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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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Overdue loans at mortgage debenture companies are under scrutiny THE fragile nature of Australia's mortgage debenture sector has been revealed, with almost a third of companies running loan books where more than 30 per cent of borrowers are overdue. At its most extreme, more than 70 per cent of all loans by value were more than 30 days in arrears at one Victorian company. The companies sell debentures - financial instruments which provide a fixed rate of return - to investors and lend the money out. The health of the sector, as well as how comprehensively investors understand the risks, has come under renewed scrutiny following the downfall of its largest player, the Banksia Financial Group. Banksia, a regional lender, was recently placed in receivership owing investors $660 million.  A study by BusinessDaily found that only five of the 18 unlisted and unrated companies selling mortgage debentures complied with capital requirements...
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Tagged in: ASIC Banksters mortgage
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  • doyla66
    doyla66 says #
    If ASIC had valued Denise Brailey's superior research and knowledge and efforts to get their heads on the page this situation coul
  • doyla66
    doyla66 says #
    Unfortunately, when honest people are looking to put their money in these 'schemes', the advisors selling them are dishonest, and
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Posted by on in From My Window
Hi All, I thought I'd put these important definitions up for all members because, after reading a lot of older posts, I notice that there is a range of knowledge levels amongst our group and I feel that it's important to help all members to come to understand what has happened in their particular situation. To do this, certain concepts need to be understood. The following links include a definition of the term, an explanation of the term and, in some instances, a video to further explain the term. It's definitely a good starting point for anyone who needs to improve their knowledge on this complex topic. If this post gets a good response, I'll continue to add to it over time. Apologies to any members that already know this stuff. Maybe you can chime in with some further useful terms and definitions? Contract: http://en.wikipedia.org/wiki/Contract Debt: http://en.wikipedia.org/wiki/Debt Equity: http://www.investopedia.com/terms/e/equity.asp Equity Stripping:...
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  • doyla66
    doyla66 says #
    FOS and COSL are supposed to be independent dispute resolution schemes, a part of the ridiculously conceived concept of self-regul
  • doyla66
    doyla66 says #
    Good info, but the problem is : most of these corrupt Banks & corrupt regulators deliberately choose to ignore the Laws, their own
  • doyla66
    doyla66 says #
    Apart from legislation, there are also things such as ASIC Regulatory Guidelines (which are interpretations of the actual legislat
  • doyla66
    doyla66 says #
    Good post, lee. I'm personally all for this kind of information being shared but I don't make the rules so... If people want it
  • doyla66
    doyla66 says #
    Add one more CRIMINAL CODE - SECT 408C 408C Fraud (1) A person who dishonestly— (a) applies to his or her own use or to the u
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Managing fraud in the Mortgage MarketSpotlight Series - Issue 2 Genworth Financial (Mortgage Insurer) http://www.genworth.com.au/downloads/4-2-3-Spotlight/spotlight-series-managing-fraud.pdf Page 3 - "Furthermore, many within the industry may not realise that Lenders Mortgage Insurers are not licensed to cover losses suffered as a result of a fraud perpetrated by the lender or a third party acting on its behalf in the origination chain. As a result, the lender may seek to recover the losses from those who may be considered to be liable" I'm sure lenders will not want the fact that fraud has been committed by links in their chains to come out in court otherwise their insurance on the loan WILL NOT BE PAID!!  EDITOR:  Yes indeedy!!!  Could be the banks never passed on the LMI premiums you paid for and reinsured their own risk.  Now that happened before.....so have the Banksters pulled another trick...shareholders should be asking that one!...
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  • doyla66
    doyla66 says #
    Barclays increases provision for PPI mis-selling £700m[to £2bn] to compensate customers wrongly sold protection ins. with loans J
  • doyla66
    doyla66 says #
    PPI [UK]compensation payments could affect UK economy--payments over PPI mis-selling scandal to have greatest personal impact on c
  • doyla66
    doyla66 says #
    Could be the banks never passed on the LMI premiums you paid for and reinsured their own risk? Maybe we should ask them? If the
  • doyla66
    doyla66 says #
    Our FOS case manager nearly had apoplexy every time we used the word "fraud" we found ourselves apologising as though it was a fil
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  A really excellent video on the topic explaining what happens with your loan and mortgage after it is signed and registered... http://www.investopedia.com/video/play/credit-default-swaps/#axzz2ATETiAKM  ...
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  • doyla66
    doyla66 says #
    Definition of 'ABX index' A financial benchmark that measures the overall value of mortgages made to borrowers with subprime or
  • doyla66
    doyla66 says #
    Definition of 'Asset Backed Credit Default Swap - ABCDS' A credit default swap wherein the reference asset is an asset-backed se
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For years Gadens have had the lion's share of the action in the Australian Mortgage Fraud. It is a matter of public record that they have defended the perpetrators of Fraud, orchestrated the bullying and repeated efforts to intimidate blameless and innocent home owners and witnesses to the Court hearings all in the name of "Justice" - and been allowed to get away with it by some of the "bank blinded" Australian judiciary! If you'd like a few samples of Gadens' handiwork on behalf of NAB, Bank West, Ing and others use the BFCSA blog search engine or see austlii.edu.au Gadens aren't the only lawyers willing to do this type of work.  After all this BANK SCAM has been going on for years under the watchful eye of both major Australian Political Parties. All borrowers and BFCSA members should check their documentation and report in with a list of all legal...
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  • doyla66
    doyla66 says #
    Sorry Gaby - I worded that wrong. I was just actually was refering to our case only and the issues that have arose from it. As exp
  • doyla66
    doyla66 says #
    We have now two law firms. (There is five in the group- so have spilt it up). One barrister via one firm use to represent the bank
  • doyla66
    doyla66 says #
    You can add HWL Ebsworth Lawyers and Leonard Legal, both from Melbourne to the list
  • doyla66
    doyla66 says #
    Gadens execs are very short sighted. Once the massive fraud, theft and corruption of Australia's banking sector really hits the fa
  • doyla66
    doyla66 says #
    Ah! but Cooper's Grace and Ward were Hunt and Hunt's franchisee in Brisbane,in 2006 Hunt and Hunt dropped them,one has to wonder w
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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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He's the police officer used to taking on criminals and being faced with tough situations, but Sean Mcardle is tackling something that would scare the toughest of men — he is going into battle against the Commonwealth Bank. Video of program: http://aca.ninemsn.com.au/article.aspx?id=8528557 Commonwealth Bank statement: Mr McArdle commenced litigation against CBA. CBA denies the allegations made by Mr McArdle and is defending the claim. As Mr McArdle has alleged that he does not have to repay his loans, CBA has lodged a cross-claim to protect its legal position. As these matters are currently before the Court, we do not consider that it is appropriate to go into further detail concerning the legal proceedings. It is important to your story to note that the Commonwealth Bank is the only bank, of all the banks involved, to have established a Resolution Scheme which has enabled almost 2000 individuals to resolve their claims. ...
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  • doyla66
    doyla66 says #
    Hi Sean, all the best. Royal Commission Petition would assist all "deceived" aggrieved (former) "Storm Investors".(ps) Same "ambul
  • doyla66
    doyla66 says #
    Dear Ms. Brailey and all. My Name is Sean McArdle and it is my privilege to be a lead litigant against banks involved in the demol
  • doyla66
    doyla66 says #
    Go Storm Financial Victims!! We are all behind you with support, good thoughts and well wishes..!!
  • doyla66
    doyla66 says #
    Did 'light-fingers' Mr CBA fully disclose the LAF fraud perpetrated & fully compensate? Naaaada!
  • Denise
    Denise says #
    2000 satisfied with CBA's resolution scheme??? I doubt it. Tell those who settled to join us....we will tell you the truth and s
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Posted by on in Corrupt Regulators
  By Caroline Dann | 5/09/2012 The Bank of Tokyo-Mitsubishi UFJ is in discussions with several second-tiers about funding Australian home loans.   According to the Australian Financial Review, AMP is currently in talks with the bank about its funding.     It's alleged The Bank of Tokyo-Mitsubishi UFJ will provide bank funding through a 'warehouse structure' which, according to the AFR, is "refinanced by issuing residential mortgage backed securities to institutional investors."     In theory, it could increase the lending power of second-tiers and increase competitiveness between the banks on home loan interest rates.     Japanese banks are increasingly interested in the Australian market.     In July, Sony Bank announced its intentions to launch in Australia following a 'feasibility' study....
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  • doyla66
    doyla66 says #
    If our efforts to challenge the legality and safety of RMBSs gets traction then this should stop this additional overseas effort i
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Posted by on in BANKSTERS
By Leith van Onselen The Reserve Bank of Australia (RBA) has just released the private sector credit aggregates, which registered a small increase in total credit growth in the month of July, but the third lowest monthly housing credit growth in the series’ 35-year history and the lowest quarterly and annual mortgage growth ever recorded: Read on ...http://www.macrobusiness.com.au/2012/08/housing-credit-growth-weak-in-july/...
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US LOAN MODIFICATION SCAM ALERT This story, from the US, shows how scammers exploit the unwary - in this case, struggling borrowers who may have "bad loans".  There are other stories on this site - worth reading.  Watch out for variations on these kinds of scams down under as well as the Loan Fraud issue gains momentum.  http://www.loanscamalert.org/   6 THINGS YOU SHOULD KNOW Scams aren't always easy to spot – but it helps if you know the warning signs to look for. Here are six red flags to indicate that you may be dealing with a loan modification scammer: 1 A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may pocket your money and do little or nothing to help you save your home from foreclosure. 2 A company/person guarantees they can stop a foreclosure or get your loan...
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Credit bureau Veda says New Zealanders showing renewed confidence in borrowing for both homes and businesses Posted in Business August 16, 2012 - 11:15am, Gareth Vaughan   Credit bureau Veda says mortgage enquiries rose 44% in July emphasising renewed confidence in borrowing for both homes and businesses. Veda said for the first time in five years its bureau statistics showed a rise in commercial enquiries, which is "enormously positive" for the economy. "Businesses owners require a level of confidence in future growth to borrow funds to invest in their operations and expand," Veda’s managing director John Roberts said. “Business has hung in through a slow economic recovery. An increase in enquiries is a welcome sign of emerging stimulation in the commercial sector.” Roberts' comments are similar to those from ASB CEO Barbara Chapman. After the bank released its annual results Chapman told interest.co.nz  ASB had grown business lending by 6% in the year to June 30,...
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  • doyla66
    doyla66 says #
    It sure will, Denise. I've been trying to get the message out to everyone I can: get all your documents when you apply for a refin
  • Denise
    Denise says #
    Confidence will head south when they start asking for their LOAN APPLICATION FORMS. Same Model used by Aussie linked banks in New
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The Australian 18th August 2012 ANTHONY KLAN THE corporate regulator has refused to investigate a claim of alleged low-doc loan fraud despite one of the nation's top forensic handwriting experts saying there is "no evidence" the documents in question are legitimate. Businessman Gary White applied for copies of the application forms for a loan he had taken out via mortgage broker Resi and said he believed his signature had been repeatedly forged and his income inflated more than sixfold. Resi has denied Mr White's allegations and says it takes such allegations "very seriously". As reported by The Australian this week, Mr White has spent four years seeking regulatory action, and has spent thousands of dollars having the documents forensically examined. Handwriting expert Steven Strach, of Forensic Document Services, concluded there was "no evidence" signatures on the documents were those of Mr White. The Australian Securities & Investments Commission says there...
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  • doyla66
    doyla66 says #
    ASIC are also corrupt. When we complained to them about our loan docs being FRAUDULENT they said there was not enough evidence!!!!
  • doyla66
    doyla66 says #
    ASIC are also corrupt. When we complained to them about our loan docs being FRAUDULENT they said there was not enough evidence!!!!
  • doyla66
    doyla66 says #
    What else can anyone expect from ASIC, FOS and others. All in bed with each other. "Save the banks" is their motto.
  • doyla66
    doyla66 says #
    Once again, we witness the regulator, ASIC = useless.
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Posted by on in Corrupt Regulators
  'Farm debt mediation' is a structured negotiation process in which the mediator, as a neutral and independent person, assists the farmer and the creditor in attempting to reach agreement on the present arrangements and future conduct of financial relations between them. Mediation is a simple, voluntary and confidential process that is quick, accessible and affordable.   The object of mediation under the Farm Debt Mediation Act 1994 is to provide for the efficient and equitable resolution of farm debt disputes. Mediation is required before a creditor can take possession of property or other enforcement action under a farm mortgage. It is recommended that farmers employ a professional adviser.  The adviser can be your local Rural Financial Counsellor, your Solicitor, your Accountant or some other appropriately qualified person.  The role of the parties' adviser in mediation will be to fully prepare their clients for and then to assist and advise, rather than...
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Posted by on in Toxic Mortgage Loans
Has anyone heard of or had dealings with City Link Finance? I have an Originator Number 19 on the documentation. The year of the application is 2003. I've been trying to locate the company on the off chance that they may have the originals (wet ink) of our LAFs. I have copies of just a few pages from First Mac/Tonto, but they were copies from the faxes received at Tonto in Brisbane. I've already asked the broker but had no reply. He was a friend/colleague of my late partner. Otherwise I'll have to work off the faxed and scanned copies. Thanks Lisa...
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  • doyla66
    doyla66 says #
    Thanks for the help! that's wonderful
  • doyla66
    doyla66 says #
    Same person owns or is managing director of Queensland State Home Loans,First Mortgage Company Ltd,Tonto Home Loans Pty Ltd,Firstm
  • doyla66
    doyla66 says #
    With som many companies being involved, I certainly hope these are not the dreadful $2 shelf companies. That would be how they duc
  • Denise
    Denise says #
    Yes Tonto Home Loans Pty Ltd was headed up by Queenslander (ex ANZ exec) KIM CANNON around the early 00's. In 2003 I lodged a com
  • doyla66
    doyla66 says #
    Thankyou, Denise. Who is the keeper of the Originator Register? I'm looking for OID 19. Origin was one of the lenders on the pai
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