP">Fiduciary Duty(care)=banks knowingly not placing consumer'in harms way'-Stop taking sleeping pills.SURELY!!!
  • Denise
    Denise says #
    The big issue: Banks are not permitted to profit from a fraud and will have to forgive (and pay back) all interest, fees and charg
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The Senate Inquiry, last week, was told that Australian is losing its taste for credit. The demand for home loans is probably dropping as well. Borrowers are paying off their home loans more quickly. So where are the lenders going to find more clients willing to sign up for credit to keep their bottom line? And are the lenders getting the message yet: more Australians are a wake up to credit rorts these days and are shopping around for better - and straighter - deals. It was too much to expect that all dodgy deals and credit tactics would stop last week when the banks got a collective attack of conscience over their lending "mistakes"! It's still going on ... in other credit markets ... This story is not about a Lo Doc Home Loan. It's about a vehicle leasing agreement with similar problems. Steve, the maintenance guy, went to replace...
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  • doyla66
    doyla66 says #
    I was talking with my 20yr old son about this. There has been a proliferation in the media (radio/tv/net) about tradies vehicles f
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