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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More from our Gladys: SUMMER SCHOOL ASIC 2009 Our program this year is very much focused  on the financial markets and this morning, we will focus on what went wrong and what we’ve learned...........the principals—taxpayers, shareholders, bond holders and so on—are being very badly let down by their agents— the regulators, supervisors, central banks in some cases (not here in Australia I hasten to add), treasuries, CEOs, Boards and so on............ there were many, many things going on over many, many years that basically led toincreased debt versus equity throughout the system........going back to the 1986 tax reform in the US, we also had the concession that allowed things like mortgage-backed conduits to become possible—where the entity wasn’t taxed and could operate like a ‘pass through’ certificate—which greatly encouraged the use of those conduits to make mortgages. They didn’t give that concession to equities and other assets, they gave it to...
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  • doyla66
    doyla66 says #
    Share market usually goes through a seasonal adjustment coming up to EOFY. For all the hype, most are adding to their private go
  • doyla66
    doyla66 says #
    So ANZ boss (and the rest of the Banksters) can go out and sell his shares for millions of dollars to buy his beach side estate, a
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Re-birthing Houses - Bankers' Nirvana Posted by Denise Brailey on Thursday, 02 August 2012 in Consumers Fight Back   So instead of re-birthing cars you developed a plan to rebirth homes? Message to these evil Banksters:  Hand over the SERVICE CALCULATORS and explain yourselves Which countries have you sold those repackaged securities to?  You were not re-birthing cars - you were in effect REBIRTHING HOMES! THE OUTLINE OF THE BANKSTER SCAMS: 1.   The separation of the Title Deed (as an asset) from the Mortgage Debt (as an asset) 2.   The diabolical plan and knowledge that none of Low Doc or No Doc mortgage could ever be paid back: that the debt in 20 years time would be the same amount as when you borrowed and the interest payments would be unsustainable. 3.   The express knowledge that once you handed over your Title Deeds, you would intentionally never see them again. 4.   That the credit card facility with regular letters: "do you want fries...
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  • doyla66
    doyla66 says #
    All this being new to me and my family......... Completely blows my mind away....... I feel it's about to explode.... Has anyone e
  • doyla66
    doyla66 says #
    After waiting a month or so after paying the mortgage out last year, a family member asked RAMS what was the delay in getting back
  • doyla66
    doyla66 says #
    Maybe we'd better give them another clue Change and tell them the homes they stole can be identified by their postcodes but then a
  • doyla66
    doyla66 says #
    and so here we are today almost TWO YEARS LATER!!!... except the tsunami wave of discontent and main stream media attention is FIN
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  Total Housing Lending Now at $1.33 Trillion – RBA By Martin North | February 28, 2014 - 12:40 pm The RBA released their Financial Aggregates to January 2014 today. It shows that Investment and Housing Lending reached $1.33 Trillion. Investment loans account for 32.9% of all loans, the highest ever recorded.   This is a different view from APRA’s because it accounts for all lending, not just ADI’s (Banks) which APRA reported recently at $1.17 trillion against the RBA’s 1.33 to December 2013. The gap relates to non banks and “other” ADIs and includes securitisation.   It shows that non-banks overall are writing less business today, in fact it has been falling steadily since the GFC. Mind you, there are some important deficiencies in the non-bank sector as we highlighted previously. The data I would like to see is the LVR ratios for the non-banks, but this data is not collected.   The other interesting observation is that if you take a long trend...
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  • doyla66
    doyla66 says #
    Chinese buyers are expected to purchase $44 billion worth of Australian residential property over the next seven years, according
  • doyla66
    doyla66 says #
    The Asia crisis repeating itself all over again along with a different slant! This time in wide screen and technicolour of the mo
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ANZ & Westpac have been undertaking  their own in house LMI since well before 2007 What you need to do is bury a level deeper than this. Look instead at the capital requirements for Lenders Mortgage Insurance providers (AGN 112 I think). Look at how APRA watered down the capital requirements on LMI providers post their consultation papers, with only 1 real LMI provider in the market.  Look at how much capital APRA makes LMI providers set aside for the riskiest of risky mortgages it insures for the banks.  Remember these are the mortgages that people take insurance out against because they don’t have the cash for a decent deposit.  Then the banks take this risky mortgage insurance and use it as a credit mitigant to offset the cost of their capital.  Talk about insurance leverage, on bank leverage, on an asset bubble ( housing ), geared to a leveraged commodity...
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  • doyla66
    doyla66 says #
    It is my understanding that they have already (very quietly) imposed a .1% levy,charge, tax (insert your own definition) on ALL sa
  • doyla66
    doyla66 says #
    Yes sneaky things going on behind backs and bail-in I believe selected from the menu so everybody better check out this site and c
  • doyla66
    doyla66 says #
    A terrifying proposition, the Australia Financial Industry leveraged to the max. Property build on a foundation of champagne bubb
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Another Reader - from Ali Absolutely spot on Robert. You hit the nail right on. The need to come away from selfishness and greed is a must in order to amend the financial, physical, and mental damage and return to better times. I just hope it won't be too long before some media outlet picks up and leads the way to exposing the truth around this shocking injustice brought upon the innocent and unsuspecting public. We the victims should have our fraudulent loans extinguished right away. We should not have to wait until someone in Government is willing to sort out the mess. This could take years and we just want to get on with our lives. It is so unfair to keep us imprisoned in this way as if we were the guilty ones. Bring on our deserved freedom.... ED:  One wonders why Bankers responsible for the dreaded SERVICE CALCULATOR are not IN...
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  • doyla66
    doyla66 says #
    One does have to be Poirot or Agatha Christie to work out what is going on with an ex-banker at the helm of ASIC and a bank heavy
  • doyla66
    doyla66 says #
    Nab managed to retrieve files and documents from 1972 from their files. Mind you I had seen our original files from our country b
  • doyla66
    doyla66 says #
    Yes of course the files are missing because they have been shredded in order to hide the evidence of fraud committed by the bank o
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Yes Robert we "start cleaning up this Nation by exposure of THE BANKERS CARTEL" Robert Mc - one of our readers writes:-   Banking FRAUD the reason we all come to this site, to see if one day a Mainstream Media outlet will finally put on the table the truth they have known for many years but have been too scared to expose. Our Government certainly wont let it out, not this current one as their illustrious longest serving Prime Minister was the one to lay the foundation for the deregulating of our Banks.   Our now opposition wont expose the truth about what is happening because they are the ones who implemented the entire deregulation of the Banking industry when they held power then went on to sell the toxic Banking product the RMBS. To cap off the two major political parties having a big vested interest in this fiasco...
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  • doyla66
    doyla66 says #
    Let's hope Senator Williams can work a miracle. I recall Barnaby was trying to do his best to warn us until they found a way to s
  • doyla66
    doyla66 says #
    All criminals belong behind bars so why not the banksters???
  • doyla66
    doyla66 says #
    Heads eventually are going to roll for aiding and abetting fraud. The grubby corrupt ceo's are starting to kill themselves, resign
  • doyla66
    doyla66 says #
    Why not do away with ASIC as they do not work in the best interest of the victims to get any form of justice, they are well paid t
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We are not alone in our criticism of Westpac Executives:  De regulation of Banks a la Banks policing themselves has wreaked havoc on hundreds of thousands of decent Australians.   When will it all end?  DeReg  intentionally left bank customers at the mercy of predatory lending by Major Banks including Westpac.   Time for every citizen who cares about this nation to lobby the Prime Minister to bring back Regulation of Banks and put the offenders in jail, whilst placing future bank execs on a very tight leash!   Have you been stung by a bank?  Call us. Are you about to sign a Mortgage document?  Don't sign until you have received our "RISKS OF SIGNING MORTGAGE DOCUMENTS" pack. This email address is being protected from spambots. You need JavaScript enabled to view it. Westpac Letters Exposed Australia's Worst Case of Corporate Crime By Allen Heart (about the author) From Opednews:November 24, 2008 at 11:17:52 The Westpac Letters revealed the worst case of corporate crime in Australian financial history....
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  • doyla66
    doyla66 says #
    Here we are all fighting just to get back to a position that does not leave us in life long debt created by someone's criminal nee
  • doyla66
    doyla66 says #
    Absolutely spot on Robert. You hit the nail right on. The need to come away from selfishness and greed is a must in order to amend
  • doyla66
    doyla66 says #
    Banking FRAUD the reason we all come to this site, to see if one day a Mainstream Media outlet will finally put on the table the t
  • doyla66
    doyla66 says #
    "Australia needs an effective Royal Commission to avert a constitutional crisis; but a compliant mainstream media has stopped cove
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Posted by on in BANKSTERS
 A frog goes into a bank and    Approaches the teller. He Can see from her nameplate That her name is Patricia Whack.   "Miss Whack, I'd like to get A $30,000 loan to take a Holiday." Patty looks at the frog in Disbelief and asks his name. The frog says his name is Kermit Jagger, his dad is Mick Jagger, and that it's Okay, he knows the bank Manager.   Patty explains that he will Need to secure the loan with Some collateral. The frog says, "Sure. I have This," and produces a tiny Porcelain elephant, about an Inch tall, bright pink and Perfectly formed.   Very confused, Patty explains That she'll have to consult With the bank manager and Disappears into a back office.   She finds the manager and Says, "There's a frog called Kermit Jagger out there who Claims to know you and wants To borrow $30,000,...
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  • doyla66
    doyla66 says #
    No, We have been gone since May 2013 when we were evicted in the presence of the Sheriff. WE are still suffering the aftermath of
  • doyla66
    doyla66 says #
    Yes Nanna I will keep asking the questions. So you are still in your home? Keep going Nanna...... Thugs and bullies will get what
  • doyla66
    doyla66 says #
    Gfs246, I'm afraid that is typical of both FOS and the banks. Keep asking and referring back to the questions that is all you ca
  • doyla66
    doyla66 says #
    How's it all going Nanna? I have been thinking about you. FOS seem to send me emails on Friday Arvos just b4 4pm? WTF Just in time
  • doyla66
    doyla66 says #
    After the day I have just had, this is just what I needed. Very, very Funny Ha Ha.
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Banksters, ASIC and the EDR's are all realising the CITIZENS of this great southern land are (oops) waking up now to the fact the so-called NEW LAWS were simply a nasty smoke screen, developed by ASIC and its Bankster Mates, to bury the PRE 2010 bodies of mortgage victims who are now losing their homes at a rate of knots.  New Zealanders have figured out it was Aussie Banks....what wrong with us?  Are we too timid?  Too quiet? Too passive? OK so we understand:  Its the LITTLE AUSSIE BATTLER vs OUR CROOKED BANKING SECTOR.  The default rate is FUDGED and APRA needs to wake up now!  Defaults are being manipulated by the bankers and refinancing which Commissioner from ASIC told me in Feb 2013 "we have stopped the bankers' refinancing (scam).  Really Wazza?  When did that happen?  I am confused.  You did say Yes Banks are the Engineers.  We agree on...
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  • doyla66
    doyla66 says #
    Yes, Kiwis are always ahead of the Aussies... and I am not even a Kiwi. This is all so very frustrating.. the Regulators know all
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 ASIC ONLY ANALYSED THREE BORROWERS?????   Refinancing was rife throughout the decade!!!!  ASIC had this info and did nothing against the LENDERS involved and KNEW they were using The Fudging Figures Program using a Fudging Machine: SERVICE CALCULATOR!  This email address is being protected from spambots. You need JavaScript enabled to view it. This report remained buried from public view............................No-one from Treasury read it!  Thanks to one of our top researchers.  Start digging into all ASIC Reports on Low Docs, Lending practices and Loan Defaults and mortgage stress and hardship.  Seven Banks involved.....yes we know All Members should be digging.....................................and reading and reading.........................what ASIC knew and when. ASIC REPORT 152  MAY 2009  1 This covered 15 lenders in total including 7 banks, 4 credit unions and friendly societies, and 4 non-banks. 2 The mortgage broker questionnaire was compiled with the assistance of the MFAA and sent to 9 brokers and broker groups, all members of the MFAA. 3 REP 119 Protecting wealth in the family home—An examination of refinancing in response to mortgage stress, March 2008,...
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  • doyla66
    doyla66 says #
    Declan Carnes ( BOQ Bank Manager) - infamous from BOQ North Ward - re Storm Financial and Doyle case with ASIC is due to be in Bri
  • Denise
    Denise says #
    Hi Kevin - none in Qld, one in SA and none in WA or TAS. Reason: NSW had Contract Review Act 1980 to protect consumers from UNJU
  • doyla66
    doyla66 says #
    Denise why is there not a huge history of success in WA like NSW as to mortgage fraud, The WASC and the WA SAT have virtually no h
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We suggest you read this site and the extended article on whether David Murray (ex CBA) is right man for the job as Chair of the Roots and Branch debacle into Banking.  You all know our view.   APRA warns Murray Posted by Houses and Holes in Australian banks, Featured Articleat 1:40pm on February 20, 2014 | 15 comments    Share on Facebook Share on Twitter Share on Reddit +   From the AFR, Australian Prudential Regulation Authority chairman John Laker has warned in a speech today that: “The impact of seeking to retreat from the status quo on the hard won reputation of the Australian banking system … will I am sure be carefully weighed by the inquiry,” Dr Laker told an audience at the Institute of International Finance Conference. Dr Laker’s remarks follow an address by the chair of the financial services inquiry, David Murray, during which he discussed the costs to the economy of regulation....
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  • doyla66
    doyla66 says #
    Yes the whole banking system stinks to high heaven. My father would always say "As handy as an ashtray on a motorbike" which is w
  • doyla66
    doyla66 says #
    Yes Nanna - thought you might like that one and one can bet the other 2 were on the verge of having to do the same thing. I am ju
  • doyla66
    doyla66 says #
    Just had a read Organza. Doesn't surprise me one little bit. Nab's reputation stinks. You had to know I would like this article
  • doyla66
    doyla66 says #
    Better tell 2 other banks that their big secret was revealed in December 2010 (not by major media of course) http://www.moneymorni
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New APRA data beats mortgage records by AB | 26 Feb 2014  Australian Broker News   The Australian Prudential Regulations Authority has released new data which indicates the prevalence of investors and subsequently interest-only mortgages within the market is rising at record levels. APRA’S domestic Australian Authorised Deposit-taking Institutions’ property exposure data for the December 2013 quarter shows 34.6% of all mortgagees had a loan with an offset facility – a record high since the archives began in March 2008. “The rising proportion of loans with an offset facility indicates to me that many mortgagees are utilising these facilities to reduce their mortgage liability whilst still having access to those funds,” said Cameron Kusher, senior research analyst at RP Data. This is supported by recent RBA data which indicates the typical mortgagee is around 21 months ahead in their mortgage repayments, he said. The APRA data also shows a record high 35% of all outstanding loans...
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  • doyla66
    doyla66 says #
    Whats the bet if you were spruiked at seminars and the likes almost the first line that came out of the crooks mouth was DONT THIN
  • Denise
    Denise says #
    Yes Tom, once five year interest only period finishes you will be forced to hand over your home (as you know) bank wins you lose!
  • Denise
    Denise says #
    Yes Maria, the BIG BANK STING - once fish on hook stitch them up for another five years of pain and heartache. Where is the Prim
  • doyla66
    doyla66 says #
    The banks send out a letter asking if you would like to continue with interest only for another 5 years.
  • doyla66
    doyla66 says #
    what happens when the interest only period expires and payments have to increased to cover principal plus interest
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Now the true warnings are about to appear on mass as everyone ducks for cover.  APRA has just woken up as to how Mortgage Fraud invades and destroys economies around the globe.  Welcome to the real world Mr Laker and the new guy.  Its been under your noses for 14 years..........Will you then say like American regulators: "we did not see this (GFC) coming?   BFCSA kept sending out warnings backed by the date.  ADI's is a fancy name for Major Banks. These APRA figures have been ditto back 10 years!!!!  97% LVR loans and also INTEREST ONLY LOANS to ARIP's.   Australian Regulators have been in SNOOZEVILLE for their ten year slumber party.  Where does APRA get its figures from?  THE BANKS of course.  Then Naylor blurts out that regulators are certainly aware of these issues.  Yes Phil and you were guilty of same covering up of true situation but...
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  • doyla66
    doyla66 says #
    Oh thankyou Mr Kusher. It brings me a great deal of comfort to know that “These mortgages are typically insured". What a relief
  • doyla66
    doyla66 says #
    Thanks to ASIC the Aussie dream of home ownership has been decimated - no longer called rags to riches and eventual security but a
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Consumers 'ripped off' by LMI greed by Calida Smylie | 26 Feb 2014  Australian Broker online   Consumers are being “ripped off” by having to cover lenders mortgage insurance and it has to stop, said Finance Brokers Association of Australia CEO Peter White.The industry veteran has been advocating for disclosure and portability in the LMI space for more than three years, but hopes the new government will make change in the next year, he toldAustralian Broker.While FBAA recognises LMI as a necessary insurance, it has fought for a long time to remove the restrictive and unfair nature of it.“We think that if we change LMI and its conduct and its lack of disclosure this will mean a more fluid marketplace for the whole industry. The refinance marketplace will become more active to what it is today because there is no barrier to impede the transaction, because you don’t need to pay another $20,000 to $30,000 for...
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  • doyla66
    doyla66 says #
    LMI stinks. If you have not realised it yet, LMI (or Risk insurance) does not protect you the borrower at all. We pay thousands
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Dear members Watching the news in our hotel room getting ready for the Senate hearings tomorrow am and taken aback. We cannot ger the Australian Federal Police to investigate the banksters yet they can raid two channel7 properties under the pretext of finding evidence of payments to Shapelle Corby for interviews. I'm sure if they raided the banksters on our behalf they would score better in finding indictable evidence. What they did is not of national importance, bringing the banksters to account for their engineered fraudulant deeds is. Tens of thousands of Australians lives have been decimated by their actions but no federal authority will pursue them. Tomorrow will be the new beginning, I  have never looked forward to anything as much as I look forward to  ASIC Chairman Greg Medcraft take the stand tomorrow, I hope the good Senators drill him harder than a Collins Street  dentist and leave him...
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  • doyla66
    doyla66 says #
    Typical of the AFP they make out they are doing something but in reality they are doing nothing of National importance. We have so
  • doyla66
    doyla66 says #
    My exact thoughts NT What a discrace this country is. I agree 100 % that tomorrow is "a new begining" For us all....... Things hav
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This week ANZ's denial of systemic issues really made me quite ill.  I hate lies.....so message for ANZ Luminaries:- Its time for ANZ Executives to stop poncing around and lying to the public and Parliament.  For any of their team to say "we have not engaged in predatory lending or unethical behaviour" is ridiculous and untrue.  Ask Martin Barter to show you all the files he has uncovered and then tried to justify to date. Where did Martin work before?  Ah yes.   Secret deals behind closed doors with forced settlements under a bullying process needs a mighty BIG cattle prod of a ROYAL COMMISSION into BANKING and; ANZ can appear center stage whilst I take a front row seat!   Do the Farmers in WA need documentary evidence?  I have a barn full.  These Banks need to wake up and smell the stench of their own handy-work!   The gig...
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  • doyla66
    doyla66 says #
    GFS I know what torment you are feeling. Love your line Never Lie "It will come back to bit you on the BUM". Your right, read my
  • doyla66
    doyla66 says #
    AGREE...... It's the one thing I have taught my 2 young children......NEVER LIE It will always come back and bite you on the bum.
  • doyla66
    doyla66 says #
    I cannot tolerate lies either Denise. However, come this week they are going to need a whole lot more than just Mother Theresa pr
  • doyla66
    doyla66 says #
    Anz have already had their culture exposed once and were found guilty of ripping off on penalty rates -- they were only exposed b
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Yes folks, its another ugly twist and the lengths our Greedy Bankers will go to gain an extra dollars profit.  Shareholders could be in for a huge falls in dividends when truth finally oozes out onto the footpath.   Bankers were not looking after shareholders, but looking after "selfie" monkey business. Parental guarantees on mortgages were approved without the legal requirements being met.....independent letters from lawyers to say they had been fully briefed on risk of losing one's home.  Even if the parents understood the risks – that even signing a document to this effect was still a breach of law, if the parents were to receive no benefit.....etc   Banks have defrauded guarantors in some cases by making them actual co-borrowers on paper… What a shocking state of affairs that is?   FOS had no idea until BFCSA pointed out these issues......wonder what happened to earlier cases that need to be re-opened and independently examined?...
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  • doyla66
    doyla66 says #
    It is absolutely disgusting that nobody in authority has the balls to put up the big stop sign and say enough is enough. I have s
  • doyla66
    doyla66 says #
    Were our Government irresponsible or just plain lazy when they allowed our filthy Bankster Industry to regulate themselves?. That
  • doyla66
    doyla66 says #
    What a joke It needs to be reopened and dealt with...... Keep going nanna FREEZE all TOXIC loans
  • doyla66
    doyla66 says #
    We are one of the earlier cases dismissed by FOS. My son was added as a guarantor and a loan applicant. He did not apply for a l
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Where is the Justice in this country?  Yes Richard called me to tell me his money has been lost.  He is in his 70's, provided for his retirement by putting money aside for many years to enjoy retirement:  "What's the point when you have to rely on Finance Services licences and ASIC does nothing to police these people and protect us?  You are told Freeman Fox is licenced by the Australian Securities & Investment Commission, and there is a glossy prospectus....etc.  What more could we have done to safe guard our nest-egg?  Bury it in the back yard?  So now we have to apply for the pension?" Yes its the "lucky" country where financial collapses have been occurring the entire time ASIC has been the corporate watchdog.  Billions of Dollars in losses and people are losing confidence......................of course they are.  There is the ripple down effect as occurred in 1929.  One...
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  • doyla66
    doyla66 says #
    Yes, ASIC aids crooks. Famularo investors lost 50 million. He ran a managed fund and was unregistered, unlicensed and uninsured an
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Loan book growth drives strong profits for major Australian Broker News 10th Feb 2014    A major bank recorded a cash profit of $1.73bn in the final quarter of 2013, spurred on by solid lending book growth.ANZ announced the unaudited profits this morning, which the bank says are up 13% on the same period last year.Continued growth in the bank’s Australian lending division has helped fuel profits, said CEO Mike Smith, with the bank recording above system growth for the past 16 quarters.“ANZ’s distinctive strategy based on growth in our domestic franchises, growth in Asia and strong operational and productivity disciplines is continuing to deliver a consistent improvement in business growth and financial performance,” said Smith.“ANZ’s business strategy has also led to ongoing improvements in the quality of our lending book. Together with the outlook for continued low interest rates and low levels of corporate leverage we now expect the total...
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  • doyla66
    doyla66 says #
    Just incredible isn't it - they steal their loot via mortgage fraud and then pay it out to shareholders. Wonder what might happen
  • doyla66
    doyla66 says #
    Commonwealth Bank the same one embroiled in the financial planning/investment/broking saga have again increased their 6 month prof
  • doyla66
    doyla66 says #
    What did I tell you, CBA announces 4.27 billion dollar half year profit - mainly through FRAUD on mortgage loans. Pay out aggrieve
  • doyla66
    doyla66 says #
    Well well, swimming in profits are they? Surely Mr. Mike Smith can spare a bit from the petty cash tin to reimburse ANZ victims o
  • doyla66
    doyla66 says #
    We can only hope that the Senators are there for the people and not for themselves. This Inquiry will prove it one way or the othe
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Systemic issues still haunt the industry 3 February, 2014 Milana Pokrajac Money Management Denise's Comment:  A Touch of De Ja Vu and "here we go again!" CHOICE found financial advice as "Downright Frightful" in April 1996 article, and now in 2014, FOS has found the same thing.............Choice also reported the same stories gleaned from "ASIC shadow shops" in 1998, 2001, 2003 and so on.  Kell said to me in 2004 "we are not doing that one again!"  Sorry Pete, here we all go again....protect the Banks if you must!     This is a smoke screen story!  Blame the Financial Planners not the Banks/Lenders.  ASIC and FOS are still playing the same Games they were playing in 1996.  ASIC and its EDR, named FOS, roll out the same stuff every time consumer groups criticize THE BANKERS.  The Banks are the manufacturers of the misleading products sold by Planners. YES there are Systemic Issues in BANKING!  BFCSA Members are telling the Government that is so. Banks are...
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  • doyla66
    doyla66 says #
    Well well, why am I not surprised! All this cloak and dagger stuff makes me want to don a cloak and dagger myself. If this does
  • doyla66
    doyla66 says #
    Where was the luncheon for consumers - aren't consumers stakeholders too?? ED: Good Point Observer - appears consumers do not c
  • doyla66
    doyla66 says #
    That is why at the recent Liberal Party luncheon - a deal was made between banksters and the Liberal Party to do a "discrete" inve
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