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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Speaking of financials, I’ve come to the conclusion that banks as we’ve known them over the last few decades have come to rely on an increasing array of obscure and potentially deceptive business practices in order to make ever great profits. In fact today, I’d like to show you a story that proves just how far banks are willing to go keep generating fees and charges off your accounts, even when you don’t have an account anymore!. And what I’m about to explain to you is evidence that banks as you know it are a dying breed. They’ve screwed us all too often for too long If you ask the average man in the street, he’d probably agree with the general sentiment that with all their fees and charges, banks manage to make fat profits from their customers. At the very least, they make life harder and more complicated than it...
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http://www.afr.com/p/opinion/genworth_ipo_worth_up_to_bn_launches_g2kvo1UFahDHEqoT65KoUO   Genworth IPO worth up to $2.4bn launches PUBLISHED: 08 Apr 2014 10:27:00 | UPDATED: 08 Apr 2014 11:08:57PRINT EDITION: 08 Apr 2014   US financial services giant Genworth Financial has launched the initial public offering of its Australian mortgage insurance business, which if successful would become the largest float of the year to-date.     http://www.theaustralian.com.au/business/dataroom/genworth-financial-planning-partial-float-of-australian-assets/story-fnjw8txa-1226877564820 Brett Cole  From: Business Spectator   April 08, 20144:31PM   US insurer Genworth Financial says it plans to sell as much as 40 per cent of its $4 billion Australian business, Genworth Mortgage Insurance Australia, in an initial public offering as early as June, a US Securities and Exchange Commission filing says. Australian-based fund managers told Data Room that Genworth Mortgage Insurance Australia might be worth between $2.3 billion and $2.7 billion, or about 10 to 12 times the company’s forecast 2014 net profit of $231.1 million.  Commonwealth Bank of Australia and Macquarie have...
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  • doyla66
    doyla66 says #
    How is Genworth doing so well with so many claims on it for compensation in maladministration in lending and injury cases? Not to
  • Denise
    Denise says #
    Definite shady mortgage loans. One would be forgiven for assuming shady insurance. We know Australian Banks were taking Insurance
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Superannuation television ads in the spotlight Business Banking and Finance online Date April 7, 2014  Michael West   Another skirmish has flared in the decade of hostilities between industry funds and retail funds; once again over the ''Compare the Pair'' ad campaign.  Out of the blue, a question about the industry funds' TV advertisements bobbed up in a parliamentary joint committee hearing on March 28.  "Do you have any intention to go back and revisit this current ad campaign given those concerns that have been raised?" asked Senator David Fawcett from South Australia.  "Yes," responded Greg Tanzer, a commissioner for the Australian Securities and Investments Commission.  Senator Fawcett: "Are you able to talk any further or is that .."  Mr Tanzer: "No, we are looking at the campaign in the context of the complaints that have been made including the issues that you mentioned - whether it provides a fair representation or...
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Watch this space - more this afternoon db
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  • doyla66
    doyla66 says #
    It stands to reason that Banks won't have any respect for borrowers. They con them into borrowing and the borrowers fall for it.
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NAB JUST LOVES DEBT.....it wants to own each and every Australian and mire them in debt..............................beware of banks saying "we will save you." http://www.newsnow.co.uk/h/Industry+Sectors/Banking/Australia/National+Australia+Bank this site is full of NAB articles - just click on the link http://www.prnewswire.com/news-releases/national-australia-bank-subsidiary-clydesdales-tailored-business-loans-are-hurting-scotlands-youth-poor-homeless-and-abused-according-to-scottish-charity-destiny-church-252489981.html National Australia Bank Subsidiary Clydesdale's 'Tailored Business Loans' are Hurting Scotland's Youth, Poor, Homeless and Abused, According to Scottish Charity, Destiny Church GLASGOW, Scotland, March 26, 2014 NAB owned Clydesdale Bank has seriously hurt Destiny Church's work with the homeless, disadvantaged and women suffering from domestic violence. The Church has incurred substantial 'break costs' on loans it claims were mis-sold by Clydesdale Bank sales staff. The net effect is that Destiny Church has had to severely curtail it's charitable work with poor and vulnerable people. Destiny Church ironically owns Clydesdale Bank's former Headquarters in Glasgow which it now cannot afford to redevelop into a Community Centre, Church and Nursery. The loans sold by...
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  • doyla66
    doyla66 says #
    The depths Nab will go to to feed their greedy habit is astonishing. Seems that Nab are riff raff mess really, ongoing from the b
  • doyla66
    doyla66 says #
    Just wonder how much of this was associated with sub prime loans and securitisation? They probably had to buy back the securities
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  Published on Feb 1, 2013 The NAB Immorally evicts The Priestlys from their own home they've had for over a 100 years, while an appeal is due in the courts and questions on the conduct and motives of the NAB remain unanswered   http://www.youtube.com/watch?v=L6Jgl6H_r8Y     Published on Feb 1, 2013 As Part of Occupy Sydneys Campaign to help Save Claire and Chris Priesty's Farm we sent a media team to document the struggle to retain their property from the greedy NAB Bank. http://www.youtube.com/watch?v=06TMjXPygwY            ...
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  • doyla66
    doyla66 says #
    We would go past our home and see the Mortgagee Sale sign perched in everyone view. Advertisements were inclusive in the the loca
  • doyla66
    doyla66 says #
    I am unable to watch these videos, it's very sad to think we had to make them to try and get exposure out there. The entrance sign
  • doyla66
    doyla66 says #
    Wish we had videoed our departure. It was pouring rain and a miserable day. Much like the way we felt. The Sheriff gave us extra
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Dear members Today as our P.M.,Ministers and a huge trade delegation travel to Japan, China  and S. Korea trying to drum up business to stimulate the economy I read some disturbing news. Warren Buffet and senior economists in the U.S. are predicting a 50% or more crash on the stock market in 2014. Our  economy although better than most is already showing signs of over exposure. The property market, especially capital cities are busting at the seams. SMSF's have poured tens of billions of dollars into it and the Asian market can either use their own money or borrow at 2% interest to invest in it and as usual who stands to gain the most our Big Four Pillars. Genuine home buyers are now priced out and can't compete, the higher the property prices the more the banksters profit. On the Sky news business channel two commentators stated the government is...
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  • doyla66
    doyla66 says #
    That was excellent Neil. I think that you are on the right track re: our economy and an eminent bust. Homes are just beyond the
  • doyla66
    doyla66 says #
    Good one, Neil. You could be very right about the economy. I wonder how the US Bank and economic/loan situation is affecting our
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Name withheld please..Which bank CAN take your home?Commonwealth Bank CAN... Maybe I’m wrong? If I go to the bank and ask to refinance my existing loan and they say yes. Shouldn’t they assess whether I can afford to repay the loan? What if I couldn’t afford the loan in the first place and the bank handed over more than $2M?  What’s their objective here?  Do they trust that somehow I will repay the loan with the non existent income that was falsely recorded by the Bank in the original loan? Or do they hide behind protection  through their legal jargon and Australian laws established to protect the banker from responsibility?  I have discovered this false information since receiving copies of my loan application forms years later.. they were never given to me at the time of signing.  And besides, I was only ever given 3 pages and now I see over 11 pages were involved! ...
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  • doyla66
    doyla66 says #
    BTW, take note of the language used by members of the government and bureaucrats. If they are referring to "repaying a loan" or "r
  • doyla66
    doyla66 says #
    Like the Lotto idea, Organza. Similar to many loans with pie in the sky incomes, based on fairy floss and any number the broker co
  • doyla66
    doyla66 says #
    All Banks CAN and all Banks DO. ANZ did it to me and I did not even approach them for I was spotted under their ANZ spot and refe
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Home Lending Report fails to address Debt Pushing crisis       Monday, 17 September 2007   The House Economics Committee on home loan lending has failed to address the problem of debt pushing by the big four Australian banks, choosing instead to target predatory lending practices from fringe lenders.  FSU Policy Director Rod Masson, representing 55,000 finance workers, welcomed the report but said it had failed to acknowledge that inappropriate sales targets set by the major banks are playing a dangerous role in undermining lending standards. "The inquiry has been short and sharp, but has not delved into the level of detail required to fix the crisis, in particular it has failed to address inappropriate sales targets for finance workers. "Bank workers and consumers are looking for more than just a political quick fix on the issue" "Major banks talk a lot about their sustainable lending, but their pay structure for staff and...
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Watchdog favoured big business, says former ASIC lawyer DateApril 2, 2014 - 1:09PM Read later Michael West A lawyer who worked for the Australian Securities & Investments Commission has told the Senate how he was under pressure to amend laws in favour of the giants of the financial services industry, laws which were against the interests of investors and consumers. In explosive evidence before the Senate Inquiry into the Performance of ASIC, the lawyer James Wheeldon described the corporate regulator as tainted by corruption. He left in disgust in 2005 after his advice on fee disclosure was abandoned and he was asked to work under the instruction of a lawyer on secondment from the National Australia Bank's wealth management operation, MLC. Mr Wheeldon said the MLC lawyer Grant Jones was lobbying within ASIC to grant a special exemption (or class order) which would benefit MLC and appease industry lobbyists from the...
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  • doyla66
    doyla66 says #
    All cases with FOS, COSL as well as repossessions should be frozen immediately. Why should families be thrown out of their homes a
  • doyla66
    doyla66 says #
    The Chairman - I think it was Senator Mark Bishop - was great. He got stuck into the representative from DPP who seemed to be out
  • doyla66
    doyla66 says #
    This is GOLD There MUST be a royal comission..... NO IFS NO BUTS The storm is brewing big time xx
  • doyla66
    doyla66 says #
    We are beginnng to hear the word fraud spoken more frequently in the Senate hearings now. Also the calculator has made it's way to
  • doyla66
    doyla66 says #
    The issue in this story wasn't confidentiality, it was undue influence and vested interest. ASIC must have known that this case wo
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This time last week I was in Prince Charles Hospital, Brisbane. I had been rushed there by Ambulance after suffering a major heart attack. Even though I am now on the mend I fear one of the contributing factors that brought this on, STRESS is going to be the one thing Iam not going to be able to control while all this is going on with the CBA and Adelaide Banks. Not only do i have to worry now about were my next pay check is coming from (owner Driver) but how do I pay for anything after the money runs out??? I really think there is an easy way out of all this, but only easy for me. For my healths benefit I have to step away from this for a while until I get on my feet again, feeling pretty beat up right now with little to no direction....
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  • doyla66
    doyla66 says #
    We're thinking of you, Robert, in your distress. Take it easy and get some good help if you're doing your case - it can really red
  • doyla66
    doyla66 says #
    I'm so sorry Robert to hear of your sickness and trauma. Stay as strong and as positive as you can....i know that it's easier said
  • doyla66
    doyla66 says #
    Sorry to hear of your health problems Robert, this is hard on everyone in our position. Hang in mate sooner or later these despica
  • doyla66
    doyla66 says #
    Sorry to hear of your heart attack Robert. Hope you make a full recovery. I know that's not easy with all this going on.
  • doyla66
    doyla66 says #
    Yep, that is the sort of stress and pressure which causes extreme health issues. The problem is how do you let go when you know y
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riddler- Posted on Tuesday, March 25, 2014  On behalf of all the BANKS OF AUSTRALIA we would like to say not from the bottom but from the very top of our hearts a very warm thank you and the very kindest of regards for without you we could not have achieved the greatest heights of criminal misbehavior, massive fraud and general raping an pillaging of commoners bank accounts that you allowed us to achieve. So it is with almost a tear in my eye (if I had feelings) that I extend this gloved hand (thieves always wear gloves) of gratitude to you the BANKS FRIEND AND CONFIDANT and adviser of taking questions on notice SO THANK YOU from all of us Bankers and all the BROKERS that haven't worked it out yet, but keep bring in more clients to rob.........................and, Thank you Thank you Thank you ASIC. Your Mission Statement will hang proudly on our wall to remind...
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  • doyla66
    doyla66 says #
    Yes indeed Denise -- BOQ has been in the top 5 of complaints to FOS in housing finance for the last few years and is always well a
  • doyla66
    doyla66 says #
    Also on another note - NSW are allowing tv cameras etc into court rooms..! Soon to be a national wide thing and they will be allow
  • doyla66
    doyla66 says #
    I have seen LAFS provided to FOS by loans that were done through BOQ North Ward recently. Not only were the LAFS incomplete and i
  • doyla66
    doyla66 says #
    It is becoming clear ASIC is a front for the banks. There have been scandals involving the four major banks and nothing but a slap
  • doyla66
    doyla66 says #
    Wow! these sort of posts show how deeply we are all being affected by the banks frauds. Anger is mounting amongst us all. We have
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Joe Hockey gives financial system inquiry international flavour Georgia Wilkins March 24, 2014  The Australian    Treasurer Joe Hockey has been accused of drawing too heavily on the advice of investment bankers and hedge fund managers to guide the government's financial system inquiry. The Treasurer appointed four business people to head the inquiry's international advisory panel, including former Goldman Sachs investment banker Sir Michael Hintze and JP Morgan investment banker Jennifer Nason. Sir Michael is the founder of $12 billion London-based hedge fund CQS and is a prominent philanthropist and donor to the Conservative Party in the UK. Also on the advisory panel is former Westpac chief executive and Treasury deputy secretary David Morgan, who is currently head of private equity group JC Flowers in Europe and Asia, and former central banker Andrew Sheng, head of the Hong Kong think tank Fung Global Institute. Mr Hockey said the panel would advise the...
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  • doyla66
    doyla66 says #
    Well what a big surprise - Joe has turned out to be a big turncoat after all and has opted to hedge his bets!
  • doyla66
    doyla66 says #
    I agree, Walt. Lots of people placed their trust in Joe's Banking and Finance Industry Inquiry, which was supposed to be like the
  • doyla66
    doyla66 says #
    If it is going to be a half cocked cover up, you all know how it goes "nothing to see here" then save us all the pain suffering an
  • doyla66
    doyla66 says #
    Makes you wonder if the government is trying to clean up the banking industry doesn't it. Some of the very people who caused this
  • doyla66
    doyla66 says #
    EXACTLY. How can we consumers and citizens of Australia have any confidence in our Leaders.. we are just like lemmings heading for
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Hot topic of the week: Clawbacks Australian Broker News http://www.brokernews.com.au/news/breaking-news/clawbacks-not-okay-says-broker-185672.aspx#latest http://www.brokernews.com.au/news/breaking-news/hot-topic-of-the-week-clawbacks-185724.aspxby AB | 24 Mar 2014   Friday’s article on the unfairness of clawbacks attracted a huge amount of commentary from you in a short space of time, signalling intensity of broker feeling and highlighting the importance the industry should be placing on addressing the issue.Many interesting and constructive opinions were expressed; with the overwhelming response being clawbacks are unjust punishments on brokers for something they largely have no control over.“The banks simply eat brokers to the bones if they could,” said VIC Broker. “Of course it is UNFAIR! Brokers are only ones who suffer in the end.”Anne questioned what other professions apart from mortgage broking give a free marketing, sales and process operation. “It is manifestly unjust and would be deemed immoral for a large industry to expect unpaid workers to share the risk of what should be the cost of the lenders doing business.”Brett Perth said: “How professional...
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BFCSA; NAB and grab - PRIESTLEY The Farmers Story      Posted by CHANGE on Thursday, 25 July 2013 in Banks Behaving Badly          NAB – PRIESTLEY The Farmers Story                                                                 26/7/13 - UPDATE from Claire - the farms were taken over three weeks after the close of tender by our neighbors and we have not been advised of the sale price. Chris and Claire Priestley are siblings from Carinda near Walgett in NSW. They are third generational farmers, having been in the Carinda and Brewarrina areas for over 100 years.  Carinda is the little outback town featured in the David Bowie song “Lets Dance”  They grew up on the family farm “Salt Glen” that was part of five adjoining properties, a mixed farming business of beef cattle, cotton and wheat.  In 2004 they purchased three of these properties from their father located on the lower Macquarie river where the Barwon and...
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  • doyla66
    doyla66 says #
    Much as we would like to believe the Government can or will assist us, the reality is the probably neither are true. If we have t
  • doyla66
    doyla66 says #
    disgusting and appalling, unaustralian and UNBELIEVABLE!.. then again, not so unbelievable now that we know that we borrowers have
  • doyla66
    doyla66 says #
    So much of the Priestleys story is a repeat of our own. Both the Priestly's and us have been Nabbed good and proper. The Nab leg
  • doyla66
    doyla66 says #
    Looks like criminal conduct and legal malpractice, in our unqualified opinion. Where will the Priestley's find an honourable lega
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Dear Peter, me again. ITS THE BANKS THE BANKS THE BANKS........................3% of brokers are rogues....we agreed on that one in 2003!!!  BUT you and I know 100% of LAFs have been inflated by Banker engineered service calculators that you never helped consumers get the copy of that page. Why? You even skipped over to Choice as CEO and never helped consumers with that bit of info whilst you were there.  Why is that Peter Kell?  Helping Bank mates perhaps? Why would you hide the calculator when Choice CEO and when Deputy Chair of ASIC?  Why?   Here is this gem from 2007 come back to haunt you and its good old Auntie ABC........................... Stephen, the Banks were approving all these loans. Banks cannot approve loans without checking and, then go on and blame the broker for the bank's approving the loan!!!!!  The Bankers Code deliberately forbids banks to lend unaffordable loans....
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  • doyla66
    doyla66 says #
    All I can say is I hope Peter Kell squirms if he reads this and starts having nightmares knowing he for whatever reason has been t
  • doyla66
    doyla66 says #
    tidal wave of complaints.. exactly. Now banks telling us they have shredded our loan documents, or they are missing or that they
  • doyla66
    doyla66 says #
    Heavens, Denise, how many times do we have to tell them: The Banks approve the Loans. Talk to any broker who did these loans - e
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7 things you should know about low doc loans Posted on May 7, 2013 by Andrew Cowan in Cashflow   Low doc home loans have taken the whole world by surprise lately for the ease with which they can be availed by anyone in need. Due to the reduced amount of documentation work required in accessing them such loans have become extremely popular with borrowers. Something that could be termed as a revolutionary innovation in the financial market, Low doc loans have assisted numerous people world over in changing the course of their life in a positive sense. Considered to be loans that could change the future of a business, low doc loans have surely helped thousands of people around the world in realizing their dreams. These loans are not only hassle free in nature, but could be availed at levelheaded rates as compared to other financial products in the loan market at least under the present circumstances....
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Comment by arree Saturday, 22 March 2014 · OK, who else out there paid over inflated prices on their blocks of land back in the day and are now trapped in a jumbo loan, and now 5 or so years later are facing the prospect of being financially crippled by your bank. Banks threw money at us based on those inflated valuations, (in house assessors would tweak these valuations even higher to ensure the deal would fit THEIR LVR ratios) with no regard to our ability to repay these loans.. LOC, buffer moneys, refinancing all done to skew the statistics... no systemic issues "they say" ... everything is fine........ all lies, lies, lies. ASIC knows it, APRA knows it, the AFP knows it, and now thanks to BFCSA we know it too!Hard working Aussies have been conned out of their life's hard work. This mortgage scam is a huge scandal and the...
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  • doyla66
    doyla66 says #
    Banks have also done an almighty con job on the pollies and they are still struggling to understand how they have controlled this
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Friday, 7 March 2014 For farmers, drought not the most dangerous predator on the horizon Amanda Gearing Federal Lack of water can be the least of a farmer’s worries in times of drought. Predatory banks can be just as deadly to a farmer’s livelihood. Former Queensland farmer and grazier Lynton Freeman has become increasingly anxious about the financial tightrope being walked by Australian farmers as the record floods of 2011 have given way in only three years to savage drought. He fears for hundreds of family farmers at risk — not from lack of water, but from lack of knowledge in how to manage their businesses through the drought and keep their heads above the financial water that will threaten many before this drought breaks. Freeman’s concern is born of experience. During the 1990s drought, his farm was declared viable and qualified for the federal government’s drought assistance package. Freeman was granted an interest...
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Wheatbelt farmers on back foot with banks JESSICA HAYES Sat, Mar 22 2014   BANKS are likely to turn up the heat on embattled central and eastern Wheatbelt farmers in the coming season. According to Rural Financial Counselling Service representative Chris Wyhoon, the good season in 2013-2014 did not make a positive difference to most of his clients. Mr Wyhoon attends to central, north and eastern Wheatbelt clients, and said banks were more keen to sell properties in areas where it was perceived there was an improved chance of a sale on the back of a good season. "There is a bit of activity out there but largely our clients are in the same spot and there is a lot of stress at the moment," Mr Wyhoon said. "Obviously they didn't enjoy that good season to start with, but their problems are more complex. "It isn't just one or two bad years;...
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