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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  Najib Cracked Down on Free Speech to Limit 1MDB Fallout, Journalist Says June 06, 2016, 05:55:00 AM EDT By Dow Jones Business News   http://www.nasdaq.com/article/najib-cracked-down-on-free-speech-to-limit-1mdb-fallout-journalist-says-20160606-00085   A senior Malaysian journalist who quit his job at a leading newspaper said Prime Minister Najib Razak's government has cracked down on freedom of speech as it tries to limit the fallout from a graft scandal surrounding a state investment fund. Mustapha Kamil, the former group editor of the English-language New Straits Times, which is controlled by Mr. Najib's ruling party, took a rare public stance by saying that an increasingly "authoritarian" stand by the government toward media was the reason he quit the newspaper in April. He had worked there for more than a quarter-century. Mr. Mustapha initially remained quiet after stepping down, but last week posted the reasons for his action on his Facebook page—an unusual act in the closed world of...
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London Housing Bubble Melts Down by Wolf Richter • July 18, 2016 But don’t just blame Brexit. http://wolfstreet.com/2016/07/18/london-housing-bubble-set-for-collapse-dont-just-blame-brexit/ In Central London – the 30 most central postal codes and one of the most ludicrously expensive housing markets in the world – eager home sellers are slashing their asking prices to unload their properties. But even that isn’t working. In the 12 days after the Brexit vote, cuts to asking prices have soared by 163% compared to the 12 days before the vote, according to the Financial Times. Yet sales have plunged 18% from before the Brexit vote. Sales had already taken a big beating before then and are now down a mind-boggling 43% from where they’d been a year ago! So Brexit did it? Um, well, sort of. But it’s more than Brexit. Home prices on a £-per-square-foot basis had peaked in Q2 2014, according to real-estate data provider LonRes. Since...
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So it’s back to how it used to be and should always have been in NZ...makes you wonder who will swoop and buy up all the damaged collateral! Bank boss warns of property market mess 4:30 PM Wednesday Jul 20, 2016   http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11678082   The chief executive of New Zealand's largest bank has warned that house prices are over-cooked and the market may face a "messy end". In an unusually outspoken article ANZ chief executive David Hisco joins several leading establishment figures in calling for stronger action on housing. Yesterday's Reserve Bank lending restrictions did not go far enough, he says. The bank has lifted deposit requirements for investors to 40 per cent. Hisco says he would like to see them lifted to 60 per cent even though that would mean less business for ANZ. He also warns that regardless of Reserve Bank lending restriction local banks may not be able...
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THE Battle for the ROYAL COMMISSION into Banks and the Finance sectors is far from over for BFCSA Members.    In April this year I sent a letter to Opposition Leader Bill Shorten begging for a Royal Commission into the banking System (wide TOR)  based upon an estimated 1.5 million families severely affected by sub prime lending to the point the "asset-lends" to pensioners meant elderly people would be thrown out of their own homes.   Over $300 billion of toxic loans are out there sloshing around in the Low Doc Market and economists from LF Economics backed up these concerns in their submission # 63 to the  Senate Inquiry into white collar crime.  BFCSA also furnished submissions to the Dastyari Inquiry 2015. And, BFCSA Sub # 23 (Mch 2016) into White Collar Crime being conducted by Senator Peter Whish-Wilson. Earlier I had sent similar letters of warnings to PM Mr Abbott and later the new...
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Home Loan Mortgage Arrears Rising and Rents falling The proportion of Australian home owners falling behind on their mortgage repayments has increased, according to ratings agency Standard & Poor's.   http://www.abc.net.au/news/2016-07-19/home-loan-mortgage-arrears-rising/7638528   The global credit ratings giant said May was the seventh consecutive month where mortgage arrears had increased. So-called prime mortgages have an arrears rate of 1.21 per cent, up from 1.14 per cent in April and 1.07 per cent a year earlier. These are mortgages to borrowers with full documentation around their income, savings and assets. The arrears rate for "nonconforming" loans jumped from 4.25 per cent in April to 4.71 per cent in May, but remains well off a peak of 17 per cent in 2009. "Nonconforming" loans include those with limited documentation, so-called low-doc loans, which are often given to small business owners or contractors who have limited evidence of their earnings. Both measures are for those borrowers...
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Trump's GOP wants to break up big banks Trump following Democrats' lead By Heather Long Published 07/19 2016 http://www.everythinglubbock.com/news/politics/donald-trump-plan-will-break-up-big-banks-1   NEW YORK (CNNMoney) Donald Trump wants to crack down on Wall Street.  At Trump's urging, the GOP formally endorsed breaking up America's big banks Monday. It's almost like the Republicans were taking a page from liberal senators Bernie Sanders and Elizabeth Warren who have advocated for exactly that to ensure no bank is "too big too fail." The official Republican platform for 2016 calls for bringing back the Glass-Steagall Act, a law put in place during the Great Depression to restrict banks from serving both Wall Street and Main Street. President Bill Clinton repealed the law in 1999.  In a sign of just how unpopular Wall Street is in America right now, reinstating the Glass-Steagall Act is in both the Republican and Democratic platforms. Trump's campaign manager Paul Manafort told reporters...
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Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act by Wolf Richter July 18, 2016 I can already hear the sloshing sounds of money. An amazing thing happened at the Republican Convention when some unexpected language showed up in the official 66-page Republican Platform 2016,  a document that a delegate from Texas enthusiastically called, “the most conservative platform in modern history.” And therein is this sentence: We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment. It’s followed by this bit of wisdom: “Sensible regulations can be compatible with a vibrant economy….” By extension, reinstating the Glass-Steagall Act would be that “sensible regulation.” Upon hearing about this, Wall Street executives and just about everyone else at JPMorgan, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and a slew of others, plus central bankers in the US and abroad, especially those that...
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    I actually heard that statement on the TV
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THE SATURDAY PAPER https://www.thesaturdaypaper.com.au/news/politics/2016/07/16/andrew-wilkie-and-the-chilcot-inquiry/14685912003499 Andrew Wilkie and the Chilcot inquiry Intelligence officer turned whistleblower and politician Andrew Wilkie is calling for Australia to conduct its own.  Wilkie: a Man with Integrity Plus. Martin McKenzie-Murray 16 June 2016 https://www.thesaturdaypaper.com.au/news/politics/2016/07/16/andrew-wilkie-and-the-chilcot-inquiry/14685912003499   It was 2002 and Andrew Wilkie knew war was coming. But in his secured office, as he studied satellite images and the field reports of spies, he grew doubtful about its legitimacy. A former Australian soldier, Wilkie was an intelligence analyst with the Office of National Assessments, and he had become concerned about what seemed to be an irreconcilable gap between the intelligence on Iraq – which offered very little evidence of a threat – and the bellicosity of the political pronouncements about the danger of Saddam Hussein.  “The whole thing was fundamentally flawed. And Howard’s argument about ambiguity is flawed.” In Britain, The Sun carried the headline “Brits 45 minutes from...
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Everyone has Anti Money Laundering Laws, but in a deregulated World-wide Banking System, Banks have become the largest global Money Laundering operations, the world has ever seen.   17 July 21016 http://wolfstreet.com/2016/07/17/ubs-dbs-falcon-coutts-others-scrutinized-by-singapore-money-laundering-corruption-1mdb/ “Three people with knowledge of the matter” told Reuters that Singapore’s central bank, the Monetary Authority of Singapore (MAS), is “scrutinizing,” as Reuters put it, several banks over suspicions that they broke anti-money-laundering rules in processing transactions of the scandal-infested Malaysian state-owned fund 1MDB.  The banks include UBS, DBS Group Holdings, Falcon Private Bank, and Coutts International. DBS is based in Singapore. The other three are based in Switzerland. The 1MDB scandal revolves around $4.2 billion that, according to a Malaysian parliamentary investigation earlier this year, went missing or ended up in overseas accounts whose owners couldn’t be determined. These transactions were all processed by banks. In 2013, $681 million appeared in the personal account of Malaysian Prime Minister...
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Globalism - a disaster for everybody except those behind it who know exactly what they are doing and that includes media magnates... The Bank of England hits the panic button 6 July 2016 Stephen Bartholomuesz http://www.theaustralian.com.au/business/opinion/stephen-bartholomeusz/the-bank-of-england-hits-the-panic-button/news-story/1c2c1a1f2c97a531fcc051829c7464b4 The Bank of England hit the panic button overnight as evidence of the fallout from the Brexit vote within the UK economy begins to emerge. For those outside the UK and Europe, a major uncertainty is whether the developing financial stress will be confined to the region or if it has more global implications. The Bank of England, after warning that the risks posed by Brexit were already beginning to crystallise and the outlook for financial stability was “challenging,” announced that it had decided to lower capital requirements for UK banks, allowing them to release £5.7 billion (about $10bn) of counter-cyclical capital “buffers” that the banks are holding. In theory, that could support as much...
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Congress: “Too Big to Jail: Inside the Obama Justice Department’s Decision Not to Hold Wall Street Accountable” by Wolf Richter • July 11, 2016 http://wolfstreet.com/2016/07/11/congress-too-big-to-jail-justice-department-decision-not-to-hold-wall-street-accountable/   A galling read by the US House of Representatives. The US House of Representatives today released the results of its three-year investigation – hampered along the way by the Department of Justice and the Department of the Treasury – into why HSBC and its executives weren’t prosecuted. Empirical evidence has told us for years that in the US a bank and its executives cannot be prosecuted if the bank is big enough. We’ve come to call this type of bank “Too Big to Jail.”  Empirical evidence has also told us that a bank can do essentially whatever it wants to, given that, if caught, it may have to pay a fine that then becomes just part of the cost of doing business. Wall Street doesn’t...
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'Diamond' Joe Gutnick bankrupt owing $275 million 13 July 2016 Mark Hawthorne and Sarah Danckert http://www.smh.com.au/business/diamond-joe-gutnick-bankrupt-owing-275-million-20160712-gq46vh.html   Mining magnate "Diamond" Joe Gutnick was once ranked among the wealthiest men in the country, with a fortune totalling more than $300 million. Now the former Melbourne Football Club president has declared himself bankrupt, with debts totalling more than $275 million, after a deal with one of India's biggest fertiliser groups turned sour. Mr Gutnick's statement of affairs, obtained by Fairfax Media, shows he owes his creditors $275 million, and has no other assets except for $16,087 in savings and a worthless portfolio of shareholdings. It's a long way from the peak of his career in the 1990s, when the BRW rich-lister had all the accoutrements that great wealth brings, including mansions, a Rolls-Royce, a luxury boat and a private plane. The $275 million collapse ranks him alongside the biggest bankruptcies in Australian history,...
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UNSEALED: United States Dept of Justice confirms Holders of Securitized Loans Cannot Be Traced 4 June 2016   http://www.zerohedge.com/news/2016-06-07/unsealed-doj-confirms-holders-securitized-loans-cannot-be-traced In a filing unsealed on June 3, 2016, the Department of Justice (DOJ) confirms what many of us have known for years. Nobody, not even the U.S. Government, with massive resources, can determine who owns your loan and has the right to collect on your mortgage. The information comes from case files unsealed on June 3, 2016 by federal Judge Yvonne Gonzalez Rogers of the Northern District of California in the case of the United States v. Discovery Sales, Inc. The case involves some 325 fraudulent loans originated by Discovery Sales, Inc. (DSI) between 2006 and 2008, many of which were then sold to Wells Fargo Bank and JP Morgan Chase to securitize. The Discovery Sentencing document on page 9 states: The originating lenders who made loans to purchase DSI properties, including...
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Oligarchs of the Treasure Islands   michaelwest.com.au 11 July 2016 http://www.michaelwest.com.au/oligarchs-of-the-treasure-islands/   For the best part of three decades, George Rozvany was inside the multinational tax avoidance industry. Now, he lifts the lid on the perpetrators, the world’s most powerful oligopoly. The “Big Four” global accounting firms – PwC, Deloitte, KPMG and Ernst & Young – are the masterminds of multinational tax avoidance, the architects of tax schemes which cost governments and their taxpayers more than $US1 trillion a year. Although presenting as “the guardians of commerce” they are unregulated and unaccountable; they have infiltrated governments at every level and should be broken up. This is the view of George Rozvany, Australia’s most published expert on transfer pricing, which is one of the principal ways large corporations pursue cross-border tax avoidance. Rozvany stepped down last year as head of tax in Australia for the world’s biggest insurance company, Allianz. Formerly, he...
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New Iceland law allows jailed bankers to walk free amid Panama Papers scandal Published time: 8 Apr, 2016 05:30Edited time: 8 Apr, 2016 09:23 https://www.rt.com/news/338869-iceland-imprisoned-bankers-free/   Three top figures from Iceland’s failed Kaupthing Bank have been released from jail after barely serving a quarter of their sentences due to a new law. It comes as Iceland deals with a fresh scandal linking the ex-PM to both the Panama offshore revelations and the bank. Former chairman of Kaupthing, Sigurdur Einarsson, its biggest shareholder, Olafur Olafsson, and the finance director of the Luxembourg branch, Magnus Gudmundsson, were released from the low-security Kviabryggju prison on Thursday. The bankers have served just one year of their four-to-five year sentences. All were convicted of financial fraud ahead of the collapse of the country's biggest bank in October 2008. The bankers were accused of concealing an investor from Qatar who bought a 5.1 percent equity stake in...
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Banks raise billions, despite Brexit jitters Sydney Morning Herald July 6, 2016 - 4:27PM Clancy Yeates   Brexit-induced volatility has not stopped Australia's big banks from raising billions in funding on financial markets, with National Australia Bank and Commonwealth Bank tapping bond investors. As bank shares fell for the third day in a row in response to predictions they may need to raise billions more in capital and face a royal commission, fears of a squeeze in credit markets appeared to fade. There had been some concern that market jitters caused by Brexit may force Australian banks to delay raising money from bond investors or that it might drive up the price of wholesale debt which provides about 30 per cent of the domestic banks' funding. However, on Tuesday night National Australia Bank became the first big four lender to borrow from wholesale markets since the Brexit vote last month, when...
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Massive Global Scandal that carried on into Australia.  Goldman Sachs at the bottom of all this mess. MORTGAGE-BACKED SECURITIES FRAUD 4 DUMMIES! (aka the Cliff Notes version) By Michael Rivero http://www.whatreallyhappened.com/WRHARTICLES/MBS4dummies.php#axzz4DXVpjGeO The American media has been remiss (intentionally) in reporting on the mortgage-backed securities fraud, even though it is the initiating event in the economic disaster which continues to engulf the world. But while the government can pretend none of this ever happened, the civil suits will drag the scandal into the public eye, and well it should! For the newer readers, here is a summary of how DC and Wall Street got us all into this mess. ......After the last Depression, Congress enacted a law, Glass-Steagall, which forbid banks, insurance companies, and investment houses to be in the same institution, to deter reckless speculation with depositors' money, which was seen as a major contributor to the stock market instability of...
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The Big Unravel: US Commercial Bankruptcies Skyrocket by Wolf Richter • July 6, 2016 http://wolfstreet.com/2016/07/06/big-unravel-u-s-commercial-bankruptcies-skyrocket/   Instead of that promised “escape velocity.” This year through June, there have been 91 corporate defaults globally, the highest first-half total since 2009, according to Standard and Poor’s. Of them, 60 occurred in the US. Some of them are going to end up in bankruptcy. Others are restructuring their debts outside of bankruptcy court by holding the bankruptcy gun to creditors’ heads. In the process, stockholders will often get wiped out. These are credit fiascos at larger corporations – those that pay Standard and Poor’s to rate their credit so that they can sell bonds in the credit markets.  But in the vast universe of 19 million American businesses, there are only about 3,025 companies, or 0.02% of the total, with annual revenues over $1 billion; they’re big enough to pay Standard & Poor’s for...
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Risk of contagion in Italy and far beyond would be huge. Italy is not only too big to fail, it’s too big to save. By Don Quijones, Spain & Mexico, editor at WOLF STREET. 4 July 2016 http://wolfstreet.com/2016/07/04/investor-fears-spike-italy-europe-inch-closer-to-doomsday-scenario-bank-run-dei-paschi-unicredit/ Just how low can Italian bank shares go? That’s the question plaguing the minds of European investors, policy makers, bankers and central bankers. Today the shares of the country’s third largest publicly traded bank, Monte Dei Paschi, plunged 14% to €0.33, their lowest point ever. Two years ago, they ran between €5 and €9. The reason for the latest plunge was news that the ECB had sent the bank a letter urging it to draw up a plan for tackling its bad-loan burden. The lender is being asked to reduce its load of curdled debt by €10 billion to €14.6 billion by 2018. That’s a big ask even in the best of times,...
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NZ Treasury warns on Auckland housing risks By Unconventional Economist in New Zealand Economy   at 1:01 pm on June 22, 2016 | 5 comments http://www.macrobusiness.com.au/2016/06/nz-treasury-warns-auckland-housing-risks/   By Leith van Onselen Following the RBNZ’s warning on Auckland housing last month, the New Zealand Treasury Secretary, Gabriel Makhlouf, has entered the fray in a speech delivered yesterday:   Infrastructure – in particular infrastructure investment – is another issue where Auckland is experiencing growing pains. There is no doubt that Auckland’s growth has created pressure on infrastructure. And it’s clear that the current system across planning, governance and funding is not optimising the delivery of infrastructure to enable this growth.   We all know that growth costs, and that we all face constraints…   The impact of high housing costs That brings me to arguably the biggest, most complex issue of all, housing. Let me say a few things up front. Auckland has...
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