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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A recent comment on BFCSA Facebook regarding Denise's blog : Banks control the World. Just ask the Politicians: Too Big To Fail  "My name is Aaron,  My wife and I signed a LAF yesterday and asked if we could have a copy. The manager said no its a bank document. When we insisted to at least have a copy of the pages we signed and our details he said he would give us a copy if the loan was approved. Makes you wonder what is on there that is so precious." (name supplied)  https://www.facebook.com/BFCSA...
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  • doyla66
    doyla66 says #
    Well my old friend "Bendigo and Adelaide Bank" are starting surface into a few more blogs. Beware...they changed my figures... not
  • doyla66
    doyla66 says #
    The offer on the house hasn't been accepted yet but I had to sign the paperwork early as I flew out for work yesterday for 3 weeks
  • doyla66
    doyla66 says #
    Thanks for the information, Aaron. Could you use the cooling off period to seek a different lender for comparison? Maybe if Bendig
  • doyla66
    doyla66 says #
    Denise says to Aaron - if you only sighted 3 or 4 pages - 1. you are being scammed by Bendigo bank 2. If Bendigo Bank won't give y
  • doyla66
    doyla66 says #
    Sorry to be a kill joy but to find an honest banker is going to be pretty hard. Money makes the world go round and unfortunately p
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Dear Members Yesterday I watched in disbelief as Wayne Swan took credit for all the major lenders passing on the full RBA cuts. He had the gall to say that the regulations that the Labor government had put into place whereby borrowers can go from one lender to another if not satisfied and not incur exit fee's had stimulated " competition " between the lenders and the full rate cut was a result of that. Bollocks, collusion is the big 'C' word Wayne not competition.. Why? do you think the banks have gotten away with the dreaded low doc/FULL doc/no doc scam for so long? The banks have been two steps ahead of the government for years and please explain who is responsible for getting Jon Denovan of Gadens on the Board of COSL, a law firm that represents the banks and does their dirty work a position on the inside...
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  • doyla66
    doyla66 says #
    Yes honesty your are right. I will not give up. If Nab think they have buried us they do not understan what lengths country peop
  • doyla66
    doyla66 says #
    It's never too late Gypsy,I am never going to give up,one day the whole story will be heard and what I have discovered will knock
  • doyla66
    doyla66 says #
    The old saying THICK AS THEIVES rings true in all aspects of the banking, courts, governments, fos, cosl, blah blah . The judge w
  • Denise
    Denise says #
    Perhaps COSL should be renamed CLOSED.....It only favours lender members and which one of their members is the latest to teeter on
  • doyla66
    doyla66 says #
    Consumer protection has gone out the window. With the likes of Denovan on the board of COSL consumers will not get a fair judgemen
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During the coming weeks, my tireless team of bloggers will re-blog some of the previous classics, lest we all forget.   On 8th August (2pm) I gave evidence in the Federal Senate Inquiry into Banking - Post GFC.   One of the issues raised with the Senators was concerns that we have many people living in their homes for years and paying no payments and we suspected under reporting of defaults to APRA.  We had concerns, and still have that domestic loans were being re-jigged as business loans to enable banks (attempted) to avoid responsibility to their customers.  Classifications of these mortgages has become a sticking point with the Financial Ombudsman's Service ("FOS"). Australian Prudential Regulator Authority ("APRA), sister regulator to useless ASIC on the Twin Peaks System, upon hearing my evidence wrote letters to all major banks and lenders.  It took 14 days from the 8th of August, to pen the letters.  We were never privy to the responses.  APRA...
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  • doyla66
    doyla66 says #
    No enforcement by APRA? Or ASIC? No proof that the work was done? Wakey wakey APRA, ASIC and the rest of you overpaid bureaucra
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extracted from Michelle Collins of The Sunday Mail Good Mail column on 5th May 2013 "Time for some deserved bank bashing.  A reader tells us how on Friday April 19 her husband transferred $100,000 from a bank branch in Aspley to their account at another bank's branch in Chermside.  The funds weren't available until April 26.  She's wondering why it takes a week for the money to go through when the car trip between the two suburbs is less than 10 minutes."    ...
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  • doyla66
    doyla66 says #
    Same, same here. The cheapest most reliable way I found to get a chunk of money from one financial institution to another was to
  • doyla66
    doyla66 says #
    10 minutes by car,nanoseconds by computer,it's on the short term money market as soon as it hits dealers desk,but the interest you
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Another article involving banking corruption.  Where does it start & where does it end with these banks??? ************* U.S. and UK financial firms are pretending they haven't been deeply involved in the dark side of banking.   May 2, 2013  |       Like this article? Join our email list: Stay up to date with the latest headlines via email.   Money-laundering issues at U.S. and UK financial firms shed light on role of rich nations and elite banks in the offshore world. In the summer of 2009, Jennifer Sharkey was moving in select company. As a Manhattan-based vice president at JPMorgan Chase & Co.'s Private Wealth Management group, she juggled relationships with 75 "high net worth" clients with assets totaling more than half a billion dollars. Things changed for her, she claims, after she raised doubts about a "suspect" foreign client who had millions stashed in various accounts...
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  • doyla66
    doyla66 says #
    I suggest you challenge both major parties on their record of actual fiscal responsibility - and ask for detailed proof. I would
  • doyla66
    doyla66 says #
    This is also going on in Australia. At snails pace ASIC has only done a token effort to curb it with NZ and other Pacific countrie
  • doyla66
    doyla66 says #
    Their responses will be the usual fluffed & buffed 'banker' speak we hear so often trotted out in their media spin. We've all seen
  • doyla66
    doyla66 says #
    I agree. I'd like to see more Senators mindful of the fact that they're being broadcast and questioning Bankers and bureaucrats to
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Bill Hoffman writes today: http://www.sunshinecoastdaily.com.au/news/hidden-loan-trouble-looms/1855224/ We suggest you buy a copy of today's publication as it contains a string of related articles including a predictable response from ASIC and Gadens AUSTRALIA has the world's biggest sub-prime mortgage problem per head of population. That's according to a consumer advocate responsible for exposing a series of financial scandals dating back to the late 1990s. Denise Brailey is a former model and real estate agent with degrees in legal studies, criminology and political science. During the past 13 years, she has helped expose a string of shady investment scams including a finance-broker scandal in Tasmania where she secured $120 million back for investors, and an $80 million first-mortgage scam run by lawyers in South and Western Australia. She said this week that the government's decision to prop up the Residential Mortgage-Backed Securities market had helped hide a problem which would soon have the non-bank lending...
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  • doyla66
    doyla66 says #
    Jon Denovan is a habitual LIAR when he states that ASIC never received any DETAILED complaints. We did send DETAILED complaint'S
  • doyla66
    doyla66 says #
    I do agree with this. ASIC are there to protect the big business only of Australia & there are not many bigger than the banks or t
  • doyla66
    doyla66 says #
    Well said. Similar story here. I'm planning something special for ASIC when I've gotten all my evidence together as all my cases
  • doyla66
    doyla66 says #
    Jon Denovan and ASIC are still digging up the same lies that were told to the Senate Inquiry and Senate Estimates Committee. Or ma
  • doyla66
    doyla66 says #
    also by Bill Hoffman in Todays Sunshine Coast Daily http://www.sunshinecoastdaily.com.au/news/victims-reveal-rogue-swoops/1855222
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Australian Broker News:  Records Broken as processed Mortgage Figures Jump up 40%.     There is NO POLICING OF THESE LOANS IN AUSTRALIA not since 1986.    NO regulatory oversight or control of these loans at all.  Victims in every state.  Time for a Royal Commission.  Its the Banks as Engineers whoa re at fault.  Not the Brokers.  We have the evdience.  This email address is being protected from spambots. You need JavaScript enabled to view it. "The number of mortgages processed last month beat April 2012 figures by 40%, according to aggregator AFG. The monthly AFG Mortgage Index shows that the company processed $3.2 billion in home loans, compared to $2.2 billion a year ago. April’s $3.2 billion figure was the company’s largest ever volume for one month, following a record-breaking month in March, when the broker arranged $3.17 billion in home loans. For the past three years, April figures have been lower than in March, but this year’s surge bucked the trend. Mark...
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  • doyla66
    doyla66 says #
    Do you believe their figures? Where is the proof? It sounds like hype to stimulate confidence in potential borrowers. Looking at
  • doyla66
    doyla66 says #
    The banking game at our expense! Decent everyday Aussies... All the more reason for a VOICE in Parliament that truly understands
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Robert Gottliebson's chilling warning from today's Business Spectator.... Grief will steal the Chinese miracle Robert Gottliebsen3 hours ago3 Economy China Markets     The two miracle economies during the global financial crisis – China and Australia – are in trouble. As we look back at the various crises over the last 15 years it is clear that, in hindsight, there were clear warning signals, if only we had been smart enough to recognise those signals. Suddenly clear advanced warning signals are emerging from both Australia and China. Australia’s signal will come later today when Prime Minister Julia Gillard announces that Australia’s tax revenue has slumped. Deep down, Australians know they are in trouble which is one reason why the voters, according to the opinion polls, have turned to Opposition Leader Tony Abbott. China’s problems are not as widely recognised and the advanced signals are confused – at least, until now. You may remember...
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  • doyla66
    doyla66 says #
    Rather than paying "fix it" money if a government were willing to examine and action root causes of problems without influences th
  • doyla66
    doyla66 says #
    It's the news we knew would have to happen. The Chinese part will have major implications, especially for the resource based econo
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Dear members On todays news watched the P.M., Gail Kelly (Westpac) and Mike Smith (ANZ ) in China doing business, just when you think the big four are bursting at the seams with all the money they have made now they want to go and rip the Chinese off. The P.M. was very chatty and lovey dovey with these two, maybe she was asking for a job interview or maybe she was asking for a bit of compassion for all their low doc/ no doc customers- yeah right! Financial greed and political ambition go hand in hand, so maybe the P.M. was just working out how big a political donation her party requires. A close personal friend of ours is a Westpac teller and three years from retirement, she can't stand the fact that she has been ordered to flog expensive product to everyone who stands in front of her till, she reckons...
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  • doyla66
    doyla66 says #
    Correct Sean. Cyprus Banks now steal the money of their bank depositors. Australian banks will soon be doing the same. YOU are not
  • doyla66
    doyla66 says #
    Australia is falling apart, and all Gillard can do is lend a hand to banksters who are bent on destroying both China and Australia
  • doyla66
    doyla66 says #
    Yes Neil I remember the good old days when the Bank Manager was the pillar of our small town. He was an important part of the com
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  Bank of Queensland to refund 6,000 customers after mortgage offset error:    By Larry Schlesinger Thursday, 04 April 2013-- The Bank of Queensland (BoQ) will refund thousands of customers around $12 million after they paid too much interest on their home loans over a number of years.  Mortgage customers were overcharged due to a computer error that resulted in a failure to link Mortgage Offset Accounts (MOA) to some eligible home loan accounts.  An offset account is a savings account that is linked to a person's home loan account.  Any money in the offset account reduces the amount of interest payable on the linked home loan.  “In this case, BoQ failed to link some offset accounts to home loan accounts, which meant that money held in those offset accounts did not reduce the interest payable on the home loan accounts. As a result, borrowers paid more in interest than they...
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  • doyla66
    doyla66 says #
    NO WHERE TO RUN ..... NO WHERE TO HIDE! THE TRUTH HAS SPOKEN .... SO TAKE OFF YOUR MASKS AND SURRENDER!!!!!!!!!!
  • doyla66
    doyla66 says #
    Banks must be realizing that the truth is closing in on them. Bankers, get into your board rooms, think outside your square and f
  • doyla66
    doyla66 says #
    Woo Hoo...The bank discovered the problem and reported it to the corporate watchdog. How noble of them....WHAT ABOUT THE REST....
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Are Australian taxpayers  guaranteeing Cyprus residents savings? In March 2012 the Bendigo Bank bought  the Bank of Cyprus Australia Limited with full approval of APRA and ASIC. It paid an estimated A$130 million and  in return got 100% ownership of a network of 14 Bank of Cyprus Australia Limited branches based in New South Wales, Victoria and South Australia  with interest bearing assets of A$1.4 billion. If loans are assets for Banks then on the face of it  loans formed the bulk of the Bank of Cyprus Australia Limited assets of A$1.4 billion acquired by the Bendigo Bank. And it looks like the loans were assigned from one bank to another for less than 10% of their book value …interesting!! Here is the source: http://www.bendigobank.com.au/about_us/news/news_dbdetail.asp?nID=661/ After the purchase the Bendigo Bank then renamed the Bank of Cyprus Australia Limited  to Delphi Bank. Could it be that  the interest-bearing assets acquired from  the Bank of Cyprus Australia Limited Group apparently for...
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  • doyla66
    doyla66 says #
    An interesting find Lenny. This will have some of our Members checking these issues out - Like ASIC and Co trying unsuccessfully t
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Banking practice in general in Australia is appalling. Banks have churned money out of their customers, charged them for every possible thing, constructed their banking conditions heavily in their favour, and imposed financial hardship on people when, due to economic circumstances, customers have not been able to meet their banking commitments. All the while, they are protected by the Australian Federal Government of the day who has let the Banks ride rough shod over anyone that stands in their path. They use the Law for their own ends and they work on the premise that very few have the money to fight them in a Court of Law when "push comes to shove". If their executives appear before Federal Parliamentary Committees such as the PJ-C on Finances and Services and are asked direct questions, they lie and no on holds them accountable. Why? Because, for the most part, they believe...
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  • doyla66
    doyla66 says #
    The system should be scrapped and we start all over again. Modern Debt Jubilee could be the answer, before it is all too late. A
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****Under ‘The Crimes Act 1958 - 'SECT 83A' it is a serious offence to falsify documents which incurs heavy penalties including imprisonment****     83A. Falsification of documents   (1) A person must not make a false document with the intention that he or she, or another person, shall use it to induce another person to accept it as genuine, and by reason of so accepting it to do or not to do some act to that other person's, or to another person's prejudice.   Penalty: Level 5 imprisonment (10 years maximum).   (2) A person must not use a document which is, and which he or she knows to be, false, with the intention of inducing another person to accept it as genuine, and by reason of so accepting it to do or not to do some act to that other person's, or to another person's prejudice.   Penalty: Level 5 imprisonment (10 years maximum).  ...
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  • doyla66
    doyla66 says #
    Why then isn't the AFP taking our evidence seriously and investigating our complaints against the Banks.. APRA is keeping the Bank
  • doyla66
    doyla66 says #
    These penalites seem harsh but very fitting & should be applied to each person who had a hand in processing our dodgy loans. Our
  • doyla66
    doyla66 says #
    Are there identical or similar federal acts?
  • doyla66
    doyla66 says #
    Very interesting Gina, I can't for the life of me think how the lawyers couldn't use these laws in our case,I have a bundle of fal
  • Denise
    Denise says #
    Gina, these are State Acts. The Crimes that have been committed are by the Banksters against the Commonwealth. If you try to com
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Why Global Banks are the Thieves, Cheats, and Liars of Cyprus:- How does it all work without them blowing themselves up and going to jail? How can an amalgamation of small & large cartels - all in the same game, all shaking down the same sheep - be part of a grand cartel & not really have a worry in the world?  For the first time in modern history, the light of day is being cast on the great vampire squids from depths of Mordor. Maybe (but I doubt it) the world can begin to see the noose that banks have around our necks. And that we will hang ourselves if we don't break up all the big banks & the central banks that use government power to back the true usurpers of humankind." By The Daily Reckoning • 19/03/2013 •  Let's talk about Cyprus, the International Monetary Fund, and the European Central Bank. Let's...
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  • doyla66
    doyla66 says #
    Great story Andy, The Daily Reckoning Australia have it right. Big banks all over the world operate in the same manner, no wonder
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Oligopoly in control · JOHN DURIE  The Australian  March 22, 2013  THE Australian Competition & Consumer Commission made its decision on the CBA acquisition of Aussie Homes Loans back in 2008 when it approved the $80 million purchase of 33 per cent of the company. The extra $200m to buy another 47 per cent cemented control but didn't make a lot of practical difference on competition grounds. But there is no doubt it cements the power of CBA and the big four banks. The 2008 deal was part of a superbly orchestrated market share grab by former CBA boss Ralph Norris, who also famously picked up control of BankWest at the same time. These moves helped lift CBA's market share from 18.5 per cent to 25.2 per cent of deposits and from 21.7 per cent to 27 per cent of home loans. They also kept a potential wild card under control....
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 Iran Bankers Get Death Penalty After $2.6 Billion Fraud The outcome of the biggest banking fraud case in Iran’s history was made official on February 18. According to Associated Press, four bankers have been sentenced to death in Iran for their role in a $2.6B scandal, while two more bankers were given life sentences, and 33 more accomplices will spend up to 25 years in jail, the chief prosecutor was quoted as saying. This is the biggest banking fraud in Iran’s history, and the stiff decision reveals that the bankers in Iran don’t run the country. Iran’s Supreme Court upheld the sentence passed at the trial last summer. Attorney General Gholam-Hossein Mohseni-Ejei told reporters that the four bankers were guilty of corruption and “disrupting the country’s economic system.” The scandal involved the use of forged documents in order to receive credit from banks, which enabled them to purchase state-owned companies. Iran’s...
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  • doyla66
    doyla66 says #
    Australian Bankster executives should also get tough punishments and also slack public servants here! BANKSTERS taking obscene sal
  • doyla66
    doyla66 says #
    The U.S. Government is more corrupt than Iran’s when they call the Iran's central bank a criminal organization. In truth, Iran is
  • doyla66
    doyla66 says #
    This is absolutely a criminal act and our gutless Polititians will ultimately be forced to bend and prosecute the offenders involv
  • doyla66
    doyla66 says #
    We the little people have been subjected to exactly the same tactics, forged signatures, forged documents. How disgraceful of our
  • doyla66
    doyla66 says #
    Yes USA gov is hypocritical.. rewarding banksters with bailouts and then saying Iran banks are corrupt. At least Iran gov is doing
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http://www.couriermail.com.au/business/teller-raps-bank-for-lending-too-much/story-fnefl294-1226593600545 A FORMER bank teller has unearthed problems with a spiral of loans she signed up for - from her own institution. The problems for Debbie Bahr and her truck driver husband Greg included Bank of Queensland allegedly overestimating the financial ability of the Cleveland couple to repay loans. "I never thought they would tell me that we could afford a loan which we couldn't end up affording," she said. The dispute - unusually involving loans to a bank staffer - raises larger issues of lender and borrower responsibility. Ms Bahr worked for 30 years from 1981 as a BoQ teller and data clerk. From 2006, the Bahrs got a series of BoQ loans and advances to buy a block of land, then construct a home and later to help their general finances. Debt escalated to almost $647,500, Ms Bahr estimated. By 2010, they sold their home and remained in the...
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  • doyla66
    doyla66 says #
    Hi, we are starting a case of maladministration with CBA, their lending and business managers have admitted that they were rsspons
  • doyla66
    doyla66 says #
    I've said it before and i'll say it again and i'll keep on saying it "Fos closed our file for no other reason other than that our
  • doyla66
    doyla66 says #
    Debbie, we believe that FOS' Philip Field is totally corrupt. We have a FOS letter in which the FOS' Legal Counsel confirms: "The
  • doyla66
    doyla66 says #
    "Philip Field from FOS. One could say that he will do whatever he can to get the Bank's over the line" Thanks Debbie for your post
  • doyla66
    doyla66 says #
    This is my story. I don't think that any words could possibly describe the anguish, the hopelessness,the desperation,frustration,
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While I sit and wait for FOS to assist me with my bank and mortgage I decided to look at my credit cards and the process in which I obtained these cards and the credit limit increases that I have been offered by these 2 big main stream lenders. FOS is assisting with this but my latest response from FOS has asked me to provide financial statement of positions information pertaining to my position and budget ranging between 2007 and 2013. Not sure how many people can remember how much they spent on fuel each week over 5 years ago!!!!!! Ridiculous!!! My response has remained firm in that the bank needs to provide me with the original application information and what documents/information the bank relied upon to establish the credit card in the first place and then my signatures and acceptance of these increases based on their assessment. I have been...
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  • doyla66
    doyla66 says #
    Please consider that the actual FOS claim amount "does not exceed $500k" regardless of actual loan amount granted.. --and amend FO
  • doyla66
    doyla66 says #
    I agree Kyle, and it is also my opinion and my view that Fos should be investigated by the Crime & Misconduct Commission for corru
  • doyla66
    doyla66 says #
    Good onya hope-always. The onus is on the BANK to provide the proof of income verification, not you! FOS knows this, yet they stil
  • doyla66
    doyla66 says #
    Further to my post on the 6th March....I have stated in all of my responses that I am more then willing to cooperate with FOS and
  • doyla66
    doyla66 says #
    It is so wrong for Fos to have a set claim amount and if your claim exceeds that amount they won't investigate your claim. They wi
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already blogged - see blog 2 below BFCSA: RBA quietly increases Bankster Bailout Buffer $380 Billion at 3.4%
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  • doyla66
    doyla66 says #
    Yes, how can this happen on the quiet? Maybe Captain Haddock will know the answer?
  • doyla66
    doyla66 says #
    Will the press follow that up? How can this happen on the quiet?
  • doyla66
    doyla66 says #
    Yes I think a few of us found this at the same time. So the Banks will rule? Can this be overruled? Who allows this to happen? S
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