Denise Brailey on Low Doc Loans Scandal

Karl FitzgeraldMultimedia3 Comments

Renegade Economists Podcast 250

As broadcast on 3CR Wed August 22nd

Listen to the Renegade Economist interview

Denise Brailey is the President of the Banking and Finance Consumer Support Association. For the last eight years she has helped distressed home buyers investigate why banks lent them more than they could afford. Last week she presented to the Senate on the trail of fraud and deception that borrowers have faced. The story made the 730 Report but little else.

As background, read Phil Soos’ excellent piece from the Conversation on Australia’s sub-prime crisis.

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photo by: Vectorportal

3 Comments on “Denise Brailey on Low Doc Loans Scandal”

  1. Dear Karl

    Thank you for giving BFCSA (Inc) a voice on behalf of the thousands of victims of FULL DOC, LOW DOC and NO DOC scams here in Australia and also in New Zealand. The $57 Billion or more existing sub prime mortgages (RBA Nov 2011)and the average $600,000 loan per family mainly to low income families and pensioners ,suggest 100,000 families will soon need assistance in dealing with these banks. It is for Economists to quantify the probable fall-out for our banking system and both nations.

    APRA and ASIC and Treasury are stating there are “no systemic issues.” Yet we have uncovered 4000 emails from bankers to brokers that state otherwise. Thirty six lenders are involved in the scandal including the majors, and as a nation, we are in denial. How can that be? I gave evidence in the recent Senate Hearings, as did Bank executives. One of is is not telling truth to Parliament. More questions need to be asked as the matter can only escalate. For years it has been swept under the carpet. The hidden scandal is yet another elephant in the room.

  2. HI Denise,

    very interesting to see the 7.30 Report last night on that poor couple in the Gold Coast. Surprising to see Macquarie Bank tied up in it. Or should i be after our interview where you said most banks were engaging in fraudulent practices?

    We must build up support so we can be ready top stop the looming bankster bailout!

  3. we have not heard from Ms Denise Brailey in context with any Class Action. THere are thousands of us who have yet to hear from her about this or even any interest from the GOVERNMENT itself. The year is 2015. This seems to be dying in the hands of the senate as hundreds have submitted their SUBMISSIONS to parliament and we are all awaiting some response from our GOVERNMENT which has the mandate of protecting the people.

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