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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The idea that the major banks are distinct competitive entities is a “joke,” according to The Australia Institute. Full story A new report issued by the research centre says over 53% of each of the big four is owned by the same small number of institutional shareholders. The largest of these, HSBC Custody Nominees, owns 16.7% of the major banks’ shares, while JP Morgan Nominees Australia Ltd owns 13.6% - and National Nominees Ltd (a wholly owned subsidiary of NAB) owns 10.7%. Senior research fellow, David Richardson, examined the top 20 shareholders of each of the major banks and says the degree of common ownership “seriously challenges” the idea that there are four independent banks. “The big four banks make up more than $1,460 profit from every man, woman and child in Australia. They argue that these profits flow largely to mums and dads with superannuation, but our analysis calculates that the average superannuant...
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  • doyla66
    doyla66 says #
    Interesting how the pollies will selectively quote or ignore respected researchers isn't it? Somehow, after the past couple of Se
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WE KNOW WHAT HAPPENED Hi to everyone of you that have the words CREDIT ASSESSOR MANAGER or SALES MANAGER BANKING on a brass plate, on your door. You are working in a white-collar crime scene.  You have been party to a massive fraud PERPETRATED on borrowers of Low Doc Lending with a few FULL DOCS thrown in. Your boss's lawyers have told you "do not release the SERVICEABILITY CALCULATOR ("SCF") to the borrower as "its an internal document." This is false and we will discover those documents.  We have some SCF's already, so we know what went down, as do our Members of BFCSA. TRUTH:  The Serviceability Calculator Form originated (yes at your instructions) from the EXTERNAL AGENTS known as Mortgage Brokers.  Under your instructions, the document was ATTACHED to the Loan Application Form and attached to the FAX carrying the 30 plus pages of the LOAN APPLICATION SET of documents known as the LAF PACK. This...
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  • doyla66
    doyla66 says #
    Yes call Denise now - you don't even have to give your name - strict privacy is assured. By coming forward you will be assisting s
  • doyla66
    doyla66 says #
    Yes, Denise, when all else fails it is the insistence on truth that will prevail. Liars hide behind threats, ridicule and arrogan
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Huaxia scandal spotlights China's Ponzi crisis   Without tight financial regulation, risky wealth products are thriving on the mainland and could spark a liquidity crisis Daniel Ren in This email address is being protected from spambots. You need JavaScript enabled to view it. It is an all-too-familiar tale. Depositors trust a bank with their cash in the hope their wealth will be managed well, only to find that the money has evaporated at the end of the agreed term. In the latest scandal to rock China's banking industry, dozens of depositors lost their multimillion-yuan investments in a "wealth management product" (WMP) sold at a Shanghai branch of Huaxia Bank. The sorry saga was a rude reminder that Ponzi schemes thrive on the mainland, where millions of residents still believe that banks are the safest havens for their lifelong savings. On Tuesday evening, more than 40 depositors protested against alleged malfeasance by Huaxia Bank at an outlet in Jiading district in Shanghai. They vented their...
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  • doyla66
    doyla66 says #
    In Australia in the 1990s, it was the CBA taken to the Senate over their shadow banking ledgers. They were the leaders in the naug
  • doyla66
    doyla66 says #
    Who needs conspiracy theories! It is evident all around us that we have a global epidemic of criminal banking activity. "Regul
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.........more weapons and Kryptonite I bring....... from the Vault!.....       True rate of home defaults hidden THE number of home repossessions around the nation is up to four times higher than reported figures because lenders are disguising the nature of forced sales to prop up property prices. Australia's biggest private debt collector, Prushka, yesterday said about three-quarters of sales forced by bank and non-bank lenders were co-ordinated with the consent of home owners, meaning they were not recorded in court repossession figures. "By far the most popular way for lenders is to sell the property with the consent of the borrower to avoid advertising the property as a forced sale," Prushka chief executive Roger Mendelson said. "The idea is to work with the seller because if they sell the property as a mortgagee in possession that will slaughter the price because you're going to attract the bargain hunters." Mr...
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  • doyla66
    doyla66 says #
    You also need to add to this new real ongoing % defaulting loans 1) all those that are refinanced externally 2) and those that
  • doyla66
    doyla66 says #
    I read an article somewhere recently, (may have been one of the Broker websites) where one lending official was claiming that it w
  • doyla66
    doyla66 says #
    Whatever the banks do, you can be sure that it's for their own benefit. The more we read the wider our eyes open. No more are we t
  • doyla66
    doyla66 says #
    Yes Maria.. everything is in the banks favour we are learning daily now from bfcsa blogs.. now even loopholes in the reporting of
  • doyla66
    doyla66 says #
    So now I know why the banks are allowing me to sell may properties without it being forced, I thought they were trying to help me
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WESTPAC    13 May 2004   BDM to a broker BDM to Broker:  If you can get rid of her car loan and visa it would certainly make the deal look more attractive.  Basically there is nothing to ADD BACK that is going to make any difference to this deal…..   WESTPAC    1 February 2006   BDM to a broker Broker to BDM:  Do you need A & L statement?  Macquarie and RAMs don’t. BDM to broker: “  No we don’t.  It’s basically like a self certification.  We don’t need an ABN either. 70% LVR Low Doc self employed. "The deal is this: It has to be stated what they earn etc, on our SERVICE CALCULATOR, but it’s not a formal A&L.  We need to ask what they earn but we take what they say without proof.”   WESTPAC    20 May 2008   Brochure  What’s New?   - all brokers Low Doc Loan Policy requires the...
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  • doyla66
    doyla66 says #
    any more Westpac emails? 2006 & 2007
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This is my first blog... I know we are all under stress so I will try and lighten things up a little.. Hi all... Over the last few weeks going through FOS and reading documents, sorry, false documents supplied by ING Direct i noticed a couple of instances were I had to laugh. Most times banks are deceitful, sneaky and calculated, but I wanna know when your bank did or said something that made you think "these guys are idiots". Her'es one... As with all banks they will say the Broker was an agent to the consumer...blah blah blah.. After being told in no uncertain terms by Campbell Hudson of Gadens  'the broker was not an agent of my client ING', I came across documents sent to FOS by Gadens that say otherwise. Thanks Shane Watson is our accountant " apparently", he falsified numerous documents in the LAF. There are 2...
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  • doyla66
    doyla66 says #
    Good one Leigh. Those dumbass corrupt banks rely on their deception & tell so many lies that eventually their lies are revealed.
  • doyla66
    doyla66 says #
    They gave you, Leigh, the evidence to 'shoot' back at them in such an embarrassingly public forum such as the world wide web - lov
  • doyla66
    doyla66 says #
    i like the way you blog Leigh.. keep em coming.
  • doyla66
    doyla66 says #
    Leigh, to add --ING indeed "wilfully" breached (2011) FOS rules &/or contract by instructing Gadens on behalf of Pioneer ('the dum
  • doyla66
    doyla66 says #
    Shot themselves in the foot. hahahaha
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UP to 70 Victorians are forced from their homes or threatened with eviction every month, some over debts as small as a few hundred dollars. As the big banks baulk at demands to help struggling home owners, a Herald Sun investigation has found lenders are claiming back about $30 million a month through repossession actions in Victoria. The first two banks to belatedly pass on this week's interest rate cut - NAB and ANZ - were also the most prolific at repossession. Not only are the banks kicking people out, they are demanding tens of thousands of dollars in interest, leaving customers both homeless and deep in debt. An analysis of court records found: THE big banks, which provide two-thirds of residential mortgages in Victoria, brought a third of repossession actions in the past 18 months. The remainder were driven by smaller lenders. NAB was the most inclined to issue repossession...
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  • doyla66
    doyla66 says #
    With those numbers, they might get scared & shift the goal posts by changing the name & restructuring the entities involved. Gover
  • doyla66
    doyla66 says #
    How can the Australian Government sit on their hands and do nothing constructive about this? How can the regulators say "we see n
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  The founder and director of a shipping company based in Brisbane with a turnover of $68.5 million placed an apology letter on the internet after the company was placed in receivership.   Skelton Sherborne specialises in transporting heavy equipment around the world and has offices worldwide with 25 staff.   However last week Deloitte was appointed by HSBC bank as receivers to the company.   Deloitte is continuing to trade the business while offering it for sale, with advertisements placed in newspapers this week.   Frustrated by his lack of control over his own company, Brad Skelton, the founder and director of Skelton Sherborne, posted an emotional apology letter to customers and staff on his blog yesterday entitled “I’m sorry!”    “Skelton Sherborne has truly great people who I can say without reservation are among the shipping industry's best in the world,” the letter says.    “I thank them for...
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  • doyla66
    doyla66 says #
    HSBC must have needed the money to pay their dealers: drug trafficking, arms dealing, and heaven knows what else. I wonder if Bra
  • doyla66
    doyla66 says #
    Then on what grounds has HSBC acted?
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Posted by on in Bankers A Law Unto Themselves
I was 64 and my husband 74, both on the aged pension, when the CBA insisted we take a $524,000 loan for 30 years. Is this responsible lending?We cannot keep up the repayments and worry about the future.  It was originally a refinance for $360,000 but they lured and encouraged us to take a larger amount....
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  • doyla66
    doyla66 says #
    Sounds like me to Robyn. Westpac loaned me over $606,600.00 on an income of $6,101.00 for the year 2009 to be paid off in 10 year
  • doyla66
    doyla66 says #
    agree, joining bfcsa the best $50 ever spent!
  • doyla66
    doyla66 says #
    CONNBANK strikes again with predatory, imprudent lending. They have proved that they will do anything to get their big bonuses.
  • doyla66
    doyla66 says #
    Robyn yours is a sad but common story. My husband and I are lucky we will be a spritely 88 and 92 when we pay off our our 30 year
  • doyla66
    doyla66 says #
    So at 94 & 104 years of age (30 years time), you are expected to be still working, still drawing a wage & still paying off a mortg
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  • doyla66
    doyla66 says #
    I like it and thankyou to whomever is responsible for the cartoon! More please!
  • doyla66
    doyla66 says #
    What no pollies??? Those wimps should be right at the front with their toes dangling over the edges - 'cos that is where we're goi
  • doyla66
    doyla66 says #
    BFCSA should noted on the side of a raging bull instead..
  • doyla66
    doyla66 says #
    the RAM in the cartoon should be RAMMED over the cliff as well as the rest of "em. otherwise, good work
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<a href="http://ad-apac.doubleclick.net/adi/onl.smh.news/national;cat=national;ctype=article;sz=120x50;tile=3;ord=5.3153858E7">.doubleclick.net/adi/onl.smh.news/national;cat=national;ctype=article;sz=120x50;tile=3;ord=5.3153858E7</a>?" width='120' height='50' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"> MORE than three years after ANZ Bank repossessed Fotini Pavlis's family home in Prariewood, it still breaks her heart to drive past it, as she has to do almost every day. Within two months of losing their house, her husband, John Pavlis, had a stroke. At the time, the couple blamed a former friend and several failed property investments for their problems. But recently they discovered the role their bank managers played in them losing their life savings. And they are not alone. At least five other people believe they were victims of a multimillion-dollar scam involving loans, signatures and documents falsified with the help of bank employees. In at least two cases, money left their accounts without their approval.    Police are now investigating claims that three bank staff - a man, a woman and her daughter - committed fraud in...
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  • doyla66
    doyla66 says #
    I read this story in the papers. It seemed totally incredible. That was before I had my eyes opened through BFCSA knowledge and ex
  • doyla66
    doyla66 says #
    They have a chain of people working together - So one has to wonder how many other people are victims of them too. This type of be
  • doyla66
    doyla66 says #
    FRAUD. CORRUPTION. MONEY LAUNDERING. A ROYAL COMMISSION is the only way to stop this FRAUD, CORRUPTION, MONEY LAUNDERING. PROSECUT
  • doyla66
    doyla66 says #
    Conspiracy to commit fraud?
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Reported on Channel 7 morning news today..awaiting.. 6:30pm TodayTonight?...   ...A Previous[similar] story: NZ and NAB harass debtors September 14, 2010 : --The ANZ and NAB banks may have illegally harassed debtors. Sydney Morning Herald business commentator, Ian Verrender explains. Autoplay ONOFF Video feedback Video settings EXCLUSIVE ANZ Bank may have acted illegally by harassing debtors and seizing money from their accounts in breach of consumer guidelines. Confidential bank files reveal several cases involving breaches of consumer laws and industry guidelines by the ANZ's debt collections department. They include phone harassment and the inappropriate issuing of legal threats and default notices to debtors who have already agreed to make a repayment or face financial hardship. The files support claims by bank insiders that the breaches may be systemic and fuelled by a relentless drive to maximise debtor repayments. Bank insiders recently contacted the Australian Consumer and Competition Commission, which begun examining their...
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  • doyla66
    doyla66 says #
    Thank goodness there are some ethical, honest whistleblowers out there who have the common decency to tell the truth of what these
  • Denise
    Denise says #
    ANZ Whistleblower deserves courage under fire award. Well done. Now where are the other staffers to back him up........common a
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Further to the CBA recently sending out a letter INCREASING interest rates for existing low doc loans by .25%, they also announced that they will be changing the  NAME of the interest rate to the 'reference' rate.  (WHY would CBA change the NAME of the interest rate.????) The letter also states "You may be eligible to apply for a full doc loan.  This will require a new application to be submitted to the bank."  BEWARE- do not fall for this trick.   We recently got a threatening, intimidating phone call from a CBA's Anne - who told me she wanted to speak to me about "a personal banking matter." I asked her politely for her surname & her tone changed immediately - she vehemently refused: " I don't have to give you my surname." I then asked her to e-mail me the details of what she wanted. Again she vehemently refused:...
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  • Denise
    Denise says #
    IF CBA try these tricks tell them: We will be present all our documents to the Royal Commission into Banking. We suggest you do t
  • doyla66
    doyla66 says #
    I wonder how many other bunnies are being hoodwinked by this trickery? Citibank tried this same con at one stage as well (2006).
  • doyla66
    doyla66 says #
    OMG! That is deception at it's best. How bad is that CBA?
  • doyla66
    doyla66 says #
    Beware CBA CON intent = low-ball-updated-val = technical LVR default = sell u up, game,set,match over = good nite nurse!!!
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  Home owners raid super to pay mortgage [August 19, 2012] Chris Vedelago:-  The Sunday Age An increasing number of people are gaining access to their nest eggs to help pay their mortgages. Desperate property owners on the brink of losing their homes are raiding their superannuation in growing numbers, accessing a record $100 million in emergency funds in the past 12 months to keep the banks at bay. More than 6500 home owners received emergency access to their superannuation last financial year, leading to warnings from welfare and housing groups that a growing number of people face financial stress. The 12 per cent surge in those getting access to the funds has come despite steep cuts in the interest rate. Federal government figures show the average payment was more than $15,000, which would drain the average retirement savings account by a fifth for men and nearly 40 per cent for...
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  • doyla66
    doyla66 says #
    Surely commonsense could prevail in Super "raid" considerations. It shouldn't be that hard to get access to ones Super in order to
  • Denise
    Denise says #
    I met Pauline Vamos and Sean Hughes (both of ASIC) in Perth in 2002 at the direction of the then WA Commissioner of ASIC. Yes in
  • doyla66
    doyla66 says #
    'Your super is not there to pay debt, it's there for retirement,'' said Association of Superannuation Fund of Australia chief exec
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Two separate studies have shown a dramatic increase in properties being put on the market by receivers in recent months. Both property investors and developers are being squeezed in the uncertain economic climate. Almost a third of all major investment properties advertised in October and November last year came from forced sales, according to research from property valuers LandMark White. Another study has shown receiver-initiated listings have risen by 50 per cent in some parts of Australia in the past year with homeowners forced out by crippling mortgage repayments, personal debt and the rising cost of living. LandMark White research analyst Ross Horsley said the trend was expected to continue in 2012. "Those months are fairly quiet in terms of big transactions so you would expect to see more forced sales this year, they are already up in January," Mr Horsley said. LandMark White's Forced Sales Index analysed major investment advertisements...
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  • doyla66
    doyla66 says #
    Just in time for Christmas - That's terrible news for those who have lost their homes. How many stories of despair and bank fraud
  • doyla66
    doyla66 says #
    By Sonja Koremans From: news.com.au January 25, 2012 8:00AM. The question is it speedong from the report date.
  • doyla66
    doyla66 says #
    It would be interesting to know WA stats on this. For some reason, our economy over here in the west beats to a drumbeat that is o
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 Westpac has infuriated the peak banking regulator APRA and the opposition has called for an explanation after the bank revealed that it had incorrectly classified $28.8 billion in property loans for up to three years. (The) bank had been recording the loans as belonging to owner-occupiers since November 2008, when in fact they had been used for investment purposes. The error went unnoticed during the GFC, but was discovered during an internal review and brought to the attention of the Australian Prudential Regulation Authority. “When we told them about the way we found out I don’t think they were happy about it,” a Westpac spokesman said.  I’m sure they weren’t happy, but the issue is – why was this only “discovered” during an internal review and not by APRA itself investigating one of the biggest bank mergers (Westpac/St George) in Australian corporate history?  Westpac has publicly called these revisions as “legacy”...
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  • doyla66
    doyla66 says #
    Asleep at the wheel alright,APRA,ASIC,FED Police, Gov agencies,Politicians. We can give you more evidence on a plate - how much ea
  • doyla66
    doyla66 says #
    So, APRA is 'infuriated'. Big deal. What we want to know is why they always wait until they 'get told about' it? Every heard of be
  • doyla66
    doyla66 says #
    Will they get fined? or a slap on the wrist.
  • doyla66
    doyla66 says #
    Lee, simply shaken-not-stirred+olive; +most LowDocs 'irregular' thru contrived "Invest" -v- "personal", b/officer 'white-outed'[MY
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The final lesson is that the big showdowns between democracy and Big Bank$ters are still to come – in Aust; US and Europe. On the 'surface', the banks remain powerful --yet their legitimacy continues to crumble. Banks and politics are deeply intertwined in all advanced economies. Diamond, a UK bank$ter, discovered that ultimately --politicians trump bankers. In 2009, Obama told Wall Street bank$sters, Jamie Dimon, CEO of JP Morgan Chase et al --during a summit; “My administration[&Denise] is the only thing between you and the pitchforks." It appears Dimon chose not to heed the president's 'shot across the bow'; presided over reckless risk-taking to the tune of $6billion, yet his job apparently remains secure; even remains on the board of the Fed Reserve Bank of NY despite the Fed's investigation into JP's trading losses & Libor scandal involvement. Archive for the ‘Fraud’ Category:   Beware of Squids and Sharks Wednesday, September 5th, 2012 BR’s ten commandments for dealing with banksters ends with: The never...
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"And the Winner Is...." The Australian: ANZ chief executive Mike Smith has firmed his grasp on the title of Australia's highest-paid banker, with his total remuneration package for the 2012 financial year jumping from $9.7 million to $10.1m. The jump in salary for the boss of Australia's third-largest bank and increases of more than $1m for some of its key executives have been spelt out in the company's annual report just four months after Mr Smith ordered a freeze on executive salaries.   The bank says fixed remuneration of all executives remained the same, with the exception of two executives who took on new roles with expanded responsibilities.Mr Smith’s fixed remuneration component was indeed flat on last year at $3.15 million, however he did collect a $416,385 increase in short-term incentives and additional non-monetary benefits not included in the previous year’s package. Broken down, the 4.29 per cent raise awarded to...
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Don’t let the big banks frame the ‘funding costs’ debate   by Glenn Dyer and Bernard Keane  http://www.crikey.com.au  31 January 2012   Joe Hockey has waded into dangerous territory with his reported call for the Reserve Bank to referee the banks on interest rates. ”I would like to see the RBA take on a greater role as a referee and in their statement include whether the banks should pass [rate cuts] on in full or in part,” Fairfax reports him as saying this morning. “Competition had to be respected so the Reserve Bank’s views would not be binding, he said. But it would be independent and allow public debate about rate cuts to be factually based.” Hockey’s proposal would see the RBA wasting its “jawboning” power on the banks. It has to protect that for the tough decisions on interest rates, such as putting them up to prick an asset bubble,...
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  • doyla66
    doyla66 says #
    What was that comment about him in the recent screening of 'Devils Dust'? "Well, Joe Hockey is irrelevant"! Classic
  • doyla66
    doyla66 says #
    Good article, some great comments unfortunately Joe Hockey sounds unconvincing and rather like a populist hero echo. Maybe Joe a
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ANZ annual review.pdf
ANZ chief "takes home" over $10m:~   "Mr Smith's --$10.1 million -- is likely to be the highest-paid bank chief executive in the 2011/12 fiscal year. Preamble..."know thy bankster" --- ANZ poached Mike Smith in 2007, then head of HSBC's Asian business, --Smith's departure from HSBC was unexpected, and was a contender for HSBC's group chief executive position [note: concurrent to 6yr period of systemic issues concerning HSBC's admitted 'executive' mis-deeds; Did HSBC "executives" knowingly break the law concurrent to Smith's "time" as a HSBC "executive". Answer: "YES" ...and such activities were carried out with "wilful negligence" --driven by greed, which underpinned the behaviour; however --"it will apologise, and insists --it wont happen again".  HSBC chief executive officer Irene Dorner testifies before the US Senate about allegations of money laundering within HSBC, concurred --HSBC executives, in 2012, admitted to allowing Iran, terrorists and drug dealers to launder nearly USD$16 billion over a six-year period. Hearing such testimony would ordinarily make the "earth underneath...
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  • doyla66
    doyla66 says #
    “there will always be nasty types .... but good institutions are designed to punish them and to reward decent behaviour”. Unfortun
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