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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
Does this mean the new CEO Brian Hartzer will continue the fraud processing of loans" or put an end to it? Will they pay out Compensation to its thousands of victims?   Will Hartzer agree to copies of Loan Applictaion Forms being handed to applicants at the point of signing consistent with consumer protection laws: ie contract law?  Will the wretchedly biased EDR's like FOS and COSL now be out of work because Mrs Kelly has stepped down?  Its unlikely consumers of mortgages will trust the Bank to investigate itself over criminal behavior inside the bank.  Close to 3200 people have signed out petition to David Murray's 'independent' Inquiry into the Banking System for a Royal Commissiion on www.change.org We are begging for a Royal Commission into the four major banks and its regulators. These are the same dirty products being sold by St George Bank 2001 - 2008. It seems...
Last modified on
Recent Comments - Show all comments
  • Wayne
    Wayne says #
    DOING A RUNNER - squeaky clean Gail, getting out before the ____? hits the fan....Of course she Knows whats been going on. She mai
  • stryker
    stryker says #
    Why all of a sudden is she retiring does she know something the that we don't know. Now she is laughing all the way to the bank, w
  • organza
    organza says #
    She was well paid to keep a lid re what was going on that's for certain. I personally know a few people who were ripped off by We
Hits: 1736 3 Comments
Rate this blog entry:
Continue reading
 Consumers are being hammered by Banks with FOS covering up incessant Fraud, Forgery and Maladministration in Lending. FOS used to be the old ABOS and before that ABIO.  Its track record against banks since 1990 has been abysmal.   Consuemrs losing homes due to corrupt complaints system.  No Justice behind these doors.  The investigators are "seconded" from the Bankers........................the culprits of white collar crime on a grand scale.  Time for Royal Commission into Banks and their captured FOS mates.  This email address is being protected from spambots. You need JavaScript enabled to view it. The Regulation of Electronic Funds Transfer in Australia:  An Integrated Multidisciplinary  Approach  http://vuir.vu.edu.au/1483/1/White.pdf Paul White – 3040859 BGP8001 – DBA Dissertation BPPB – Doctor of Business Administration Victoria University Melbourne  Australia February 2007  Page 57 2.7 Australian Banking Industry Ombudsman ('ABIO') The office of the Australian Banking Industry Ombudsman (‘ABIO’) commenced on 18 June 1990 and provides an independent mechanism for the resolution of banker-customer disputes.162 Offering a free service to customers, the ABIO was the...
Last modified on
Recent Comments - Show all comments
  • Denise
    Denise says #
    Grate Blog: Problem is, Bankers pay FOS $5000 per investigation, then they second one of their own officers to work at FOS and go
  • PreySOS
    PreySOS says #
    A certain degree of conflicting interest inheres in defective system: 1. FOS is funded by members of financial service providers m
  • PreySOS
    PreySOS says #
    Re-Above text, It should be spelled as "during the course of loan application"
  • PreySOS
    PreySOS says #
    • FOS has been made its best effort to protect banker’s serious misleading by unfairly closing my dispute 3 times by all sorts of
  • Wayne
    Wayne says #
    FOS ?? does that mean... Fraudulent Organized Secrets?
Hits: 2657 11 Comments
Rate this blog entry:
Continue reading
Hedge funds need regulating like banks to avoid financial instability, argues Penny Neal....Penny Neal is a Lecturer in macroeconomics, banking, and financial markets at the Flinders Business School, Adelaide.  Causes The immediate causes of the subprime mortgage crisis were the extremely low interest rates available from 2001 through 2004 and the poor quality of the loans that flowed from those rates. The US Federal Reserve reduced interest rates in response to the ‘tech wreck’ of 2001, which followed the dotcom boom of the late 1990s, and again reduced interest rates to steady market jitters following the September 11 terrorist attacks. The European Central Bank also reduced interest rates around this time, to deal with a slowdown in Europe. In 2003–04, the Fed was concerned about the threat of deflation and so further reduced rates in the US.   Lower interest rates meant there was a lot more money sloshing around in the...
Last modified on
Hits: 1300 0 Comments
Rate this blog entry:
Continue reading
Banks have more to do to prepare for crisis, warns APRA BusinessBanking and Finance November 7, 2014 http://www.theage.com.au/business/banking-and-finance/banks-have-more-to-do-to-prepare-for-crisis-warns-apra-20141107-11ihw0.html   Australian banks are well enough capitalised to withstand a severe shock to the economy, but poorly prepared to recover from a financial crisis, the banking regulator has warned. In a major speech in Sydney at lunchtime on Friday, Australian Prudential Regulatory Authority chairman Wayne Byres revealed the results of the regulator's industry-wide stress test of Australian banks' mortgage books conducted over recent months. "If we draw one conclusion from the stress test this year, it's that there remains more to do to be able to confidently deliver strength in adversity," Mr Byres said. With surging house prices in Sydney and Melbourne putting an unprecedented level of attention on the risks inside bank home loan books, Mr Byres said the low-risk nature of Australian housing portfolios "has traditionally provided ballast for Australian banks...
Last modified on
Hits: 1392 0 Comments
Rate this blog entry:
Continue reading
Victims seek olive branch from ANZ over Timbercorp collapse DateNovember 8, 2014 - 12:15AM 84 reading now Read later Adele Ferguson and Ruth Williams     inShare submit to reddit Email article Print Reprints & permissions   Cracks in the Timbercorp juggernaut started to appear even before the Australian Tax Office cracked down on agribusiness schemes. Photo: Andrew Quilty  "Hmmn! At least this hasn't shaken my view as to the extent to which banks can f*ck you over and why bank debt should always be the least preferred option." So wrote Timbercorp boss Sol Rabinowicz, in an email to his chief financial officer John Murray in October 2008. The global financial crisis was in full swing. In Australia, Storm Financial was on the brink of collapse and a group of whistleblowers at Commonwealth Bank's financial planning division were preparing to blow the lid to the Australian Securities and Investments Commission (ASIC) on a widespread...
Last modified on
Recent Comments - Show all comments
  • Denise
    Denise says #
    This constant denial from staff PROVES only CEO and top exec's were the engineers of the fraud. It is so clever the staffers in a
  • Geoff
    Geoff says #
    Had a call from my ANZ Branch wanting to see if my accounts were the best for me. When I told the lady about all the LAF fraud on
  • Wayne
    Wayne says #
    I asked ANZ local manager the other day is there any way I could get finance without showing my figures or filling out an applicat
Hits: 3599 3 Comments
Rate this blog entry:
Continue reading
The big danger is if RBA raise interest rates the entire Interest Only Loan Mortgage Market will collapse as the horror stories emerge.  People coerced into paying DEBT with more debt as "buffer loans."  Property market slips and those debts will reveal 120% LVR loans........................huge number of unaffordable junk mortgages, approved by major banks. Warning to bank shareholders is in this statement: "The big banks are also propelled by a favourable industry structure, where the high levels of concentration deliver pricing power, and are big beneficiaries from the profitability of mortgages, which dominate their asset books."   No mention of Sub Prime lending where most of the profits are coming from.  This email address is being protected from spambots. You need JavaScript enabled to view it.   Big banks to report $29b in profit   Some fund managers saw the heavy sell-down of bank stocks as a chance to grab some bargains, suggesting that the negative sentiment around the financial system inquiry may be overblown . James Eyers  AFR...
Last modified on
Hits: 1889 0 Comments
Rate this blog entry:
Continue reading
These Jokers own world debt because they created it.  Now the Mega Bankers are buying up every drop of water................................So we stay thirsty slaves to the Bankers?  Well that's the idea.  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.globalresearch.ca/the-new-water-barons-wall-street-mega-banks-are-buying-up-the-worlds-water/5383274?print=1 The New “Water Barons”: Wall Street Mega-Banks are Buying up the World’s Water By Jo-Shing Yang Global Research, May 22, 2014 http://www.globalresearch.ca/the-new-water-barons-wall-street-mega-banks-are-buying-up-the-worlds-water/5383274?print=1 Url of this article: http://www.globalresearch.ca/the-new-water-barons-wall-street-mega-banks-are-buying-up-the-worlds-water/5383274 This article was first published on December 21, 2012 A disturbing trend in the water sector is accelerating worldwide. The new “water barons” — the Wall Street banks and elitist multibillionaires — are buying up water all over the world at unprecedented pace. Familiar mega-banks and investing powerhouses such as Goldman Sachs, JP Morgan Chase, Citigroup, UBS, Deutsche Bank, Credit Suisse, Macquarie Bank, Barclays Bank, the Blackstone Group, Allianz, and HSBC Bank, among others, are consolidating their control over water. Wealthy tycoons such as T. Boone Pickens, former President George H.W....
Last modified on
Hits: 1937 0 Comments
Rate this blog entry:
Continue reading
Banks set to defy European regulator on bonus rules European Banking Authority's request for banks to change policies related to 'allowances' expected to go unheeded this year By James Titcomb 7:29PM BST 18 Oct 2014 http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11170926/Banks-set-to-defy-European-regulator-on-bonus-rules.html British banks will defy the European regulator in continuing to use “role-based allowances” to navigate the controversial bonus cap, in a move likely to increase tensions between Brussels and the City. The European Banking Authority (EBA) last week told financial institutions to cease paying staff via certain types of allowances, declaring that they constituted a breach of EU rules that limit bonuses to 200pc of salaries. However, it is understood that Britain’s biggest banks will continue to use them in next year’s pay round, and are expected to receive the tacit support of the Bank of England in doing so, according to senior individuals in the sector. Last Wednesday, the EBA said that allowances –...
Last modified on
Hits: 1508 0 Comments
Rate this blog entry:
Continue reading
Loan serviceability buffers questioned Friday, 12 September 2014 James Mitchell http://www.mortgagebusiness.com.au/breaking-news/7640-westpac-s-loan-serviceability-buffer-questioned   A new report has raised concerns that the loan serviceability buffers of Australian banks are too low for borrowers to withstand rate rises.  Interest rate buffers are used to assess a borrower’s ability to meet mortgage repayments in the event of a rate rise. The JP Morgan Australian Mortgage Industry report singled out Westpac as an example of a lender with a buffer rate of 6.8 per cent, just under two per cent above the current rate of repayment on a standard mortgage.  “That serviceability buffer is actually around the 10-year average mortgage rate,” JP Morgan banking analyst Scott Manning said. “If you are assessing buffer ability on averages, rather than stressed scenarios, we question whether that is sufficient and we think maybe the three per cent buffer that the UK is proposing actually makes a bit of sense,”...
Last modified on
Hits: 1601 0 Comments
Rate this blog entry:
Continue reading
Leave politics out of the G20 October 13, 2014 Ajay Kamalakaran   Any attempt to isolate Russia from the grouping of the world’s 20 largest economies will have serious repercussions on global economic recovery and growth..............   http://in.rbth.com/blogs/2014/10/13/leave_politics_out_of_the_g20_38991.html   Ever since Crimea rejoined Russia, Australian politicians, probably at the prodding of their American masters, have called to exclude Vladimir Putin from the G20 summit which will be hosted in Brisbane in November. The BRICS foreign ministers made a statement in March denouncing an attempt to leave Russia out of the G20 summit. They said in a joint statement that “the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character.” The Aussies probably did not calculate on opposition from 3 of the biggest economies in the G20! Australia also jumped on the sanctions bandwagon against Russia, since it claims...
Last modified on
Hits: 1555 0 Comments
Rate this blog entry:
Continue reading
Building an Ark: How to protect the Public Revenues from the next Meltdown   Posted onOctober 12, 2014  by Ellen Brown http://ellenbrown.com/2014/10/12/building-an-ark-how-to-protect-public-revenues-from-the-next-meltdown/ Concerns are growing that we are heading for another banking crisis, one that could be far worse than in 2008. But this time, there will be no government bailouts. Instead, per the Dodd-Frank Act, bankrupt banks will be confiscating (or “bailing in”) their customers’ deposits. That includes local government deposits. The fact that public funds are secured with collateral may not protect them, as explained earlier here. Derivative claims now get paid first in a bank bankruptcy; and derivative losses could be huge, wiping out the collateral for other claims. In a September 24th article titled “5 U.S. Banks Each Have More Than 40 Trillion Dollars In Exposure To Derivatives, Michael Snyder warns: Trading in derivatives is basically just a form of legalized gambling, and the “too big to...
Last modified on
Hits: 1507 0 Comments
Rate this blog entry:
Continue reading
British banker pleads guilty to Libor rigging Senior banker faces up to 10 years in prison as Serious Fraud Office secures first UK guilty plea in Libor rate-fixing scandal 7 October 2014 http://www.theguardian.com/business/2014/oct/07/banker-pleads-guilty-libor-rigging-rate-fixing Senior banker faces up to 10 years in prison as Serious Fraud Office secures first UK guilty plea in Libor rate-fixing scandal. A senior employee from a leading UK bank has pleaded guilty to a Libor-fixing conspiracy charge brought by the Serious Fraud Office.  The man, who cannot be named for legal reasons, faces up to 10 years in jail. On Friday he became the first banker to plead guilty to criminal manipulation of Libor in Britain. Reporting restrictions were partially lifted on Tuesday. Trillions of dollars of loans and credit derivatives are priced with reference to benchmark interest rates, published every day in London and known as Libor, or the London interbank offered rate.  Suggestions that this...
Last modified on
Hits: 3798 0 Comments
Rate this blog entry:
Continue reading
George Osborne and Mark Carney to play financial crash 'war game'  -  Chancellor and BoE Governor will be joined by US counterparts for exercise designed to end 'too big to fail' By Szu Ping Chan, in Washington 11:01PM BST 10 Oct 2014 http://www.telegraph.co.uk/finance/financialcrisis/11155381/George-Osborne-and-Mark-Carney-to-play-financial-crash-war-game.html A financial crash to rival the one caused by Lehman Brothers' collapse will be played out by the world’s most powerful central bankers next week, in a “war game” designed to help end the “too big to fail” problem.  In the first simulation of its kind, Janet Yellen, the head of the US Federal Reserve, and Mark Carney, the Governor of the Bank of England, will be joined by Chancellor George Osborne and US Treasury Secretary Jack Lew, who will be tested on their reaction to a major US or UK bank failure. The exercise, designed by regulators on both sides of the Atlantic, forms part of a...
Last modified on
Hits: 1593 0 Comments
Rate this blog entry:
Continue reading
Citizens Electoral Council of Australia Media Release  Wednesday, 8 October 2014 Craig Isherwood‚ National SecretaryEmail: This email address is being protected from spambots. You need JavaScript enabled to view it. Australia: Look to Egyptian nation building Australia must look to Egypt to see what’s possible when a nation has a sovereign mission for development. After the political unrest and protests of 2012‑13, under President Abdel Fattah al‑Sisi, Egypt’s future now looks bright. Just last month, Head of the Suez Canal Authority, Vice Admiral Mohab Mamish said that the Armed Forces have completed 25 per cent of the digging work of the New Suez Canal Project and the new canal will be complete within just one year. An Australian government feasibility study would take longer! On 5 August, President al-Sisi presided over the ceremony commencing the construction of canal and by the next day, under the supervision of the Egyptian Army Corps of Engineers, 7,500 workers began digging. In the same spirit, Egyptian citizens overwhelmingly supported...
Last modified on
Hits: 1469 0 Comments
Rate this blog entry:
Continue reading
Ignore the banks, the housing bubble is real The Drum By Ian Verrender Posted Mon at 7:55amMon 29 Sep 2014, 7:55am http://www.abc.net.au/news/2014-09-29/verrender-its-official-there-is-no-real-estate-bubble/5775112 A raft of executives and chief economists from almost every major bank have screamed their message that there's no housing bubble, so that has to be true, right? Well, not quite, writes Ian Verrender. It's official! There is no real estate bubble.  The stratospheric trajectory of residential property prices in Sydney and Melbourne during the past two years is nothing more than market forces at work and, if anything, is evidence of the efficient operation of the Australian housing market.  How do we know this? Because a raft of senior executives and the chief economists from almost every major bank have told us so, screaming their message, occasionally in unison, from the rooftops in recent weeks. Forget the concerns of the Reserve Bank, the Bank for International Settlements and...
Last modified on
Hits: 2617 0 Comments
Rate this blog entry:
Continue reading
Off-the-plan apartment values plunge in Sydney and Melbourne PUBLISHED: 19 Sep 2014 http://www.afr.com/p/business/property/off_the_plan_apartment_values_plunge_N1sLYmFWGhuZ9t6oiklEhK   Apartment values in Melbourne and Sydney are falling by up to 20 per cent between purchasing off the plan and buyers receiving the keys, despite housing shortages and booming residential prices, according to analysis.  Nearly 44 per cent of apartment ­purchases in the most populous cities are below the sale price at the time of completion, and units in mushrooming high-rises in major capital cities are the hardest hit, according to WBP Property Group, a company specialising in ­valuations and property advice. “It’s a tragedy,” said WBP chief executive Greville Pabst. “Some investors are losing their deposit because they can’t settle, or they have to make up the funding shortfall. Those considering these types of properties as investments should seek details on rental performance and history of capital growth.” It takes between six and 10 years for...
Last modified on
Hits: 1553 0 Comments
Rate this blog entry:
Continue reading
Bank revenues go up as dollar loses ground Banking and FinanceBusiness Date October 2, 2014 http://www.smh.com.au/business/banking-and-finance/bank-revenues-go-up-as-dollar-loses-ground-20141001-10osre.html The  fall in the dollar has delivered Australia's big four banks up to $10 billion in cash in just two weeks, as hedging contracts put in place over their massive offshore funding programs come into the money.  Australian banks' offshore borrowings are hedged for the term of those bonds. As the dollar slipped to just below US87¢ on Wednesday, counter-parties to the banks' hedging contracts – mostly the large, global investment banks – have been forced to deposit cash with the Australian banks under collateral agreements. Sensitivity analysis conducted by veteran banking analyst Brian Johnson, from CLSA, shows that every 1¢ fall in the AUD/USD exchange rate generates $1 billion of "collateral cash-backs" for Commonwealth Bank of Australia and Westpac Banking Corp, and $500 million for ANZ Banking Group and National Australia Bank.  This means...
Last modified on
Hits: 1844 0 Comments
Rate this blog entry:
Continue reading
Coalition embraces big bank gouge that even Howard rejected Thursday, 6 February 2014 by Bernard Keane   http://www.crikey.com.au/2014/02/06/coalition-embraces-big-bank-gouge-that-even-howard-rejected/?wpmp_switcher=mobile   The government’s winding back of the Future of Financial Advice reforms will legalise conduct by financial planners that has long been banned and hand a major win to the big banks and AMP — one that even the Howard government rejected, Crikey can reveal. Draft regulations to reverse the Future of Financial Advice reforms established by Labor were released by Assistant Treasurer Arthur Sinodinos last week as the Coalition rushes to remove reforms that took years of consultations, parliamentary inquiries and reviews to develop, trying to do as much as possible via regulation in order to avoid parliamentary scrutiny. Among the government’s changes, however, will be one that doesn’t merely reverse the FOFA reforms but would legalise conduct that has been prohibited for many years, was the subject of major action by the Australian...
Last modified on
Recent comment in this post - Show all comments
  • Aries
    Aries says #
    We will remember this traitor to the honest people of this land at the next election.
Hits: 2147 1 Comment
Rate this blog entry:
Continue reading
Reserve Bank stirred but not shaken by housing boom BusinessComment & Analysis Date September 24, 2014 http://www.smh.com.au/business/reserve-bank-stirred-but-not-shaken-by-housing-boom-20140924-10la1w.html The Reserve Bank revealed in last week's minutes of its September interest rate-setting meeting that it was increasing its scrutiny of Australia's hot housing market. Now it has explained what that means.  It doesn't think housing is in a speculative bubble that will end in tears. It does see conditions that could make it happen, and will work with its sister regulator, APRA, to head off the prospect. Regulators always try to stay ahead of the curve on things like this. The Reserve moves rates up to head off inflation, not in response to it, for example, and it first noted a surge in housing investment lending a year ago.  APRA announced a suite of guidelines aimed at making investment lending safer in May, and it and the Reserve will meet soon to devise...
Last modified on
Hits: 1258 0 Comments
Rate this blog entry:
Continue reading
Canada house prices expected to rise further, fuelling fears of meltdown   August 29, 2014   http://business.financialpost.com/2014/08/29/canada-house-prices-expected-to-rise-further-fuelling-fears-of-meltdown/   The risk of a property market crash in Canada has not ebbed, according to an increasing number of analysts polled by Reuters who said  chances of a steep fall in prices have increased in the past year.  Still, the survey medians showed house prices will likely rise more than earlier expected at least until 2017, reflecting ongoing reluctance by forecasters, many of whom work for mortgage lenders, to predict negative returns on property.This year Canadian home prices on average will appreciate by 5% followed by a 2% rise in 2015 and then again in 2016 after doubling in value over the past decade. Related House prices keep going up but they are more affordable thanks to cheap debt How fears of overheating are driving Canadian homebuilders to look south Canada’s housing market on...
Last modified on
Hits: 1215 0 Comments
Rate this blog entry:
Continue reading