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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Bank Mortgage Fraud is a world wide phenomena....so what are we to do about that.  Numbers?  There are many more victims of Bank Fraud than there are banks but why is there a startling LACK OF PROSECUTIONS against Bankers for this criminal activity run by the Banking Cartels? No one Banker prosecuted in Europe, USA, Ireland, UK, Greece, Spain and Australia.  Why not?  If any one of us robbed a bank of a few thousand, the police would be breaking down the front door.  Are our Bankers above the law?  A secret bankers protection racket?  Why? And what are we all going to do about this world wide problem our children are no facing?  The evidence of foul play is overwhelming. http://www.blacklistednews.com/GAO_and_Wall_Street_Journal_Whitewash_Huge_Criminal_Bank_Frauds/34874/0/0/0/Y/M.html GAO and Wall Street Journal Whitewash Huge Criminal Bank Frauds April 30, 2014 By Bill Black, the author of The Best Way to Rob a Bank is to Own...
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Dear members Just saw the pro mo for Four Corners next week and its a full exposure of Commonwealth Financial Planning with interviews with the victims and the main whistle blower Jeff Morris. There was no mention in the pro mo for ASIC but logic and the presence of Jeff Morris would indicate that he will give them full exposure. Will the Commonwealth Bank or maybe Peter Kell reply as he did to James Wheeldons claims on the ABC? A fortnight out from an agressive budget and a call to cull a top heavy public service does not bode well for ASIC. At present this morning Friday 2/5/14 the government is gaugeing the public response to the Audit recommendations from yesterday trying to work out what to implement without committing political suicide at the next election. Dear members I ask you do you think anyone in Australia apart from the banksters...
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  • doyla66
    doyla66 says #
    It isn't numbers that need culling from the public service - it's ineffective staff, useless programs, excess committees and a gen
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'Dangerous situation' for broker who lost accreditation, says aggregator by Calida Smylie | 29 Apr 2014   Aggregators believe situations where lenders cancel brokers’ accreditation without giving a reason are unfair and dangerous – but unlikely to change.A Melbourne broker – who declined to be named for fear of reprisals – told Australian Broker he had hisaccreditation cancelled by a major bank without explanation why. The man’s aggregator had been slow to help, suggesting he get a court subpoena in an attempt to get the facts from the lender.The broker feels he has been unfairly treated as he has no chance to defend the cancellation – and two aggregators agree.AFG general manager of sales and operations Mark Hewitt said the broker has a right to know this information and the aggregator has a responsibility to obtain the details.“On the rare occasion it does happen [to AFG-aligned brokers], we insist on disclosure from the lender and then conduct our...
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http://usawatchdog.com/zero-prosecutions-of-elites-for-most-destructive-frauds-in-world-history-william-black/   Zero Prosecutions of Elites for Most Destructive Frauds in World History-William Black By Greg Hunter On March 31, 2014 In Economy   By Greg Hunter’s USAWatchdog.com White collar crime expert Professor William Black thinks the nation’s top bankers continue to get away with massive financial crime. The most recent $10 million fine of former Bank of America CEO Ken Lewis for fraud illustrates the ongoing problem. Professor Black says, “He’s not paying $10 million. Bank of America is paying the $10 million. So, he could care less, and he didn’t have to admit anything. And, unlike the typical Securities and Exchange settlement, he didn’t have to agree not to disparage the settlement. So, immediately he disparaged the settlement as a bunch of junk that wasn’t true. . . . In this case, the fact came out that Lewis testified, the subject of this complaint was allegedly securities fraud at hiding...
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Lenders 'acting as God' but nothing can be done, broker warns by Calida Smylie | 28 Apr 2014   A broker who had his accreditation cancelled by a major bank which refused to give any reason is warning other brokers about their vulnerability in the hands of lenders.The Melbourne broker – who did not want to be named for fear of reprisals from his aggregator and future lenders – received a letter from the bank last week saying his accreditation had been cancelled. The bank declined to give a reason.When the broker contacted his aggregator, they also gave no reason for the cancellation, only indicating it was due to his association with someone else.The broker believes it may be connected with an investigation into his ex-wife’s business, but says this has nothing to do with him and it is unfair he has become guilty by association.The broker is now trying to get his...
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  • doyla66
    doyla66 says #
    Banks,Asic and the government are all in bed together,brokers are the fall guys. A perfect opportunity to blame the broker/mortgag
  • doyla66
    doyla66 says #
    Having been through the court system I can vehemently agree with what you say re: the affidavits, etc. The Barristers engaged by
  • doyla66
    doyla66 says #
    Good luck to the broker - he's getting a taste of what a Bank can do to a borrower when they want to destroy that person's life, b
  • doyla66
    doyla66 says #
    Welcome to the Real World Brother. Dog eat dog out there in the jungle of finance. Don't stick your head up to far or you will g
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 <http://media.crikey.com.au/wp-content/uploads/2012/09/sp.gif>   TOP STORIES on CRIKEY Meet the men cashing in on Australia's aged care crisis: Paddy Manning  PADDY MANNING <http://www.crikey.com.au/author/pmanning/>   AGED CARE <http://www.crikey.com.au/topic/aged-care/> , CHILDCARE <http://www.crikey.com.au/topic/childcare/> , JAPARA HEALTHCARE <http://www.crikey.com.au/topic/japara-healthcare/>     Take two vulnerable groups of people: toddlers and the aged. Throw in large amounts of government funding, a handful of extreme capitalists with pre-GFC form, and sharemarket investors looking for constant profit growth. Stir. It's a recipe for disaster. Two recent raisings -- the $450 million float of nursing home operator Japara and a $100 million capital raising by the G8 childcare group, still underway -- are another sign we have failed to learn the lessons of the financial crisis, and that irrational exuberance may be returning to the sharemarket. Soft business coverage is one dead giveaway. Japara Healthcare, the first pure aged care company on the ASX, which made a stunning debut last Thursday, got a dream...
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http://www.thebfo.org/The-Oath/Background Good Sunday Reading on Bankers wishing they had a modicum of integrity......................................whilst running sub prime scams............... The Banking and Finance Ethics Panel was established in 2010 by leaders from the banking and finance industry led by the St James Ethics Centre's Consulting Fellow for Ethics in Banking and Finance, Clare Payne. The Banking and Finance Ethics Panel comprised: Stephen Fitzgerald, formerly Chief Executive Officer, Goldman Sachs Steven Harker, Chief Executive & Managing Director, Morgan Stanley Stephen Dunne, Managing Director, AMP Capital David Cohen, Group General Counsel, Commonwealth Bank of Australia Trevor Rowe AO, Executive Chairman, Rothschild Australia Steve Tucker, Chief Executive Officer, MLC David Bell, formerly Group General Counsel, Westpac Banking Corporation Dr Simon Longstaff, Executive Director, St James Ethics Centre Clare Payne, Consulting Fellow, St James Ethics Centre and former Director of the Integrity Office of Macquarie Bank Amanda McCluskey, Senior Investment Manager and Co-Head of Sustainable Funds, First State...
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  • doyla66
    doyla66 says #
    The Hippocrates Oath taken by doctors states first do no harm and now we have a Bankster Oath stating trust them and their word is
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http://www.yourmortgage.com.au/article/understanding-your-loan-contract-79411.aspx Mortgage misconceptions Even if you go through the contract with a fine-tooth comb and understand all the fees, charges, and conditions, it doesn’t mean you are fully protected. This is because of a feature known as the “unilateral variation clause”. Check the terms and conditions of your loan and you are very likely to find this clause in the fine print.  Basically this clause states that banks and finance companies can change any of the terms and conditions at any time without giving you any notice. Some of the things they are able to do is to increase the interest rate charged on your loan or even call in the loan at any time.  Experts say you really can’t do much about this clause which is basically standard in every credit contract. However, you should make sure your lender is part of an industry dispute resolution scheme as if you...
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  • CUU2SKQN3 www.google.com
    CUU2SKQN3 www.google.com says #
    CUU2SKQN3 www.google.com
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Citizens Electoral Council of Australia  Media Release  Thursday, 24 April 2014 Craig Isherwood‚ National Secretary Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Treasury knows property bubble will smash banking system—what’s it doing about it? The Australian Treasury has inadvertently admitted, in a letter to the Citizens Electoral Council, the deadly threat facing Australia’s banking system from a crash of the property bubble. This admission is a scandal, because publicly Treasury denies there is a property bubble, so it can deny the threat, and not take any action against the banking practices that are inflating the bubble. Ironically, Treasury official Meghan Quinn let slip the admission whilst trying to argue in her 14 April letter against the CEC’s call for a Glass-Steagall separation of commercial (retail) banking from investment banking. Quinn cited the banking crashes in Ireland, Spain and the UK as proof that commercial banking can have the same or even more risk as investment banking: “Further, risks...
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  • doyla66
    doyla66 says #
    It's time for Joe Hockey to wake up and smell the roses, instead of being buddy buddy with the banks, wake up, the banks are the p
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After reading this article yesterday, I am shaking my head with disbelief and so must the writer be doing so.  Macrobusiness is on the money here with Leith van Onselen's words of wisdom and quotes from Guy DeBelle: "In short, Australia should be wary of the unintended consequences of increased mortgage securitisation, and the re-emergence of sub-prime loans in particular. Previous episodes have led to a significant loosening of credit standards.........................." Who are the dumbo's buying these loans?  40% overseas buyers?  Really?  Income streams as an "asset" when sub prime means "little or no income...... and definitely involves FRAUD BY SERVICE CALCULATOR"  This is going to only end in tears - yet again!  Where is the Government?  Having a 12 month Easter break?  I will send this article out to all the PEPPERS, CBA and NAB victims of dodgy toxic sub prime loans we are currently looking after......................so these Mums and Dads can...
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From another member: "I don't care how much it costs the banks, that's the penalty for falsifying documents and doing the wrong thing by consumers.  Jail is the answers - a good long stretch for the Banker Engineers." That's how consumers and normal people think. No real Australian wants to be ripped off by a big business! I can remember well the horror of discovering that Denise was right: no one at ASIC was willing to help.  And the similar horror of it dawning on me that ASIC and all the rest just stood by and allowed people to rob others, steal their homes where fraud had occurred.  Then today when I heard from a friend who is still waiting 18 months later for the Police to do something about their dreadful mortgage: their LAFs are the "poster child" for fraud, tampering and forgery - A real classic! What's going on,...
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  • doyla66
    doyla66 says #
    What can I say Grandma. You and I appear to be in the same boat. The police were reluctant to help us when items started disappea
  • Denise
    Denise says #
    Dear Grandma, I suspect there is a little more to this, as its the only house call ASIC has made. ASIC have a big wish to nail a
  • doyla66
    doyla66 says #
    I still find it hard to comprehend that I was arrested for the fraud on my loan out in the middle of my street ,made to spread eag
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The bank scams that have invaded Australia, are tearing families apart, destroying lives, by stroke or heart attacks around the nation, all because of a product that Bank Engineers like Medcraft & Mates. A BFCSA Members tells of the pain and family suffering, better than I could ever describe: "After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these hideous bankers and their evil secret service calculator they invented, are killing the previously happy lives of ordinary Australian families....... Observers and Readers..... Yes..... You are right...... It's the Loan Application Forms ("LAF") that destroyed us. After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these bxxxxx bankers and the...
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  • doyla66
    doyla66 says #
    If I had committed a fraud I am damn sure that I would be shown no mercy. No passing go, just straight to jail. Shouldn't it be o
  • doyla66
    doyla66 says #
    It's time to extinguish all fraudulent loans and stop the pain and suffering. We do not deserve to go through this pain and tortur
  • doyla66
    doyla66 says #
    "I don't care how much it costs the banks, that's the penalty for falsifying documents and doing the wrong thing by consumers" Ja
  • doyla66
    doyla66 says #
    What I find absolutely amusing is the fact that Mr Kirk ? from ASIC said to the senators "do you realise what this will cost the b
  • doyla66
    doyla66 says #
    It has nearly been 12 months since Nab took possession of our home. The pain is still there. The torment, the embarrassment, all
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 http://www.crikey.com.au/2010/12/09/bartholomeusz-cbas-competition-confession/  If they haven’t already, the members of the Senate committee should ask RAMS Home Loans founder John Kinghorn to appear before it to explain why RAMS, followed subsequently by most of the non-bank lenders, hit a brick wall and effectively collapsed at the very onset of the financial crisis.  RAMS was the first of the big non-bank lenders to be overwhelmed by the crisis because it had an unusually high — dangerously high, it transpired — reliance on very short-term funding. To a lesser degree, most of the non-bank lenders were also borrowing short in wholesale markets and also accessing securitised debt markets.  In its submission to the inquiry, lodged on Friday, Commonwealth Bank admitted that the major banks were also sourcing a growing share of their funding from those same markets before the crisis — in CBA’s case almost 30% of its funding in October 2007 came from short term wholesale markets, compared with about...
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  • doyla66
    doyla66 says #
    Shock ... horror! Slashed tyres the talk of exclusive north shore beach club More grist to the mill - Kate McClymont on Kinghorn a
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more   http://www.americanbanker.com/bankthink/morning-scan-m-and-a-double-dipping-foreign-banks-flock-to-fed-1066101-1.html Morning Scan: M&A Double Dipping; Foreign Banks Flock to Fed by Heather Landy MAR 10, 2014 Receiving Wide Coverage ... Both Sides Now: If the folks in mergers and acquisitions look discouraged today, it's probably more than a bad case of the Mondays. A Delaware judge hearing a case about the conflicts of interest that possibly arise when bankers advise both the buyer and seller in the same deal has found that RBC acted improperly when its bankers tried getting in on both sides of a 2011 merger in the health care sector. While there's been no ruling yet on damages, the Journal says the case already is a big blow to banks, while the FT more demurely warns of "far-reaching consequences." Wall Street Journal, Financial Times Wall Street Journal You know that $2.2 trillion or so that banks have parked at the Federal Reserve? Curiously, close to...
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Whistleblower claims the existence of 100 CBA rogue advisers   Monday, 24 March 2014 12:35pm   By Laura Millan  |  In Financial Planning   Former Commonwealth Financial Planning adviser and whistleblower Jeffrey Morris has "no doubt" that a proper investigation by the Australian Securities and Investments Commission (ASIC) would reveal at least 100 current or former rogue CBA advisers. In a submission to the Senate inquiry into the regulator's performance, Morris said that ASIC and CFP's claims that there were only seven rogue planners within the organisation were "simply inconsistent." "ASIC did virtually no investigative work of their own but basically just added what CFP gave them to what the whistleblowers did," Morris said. "I have no doubt that a proper investigation would reveal at least 100 current or former planners of CFP whose clients should be compensated for dodgy and or just plain incompetent, advice." The 39-page document offers a detailed account of...
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  • doyla66
    doyla66 says #
    All ASIC do is provide get out of jail free cards. Do not give a hoot for the plight of consumers or if they do (and I will give
  • doyla66
    doyla66 says #
    Bureaucrats have an interesting way of assisting others in crime and wrongdoing. Mostly they ensure that their own backsides are s
  • doyla66
    doyla66 says #
    ASIC was helping with the fraud they knew was happening within the banking sector, so why would they investigate anything.
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CBA execs grilled over Nguyen departure Friday, 11 April 2014 | Tim Stewart   http://www.investordaily.com.au/35340-cba-execs-grilled-over-nguyen-departure       Today's News Global players set to enter advice market AMP Capital departures spark ratings concern AVCAL lobbies for SIV expansion Converge with planners, accountants told Regulation hindering product innovation: ASFA Market neutral funds reduce volatility: Pengana     inShare   Senior CBA executives have faced questions about the removal of banned Commonwealth Financial Planning adviser Don Nguyen in July 2009. The publication of allegations about Mr Nguyen in InvestorDaily on 22 June 2009, one month before the Commonwealth FP decision to lodge a breach report with ASIC on 27 July 2009, was a major sticking point in a public hearing yesterday.  CBA group executive wealth management Annabel Spring, CBA general counsel/group executive corporate affairs David Cohen and CBA executive general manager wealth management advice Marianne Perkovic appeared before the Senate inquiry into the performance of ASIC in Canberra. Responding...
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  • doyla66
    doyla66 says #
    Caught red-handed yet promoted so he could fob off client complaints? If that does not reek of guilt and cover-up of gigantic pr
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Murray Inquiry Panned - the elephant in the room - a conflict of interest Mr Murray?  Do you not see how wrong this is? http://www.macrobusiness.com.au/2014/04/conflicted-murray-inquiry-bashed/? There are three articles around this morning aimed at the big banks and the Murray Inquiry. Opening us up isChris Joye who slams everyone, quite rightly, but especially Ian MacFarlane: Consider, for example, how rapidly our “game-keepers” become “poachers”: the last two Reserve Bank of Australia governors, Ian Macfarlane and Bernie Fraser, and the last two Treasury secretaries, Ken Henry and Ted Evans, all joined banks’ boards – ANZ, ME Bank, NAB, and Westpac – after leaving office. The second in charge at Treasury, David Morgan, became Westpac’s chief executive in the 1990s and 2000s. …Macfarlane also claims the 2008 and 2009 shocks that resulted in the bigger banks seeking government guarantees of their wholesale debts – most smaller banks did not use them – “[were] a...
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Michael West gives a very good summation of the current situation in the Australian financial marketplace. It's heartening to see somebody in mainstream media doing a proper job of chronicling this unfolding saga...  http://www.smh.com.au/business/a-ban-is-no-deterrent-for-bad-behaviour-20140411-36ih9.htmlUltimately, ASIC should realise, as more and more of this comes out in the Senate Inquiry about its reluctance to exercise authority, that the very thing ASIC has been trying to maintain, confidence in the marketplace, will be badly damaged through revelations that ASIC has allowed all of this fraud to occur on its watch and has willfully turned a blind eye to it all. ASIC has worked on the philosophy that by keeping quiet on all this white collar crime, only a few old retirees will be hurt and, hey, what are they going to do about it?   But, in the end, it is the entire Australian financial marketplace that will pay, as consumers of all kinds begin to lose...
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YEEEEEEHAAAAAA     another country gets wise to the the Rothschilds parasitic banking system and boots them (the IMF) out ,and its high time that we  all as conscientious patriotic Australians follow their lead ,starting with the  peaceful  removal of the corrupt, unlawful administration   which is a private  corporation registered as "THE AUSTRALIAN GOVERNMENT " with the united states securities and exchange commission , this is nothing short of an invasion and takeover without having to use warfare  and the Rothschilds are just the tip of the ice berg of the whole sinister affair , what we believe to be our commonwealth ministers ,dedicated to managing our public funds, national assets and natural resources, are nothing more than instruments for the parasitic banking cartels ,to liquidate our country and funnel all of our wealth to their bosses, the world banks which are at the helm of this despicable and...
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One of our members has already picked up this gem from from KIRK - ASIC on the stand for the Senate Hearings into ASIC.   Transformation- Posted on Friday, April 11, 2014   Did anyone pick this up during the Inquiry: KIRK: "One of the things we (ASIC) did towards the end of last year was to make sure that they made it unambiguously clear to the remaining people with contested claims that not only could they go to FOS to have it resolved but CFP would waive any jurisdictional limits in that process. Some of those problems are under limited jurisdiction or they are disputes about whether there had been a previous agreement and there was already a binding deed of release and such. We got them to clarify for all of those customers that they were willing to waive those things." Does this mean that FOS waived the jurisdiction...
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  • doyla66
    doyla66 says #
    Here is another gem re FOS compensation limits waived page 17 Mr Berrill: The targeting was so systematic and so measured—but act
  • doyla66
    doyla66 says #
    Senator John Williams has a Facebook page, please leave him a comment on how you feel about ASIC and their waffle at the hearing,
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