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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Our Members have now amassed 1500 plus dirty Mortgage Liar Loans including UNVERIFIED FULL DOCS.  ASIC culture permitted banks to continue as normal.....................knowing ARIPs (Pensioners who owned their own homes) were being maliciously targeted by criminals in the Australian Banking Sector.  ASIC Former investigator tells us why ASIC developed sub-cultural problems.  We know the turnover of staff down there is nauseating!  ROYAL COMMISSION into Banking Sytem urgently required.   This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.investordaily.com.au/36114-asic-public-service-culture-criticised ASIC Public Service culture critiscised 22 August 2014 Friday 22nd August 2014 A former ASIC staffer has taken the corporate regulator to task for its “heads on sticks” approach that has prevented it from tackling major structural issues. Stephan Kasanczuk is a director of the consultancy firm WolfThink and a former investigator at ASIC’s predecessor, the Australian Securities Commission. Speaking to InvestorDaily, Mr Kasanczuk predicted ASIC’s current scrutiny of big institutions like the Commonwealth Bank and Macquarie will be short...
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  • Aries
    Aries says #
    Of course it will be short lived if indeed they are doing anything at all. Even if they are you can bet their will be a loop hole
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How come I have to pay an extra ammount between 5% and 12% of the transaction ammount everytime I withdraw money from my savings account when I am overseas?  I have no choice do I? How come I have to pay an extra $5.77 when using an Overseas Terminal to draw money from my credit account? I have no choice do I? How come I have to pay an extra $5.77 as an International Transaction Fee when using my credit card to pay anything, ANYWHERE OVERSEAS? I have no choice do I? If I use the credit card at an ATM overseas, I have to pay an International Transaction Fee and an Overseas Terminal Fee! I can understand in Australia where I have a choice of using my banks ATM or someone elses. If I use someone else I will probably have to pay a fee. But when overseas WE HAVE...
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  • setup
    setup says #
    Since the introduction of privatisation, the banks are answerable to nobody. Even though the Government has the power to rule the
  • Aries
    Aries says #
    You're dealing with crooks, they do anything they like, because ASIC is their mate.
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Here we go again: UNVERIFIED LOANS.............................Low Doc Nightmares.  Low interest rates - watch for the "Honeymoon clause" sting in the tail in the contract...seek independent legal advice before signing contracts with any lender.  Do not trust heavily conflicted bank lawyers.....big name firms.  The Teaser Rates should be labelled as teasers.   LVRs at 85%  30 YEAR INTEREST ONLY LOANS which mostly last only 4-5 years!  Ask what will be the payments on the second year etc......................   Watch for the NSR ratio...............its likely to be "adjusted."  If you don't understand and are worried its easy to join us.  Just hit the membership button.  We KNOW from experience with these products where the flaws are.    Demand a copy of the Loan Application Form at the point of signing................ This email address is being protected from spambots. You need JavaScript enabled to view it. Specialist lender launches higher LVR loan       inShare by Julia Corderoy | 19 Aug 2014   Non-bank lender Pepper has announced upgrades to its Pepper Essential product...
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I became aware of the BFCSA and Denise by accident.  I read about the deceitful practice by financial institutions of unconscionable Asset Lending where the security is the family home. I subsequently googled Asset Lending and the BFCSA web-site and Denise appeared (for which I am now very grateful). Our story is one that makes me very embarrassed, sad and angry as I lost absolutely everything that my wife and I had worked so hard for over many, many years.  I feel a need to speak out about these frauds in banking.   I have always felt it unfair that I and my family were taken advantage of, but it’s only after looking at the BFCSA web-site and reading other similar stories like ours that I realised that I was not at fault, in fact I realised that I had been conned by the bank into a loan that was based...
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  • brett@sctelco.net.au
    We had so much trouble trying to find out what was wrong with my Dads accounts and the bank just said everything was okay. Then on
  • RIVERS
    RIVERS says #
    Heartbreaking story yet unfortunately not unique. Our story is very similar. We keep on asking 'how did we end up here?' Our situa
  • NABbed Nanna
    NABbed Nanna says #
    Same pattern different broker and bank. Other difference was ours was a business loan secured by our home and daughters home. Val
  • PreySOS
    PreySOS says #
    Australian deadly need justice system back
  • PreySOS
    PreySOS says #
    Australia deadly LOANS we urgently need justice system back for bank customers
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The best advice Aggregators could well do with is to convince Lenders to outlaw the use of generic (yet secret) lenders service calculators (one size fits all re tax advantages).  Futuristic Incomes created by lenders are the root problem of sub prime lending.  I hope that crucial issue was on the main agenda in terms of consumer protection issues.  Also the first Aggregator to insist that an 11 page copy of the Loan App Form be given to all consumer applicants at the point of signing to protect the sellers from having documents distorted after the paperwork is sent in to processing.  There should NOT be destruction of that original for seven years.  That should effectively clean up these loan problems as I explained to the Senators in February this year.   It was FAST Group that channelled all the dubious loans from Money Choice Matt George.  In turn he gathered together...
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  • Duped
    Duped says #
    Main stream media have finally woken up and now realise that banks and lenders have used forgery and fraud to trick unsuspecting b
  • setup
    setup says #
    Yes Jiang, it's all a game of lies, deceit, secrecy and hidden agendas with the ultimate intention to unlawfully steal everything
  • PreySOS
    PreySOS says #
    I strongly petition government to investigate lenders' fraud. Disclose the banks' dirty trick under the sun to public with media
  • PreySOS
    PreySOS says #
    I even signed zero income as told to in Bank provided Financial Position Statement in my LAF when I apply for refinance from ANZ.
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Time to focus on the warnings of yesteryear according to our intrepid researcher Gladys, which obviously shows Mackers was headed by the blokes at the top on a cut and run mission.  Millionaires Factory? Yes indeed,  low doc loan (toxic sub prime) customers and retiree investors lose all capital, income and homes....we know many of them!  One investor rang me in 2008 to lament Mackers had lost him 70% capital on one investment!  "ASIC was useless" he said......well we all know that has been the a situation "normal" with the regulator for 14 years.  Even the Ombudsman said they were extremely difficult to deal with along with their mates/partners like FIRSTMAC (ex TONTO) and Kim Cannon who charges $100 for poverty stricken loan victims to recover 11 pages of their file!!!!   I digress. American managers have been calling me for some years and one said in 2010: "we would not allow...
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  • setup
    setup says #
    The warnings were cammoflaged therefore there were no clear warnings to the innocent and unsuspecting. Time to pressure and make
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Kevin Young asked me for lunch in Perth in 2002.  I declined.  Rarely did his customers see or speak to him.  He was a constant Mr Invisible with an army of spruikers.   Now it is obvious what the gut feeling was all about.  He claims NO DEFAULTS.  Well these loans from Bankers where people have up to 12 properties as a Bank Driven Creating Wealth Strategy....are paid by buffer monies and more debt as property market goes up.  But what happens when she blows downward?  Young boasts as Australia's # 1 Creating Wealth Guru............no risks mentioned Kevin?  Property always goes up - never down, shares go down.  Use home equity - make it work for you.......  ARIPS (Bank acronym) to use equity from their existing home?   Yep this is risky business.  You never saw the LAFs and would not know whether they were fraudulent or not...but we knew back...
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  • PreySOS
    PreySOS says #
    National scaled trouble will lead to national economic disaster sooner or later
  • setup
    setup says #
    That's the trouble with these spruikers, They are only focused on the commissions and benefits in it for them and don't care a dam
  • Sandy Phillips
    Sandy Phillips says #
    I know of many members who are financially distressed because of the strategy of Kevin Young including myself. Kevin was instrume
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http://www.crikey.com.au/2009/07/17/former-anz-boss-seeks-redemption-fails/?wpmp_switcher=mobile Friday, 17 July 2009 Former ANZ boss seeks redemption, fails by Adam Schwab Companies It is always a difficult task to prepare one’s own eulogy. Such was the predicament faced by former ANZ CEO, John McFarlane last week, when he penned a defence of his achievements as head of Australia’s fourth largest bank.  After maintaining a dignified silence in recent years, McFarlane launched a valiant rearguard action in Business Spectator last week, claiming: By 2007, ANZ was the leading bank globally in the Fortune Global 500 for leadership; the leading bank globally in the Dow Jones Sustainability Index; had the highest staff engagement of all the major companies in Australia; had the leading retail banking customer satisfaction of the major banks; and was rebuilding a sustainable presence and capability in Asia through partnership investments, organic growth, and recruiting experienced Asian executives like Alex Thursby. There is no doubt that certain...
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We first alerted Parliament 8 Aug (Hansard Ec. Committee Inquiry into Banking Post GFC) 2012 that "Government cannot, ought not to profit from a  fraud."  Two months later Government decided to sell off the AOFM's purchase of $24 billion (tax payer dollars) of potentially toxic RMBS Packages. Treasurer said: "One of our best polcies but decided to sell."  Duh!   Now read this: http://www.afr.com/p/blogs/christopher_joye/aussie_credit_is_booming_jLemvyCkEvthNRFyxC66XI Aussie credit is booming PUBLISHED: 27 May 2014 Australian credit investments are booming. On the back of the lowest borrowing rates in history and generally benign conditions across most asset classes, the cost of issuing Australian corporate bonds and selling home loans via portfolios of residential mortgage-backed securities (RMBS) is plumbing new lows.  In the words of one major bank analyst on Tuesday, “volatility is absolutely crushed for now with the VIX Index looking like a pancake”. Volatility is a measure of the probability of loss in...
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  • setup
    setup says #
    The question must be asked, "why are the banks making record profits when the interest rates have been kept so low for such a long
  • Denise
    Denise says #
    Australian Government cannot profit from a fraud!!!!! In 2008 Banks decided to no longer VERIFY incomes on mortgage loan apps whe
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http://www.abc.net.au/news/2014-04-17/kohler-the-good-bad-and-ugly-of-rmbs-resurgence/5396428 The good, bad and ugly of RMBS resurgence The Drum By ABC's Alan Kohler Updated 17 Apr 2014 The mortgage-backed securities market is booming and bodes well for bank competition. But it's driving house prices higher and making it even harder for first homebuyers, writes Alan Kohler. After five years of near death, the residential mortgage-backed securities (RMBS) market in Australia is roaring back to life, which is both good and scary.  Good because the banks might finally get some competition from non-bank lenders again; scary because the resurgent supply of prime and subprime mortgage money from yield-hungry investors is not being matched by the supply of new land to lend against, so it's just driving house prices higher.................We are seeing two quite different markets being mixed together: one for credit that is active and plentiful (call this one nitro) and one for land that is short (call it glycerin)....
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  • setup
    setup says #
    The property prices have gone through the roof and are unrealistic. This generation have to work for the rest of their lives to pa
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http://www.theaustralian.com.au/business/murray-creates-confusion-says-cba-as-it-reports-record-87bn-profit/story-e6frg8zx-1227023515075 Murray creates confusion says CBA as it reports record $8.7bn profit by:MICHAEL BENNET From:The Australian August 14, 2014 COMMONWEALTH Bank has pushed back against the initial findings of the Murray financial system inquiry, arguing “further confusion” was being created about the banking sector’s strength while labelling it critical that firm rules were in place surrounding how much capital banks were required to hold. Handing down a record $8.7 billion cash profit, chief executive Ian Narev yesterday said he still backed the process of holding a major review into the nation’s financial system.  The inquiry’s interim report released last month flagged a raft of potential headwinds for the major banks, including the prospect that the big four lenders may have to hold more capital on their balance sheets.  “I don’t think we came into the inquiry thinking we’re going to get a whole lot of free kicks,” Mr Narev conceded to...
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"spending $49 million improving compliance and adding 11,500 hours of adviser training to comply with ASIC and implement FOFA reforms.  Concerns were raised about the fact that Macquarie clients must contact the bank about remediation, because it is in charge of the process with ASIC's oversight.  Key class action law firm Maurice Blackburn's financial disputes head John Berrill said the process was flawed with no detail given about whether clients would be given all of the information on their files." Charles Ponzi must be laughing from the grave.  He was a serial control fraud - a robber of banks.  He had a sense of humour.  His first "group victims of PONZI schemes" were three quarters of the BOSTON POLICE FORCE.  In 1927 he borrowed all their superannuation and savings and forgot to pay it back.  But he did buy a bank and robbed it blind.  He ran fraud and forgery scams involving...
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http://news.smh.com.au/breaking-news-business/asic-slams-financial-planners-20140815-3dr6n.html ASIC slams financial planners BusinessNationalBreaking News Business Date August 15, 2014 Greg Roberts The corporate regulator has slammed Australia's financial planning industry for shonky standards as a scandal involving Macquarie Group widened.  Macquarie, the so-called "millionaires factory" investment bank, was ordered by the Australian Securities and Investments Commission (ASIC) on Friday to invite 160,000 past and present clients to seek compensation. The scandal involves misconduct and flawed financial advice given by its planners to clients causing heavy losses dating back to 2004 - when the bank first obtained a financial services licence.  One claim involves a document called the "Penske File" - taken from TV hit Seinfeld - and containing answers to compulsory professional development exams so Macquarie advisers could cheat. The industry is facing a crisis of confidence after Australia's largest bank CBA had its own recent scandal, with more than 1,100 customers losing savings due to rogue advisers. ...
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Posted by on in BANKSTERS
Paddy bought a donkey from a farmer for £100. The farmer agreed to deliver the donkey the next day. In the morning he drove up and said, ‘Sorry son, but I have some bad news. The donkey’s died.’ Paddy replied, ‘Well just give me my money back then.’ The farmer said, ‘Can’t do that. I’ve already spent it.’ Paddy said, ‘OK then, just bring me the dead donkey.’ The farmer asked, ‘What are you going to do with him?’ Paddy said, ‘I’m going to raffle him off.’ The farmer said, ‘You can’t raffle a dead donkey!’ Paddy said, ‘Sure I can. Watch me. I just won’t tell anybody he’s dead.’ A month later, the farmer met up with Paddy and asked, ‘What happened with that dead donkey?’ Paddy said, ‘I raffled him off. I sold 500 tickets at £2 each and made a profit of £998′ The farmer said, ‘Didn’t anyone...
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  • Aries
    Aries says #
    I was sure Paddy worked for Bendigo Bank.
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Narev: Brokers play a vital role in financial services       inShare by Julia Corderoy | 15 Aug 2014   The Commonwealth Bank of Australia’s market share of the mortgage world is huge, with the bank financing one in four home loans in Australia over the 2013/14 financial year. Brokers were behind 38% of the total home loan balance settled through the major lender during the year, which has increased slightly from the 37% share in the year to June 2013. Chief executive of CBA, Ian Narev told Australian Brokerbrokers play a vital role in the financial services industry.  “Brokers help our customers by offering expert opinions on decisions that are of great importance to them, particularly with home buying, but also in business lending as well. Our view is that brokers play an important part in the way many Australians want to deal with financial institutions, and our bank is happy to have solid...
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Posted by on in Bankers A Law Unto Themselves
Article from the Kyabram Free Press News. Wednesday 13th August 2014. "At Swan Hill a farming family has taken the National Australia Bank, Freshmax Farms, Seller Muldoon and Benton, and the Financial Services Ombudsman to the Federal Court. Gay and Tony Tripodi launched the action after a forced sale of their property Murrawee Farms, alleging the farm was sold to Freshmax Farms ahead of a ruling by the Ombudsman regarding the receivership. They also allege an offer to buy the farm, which they believe was higher than Freshmax Farm' offer, was rejected by the receivers."    ...
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  • setup
    setup says #
    It proves again that NAB's intention in approving the loan in the first place, was to eventually onsell the farm to one of their c
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http://www.2gb.com/article/low-doc-loans#.U-qpGLYC_Rk.email    COMING UP Tomorrow:   THURSDAY MORNING  Thursday 14th Aug AT  7.10AM  2GB   ALAN JONES PROGRAM I will be with Alan in interview for roughly 15 mins re Banking   THURSDAY NIGHT: We have brave and courageous members who will tell their story to Martin King on  A CURRENT AFFAIR on BAD BANKS.  A personal thankyou from me.   Saturday Morning Radio 2 UE  Sydney and regional and Qld  “George and Paul” 16th August at 7.15am (Sydney time)   Monday 18th  LIVE News Nine in studio 6.30am - interview TUESDAY AUSTRALIAN PAGE 3 ANDREW BURRELL Also on Tuesday 12th: 2GB interview NSW Ross Greenwood (evening) ABC RADIO WA  8.30  am   Jeff 5AA Adelaide SA   Will Goodings (noon) 2UE NSW speaking with Stewart mid morning   ABC QLD speaking with Terri (early morning)    Most of this MEDIA ONSLAUGHT has taken 5 weeks to put together and more revelations on the...
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  • Aries
    Aries says #
    Here is the link Denise and Ross Greenwood http://www.2gb.com/article/low-doc-loans#.U-qpGLYC_Rk.email
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http://www.crikey.com.au/2014/07/04/regulation-by-mateship-ian-and-mathias-show-the-way-in-financial-planning/ Regulation by mateship — Ian and Mathias show the way in financial planning   Bernard Keane|Jul 04, 2014 1:02PM   We’re headed for an era of mateship-based regulation in financial planning, in which the big banks will get away with as much as they can until governments decide it’s politically unpalatable...................  With all the focus on the Commonwealth since the inquiry, the ostensible sector regulator, the Australian Securities and Investments Commission has gotten off lightly. Remember, this is a regulator so gobsmackingly inept that it not merely ignored repeated efforts by whistleblowers to alert it to what was going on at CFP, when the CBA itself alerted ASIC to the activities of one of its worst planners, ASIC simply lost the report.  And that was before it had its budget significantly cut, as it did in May. The result — $50 million so far in compensation for clients of the CBA, and...
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  • setup
    setup says #
    It's time the Pollies got some backbone and started helping and servicing the people who voted them in instead of focusing on thei
  • TestUser4
    TestUser4 says #
    Yes folks. At last the blogs and comments are open. You need to re-register and then wait for activation email. Yes you can use
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http://www.nbr.co.nz/article/abn-amro-find-out-tonight-if-it-s-bad-bank-63272 ABN Amro to find out tonight if it’s in the 'bad bank' Sarah McDonald | Thursday February 26, 2009 Investment bank ABN Amro and New Zealand’s biggest retail investment advisory network ABN Amro Craigs could soon be ringfenced into a “bad bank,” put up for sale and forced to cut jobs.  Royal Bank of Scotland, which owns half of ABN Amro Craigs and all of ABN Amro in New Zealand, is expected to announce a radical restructure tonight (NZ time) that could result in the loss of 20,000 jobs worldwide. New RBS chief executive Stephen Hester is mirroring a formula he employed at his previous post at Abbey National by creating a separate “bad bank” consisting of unwanted businesses and toxic assets, which is ringfenced from the rest of the RBS balance sheet.  He will then look to offload all of the bad bank’s businesses, which are reported to include...
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