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.
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.
Bloomberg agrees:
Australian Banks’ Risky Loans Fueling House Price Gains
By Nichola Saminather December 01, 2013 8:42 PM EST
Houses in Sydney
Australia's biggest banks, whose lending standards helped the nation avoid a property crash during the global credit crisis, are raising concern with home loans helping to fuel record house prices.
The proportion of mortgages that represented more than 80 percent of a home’s value -- the loan-to-value ratio -- rose in the third quarter to the highest since the second quarter of 2009, data from the banking regulator show. Mortgages in which borrowers pay only interest also increased to the highest in at least five years, according to the figures.
The Reserve Bank s 2.25 percentage points rate reduction in the past two years is luring buyers counting on home prices, which jumped the most in three years in the 12 months through Oct. 31, to extend gains.
As the proportion of...
The public needs to understand where we are heading with all of the evidence we have gathered over the past decade. The amazing group of people we have gathered together and the strength of that evidence they collectively have discovered, is beginning to have a voice and a powerful message: Mortgage Fraud has been a carefully managed fraud............................. legitimatized by Government regulators, and influenced by their Banker friends.
If you are struggling with mortgage fraud, calloius regulators, industry corruption;
......................................................................you need to send in a submission to the Senate Inqury
Maha was busy rushing one of her six young children to hospital. She intended to send in a letter from BFCSA to COSL responding to their questions. Maha is a Mortgage Fraud victim of Perpetual Trustees and Powerloans.
It was on the day of deadline, she sent the letter the following morning after being at the hospital for many...
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...
THE ATM FIGHTBACK CAMPAIGN: Now everyone can fight back - why not a few sticky notes on ATMs: whenever you visit an ATM, stick this message on the side: MORTGAGE HOLDERS Ask your bank for your copy of faxed LOAN APPLICATION FORM. See if there is FRAUD? There will be. If yes visit www.bfcsa.com.au and we will tell you what to do next.
The point is we have less than 25 licensed banks here and a number of non bank HIGH RISK unregulated lenders. There are millions of us as mortgage holders. We have the numbers to demand change: change of bad banking practices; change of regulatory laziness. We can effect change. If there is a note re bill posting, we warn the first bright regulator try to take action against BFCSA: do you really want to hang BFCSA for posting warnings when you have allowed licensed banks to deliberately target...
Bloomberg agrees:
Australian Banks’ Risky Loans Fueling House Price Gains
By Nichola Saminather December 01, 2013 8:42 PM EST
Houses in Sydney
Australia's biggest banks, whose lending standards helped the nation avoid a property crash during the global credit crisis, are raising concern with home loans helping to fuel record house prices.
The proportion of mortgages that represented more than 80 percent of a home’s value -- the loan-to-value ratio -- rose in the third quarter to the highest since the second quarter of 2009, data from the banking regulator show. Mortgages in which borrowers pay only interest also increased to the highest in at least five years, according to the figures.
The Reserve Bank s 2.25 percentage points rate reduction in the past two years is luring buyers counting on home prices, which jumped the most in three years in the 12 months through Oct. 31, to extend gains.
As the proportion of...
My Dear Captain Haddock, yes its all for my own personal self grandiosement, that I help these people. You are not saying which a
Denise, there is nothing here you have not said before. What is the total dollar value of all the loans you have looked at, as a
