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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Many Home Equity Loans Are Facing a Reset Point By ANN CARRNS APRIL 14, 2015 http://www.nytimes.com/2015/04/15/your-money/many-home-equity-loans-are-facing-a-reset-point.html?ref=topics A decade ago, when home values were soaring, many homeowners financed all sorts of spending using home equity lines of credit, often borrowed in addition to a mortgage. Many of these credit lines have a 10-year draw period, during which borrowers may use the money as needed and make interest-only payments. After the draw period, the loans typically become regular installment loans, with terms of 10 to 20 years — meaning the principal must be repaid as well. As a result, many borrowers face what could be a significant increase in monthly payments this year or during the next several years. Maria Giordano, a onetime trauma nurse who is now a full-time real estate investor in Phoenix, says she expects the $400 monthly payment on the equity line of credit on her suburban home to nearly double...
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Justices Curb Bankruptcy Filers’ Ability to Have Second Mortgages Canceled   By MICHAEL CORKERY   JUNE 1, 2015 http://www.nytimes.com/2015/06/02/business/justices-curb-bankruptcy-filers-ability-to-have-second-mortgages-canceled.html?ref=topics   Handing banks a victory, the Supreme Court ruled that financially struggling homeowners who file for bankruptcy may not expect to have their second mortgage loans canceled, even if they owe more on their homes than the properties are worth. In a unanimous decision on Monday, the court determined that second mortgages may not be “stripped off,” or voided, if the property is underwater, or worth less than the mortgage debt. The ruling keeps intact a major protection for mortgage lenders, which extended tens of billions of dollars of second mortgages during the housing boom on homes that are now worth much less than their values when they were purchased. It also closes a legal avenue for homeowners with limited incomes and overwhelming debt to shed their underwater properties, bankruptcy lawyers say. The ruling, written...
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System and method for auditing loan portfolios and loan servicing portfolios US 6643625 http://www.google.com/patents/US6643625   Abstract A computer-assisted method of auditing of loan portfolios and loan servicing portfolios wherein the loans are of a plurality of types by keying questions which determine compliance with a large, complex, and constantly changing set legal requirements to a set of selectable audit types. When an audit type is selected, the system uses sampling methods to select a set of loans of that type to audit and generates a checklist comprising a set of questions keyed to the particular type of audit. When portfolios of loans are sold to investors or are purchased from originators or other investors, audit checklists must be reviewed by several people to insure that each loan complies with currently applicable regulations. The audit checklists which are in current use are required in primarily three different aspects of this industry: origination...
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Regulators struck secret deal to dilute damages paid by big banks  Posted on July 26, 2015 http://sbcb.org.uk/2015/07/26/regulators-struck-secret-deal-to-dilute-damages-paid-by-big-banks/   Regulators reached a secret deal with the biggest banks to water down a multibillion-pound scheme to compensate customers mis-sold complex interest rate derivatives blamed for bankrupting hundreds of businesses.  Documents seen by The Times show significant differences between the final rules for compensation schemes for victims of interest rate swap mis-selling and those put forward less than two weeks before. In the first draft of the rules, the Financial Services Authority — the predecessor of the Financial Conduct Authority, the City regulator — proposed handing a key role to an independent reviewer to oversee the redress process. Days later officials apparently had changed their minds, relegating the role of the “skilled person” to effectively rubber-stamping compensation offers. Letters sent on January 17, 2013, and on January 29, 2013, to Chris Sullivan, a senior executive at Royal Bank...
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China to Individual Investors: Go Ahead, Bet the House on Stocks Jul 02, 2015   http://washpost.bloomberg.com/Story?docId=1376-NQUP7K6JIJUR01-4GCA8NCOIGPB493BV8MGSJM8M7   (Bloomberg) -- In China, you can now literally bet the house on the nation’s tumultuous stock market.  Under new rules announced Wednesday by the country’s securities regulator, real estate has become an acceptable form of collateral for Chinese margin traders, who borrow money from securities firms to amplify their wagers on equities. That means if share prices fall enough, individual investors who pledge their homes could be at risk of losing them to a broker.   While the rule change was intended to help revive confidence in China’s $7.7 trillion stock market after a 24 percent slump in less than three weeks, analysts say securities firms may be reluctant to follow through. Accepting real estate as collateral would tether brokerages to another troubled sector of the economy, adding to risk-management challenges as they try...
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  • organza
    organza says #
    Wonder if "other assets" include their Aussie Investment properties as acceptable collateral?
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Posted by on in Corruption Exposed
All BFCSA Members should pay particular attention to their Savings/Cheque account statements. I've now had a few listings of "DEBIT INTEREST CHARGED " on my ANZ statements. The Charge has only been $0.06 or a little more each time. My account has never been overdrawn yet the ANZ try to tell me that it has but I can't see when it occurred as it doesn't show up on the statements. I'll refer it to FOS but we all know that that is a waste of time !!!!!!!! They love the Banksters. All these little amounts collected illegally makes a nice profit for the bank. The ANZ Loan is full of FRAUD. The LAF is laughable and now they are getting very creative with our deposit account too....
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  • Wayne
    Wayne says #
    ANZ CORRUPT? Yes I agree, FOS Buddies CORRUPT? Yes I agree ASIC CORRUPT yes I agree, we all know it is. now we are seeing how they
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Three reasons to worry about rampant house prices   Victoria Thieberger 15 May 2015 http://www.businessspectator.com.au/article/2015/5/15/property/three-reasons-worry-about-rampant-house-prices   Investors and speculators in Australia’s property market would be right to feel unsettled by the dramatic actions taken by the Reserve Bank of New Zealand this week to dampen the hot housing market in Auckland.  The central bank announced minimum deposit levels of at least 30 per cent for any investment loan to buy property in the Auckland area as it tries to cool what it describes as “very stretched” prices. The RBNZ faces a similar situation to the Reserve Bank of Australia: nearly all the action concentrated in one overheated market, with slow to sluggish growth in the rest of the country. House prices in Auckland have surged 17 per cent from a year ago; in Sydney they are up 15.5 per cent and Melbourne is lagging with a 7.6 per cent rise, according...
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  • Louie2U
    Louie2U says #
    The rampant prices are all part of the banking cartel engineered continual price rise that keeps their profit margins artificially
  • TJ
    TJ says #
    The rampant increase in housing prices in Sydney will have purchasers in this market feeling like they are lucky to be 'on board'.
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DoJ ratchets up pressure on UBS over Libor scandal Gina Chon in Washington May 13 2015 http://www.ft.com/intl/cms/s/0/c0068f96-f906-11e4-8e16-00144feab7de.html#axzz3a0m0MZAe  The US justice department is considering scrapping a 2012 agreement to not prosecute UBS for allegedly manipulating Libor in the latest sign that US authorities are ratcheting up pressure on global banks.   UBS had agreed in 2012 to a non-prosecution agreement (NPA) to resolve allegations it rigged the benchmark rate, saving it from a guilty plea if the Swiss bank avoided other alleged wrongdoing for two years.   The deal was recently extended for an additional year to the end of 2015. But now that settlement is under threat as part of the wide-ranging probe of potential manipulation of foreign exchange markets, which the DoJ is hoping to resolve with UBS and four other banks as soon as next week.   The threat of scrapping the 2012 NPA for the Libor settlement is...
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Outsourcing Responsibilities of Senior Management  Dr. Wendell Jones 1 December 2000  http://www.outsourcing-center.com/2000-12-outsourcing-responsibilities-of-senior-management-article-38465.html  If the outsourcing evaluation and decision are not on the CEO’s top five list of priorities, a bad decision and failure are highly likely. Senior management must take an active interest in the entire process from identifying the objectives for outsourcing to the ongoing management of the relationship. A decision to outsource or not is ultimately senior management’s responsibility and should not be delegated down the management chain. Organizations have a better chance of success when senior executives involve themselves and take an active interest. The CEO should: Put the best, most capable managers in charge of the outsourcing evaluation and management of the outsourcing relationship. Outsourcing decision-making and management are substantial responsibilities with important consequences in terms of the information that supports an organization’s functioning. Outsourcing requires good people. Avoid going around the step-by-step process. Some vendors may...
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  • Wayne
    Wayne says #
    all banks everywhere are embroiled in maladministration in lending & also a lot more that government & banks have designed for rip
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Dear Senator Dastyari  As Treasurer, why isn't Joe Hockey reigning in both ASIC and these Bankers over CRIMINAL CONDUCT, CARTELS and CORRUPTION of the Banking System?  We have faulty products, risk laden lending policies, financial ruin and a chaotic mortgage market pushing up a mind boggling BUBBLE in the property sector.  Its time for us all to toughen up! $200 BILLION in losses.  BFCSA Members have a few questions of our own we wish you to ask.  See LIST of Questions further on. I have appeared as a witness in the Senate on behalf of over 2000 people who have been caught up in The Toxic Mortgage Loan Scandal. These loans were created by the Banking Cartel of 17 lenders including the BIG FOUR.  The loans were systemically manufactured and distributed as financial products by the Lenders. Planners and Brokers were pawns used by Bankers to believe they were selling legally...
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We all better tune in to this one.  Hope Senator Sam knows the right questions to ask.  Most of the submissions to Senate: Scrutiny of Financial Advice, are from BFCSA Members.  The public should read them including # 113 by BFCSA. http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Scrutiny_of_Financial_Advice/Public_Hearings We will all be watching with interest. Bankers have been systemically stealing people's homes using cleverly manipulated document fraud - inside the Bank! So if you rob a bank - expect ten years.  If the Banker CEO robs YOU - what happens?  He/she collects $10 million per annum (salary and bonuses). Australia has the most wicked banking system in the world. Denise...
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  • Jenny L
    Jenny L says #
    Please Senator Dastyari ask these bank CEO's WHY they targeted ordinary Australians like us who have worked hard all our lives, pa
  • Wayne
    Wayne says #
    Senator Sam Says "What is the power of the senate? The power of the senate is this huge, 60 mega watt spotlight you can put on iss
  • organza
    organza says #
    And it gets better... http://www.afr.com/content/afr/business/banking-and-finance/legal-threat-to-banks-over-financial-advice-2015
  • organza
    organza says #
    Roll up, roll up for Sam Dastyari's financial circus http://www.afr.com/opinion/columnists/roll-up-roll-up-for-sam-dastyaris-finan
  • Duped
    Duped says #
    Your right Wayne I only hope Senator Sam doesn't get muzzled by Bill Shorten, after all he has been told of the fraud banks use to
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Here is the full article on Rotten Australian Banks and Banking System:  Bunch of Robbers at CEO level! ASIC has shown its systemic incompetence DateApril 17, 2015 Jeff Morris   COMMENT ''ASIC throws whistleblowers to the wolves and tries to pretend they don't exist.'' Photo: Jim Rice ANZ says administrative error behind $30m compensation  Adele Ferguson: Banks' rotten financial planning structure is teetering After ASIC's exposure as a "weak and hesitant regulator" in the Senate Inquiry last year, it has ramped up its activity level and is now desperate to look like it is doing its job. God alone knows how an organisation can demonstrate such systemic incompetence yet survive without significant personnel changes. But this latest revelation on unearned fees did not come about due to institutional honesty and self-disclosure, or due to ASIC's "after the horse has bolted – let's try and save our skins " review of the six major institutions. This...
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  • Wayne
    Wayne says #
    Thank you to all the whistle blowers, you all deserve medals
  • Wayne
    Wayne says #
    ANZ, ANZ, ANZ -- "AS YOU SEW, SO SHALL YOU REAP"
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If ASIC sounds a little peeved right now at all the criticism from brokers, and financial planners who sell these fraudulent loans, they will each have to cop it sweet.  WHY?  Because ASIC has know of these activities by Lenders lowering lending standards for well over a decade.  ASIC decided to blast into 2015 with an announcement of investigating Myra Financial Services and laying one charge each against two brokers.  The kingpin of the business of course was permitted by ASIC to leave the country AND ASIC once again ignores investigating Too Big to FAIL & JAIL Banks. ASIC spent the following day in a predictable cauldron of evidence based criticism.  The most disturbing questions are the ones ASIC refuses to answer: When did fraudulent tampering of loans begin?  Why did ASIC announce this now, after a 12 month investigation from complaints in 2011 or earlier?  Why so slow? Why did they prematurely annoucnce three days ago: 350 loans involved and...
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  • Louie2U
    Louie2U says #
    Interesting cop out comment from A-SIC regarding their dereliction of duties and allowing the lying cheat to flee the country. Ho
  • Wayne
    Wayne says #
    ASIC, FOS, BANKS & POLITICIANS, are all playing a game of dodge ball. They are all professional players, with years of experience.
  • Wayne
    Wayne says #
    It is becoming almost crystal clear what seems to be happening at ASIC & you can't help thinking now, it must be the way that it l
  • Duped
    Duped says #
    What a load of bull ASIC sends out! What about the people who have informed ASIC of fraudulent misconduct on their loan applicatio
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UNVERIFIED LOW DOCS AND FULL DOC Mortgage Loans a chronic problem in Australia What is the point of having a Banker's Code of Conduct if no banker complies with its conditions and regulations?  Bankers approving fraudulent loans without verification of income to ensure "affordability," as per the Code.  This is rife White Collar Crime here in Australia.  Brokers and bank managers are merely the sellers.   Then to mask negative affordability, our sleazy banker chiefs permit extra buffer monies to be approved, so the hapless customer is given extra debt to pay mortgage payments with to mask the unaffordability.  The customer is then laden with debt and no possibility of an exit plan. Banks know exactly how to ensnare customers into a lifetime of debt when that same customer owned their own home and were debt free when the bank approached them with bad financial advice.  Chief Bankers are also earning...
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  • Wayne
    Wayne says #
    yes, if the brokers legal team are on their game the bankers just might get saddled with this. I hope so
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Robert Barwick  CEC Let-off Wall Street crooks strike again   Citigroup, JPMorgan Chase and the other apex predators of Wall Street have got their paid hacks in the US Congress to repeal a banking regulation that forbade banks that hold government-insured deposits from gambling in derivatives.   Proving that the banks are like out-of-control ice-addicts desperate for their next derivatives hit, they used their political clout to attach to an important spending bill, without which the US government would have shut down this Thursday, a provision repealing a rule in the Dodd-Frank Act entitled "Prohibition Against Federal Government Bail-outs of Swaps Entities".   The rule forbade banks that hold deposits insured by the Federal Deposit Insurance Corporation (FDIC) from entering into swaps agreements, i.e. derivatives, for so-called "hedging", so that if those bets went bad, the government wouldn't be forced to step in and bail the bank out in order to...
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  http://www.businessspectator.com.au/news/2014/10/14/policy-politics/banks-should-disclose-carbon-exposure-shareholder-group   Banks should disclose carbon exposure: shareholder group John Conroy 14 Oct,  2014 12:03 PM Climate Energy markets Policy & Politics Three of Australia's big four banks – ANZ, NAB and CBA – have a "material" exposure to assets at risk of carbon pricing, according to a new study. The Australasian Centre for Corporate Responsibility used public data to determine to estimate the banks' exposure, with Westpac "the least exposed and the best prepared of the major banks". The research was conducted in conjunction with the John Hewson-led Asset Owners Disclosure Project, and was carried out by economist Howard Pender, and comes ahead of moves by the ACCR to force a shareholder resolution calling for full public disclosure at the banks' upcoming annual general meetings, while the ACCR is also seeking meetings on the issue with proxy advisers and institutional investors. Mr Hewson backed the call for a strong...
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  • Wayne
    Wayne says #
    ANZ couldn't give a rats bottom how they make it, as long as the make heaps, & tread on anyone along the way
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http://ellenbrown.com/2014/12/01/new-rules-cyprus-style-bail-ins-to-hit-deposits-and-pensions/ New G20 Rules: Cyprus-style Bail-ins to Take Deposits AND Pensions Posted on December 1, 2014 by Ellen Brown http://ellenbrown.com/2014/12/01/new-rules-cyprus-style-bail-ins-to-hit-deposits-and-pensions/ On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board’s “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,” which completely changes the rules of banking. Russell Napier, writing in ZeroHedge, called it “the day money died.” In any case, it may have been the day deposits died as money. Unlike coins and paper bills, which cannot be written down or given a “haircut,” says Napier, deposits are now “just part of commercial banks’ capital structure.” That means they can be “bailed in”...
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Banking culture breeds dishonesty, study finds DateNovember 20, 2014 - 2:33PM 9 reading now Read later     inShare submit to reddit Email article Print Reprints & permissions     What is it with bankers? Bank employees, when primed to think about their finance jobs, are more likely to cheat and be dishonest, researchers at the University of Zurich found in a study that enticed them with as much as $US200. The academics recruited 128 bank employees from a large, international bank - which was given anonymity - and randomly assigned them to two groups. One filled out a survey about their personal lives, and the other answered questions about their banking background. They were then told to toss a coin 10 times in private, and report the results. If they told researchers they guessed correctly on a toss, they collected $US20 for each correct guess. The people who'd been asked about...
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  http://www.macrobusiness.com.au/2014/11/lambie-grenade-blows-up-fofa-changes/ Lambie grenade blows up FOFA changes Posted by Houses and Holes in Australian Politics at 8:24am on November 19, 2014 | 39 comments   From the AFR: The federal government’s changes to Labor’s future of financial advice laws are about to be unravelled. Renegade Palmer United Party Senator Jacqui Lambie and Australian Motoring Enthusiasts Party Senator Ricky Muir have broken ranks with Clive Palmer and will join Labor, the Greens and other Senate crossbenchers to disallow the laws. The government’s changes were enacted by regulation, not legislation. Regulations can be undone by the passage of a disallowance motion in either house of Parliament. Labor tried in July to pass a disallowance motion in the Senate but was defeated after Mr Palmer backflipped and his three senators plus Senator Muir backed the government. Good for her. The FOFA changes were awful and deserved to be blocked. I just hope she...
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What a thoroughly dishonest man is Meddlesome Medcraft, Chairman of ASIC and IOSCO.  This is just plain balderdash!  Mortgage Originators are under orders from Four Major Banks and the regulator is captured by the same TOO BIG TO FAIL FOURSOME.  Ask any victim of mortgage fraud.  The fraud and forgery is carried out INSIDE THE BANKS via the processing channel using a wicked serviceability calculator that is used for fudging figures and with a note: NO COPY TO BE GIVEN TO CUSTOMER............Go Figure! Securitisation to fund real economy, says Medcraft Wednesday, 12 November 2014   IOSCO chairman Greg Medcraft has called on Australian banks and RMBS issuers to recognise the “integral role” that securitisation can play in financing the real economy. Speaking at the Australian Securitisation 2014 annual conference in Sydney yesterday, Mr Medcraft said securitisation has funded the economy in the past, very successfully in Australia, and has the potential...
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  • Susan
    Susan says #
    MORE securitisation? How can Securitisation fund the 'real economy' when the money that is supposedly generated through the secu
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