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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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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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Posted by on in Consumer Protection Disaster
Essential consumer warnings about borrowing from Australian lenders. Protect your rights, your home and your peace of mind. http://www.bfcsa.com.au/index.php/resources/need-a-loan (Check tab: Resources: Need a Loan?)...
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Do you have a home loan written after July 2009? Are the old loan practices still going on? Any sign of change or improvement?   David's comment about loans written after the NCCP prompted my putting up this post. Information below on what was supposed to happen ...  I'm really looking forward to your comments. Lisa xx       July 20, 2009 National Credit Code and UCCC comparison The National Credit Code (NCC) is contained in Schedule 1 to the National Consumer Credit Protection Bill 2009. The NCC will replace the Uniform Consumer Credit Code, with modifications. Here is a list of changes (Note this is different from the changes in the exposure draft bill and does not include the registration and licensing changes): Scope: Code applies as in UCCC but has been extended to cover credit provided for the purchase, renovation or improvement of a residential property for investment...
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  • doyla66
    doyla66 says #
    I had similar statements made about our position too. I got 2 legal opinions before my dud ex decided who we were to go to & both
  • doyla66
    doyla66 says #
    Hi Lisa - I may have representation - but it does not stop me from wanting to be a voice for others in this area. Please look at m
  • doyla66
    doyla66 says #
    Yes. I do. I really wish I could say more about my case - but it is with the Barrister and solicitor. I have some REAL head spinne
  • doyla66
    doyla66 says #
    Hi JJ, I hear your frustration. "Coded" into silence. If you can, save yourself, anyway you can. Been there, with the legal silen
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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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Media Release: 24 August 2012How many Low Doc Loans are unethical?Attempts to deflect a Royal Commission into Australia's mortgage finance sector by the Mortgage and Finance Association of Australia are mistaken, hollow and shrill, the Australian Democrats said today.MFAA CEO Phil Naylor rejected the Royal Commission call and claims there is very limited evidence of fraudulent dealings by brokers in a 17 August statement that only came to light yesterday. ED:  Yes Naylor would say that...but he has yet to call me.....but like the banks who did not ring the borrowers to ask income details because they deliberately did not want to know yet continued to deny evidence!"I don't know whether to be appalled or bemused by Mr Naylor's caricature of my remarks," Democrats Housing spokesperson David Collyer said today. "He has me saying all sorts of things.""The evidence put before the Senate inquiry by Denise Brailey of the Banking and Finance Consumers...
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  • doyla66
    doyla66 says #
    One thing is for sure, Great Loans vary from Great Lenders. Anyway, thank you for sharing such a GREAT information here. Been find
  • doyla66
    doyla66 says #
    APRA invited to test BFCSA(inc)member assertions ASAP(ie:immediately) as precursor to ROYAL COMMISSION!!!
  • doyla66
    doyla66 says #
    I agree, David Collyer is very clear about his position on this. He really gets the total picture, the politics of truth and so ra
  • doyla66
    doyla66 says #
    A great piece of work Lisa. I think it's time to draft an email to Mr Collyer & thank him for his supportive stance.
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By Larry Schlesinger  Monday, 20 August 2012 http://www.propertyobserver.com.au/mortgages/banks-negligent-and-reckless-with-low-doc-loans-denise-brailey-in-senate-testimony   Most of the low-doc loans banks provided to borrowers would have been rejected if they had made a "simple phone call to the borrowers”, banking consumer advocate Denise Brailey has testified before a Senate inquiry into behaviour of the banking sector post-GFC. But she says banks chose “in a corporate decision” not to make this phone call to ascertain the true financial circumstances of the borrower. Brailey, who runs the Banking and Consumers Finance Support Association (BCFSA), brought with her to the inquiry a “small bundle” of 4,000 “falsified loan applications", which she said includes applications to every bank in Australia. “The four majors are in there. “They are all responsible, through a series of emails from banks to brokers, instructing the brokers how to get their deals across the line — 'make the deal fit' was their usual interpretation." Brailey’s views...
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  • doyla66
    doyla66 says #
    They must realize by now the 'people' are coming to get them. Best they put their hands up!!! EDITOR: We have the numbers - so m
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By Philip Soos  Tuesday, 21 August 2012 The level of sub-prime mortgages in Australia may be far in advance of what was previously assumed and provided for by banks. The story was broken on the ABC, and covered elsewhere. The revelations centred around two personalities: Kate Thompson and Denise Brailey. Kate Thompson was a licensed mortgage broker at Mortgage Miracles in Western Australia. A highly regarded and award-winning broker, Thompson disbursed a veritable torrent of credit from bank and non-banking lenders to clients wanting funds to buy property, making around $5 million a year from upfront and trailing commissions. She is now facing fraud charges for what amounts to predatory lending: providing credit to people with little to no expectation they will be able to repay the entirety of the loan. This fraud was achieved by fudging the income and assets of clients, making them appear much wealthier on paper than was...
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It's good to see Australian Broker Online tackling the big concern sending shivers through the entire Industry. Thankyou to their writers, editor and the brokers for providing valuable feedback and information about what was going on from their perspective. Here are the links to the articles and comments related to the BFCSA allegations of Lo Doc Loan Fraud.   Poll: Did banks encourage fraud during boom times? A WA broker – herself facing fraud charges – has accused the nation’s lenders of being complicit, by encouraging brokers to commit fraud to get low-doc loans approved during credit boom times. Australian Broker is asking our readers to cast their vote. Did you see evidence of banks encouraging fraud? Yes or no? Have your say here! http://www.brokernews.com.au/article/poll-did-banks-encourage-fraud-during-boom-times-142522.aspx   TV: 'Overkill' evident in bank low-doc backdown Brokers have labeled bank reticence to write low-docs as an example of a knee-jerk reaction in an exclusive...
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  • doyla66
    doyla66 says #
    I emailed the editor of Broker news last night with a summary of our story..
  • doyla66
    doyla66 says #
    Thanks for giving me the lead for this post, Arree. I wonder what Broker News would think now. I would also like Phil Naylor to
  • doyla66
    doyla66 says #
    Or more like Gladstone the dog ...
  • doyla66
    doyla66 says #
    It follows logically that every Lo Doc and No Doc loan in the world is potentially affected the same way. It also follows, logica
  • doyla66
    doyla66 says #
    Absolutely! The banks have blood all over their hands! They know what they do and they don't care. They set it up so that the br
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