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BFCSA
MORTGAGE
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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 Loan Service Calculator
Where is the Australian Justice System?  ASIC snooze at the Wheel of Fortune.  ASIC snooze and you loose. Wait until the Police find out their parents have been taken for a mortgage ride. Yes indeed there are members of the State Police Forces who have had to seek help from us.   Others have asked what the pitfalls are........Police, Teachers, Nurses have been targeted by Lenders.   Bank of America may face civil charges 2 August 2013 AAP THE SEC is set to lay charges against Bank of America over mortgage-related matters, and against Merrill Lynch over a collateralised debt obligation probe.   The bank said in a regulatory filing on Thursday that the US Department of Justice told the company that it intends to file civil charges related to one or two jumbo-prime securitisations. The Securities and Exchange Commission (SEC) is also considering filing civil charges against Merrill Lynch tied to a collateralised debt obligation investigation....
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  • doyla66
    doyla66 says #
    Look how long it took to bring the Goldman Tourre Paulson case to court in the US! Movies have been made and released, books publ
  • doyla66
    doyla66 says #
    Yes Denise, only yesterday--SEC Wins as Ex-Goldman Executive Tourre Found Liable For Fraud by failing to disclose billionaire John
  • doyla66
    doyla66 says #
    In 2007 email Tourre told his girlfriend at the time that the "whole building is about to collapse anytime now," referring to fina
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ASIC could easily clear up the Australian Sub Prime Crisis with a very simple solution.  The Australian Securities and Investment Commission should immediately ban the use of internal service calculators.  Brokers tell us: "without the service calculator we would not know what income figures to place on the Loan Application Form after we obtain the signature." The Loan Service Calculators for Brokers are set at 1.47x (for Net Service Ratio or NSR).  If set lower then the banks can "pump up the volume" as suggested in our emails from banks to brokers.  We now know the NSR is set at 1.3x for risk "assessment" for insurance companies for LMI products.  It is set at 1.1x for Bank assessors.  All three calculators ware identical to look at but gearing is different. All ASIC has to do to save the next intended bank victim from financial ruin is to BAN THE SERVICE CALCULATOR....
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  • doyla66
    doyla66 says #
    There was a very good process prior to this stupid 'Skippy' [sorry Skip - you were a fun program to watch as a child & I did love
  • doyla66
    doyla66 says #
    and ASIC must seriously ensure that Lenders place every home loan borrower who should never have been approved for a loan in the f
  • doyla66
    doyla66 says #
    I agree, Change - and it seems we must keep ASIC, lenders and EDRs on track to ensure they do this.
  • doyla66
    doyla66 says #
    Totally agree, Denise. Simple solution to stopping major part of loan fraud. Incredible that lenders/credit providers are still u
  • doyla66
    doyla66 says #
    Mark Twain knew how 'the calculator' works:-"Get your (clients) facts first, then you (bank$ters) can distort them as you please."
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