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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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To all mortgage brokers, BDMs and loan approval officers! 
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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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Recent blog posts
 Bob Katter said only one more vote is needed to see the royal commission proceed   Warren Entsch must have been threatened to change his mind and turn into such a ditherer!   https://www.youtube.com/watch?v=fECuQNizOtw   Strong Support Shown For Banking Royal Commission During Townsville Forum Bank Reform Now·Tuesday, 23 August 2016 https://www.facebook.com/notes/bank-reform-now/strong-support-shown-for-banking-royal-commission-during-townsville-forum/910050565770259   Banks and the conduct of their receivers were in the firing line during a forum supporting a royal commission into banking held at the Townsville Showgrounds on Saturday. Close to 50 concerned home owners, primary producers and small business owners united with Federal Member for Kennedy Bob Katter, Federal Member for Herbert Cathy O’Toole and One Nation senators Rodney Culleton and Malcolm Roberts for the forum.         One Nation senator for Western Australia Rodney Culleton said the banks need to be pulled into line, and likened their action to organised crime.   Burdekin-based sugar industry...
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More than 100 SMSF auditors struck off by ASIC Sydney Morning Herald AUGUST 23 2016 - 3:25PM Sarah Danckert   More than 100 approved self-managed superannuation fund auditors have had their registration cancelled with the corporate watchdog after failing to file accounts in another blow to Australia's 'selfie' economy. The Australian Securities and Investments Commission said in a statement on Tuesday it had struck off 133 SMSF auditors following a series of warnings. As a result there are only 6,547 registered auditors to assess the financial integrity of the more than 500,000 SMSFs that manage $595 billion in life savings. A staggering 811 auditors – or one in eight SMSF auditors – were threatened with deregistration for failing to follow the basic requirement of filing accounts or paying registration fees to ASIC. After the threats, 626 auditors lodged their annual statement or paid outstanding fees. A final warning from ASIC prompted...
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What a crock from this Moron.  Murray one of the key bankers who invented Low Doc Lending Scam.  Hockey promised a “roots and branch Inquiry into Banks.”  Why do that if “nothing wrong.”  Libs were trying to gain power and knew of the myriad of bank scandals.  After Hockey gained power on the Bank Scandal issues he appointed Banker Mate and ex Cartel member Murray to run the FSI Inquiry.  Hockey then resigned in favour of top NY Job.  Libs, Hockey, Murray won…..Consumers lose.    Corrupt Murray specifically ignored submissions and potential witness to Sub Prime Lending Scandal.  If Murray had an ounce integrity he would have said “I have massive conflict of interest and cannot accept appointment.”     So why are Liberals raising “bank bashing” stories everyday to attack Labor?  Because Bill Shorten is a big threat to their political existence.      David Murray: telling tales on the...
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Banks accuse Labor of cheap politics Australian Financial Review Aug 23 2016 4:57 PM Phillip Coorey   The banks have slammed the Labor Party for playing politics with the sector after chief tactician Tony Burke said the Opposition would use a motion to establish a royal commission to test the government's one-seat majority when Parliament resumes. Fearful that a Coalition MP might be convinced to cross the floor to support the commission, the Australian Bankers Association said on Tuesday that enough was enough and that Labor kept changing its reasons as to why a royal commission was warranted. Originally, it was argued a commission was needed to clean up the culture of the banks and ensure the regulatory regime was adequate following a string of financial advice and insurance scandals in which customers had been dudded. In recent weeks, Labor has cited the refusal to pass on in full an interest...
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From Dale McCahon   If a madman was running around cutting people's heads off would there be a debate as to whether he should go to jail?. I very much doubt it!!!. So why then can our criminal Banks continue to commit the vile crimes they are on the general public and yet even though all the evidence is there for all to see no one will do a god damned thing to help the people directly affected by their dirty crimes of greed.   No one will allow the real story to see the light of day because too many in too higher offices are protecting the criminal elements that control our Banks.   Enough is enough give the people their rights and announce a far reaching with wide terms of reference Royal Commission, Mr PM Turnbull and stop protecting your precious Cartel Bankster buddies. Show the leadership that...
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The shocking decline of affordable Australian housing   By Unconventional Economist in Australian Property   at 7:49 am on August 23, 2016 | 105 comments   By Leith van Onselen Core Logic has released a series of reports recently highlighting the shocking decline of affordable housing options across Australia.   Last week, Cameron Kusher released some research showing that just over one-third of homes nationally are selling below $400,000, resulting in fewer housing options for those on lower incomes:     The result is even worse at the capital city level, where less than one-in-five (19.1%) of houses and less than one-in-three (31.0%) of units sold were priced below $400,000:     As expected, the situation is worst in Australia’s two bubble markets – Sydney and Melbourne – with would-be buyers hardest pressed to find anything priced below $400,000 in Sydney:     At the same time, a separate report from...
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  Banking lobby at centre of rate rigging claims   By Houses and Holes in Australian banks, Australian interest rates   at 7:21 am on August 23, 2016 | 32 comments   From Banking Day: The language is uncompromising and the analysis rough for the reputation of the Australian Financial Markets Association in a claim by a trio of US investment interests centred on alleged rigging of the bank bill swap rate.   The foremost perpetrators and conspirators fostered their enterprise via the privileged and secretive councils of AFMA, if the narrative of the statement of claim bears any merit.   If the presentation of events and intent shown by Sonterra Capital Master Fund, Frontpoint Financial Services and derivatives trader Richard Dennis is fair, a centrepiece of the Australian financial industry is on a reform path.   The theme of the AFMA allegations is the Australian banks brazenly coordinated their...
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Banks scolded in BBSW stoush Australian Financial ReviewAug 22 2016 11:47 PM Patrick Durkin   National Australia Bank, ANZ Banking Group and Westpac Banking Corp have told the corporate regulator to back-up "serious allegations" they engaged in rigging the bank bill swap rate, rather than airing the claims in the media, as the major banks hunker down for a protracted legal battle. But Federal Court judge Justice Jonathan Beach scolded the banks and told them to get on with the case, such as agreeing on the mechanics of the bank bill market despite the banks' legal teams telling the judge it will delay the trial. "[The Australian Securities and Investments and Commission] have launched the case with a very detailed pleading, the pleading makes serious allegations, ASIC has gone to press to explain those serious allegations, it must be presumed that they are in the position to file evidence that backs...
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Mortgage fraud is the dirty secret that could spark a financial meltdown, economist warns Dana [email protected]_Adele   MORTGAGE fraud by brokers and banks could bring on a financial meltdown, an economic researcher has warned. As at least three of the major banks investigate allegedly dodgy loans to Chinese buyers, LF Economics founder Lindsay David says fraudulent lending is rife in Australia’s property market — and that we should all be scared. NAB is the latest bank to launch an investigation after receiving a tip-off about a mortgage broker involved in a new tower development in Melbourne’s Southbank. It comes as lenders instruct brokers to stop lending to overseas borrowers, after Westpac and ANZ launched an investigation into suspect loans worth almost $1 billion. But Mr David believes the practice of doctoring paperwork on home loans is much broader than the banks would have us think. NAB has been told a broker...
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Kaye and Mick Downer have the courage of Mountaineers..................they are calling on you to follow their lead and speak out about these Bad Australian Banks. https://www.change.org/p/we-re-victims-of-westpac-bank-fraud-help-stop-this-greedy-bank-from-taking-our-home/u/17527805 If you have an unaffordable, unsustainable, unverified mortgage then please gather together under the banner of BFCSA. We can teach you what to look for and confidently show you how much you have been deceived. Kaye and Mick were left unaware until they demanded copy documents. The shock at such deception from Major Banks have encouraged them to speak out. Truth will prevail. Most Valuations have been tampered with $50k - $150k over the top with the Bank's own encouragement and approval. Mick & Kaye could not believe what they discovered this year re their own loan.  CEO's receive $12 million per annum income in our "equal society." These Banks will then want a taxpayer "Bail-out." Aussie will be angry and say NO to a Bail...
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From Barbara      Member of BFCSA     The vocal LNP members along with key people in the key banking and financial institutions have worked in tandem to present a pseudo solution to appear as though they are addressing the myriad of "problems" but knowing that this tribunal idea cannot get to the core of the problem. This tribunal idea cannot bring justice to the vast number of people who have been robbed, fooled and defrauded...
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From Tom  Member of BFCSA   Not sure that our model fits exactly with the US but it would certainly fit their style, unscrupulous and unethical. When we lost 3 properties in the Brisbane floods of 2011 we were covered with full comprehensive insurance even to the point of Landlord Protection. Unfortunately, we were insured with CGU Insurance (dont ever forget that name), they refused our claim and I believe everyone else's as well. They used flimsy definitions and, even though we fought this through FOS, yes, you guessed it...we lost the battle on an arguement I felt sure we had to win. We had three different legal property searches but not one showed that any of the properties were flood prone. They were nowhere near water and were in an elevated position. I just hope that the Royal Commission, when it does come also includes Insurance Companies as well. After all...
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From Kaye: Member of BFCSA: The 'internal investigations' SUPPOSEDLY held by Westpac and FOS in our case must have been like the blind leading the blind! Clearly FOS chooses to ignore the evidence in front of them and closes the case anyway in the hope that we will just go away!! Goes to show who lines who's pockets. Westpac ought to be changed to a people's government owned bank.  There is no way decent people can trust Shareholder owned Banks. From Nanna- Member of BFCSA When we ask for copy documents from Banks we are all fed up with the excuse: No that document is "Commercially Sensitive." Commonly utilising this stonewalling as an instrument to denying the customer their rights to receive copy documents is a criminal offence.  ...
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Customer fee gouge rolls on as banks make massive profits News Corp Australia Network August 21, 2016 12:00am Sophie Elsworth, Personal finance writer   AUSTRALIANS are now paying banks a record $34 million a day in fees. Official data shows customers were slugged more than $12.5 billion in charges in the past year, up $425 million on 2014 levels. The Reserve Bank of Australia figures reveal about $4.3 billion was forked over by households and $8.1 billion by businesses. From ATM costs to home loan application fees, annual fees on credit cards and penalties for late payment charges on various banking products, customers are getting gouged if they don’t pay close attention to their accounts costs and stick to the guidelines. While the nation’s whopping credit card debt remains stable at $52.2 billion, fee income is anything but. Charges for using plastic rose 6.6 per cent 6.6 per cent to $1.5...
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RBA loses credibility as housing boom continues Australian Financial Review Aug 21 2016 11:45 PM Christopher Joye   Australia's booming housing market has once again head-faked the central bank, which is losing credibility every time it cuts on claims the world's dearest residential property prices are nothing to worry about. In rationalising its decision to reduce the cash rate to 1.5 per cent in August, the Reserve Bank of Australia alleged that "the likelihood of lower interest rates exacerbating risks in the housing market has diminished". Yet auction clearance rates in our two largest cities, Sydney and Melbourne, which account for 47 per cent of the metro population, have subsequently risen  back to boom-time levels. CoreLogic reports that 86.4 per cent of Sydney auctions on the weekend resulted in a sale, which is 10 percentage points higher than the equivalent clearance rate 12 months ago and just shy of the 89.7...
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Makes you wonder why banks need practice guides!  Why nobody was ever given valuation copies was ‘the issue’ at the impaired loans inquiry!  The FBAA is not on the ball......the Valuations were lower than the Purchase Price and we now know the Purchase Price was inflated by average $130,000 per property!  BUT YES all consumers must receive a copy of the VALUATION.   FBAA calls for APRA to investigate property valuations by FBAA Admin | Dec 14, 2014 | Articles, Media | https://www.fbaa.com.au/fbaa-calls-for-apra-to-investigate-property-valuations/   The Finance Brokers Association of Australia (FBAA) will ask APRA to investigate how mortgage valuations are calculated, as it believes buyers are being disadvantaged by valuations that are too low. FBAA chief executive officer Peter White said brokers across the country have reported huge variations in valuations for the same property, sometimes by hundreds of thousands of dollars. “This is not good enough. Valuations should reflect the true...
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One can bet there is something in this article our banks have been into and do not want exposed....   Class Litigation of Lender-Placed Hazard Insurance 09.01.2014 By Frank G. Burt, W. Glenn Merten, Richard D. Euliss Also co-authored by Abigail K. Kortz, a former associate at Carlton Fields. https://www.carltonfields.com/class-litigation-of-lender-placed-hazard-insurance/ In the wake of the mortgage crisis, a multitude of class actions were filed against the country’s largest mortgage lenders focusing on asserted abuses in LPI programs. Class action allegations include kickbacks, backdating of policies, duplicate and excessive coverage, RICO schemes, and RESPA and TILA violations. Many of the cases have been dismissed on motion, are on appeal, or have been refused class certification. However, five major lenders have agreed to settle class challenges and other cases remain pending. The authors describe the litigation and the structure of the emerging settlement model. It is an unsafe and unsound banking practice for...
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Greedy banks gouge $1 billion a year from Australians with excessive credit card fees Jessica Irvine, National Economics Editor, News Corp Australia Network August 30, 2014 10:00pm http://www.dailytelegraph.com.au/business/jessica-irvine/greedy-banks-gouge-1-billion-a-year-from-australians-with-excessive-credit-card-fees/news-story/7cf675f07f71af1b24ad0b1b82421f6c AUSSIES are being gouged by a billion dollars a year by credit card companies who have jacked up borrowing rates, despite the falling cost of funds. More than a dozen lenders are charging punitive credit card rates in excess of 20 per cent, despite the cash rate falling to a record low of 2.5 per cent. Card issuers have jacked up their average interest rate from 14.5 per cent to 17 per cent since the global financial crisis, new figures from Canstar reveal. Consumer groups have branded the hikes an unjustified attack on hip-pockets. “Yes, I think it’s gouging,” the director of campaigns at consumer group Choice, Matt Levey, told News Corp Australia. “It does not support the view that there is effective...
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Banks are hauling in $34million a DAY in fees from Australians paying hidden costs for credit cards to home loans Australians paid a record breaking amount in bank fees in the past year Banks gained $12.5billion worth of fees - $425million more than 2014 Home and personal loans and credit card charges are big proponents http://www.dailymail.co.uk/news/article-3750523/Banks-hauling-34million-DAY-fees-Australians-paying-hidden-costs-credit-cards-home-loans.html By BRIANNE TOLJ FOR DAILY MAIL AUSTRALIA   ATM withdrawals, late payment penalties and credit card fees are funnelling $34million a day into banks.   Australian customers are paying record amounts in banking fees, relinquishing $12.5billion in the past year - $425million more than 2014, according to The Daily Telegraph.   Businesses make up $8.1billion in fees while households are handing over about $4.3billion, the Reserve Bank of Australia has calculated. An increase in annual credit card fees, home and personal loans, overdrafts and late penalties are responsible for the rising payments. Credit cards – the...
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Katter: Entsch is dogging it and here are my Terms of Reference for Royal Commission into the banks KAP member for Kennedy, Bob Katter was the first Member of Parliament to call for a Royal Commission into the banks over a year ago on the 15 May 2015: 16 August 2016 http://www.bobkatter.com.au/module/latestNews/view/535/katter-calls-for-royal-commission-into-bank-lending-practices/media-releases Mr Katter will be voting for a Royal Commission into banking and is disappointed, neighbouring Member for Leichhardt; Warren Entsch has back-flipped on a Royal Commission, “Entsch is dogging it. Entschy, I plead with you to reconsider this idea of the Tribunal. We need the Royal Commission.” Mr Katter says there are four critical issues that must be addressed in a banking Royal Commission: “#1 Australia has recourse lending on housing and the Americans have non-recourse lending. Recourse lending removes the responsibility of prudential oversight. “In America the bank can only get the house back they can’t get the...
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Not nice knowing the country is being run by a blatant liar!   FOI proves privatisation plans:     19 August 2016 -   http://www.skynews.com.au/news/politics/federal/2016/08/19/foi-proves-privatisation-plans--labor.html   A private firm has not been told to stop work on a $5 million taxpayer-funded contract to manage the outsourcing of the Medicare payments system.   Labor leader Bill Shorten campaigned heavily during the election on the issue of Turnbull government plans to 'privatise' Medicare.   Labor's claim was based on several factors, including a contract given to PriceWaterhouseCoopers (PWC) to oversee the outsourcing of the $50 billion-a-year payments system.   A digital payments services task force was set up within the government, with PriceWaterhouseCoopers paid $5 million until the end of this year to provide management advice.   Asked on June 22, during the election campaign, whether the government had scrapped the contract, Mr Turnbull told reporters: 'The administration of the research into this...
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PM you and sidekick Morrison (Dumb and Dumber) took $120 million from ASIC. Medcraft complained via Media. 24 hours later Banks did a whip round and provided the $127 million from their own petty ch. What's with the "we" business?  Oh hyes of course.  "We" meaning: Me Malcolm and My Bank Mates ASIC has taken ZERO lenders to court over Mortgage FRAUD. None!   ASIC took banks to court over rate rigging by a few traders ONLY because they knew the American Lawyers were preparing Law Suits and were hopping on planes heading Down-under!    OOps! PM treating Punters (as in People) as if we are all sub moronic.   Malcolm Turnbull all but confirms bank Tribunal Australian Financial Review Aug 19 2016 5:59 PM Phillip Coorey   The Commonwealth Bank of Australia has warned its credit rating and that of other retail banks could be further imperilled unless the "bank bashing"...
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NAB collects tidy profit in China shadow banking sell-down Australian Financial Review Aug 19 2016 12:19 PM Angus Grigg    National Australia Bank has quietly sold half of its only Chinese investment, mirroring the exit of other foreign lenders from the high-risk shadow banking sector. In a deal yet to be disclosed in Australia, NAB has offloaded an 8.42 per cent shareholding in China Industrial International Trust (CIIT) for 420.8 million yuan ($82.5 million). The stake was purchased by the government-owned Fujian Energy Group, according to an announcement made by the trust's major shareholder, China Industrial Bank. NAB has never disclosed the purchase price, but it was thought to have paid around $50 million for its 20 per cent stake in 2007, when it became the first foreign bank to invest in China's trust market. This stake was later diluted to 16.83 per cent. The disclosed sale price suggests NAB has...
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Bank hybrid risk is underestimated Australian Financial Review Aug 19 2016 12:16 PM Christopher Joye   Before I bring out the biff, let me say it again: I'm a buyer of ANZ's new additional tier one (AT1) capital hybrid (ASX: ANZPG), which will pay excess income of 0.20 per cent annually based on the pricing of listed peers and the performance of ANZ's US dollar hybrid. On Thursday the latter security hit a high of $111, translating into a spread above the 1.76 per cent bank bill swap rate of 4.61 per cent for its June 2026 call date (or a 6.37 per cent total running yield in Aussie dollar terms). In February, CBA was forced to pay Perls 8 (ASX: CBAPE) investors a far wider 5.2 per cent spread for a hybrid with a much shorter October 2021 call date. Perls 8 is trading more than 100 basis points inside...
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Protection taunt riles Malcolm Turnbull's much needed Senate ally Nick Xenophon Australian Financial Review Aug 20 2016 12:15 AM Fleur Anderson   Nick Xenophon, Malcolm Turnbull's new best friend in the Senate, is a little concerned. There's a sneaking suspicion the Prime Minister's speech on Wednesday about the perils of protectionism might have been a slight directed at him. But then again, perhaps Malcolm Turnbull was just talking about Donald Trump and Pauline Hanson. "The speech worries me," Xenophon says. "I would have thought if the government wants to work with the crossbench, it would hold out an olive branch. "Instead all the Prime Minister gave us was a few olive pips. And that's not enough sustenance to nourish the relationship." Pauline Hanson might have four senators in her patch but it's still Nick Xenophon, with his three senators and one House of Representatives member, who is the dealmaker of choice...
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