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
https://www.oxfam.org.au/wp-content/uploads/site-media/pdf/2014-47%20australia's%20big%204%20banks%20and%20land%20grabs_fa_web.pdf  
Last modified on
Hits: 1011 0 Comments
Rate this blog entry:
Australia's housing bubble is real and banks are to blame, says author DateAugust 28, 2014 Comments 21 Read later Jonathan Shapiro http://www.smh.com.au/business/the-economy/australias-housing-bubble-is-real-and-banks-are-to-blame-says-author-20140828-109ahx.html The median house price to income of Sydney is nine times, compared to 6.2 times in New York and 3.2 times in London. Photo: Peter Braig New home sales fall in July AFR: Test looms for Sydney, Melbourne property market AFR: Houses overvalued by 30 per cent Lindsay David may sound crazy ­comparing Australia's banks to Lehman Brothers and Bernie Madoff. But in his mind, it's everyone else who is living in a "Disneyland" delusion by failing to spot a bank-led property bubble that shows no sign of deflating. "No one in the Western world has ever done what we are doing.": Lindsay David. Photo: Supplied It's "the sheer size of the loans relative to the incomes here" that troubles Mr David. "No one in the Western world has ever done what we are...
Last modified on
Hits: 2058 0 Comments
Rate this blog entry:
Continue reading
Inquiry fears of broker bias dismissed  19 September 2014    http://www.theadviser.com.au/breaking-news/30818-no-broker-bias-despite-perceived-conflict Nick Bendel Aggregators and franchises have dismissed concerns raised at the Financial System Inquiry that broker recommendations are being skewed by bank ownership of mortgage groups.  ME Bank told the Financial System Inquirythat “vertical integration is distorting the way in which mortgage brokers direct borrowers to lenders” – a claim echoed by other smaller lenders.   However, Aussie executive chairman John Symond recently told the inquiry that it would be irrational for Aussie brokers to favour Commonwealth Bank, which owns 80 per cent of the group.  “[Brokers] have no rational incentive to favour the products offered by their parent company over another lender and will instead respond to any shift in market pricing and incentives,” he said. Similar comments were made by Mortgage Choice, in which Commonwealth Bank has a 17 per cent stake.  Chief executive Michael Russell said brokers take...
Last modified on
Hits: 1298 0 Comments
Rate this blog entry:
Continue reading
Mike Smith ANZ Gloats of success! Warning...  More Money Mike's "selfie" article will upset most Australian citizens and particularly ANZ victims of Liar Lending Policy BFCSA (Inc) 20 Sep 2014 — Share our Petition re Bad Bank Behavior with everyone. How does white collar criminal activity at the top level of the Banking Cartel assist Australia? A 70 year old person who had retiree status and owned their home debt free, now about to become homeless and now has to stand in the queue at Centrelink because "I now qualify as poor and the age pension." How does that help our economy? Ask Mike Smith of ANZ who gloats about success and riches after coming from UK, is now ready to become a very wealthy $7 million per year citizen, and still heads ANZ and their toxic Liar Loan Low Docs. Mike  loves Australia! His personal Road to Wealth story on page...
Last modified on
Hits: 1371 0 Comments
Rate this blog entry:
Continue reading
Robbie writes: HIH insurance 1 of Australia's biggest insurance companies taking with it many peoples investments & the Corporate NSW Governments Home Fund Scam for low income people my Parents were part of the Test case & got Scammed by there Legal Aid solicitors. Just another arm of the current Corporate Government . Bring back our Constitutional government you know the one? The one that protects We The People. Here, here!!! keep em coming as we build our REGISTER OF LOSS This email address is being protected from spambots. You need JavaScript enabled to view it. Sending everyone into poverty - no home no money:   How does that assist the Australian Economy?  Would the Prime Minister please explain what can be done to this ASIC REGULATORY problem?  This email address is being protected from spambots. You need JavaScript enabled to view it.        Our petition on chang.org at 830 persons ripped of and suffering regulatory corruption from white collar criminals:  Calls for Royal Commission   This is the link and thank you for support as this is sorely needed and...
Last modified on
Recent Comments - Show all comments
  • organza
    organza says #
    The PM has got the power but is listening to all the wrong people. Somebody needs to bring in the heavies to pin him down and rem
  • setup
    setup says #
    Stop the greed and corruption and protect the people. The Prime Minister runs the country so he must have the power to stop this m
Hits: 1292 2 Comments
Rate this blog entry:
Continue reading
 If everyone and their family have signed the petition why haven't we reached 1000...? Come on people a few signatures MEANS THERE IS A KEY INDICATOR OF A MASSIVE PROBLEM in AUSTRALIA right now!! If you want a Royal Commission sign and forward to everyone you know. WE need to gather in the 200,000 families who we know have been affected and need to get this message out. Everyone needs to be busy.  Denise cannot do this on her own! Facebook, Twitter, all your contacts etc.  Some of us are collecting signatures and asking people to go on the site and sign again............members are in Newcastle NSW in public areas....
Last modified on
Hits: 1277 0 Comments
Rate this blog entry:
Continue reading
Joe Hockey's former adviser Tony Pearson goes in to bat for the banks James Eyers September 01, 2014 Tony Pearson is set to join the banking industry's peak lobby group. Photo: Aaron Brown NAB in need of a 'deck scrubbing' One of Federal Treasurer Joe Hockey's senior advisers has been snapped up by the lobby group for the banking industry as it battles recommendations from the financial services inquiry. The Australian Bankers' Association on Monday announced four new appointments that it hopes will improve its lobbying efforts in Canberra including economist Tony Pearson, who for the past five years has been a senior adviser to Mr Hockey. He joined the ABA on Monday as executive director of industry policy. He will be joined by Aidan O'Shaughnessy, who will become the ABA's policy director of industry policy from Tuesday after moving across from the Australian Securities and Investments Commission. Christine Cupitt, who has most...
Last modified on
Recent Comments - Show all comments
  • organza
    organza says #
    The clue re how they operate is all revealed in the Tom Cruise movie The Firm. All you need do is substitute mafia with bankers a
  • Duped
    Duped says #
    We've said it before about this close knit club and how they move from each organisation. Conflict of interest everywhere. Club Ca
  • setup
    setup says #
    How about that, a well knit cosy club for the boys - birds of a feather will always stick together. What an amazing piece of news
  • Denise
    Denise says #
    Like Rats up a Drain Pipe!! Will you be helping with the shredding of client docs Tony? OK so the ABA will need all the help they
Hits: 1955 4 Comments
Rate this blog entry:
Continue reading
Great way to disguise a mortgage - ABN's for a day if probably what this means!   http://www.loandesk.com.au/believe-anz-will-pledge-2-billion-new-small-businesses/   ·  July 23, 2014 Nina Hendy Business Loans, In The News Why is ANZ Pledging $2 billion to new small businesses?   Nina Hendy is a Loandesk contributor who has been writing about small business, entrepreneurs, corporations, finance, marketing and everything in between for more than a decade. She’s hired to research and write on these topics by BRW, The Sydney Morning Herald, The Age, SmartCompany, StartupSmart, The Investment Stylist and businesses needing a wordsmith. Don’t you think it sounded a lot like marketing? Really good marketing, admittedly. I mean, you’ve got to love a bank that’s openly committed to small businesses, right?  ANZ tells us the pledge is because it’s committed to small businesses and wants to support the role they play in the broader economy. Oh, and they’re also prepared to...
Last modified on
Recent Comments - Show all comments
  • Susan
    Susan says #
    'Love' and 'Bank' ..... Aren't they contradictory terms ....??
  • kddeed
    kddeed says #
    The cartoon says it all really!!
Hits: 1551 2 Comments
Rate this blog entry:
Continue reading
http://www.australianbankingfinance.com/banking/boq-acquiring-jewel-in-investec-s-crown BOQ acquiring jewel in Investec’s crown Marion Williams April 17, 2014   If well managed, Bank of Queensland’s (BOQ) acquisition of two specialist finance businesses could become as valuable a part of its business as it was for previous owner, Investec.  BOQ managing director and chief executive officer Stuart Grimshaw said the acquisition is a good strategic fit that brings diversification from both its home state and from mainstream retail lending. Furthermore, as a “high touch” client-based business, it dovetails with BOQ’s relationship-focused business model. A big chunk of the $440 million Investec acquisition announced last Friday is the Professional Finance business which has a $2.2 billion loan book, $3 billion of residential mortgages under management and a $2.7 billion deposit book.  Barry Lanesman, head of the Professional Finance business, is equally excited at the growth prospects for his business that weren’t previously open.  The business is a niche provider...
Last modified on
Hits: 1656 0 Comments
Rate this blog entry:
Continue reading
The frauds are perpetrated by the Banks - that's why banks report they do not find many incidences.  In 2008 all banks reverted to NO VERIFICATION OF MORTGAGE LOANS and credit cards are included in the package as some type of third line forcing plan.  Truth would be good from ehre on in.  Who on earth would trust a Banker or the banking regulators?  RESIMAC say: we introduced verification calls to new applications to verify details.”   Ok so how many?  All of them or a spot effort? Is that clever wording? Newsflash for RESIMAC your newly acquired bundle of joy mortgages from RHG - bucket loads of fraud and no verification of income took place...............................ring up those RHG customers and ask the question.                BOM words show they verify nothing................... All mortgage loans FULL DOCS AND LOW DOCS are UNVERIFIED...meaning no phone call to customer...
Last modified on
Recent Comments - Show all comments
  • Jenny L
    Jenny L says #
    Same with us. No-one from GE Money called us to verify contents of LAF . If only they had we wouldn't have had our lives shattered
  • Susan
    Susan says #
    So we signed a page that said we forego legal advice re our loan. We trusted the bank. After all, people sign credit contracts e
  • kddeed
    kddeed says #
    Same here 'setup', no phone call received!! You just have to go back and look at old blogs and it's unbelievable how many years h
  • setup
    setup says #
    That's right we certainly did not receive a phone call at any time to verify our income. If we had we wouldn't be in this mess tod
Hits: 2192 4 Comments
Rate this blog entry:
Continue reading
No-one should be trusting banks or their lawyers these days.  TRUST is gone and so is CONFIDENCE.  Here is the PM peddling along with the wonders of de-regulation, where its painfully obvious he should be talking up RE-REGULATION. It will come to RE-REGULATION PM Abbott.  Trust me - better than trusting the banks.  You cannot trust men (and lady) with money to make best decisions for the people of this nation.  Remember the Great Depression?  So many homeless, no jobs. Forget War Talk - we need you as PM to concentrate on back home here!!!!   WHITE COLLAR CRIME IS A KILLER......stress and depression is a killer. You need to have a bo-peep into what the banks are doing.  Joe Hockey hasn't a clue.  $1.6 Trillion in mortgages (43% toxic) and you cannot trust APRA figures because as APRA bods told me: "we get our figures and stats from the Banks."...
Last modified on
Hits: 1252 0 Comments
Rate this blog entry:
Continue reading
Eldiablo here again and again and again.................. Head for the hills...... how can any one CEO of Banks  justify millions of dollars salary and millions of dollars bonus when in the end as CEO the are the people ultimate responsible for these loans and the illegal actions that have gone on and on to bolster the bottom line at our expense they knew these loans would implode and they didn't care because they could just take your house they just did it held their heads high and continued on. Well its time for the heads to be held high in the carnival they are nothing more than the laughing clowns who in the past laughed at us well head for the hillls in your little caravans and dont stop turning because we are coming to get you.  THE CEO's the managers and everyone responsible for what they have done are to...
Last modified on
Recent comment in this post - Show all comments
  • Aries
    Aries says #
    Too true Eldiablo, banker wankers laughing all the way to their bank with our loot. Their "Prime Crime" scam has been uncovered, s
Hits: 1526 1 Comment
Rate this blog entry:
Continue reading
http://www.brokernews.com.au/news/breaking-news/newsletter-191172.aspx   BREAKING: Bank announces commission incentive       inShare by Adam Smith | 27 Aug 2014   A non-major has announced commission increases for its broker network.Bankwest has announced a new trail commission incentive for deals below 75% LVR. For a three month period, the lender will pay bonus trail while still paying 70bps upfront trail.The initiative sees the bank instituting year one trail of 5bps for loans up to $350,000, 10 bps for loans up to $500,000 and 15 bps for loans up above $500,000.“With rates as low as 4.74% p.a. (comparison rate 5.13% p.a.) for a loan amount over $750,000 and less than 80% LVR on our Complete Home Loan Package, Bankwest is growing its share of lower LVR business. Our Broker partners have been talking to me about the value of Year 1 trail, so I'm delighted we are able use this trial to test their appetite. The trial...
Last modified on
Hits: 1319 0 Comments
Rate this blog entry:
Continue reading
Well looks like the Adelaide Bank is going to bankrupt me on the 22/09/14. I was served with  a notice just now saying this is what is going to happen. I dont know what to do. This was with FOS then they determined that this was better dealt with through COSL > tried to stop this from happening but FOS said there was no appeal on this and it had already been done. I have not heard from COSL at all until last Friday I got a voice mail to contact COSL , up until 4pm today I haven't been able to get anyone to answer. I have left several voice mail messages for this Nicola person.  I would think that my complaint with FOS was about the Adelaide Bank, and now FOS have said that this complaint is really about Barnes Home Loans that the Adelaide Bank goes straight in...
Last modified on
Recent Comments - Show all comments
  • setup
    setup says #
    Rob, don't give up. We are biding time for the RC. Once it is granted all their dirty laundry will be aired and open for the whole
  • setup
    setup says #
    Agree TJ the EDR's are the bank's servants not ours. and although they buy us time and keep the wolves from the door, the reality
  • Rob
    Rob says #
    Are you saying setup that no matter how much we fight to save our homes that it is to no avail, the banks will take our home anywa
  • TJ
    TJ says #
    You can be rest assured of one thing which consistently comes out of people's complaints to COSL and FOS and that is that neither
  • Aries
    Aries says #
    Adelaide Bank and the CBA are running neck to neck, it's just that no whistleblower has come forward with evidence of corruption w
Hits: 2270 6 Comments
Rate this blog entry:
Continue reading
  Unverified Lending since 2008 and Veda speaks of "Fraud Checks."  Not in our experience in dealing with banks - the fraud is internal to the banks.  Without Veda seeing the supporting docs of an application how can they verify if fraud or not? Consumers are waking up.  Even David Murray is warning what comes up must come down.  There has been widespread approval of unaffordable loans and the consumers had no idea of the frauds and were forced by packaging to take credit cards they had said NO to.  Banks said you must take them as part of the pack - no choice - cannot separate.  Breaches of TPA all over the place. Nearly $2bn of credit apps red-flagged for fraud       inShare by Adam Smith | 25 Aug 2014   Nearly $2bn of credit applications were red-flagged as potential fraud in the last financial year.New research from Veda has shown $1.9bn in...
Last modified on
Hits: 1389 0 Comments
Rate this blog entry:
Continue reading
Predatory Banks again - ONE IN THREE have agreed????  I smell predatory tactics and bank induced "targeting."  Get legal advice from parents own independent lawyer.  This will get very ugly indeed as children ask parents to assist on encouragement from Bankers greedy for bonuses and profit.   Banks do not advise parents to seek INDEPENDENT LEGAL advice.  BFCSA MEMBERS HAVE SEEN ALL THIS and then are gobsmacked when parents also lose their home.  These are HIGH RISK and High Cost Loans.  Where are the Politicians?  Having lunch with JS?  We need to stop Bankers engineering these faulty unsafe products!  Its a carnage out there.   This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.news.com.au/finance/real-estate/one-in-three-parents-give-children-home-deposit/story-fncq3era-1227033513993   August 23, 2014   EXCLUSIVE: One in three first-home buyers is given a deposit by their parents to purchase property, in a trend that lenders say is booming. Mums and dads are collectively paying out $122 million a year to shoehorn their children into home ownership, with...
Last modified on
Recent Comments - Show all comments
  • brett@sctelco.net.au
    A false economy led by hungry banksters only interested in lining their own pockets at our expense. Gordon Gecko is alive and livi
  • Aries
    Aries says #
    Scare tactics used yet again by banksters, "by the time they save any sort of deposit the housing prices will have gone up so they
  • setup
    setup says #
    I agree Nanna. Kids should be taught to save their own deposit. My very wise Dad used to encourage us to save as big a deposit as
  • NABbed Nanna
    NABbed Nanna says #
    Felt sick when I read this article re: parents being guarantors using their own homes as security. This I'm afraid can only lead
Hits: 2484 4 Comments
Rate this blog entry:
Continue reading
Governments should BAN HYBRID SECURITIES to everyone, not just retail "investors, otherwise the Greedy Nasty Banks will dub all investors as SOPHISTICATED as they have been doing for years to avoid detection by lazy regulators.  I warned ASIC of this in 2001 after pointing out many products were being sold to UNSOPHISTICATED Mums and Dads, and we had LAWS in place back under Corp Law in the nineties under the old pooled managed investment provisions where selling to the wrong market was free-for-all leaving so many retirees broke and distressed.   We all had the information but Government protected the Banks not the People.  We need a Federal Bureau of Consumer Protection in Australia and Britain.   We have a Global problem with Bankers because Governments say "we did not see this coming...."  But they did! Its the regulators either lying to Parliament, or Parliamentarians doing nothing about reigning in their beloved Banker...
Last modified on
Hits: 1243 0 Comments
Rate this blog entry:
Continue reading
http://dealbook.nytimes.com/2014/08/21/bank-of-america-reaches-16-65-billion-mortgage-settlement/?_php=true&_type=blogs&_r=0 Bank of America’s $16 Billion Mortgage Settlement Less Painful Than It Looks By PETER EAVIS and MICHAEL CORKERY August 21, 2014 Time to Jail these Bankers   The Justice Department said on Thursday that it had so far recovered nearly $37 billion from big banks for their role in selling shoddy mortgages before the financial crisis.  Such a large number — intended to deter misdeeds in the future — suggests that Wall Street is being made to pay for its role in stoking the subprime debacle. Yet the financial pain inflicted by the settlements may not be as great in the end.  Take the latest, and largest, mortgage settlement. Bank of America has agreed to a $16.65 billion deal with federal and state authorities. The actual financial burden for Bank of America, however, may not exceed $12 billion — certainly a large amount, but one significantly less than the number...
Last modified on
Recent comment in this post - Show all comments
  • setup
    setup says #
    Those who were made homeless by illegal foreclosure....what do they get?? I haven't read or heard anything yet about prosecuting t
Hits: 1567 1 Comment
Rate this blog entry:
Continue reading
http://www.bbc.com/news/uk-northern-ireland-28886656 21 August 2014Last updated at 15:47   Bank of Scotland appeals over 'double bill' court ruling By John Campbell BBC News NI Economics & Business Editor Bank of Scotland has said it will appeal against a Belfast High Court judgement that ruled it had unfairly double billed customers who fell behind on their mortgages.  In a scathing verdict, Master Ellison said the bank's behaviour had been "unconscionable". The bank is a major mortgage lender in NI under the Halifax brand.  Its parent company, Lloyds Banking Group, said it would appeal on "a number of areas" in the ruling.  It said there were aspects of the judgement which "we do not consider to be representative of the way we manage the mortgages of customers who have entered arrears". The case focused on the way the bank added arrears to the original mortgage borrowing.  That is a standard practice for tackling arrears,...
Last modified on
Hits: 1124 0 Comments
Rate this blog entry:
Continue reading
http://www.theguardian.com/business/2011/dec/14/banks-accounting-loopholes-profits-bonuses Banks use accounting loopholes to inflate profits and bolster bonuses - Gordon Kerr former banker and author of the report calls for radical reform to stop banks investing in risky assets Jill Treanor  The Guardian, Wednesday 14 December 2011 Banks use accounting loopholes to inflate their profits and bolster staff bonuses, according to a report published on Wednesday that calls for changes to the international accounting rules.  According to the paper by the Adam Smith Institute, banks are able to use complex financial products such as credit default swaps to report profits that they might not otherwise be able to. Gordon Kerr, a former banker who wrote the report, said the blame lies with the International Financial Reporting Standards (IFRS) rules that allows banks to recognise their expectations of future income as current profits.  "The accounting regulation system needs radical reform so that banks are not encouraged to invest in...
Last modified on
Hits: 1760 0 Comments
Rate this blog entry:
Continue reading