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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Non-major increases broker numbers by 426% in two years       inShare by Julia Corderoy | 07 Nov 2014   Non-major bank, ME Bank has delivered a 28% rise in statutory profit for the 2013/14 financial year, driven by the growth in home loan settlements.ME Bank has reported an underlying net profit after tax of $47.4 million for the financial year, spurred by the boom in home loan settlements – which were up 19% to $3.8 billion for the year. By volume, the bank settled over 15,500 new home loans in FY14, an increase of 24% on the previous financial year.ME Bank CEO, Jamie McPhee, said the Bank had achieved a home loan settlement record in June 2014 with $409 million in settlements, the first time the bank has exceeded $400 million in home loan settlements in a single month.Broker sales for the year were up 143% on last year, accounting for...
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read more  http://www.dailyreckoning.com.au/the-odd-economic-laws-of-the-superannuation-industry/2014/04/14/ The Odd Economic Laws of the Superannuation industry by Nick Hubble / on April 14   Clancy Yeates in the Sydney Morning Herald explained how Australians are getting ripped off by the Super industry: ‘…research firm Rainmaker estimates Australians paid $18.6 billion in fees for their retirement savings to be managed last financial year,’ which is ‘$1075 for every adult in the country, including those who don’t even have super.’ According to the Reserve Bank of Australia, only Spain and Mexico’s savers pay more as a percent of assets under management. But this is where things get weird. You see, the normal rules of economics don’t apply to the Super funds industry. Believe it or not, the reason for this blowout cost is too much competition. The Reserve Bank says the competition between different Super funds to get their hands on your compulsory contributions is so fierce that…costs go up. ...
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  • doyla66
    doyla66 says #
    The Centre of Excellence in Population Ageing Research reckons the situation is so bad Australia Post and Centrelink should be cal
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http://www.smh.com.au/business/the-economy/three-banks-to-float-medibank-private-20140417-36tjp.html   April 17, 2014 - 12:38PM Anthony Macdonald The federal government has appointed Deutsche Bank, Goldman Sachs and Macquarie Capital to float private health insurer Medibank Private, after receiving pitches from 11 investment banks.  In a statement on Thursday, Finance Minister Mathias Corman said the three banks would be responsible for managing Medibank's initial public offering, including both the retail and institutional offers................The appointments come after eleven investment banks pitched for the joint lead manager roles in Canberra last week. Independent adviser Lazard, law firm Herbert Smith Freehills and Ernst & Young, who prepared a recent scoping study for the government, also had their contracts extended through to the time of the sale.  The government said other banks may be appointed as joint lead managers in the future, along with retail brokers. Read more: http://www.smh.com.au/business/the-economy/three-banks-to-float-medibank-private-20140417-36tjp.html#ixzz2z8t5RQQc...
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WARNING : Pssst... The RISK fee is a scam and it stinks!   It intends to push vulnerable people into unaffordable loans.  Do not sign mortgages of this type – seek legal advice as to why not  The following is extracted from a Brokers website with my comments and highlights added.  Reference to this web link is available on request.  Comments are based on BFCSA Members TRUE experiences !  Risk Fee  Mortgage & Home Loan Risk Fee instead of LMI  are unique with several lenders in Australia. The lenders who implement Risk Fees instead of LMI do so knowing they have a unique product where they can offer cheaper entry costs to a mortgage home loan, and save on the costs of LMI  to the borrower.  Comment: It’s all smokes and mirrors folks!.. Banksters are not thinking of you the borrower at all.. read on and you will soon learn why  What is Risk...
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  • doyla66
    doyla66 says #
    ANZ & Westpac have been undertaking there own inhouse LMI since well before 2007 What you need to do is bury a level deeper than
  • doyla66
    doyla66 says #
    Further to the above comment just one year after selling and not yet 10 months after settlement I would need a mortgage of around
  • doyla66
    doyla66 says #
    I wonder how many borrowers do not even understand what LMI is or that they are paying to insure the bank and not themselves in ca
  • doyla66
    doyla66 says #
    an absolute disgrace & disregard for australians!!!!! ROYAL COMMISSION URGENT I have NO DOUBT I am also a VICTIM of this….. LMI ki
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Dear members Much to ASIC's chagrin we are no longer the ill informed consumer left to lament over ASIC standard fob off letters and trying to come to terms how this all happened and why no one in authority will help us. Thanks to the internet we no longer stumble through the maze of political and regulatory bureaucracy that puts obstacles in our path. Through the internet a whole world of information has opened up to us and guided each of us to BFCSA and Denise and at last we have a loud and collective voice.  Today I've been catching up on all the new supplements to the Senate submissions and its obvious that BFCSA members have heeded the call to arms, well done. To refresh my memory I read ASIC's supplement in reference to BFCSA.s submission. What a smug condescending lot they are and just reaffirms why they must be...
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Dear members Because we were all personally exposed to bankster greed and corrupt exploitation we are now well versed on the subject thanks to Denise and BFCSA. In recent blogs Lisa Martin and Organza have made reference to insurance companies and rightly so for they are just as bad as the banksters in their greed and quest to drain us of every last cent. Just as the banksters colluded with each other to perpetrate the low doc, no doc, full doc fiasco I think the insurance lobby put their collective heads together to see how they could raise profits at the expense of the consumer. I will give you two examples of what has just happened to us.  AND Here is how they fleece the battered consumers!!!! For forty three years we had multiple policies with NRMA in NSW, when in 2012 we were notified our building  premium was due and...
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  • doyla66
    doyla66 says #
    That is very funny Tom, You have a wicked sense of humour. But I am cackling!!!!!!
  • doyla66
    doyla66 says #
    Nana, No doubt the would have reduced the rate if there had been no natural disasters for 5 years
  • doyla66
    doyla66 says #
    The biggest problem we have is that Government in Australia sets its rules of trade but does not administer them. While we continu
  • doyla66
    doyla66 says #
    What a wicked land we live in. How has it come to this.? All the big boys king hitting us all squarely where it hurts. Cowardly a
  • doyla66
    doyla66 says #
    Insurance Companies are as evil as their cousins Banks and well I know for I had to spend more than 2 years fighting one after my
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Does this include any laws that could adversely impact Australian consumer protection? The debates will occur around the same time as the Senate Inquiry into ASIC. I hope the good Senators who have seen the submissions and evidence will be available to participate in protecting consumer rights and applying wisdom to the planned repeals. If the loss of the normal requirement to retain wet ink originals of legal documents like Bank Loan Application Forms is any indication of what we're in for and the quality of parliamentary advice, we had better check every one of those 8000 laws destined for the dust bin!                       The Abbott govt is planning a 'repeal day' in parliament hoping to axe over 8000 federal laws. The Abbott government is planning a "repeal day'' in parliament in March when it hopes to axe more than 8000...
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  • doyla66
    doyla66 says #
    Seems to me they all are forced to change once elected by whoever control them and I only voted for Tony Abott feeling he would co
  • doyla66
    doyla66 says #
    Tony Abbott seems to be emulating some of John Howard's trademarks, in a bid for acceptance amongst the ordinary folk. This includ
  • doyla66
    doyla66 says #
    Something is going on. I knew something strange happened to all Politicians once elected and seems I am not the only one who has
  • doyla66
    doyla66 says #
    Might need to be a fly on the wall to get a sneak preview of any of those bills if Choice magazine has been denied any knowledge o
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Dear members I must admit I'm not very familiar  with the latest government sanctioned move to no longer keep copies of wet ink loan contracts but to go the electronic route of record keeping.If any of our more enlightened members know of a link to a goverment website which might explain it , it would be appreciated if possible. I cannot understand on what basis a decision like that would be made. Is it a Treasury recommendation with ASIC's blessing? The thing is I can't remember much publicity about it and surely our senior legal fraternity must of raised concerns about it? Just recently an insurance company we had a policy with was taken over by another, we got a three page detailed letter outlining even the most minute detail about number changes and alot of little insignificant changes BUT the point was we were fully informed and if there was...
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  • Denise
    Denise says #
    Bankers need to get a big grip!!!! Brokers did not APPROVE the imprudent loans. The Banks owed duty to CUSTOMERS to ensure the l
  • doyla66
    doyla66 says #
    All too dumb to realise the longer they suppress the worse it will be when along comes the cloudburst and believe me it will happe
  • doyla66
    doyla66 says #
    I had an interesting phone call the other day...... the Bankster advised me "oh no its not us, its the broker......you need to go
  • doyla66
    doyla66 says #
    DONE...... FEELS GOOD.....its been a bitch of day!!!! please every one do it & submit....remember what we are fighting for........
  • doyla66
    doyla66 says #
    Members, its 7-50 pm Wednesday and I have just emailed off a supplement to our Senate submission. There is still time to have the
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Beat the Banks at their own game and become a  "card-tart" as the banks will call you.  For example: If you have a $10,000 card debt, ring a rival bank and ask for second card.  Suddenly your interest is at say 2.5% for honeymoon period of say 12 months (some are 18 mths).  Your Bank "A" Card is now ZERO. Obviously your aim is to not spend any more on any card until the $10k debt is completely paid off.  Your new Bank "B" Card shows balance of $10k DEBT. DO NOT SPEND even $1 on the new Bank "B" Card.  Yes, even over the phone, the Banks will then send you ten pages of small print that even ex Chairman of ASIC Tony D'Aloisio admitted, he read and could not understand.  It does not say in BIG PRINT: "do not spend $1 on this card until all the Balance Transfer amount is paid...
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  • doyla66
    doyla66 says #
    The Government are scared out of their undies it appears to touch consumer debt. Can you imagine the can of worms that would be o
  • doyla66
    doyla66 says #
    my problem was that a zero balance for Card A (which was my intention) was never achieved. So now have 2 credit cards both with o
  • doyla66
    doyla66 says #
    The government, past and present shows a reluctance to deal with consumer debt. It was only because Independents held the balance
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Dear members When I checked our email today SHOCK HORROR there was this lengthy email from Great Sites Australia promoting growth and cashflow one day seminars Australia wide hosted by a self proclaimed millionaire Dymphna Boholt. Ms Boholt has compiled a lengthy email with lots of graphs and some filmed segments. She is heavily promoting real estate and it appears to be focused towards mining towns and she claims this is the start of the next big boom( sound familiar) and is heavily promoting looking after your family and their futures.She claims to be an economist and accountant. There is no mention on how to finance this money winner, you have to attend the seminar to find out, she also claims to not using negative gearing because you will be earning so much money you won't mind paying tax. She refers to the money you supposedly earn as "Passive Income" after...
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  • doyla66
    doyla66 says #
    Yes they are all again out in force having been given the green light by they who we do not need to apportion names to or why and
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Hi Members, Can someone please explain the broker / bank relationship again.  I am currently trying to put together further arguments regarding my 3 varying LAFs which was filled out by my broker but Westpac is saying that they relied on the informaton that was provided by the broker & that the broker made the changes in the LAF - shifting blame onto the broker. Also could you please explain about the Serviceability calculator & who enters the information from that into the system. Thanks. Gina. The Perfect Bank Scam.   Denise Brailey explains: Broker was set up by bank.  We do not defend Brokers but the culprit of the devised evil system is the Banks.  See our above chart designed by Bankers.   Bank Engineered service calculator devised the FUDGED FIGURES for broker to believe they were englobo (futuristic - may or may not be possible to achieve) figures.  Brokers across Australia are instructed by banks to copy...
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  • Denise
    Denise says #
    Hi Gina, You need to email me and ask those questions. As a member you are entitled to ask me regards [email protected]
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Dear members Thanks for your kind words and support over our break in and theft of our car, as members of bfcsa we are members of a large family of strangers but all with the same story to tell of hope for the future, trust in the banks, brokers and regulatory system and betrayal by them.The next chapter wont be revenge but vindication because we believed in the system but it failed us. With a new government and Joe Hockey making pledges to look into the banking system in the first hundred days we can now hold him and the government to account, after all the hype they held Labor to over broken promises they can't afford not to act.   Second is the fact the Senators hearing into ASIC kicks off mid October, we like many other members are prepared to go to Canberra to give Denise our support, faces have...
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  • doyla66
    doyla66 says #
    FSP's, ASIC and FOS all need grabbing by the throat and shaking up. FOS are so out of sync and living in a different era. So s..t
  • doyla66
    doyla66 says #
    Yes We are ready to go to Canberra
  • doyla66
    doyla66 says #
    This is exactly what is needed, for Fos's staff to rock the boat and start telling tales that they have been silenced by Asic and
  • doyla66
    doyla66 says #
    ASIC, FOS staff complacent. I have stated this over and over. The system within FOS needs white washing. Accountable to no one!!
  • doyla66
    doyla66 says #
    I agree wholeheartedly, Neil. ASIC, FOS and COSL should be recycling their staff regularly anyway. The problem that can occur wh
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Australian money. The Reserve Bank has kept interest rates at 2.75%, as expected.
A levy to raise $733m to create a purported "financial stability fund" to be administered by a govt agency, shall be collected by banking regulator APRA. These "proceeds", without fail, must be dedicated to establish a fully funded and truly independent Consumer Financial Protection Bureau. Such an urgently needed protection unit will finally cover consumers -- aggrieved or otherwise -- whom to date, have been hopelessly let down by a dysfunctionally conflicted ASIC, which itself, is the subject of a recently set down Parliamentary Inquiry and stands open to substantive allegations of malfeasance, if not sheer criminally negligent laziness to adequately protect consumers from the rivers of fraud, deceit and cover-up flowing out of the Australian bank$ter cabal unabated -- and the brazenly contrived model of an ill-conceived bank$ter wholly owned & shambolically operated EDR scheme; an external dispute resolution model that stands for nothing less than a bank$ter cabal scheming 24/7 program..... BFCSA:...
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  • doyla66
    doyla66 says #
    Government in Australia is a joke they really do think we are all idiots. Why in god name would you spend millions of dollars (and
  • doyla66
    doyla66 says #
    Can you believe it? There's ASIC, APRA and all the rest of the regulators. Then there's an overview council for the regulators! Wh
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Dear members When my wife and I started this quest for justice John Howard and Peter Costello had the top jobs.  Since then we have had a merry go round of P.M.'s and Federal Treasurers and this could change again pending the outcome of the September election. Since 2007 one thing has not changed, the leadership of both parties will not acknowledge there is a systemic problem in the Australian financial sector. ASIC denies there is a problem yet both parties leadership know from internal information a problem exists, I even have a copy of a letter where Tony Abbott made representation to the Attorney General on this very matter for a BFCSA member in his electorate. Everyone on this site has been pleading with our politicians and regulators for justice with no response at the top. As citizens of a democratic country we have been denied the basic fundamental right...
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  • doyla66
    doyla66 says #
    Great post, Neil. What a long journey it has been for you and your wife! You'd have to be asking why it's so difficult to get a
  • doyla66
    doyla66 says #
    Neil, job for Geoffrey Robertson QC who sat as appeal judge @UN Special Court for Sierra Leone; currently defending WikiLeaks Assa
  • doyla66
    doyla66 says #
    Dear members I forgot to mention as well as the Senate Committee , maybe we should make submissions to the U.N. If we are denied o
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Mortgage manager slashes risk fee on alt doc loan to 0.5% Australian Broker News by AB | 31 Jul 2013   Better Mortgage Management has reduced the risk fee on its Capital Specialist Alt Doc Gold (Lo Doc) loan to just 0.5%, which the group believes to be the cheapest risk fee or mortgage insurance premium in the market for clear credit alt doc loans greater than 60% LVR. Coupled with a rate of 6.99% at 80% LVR, BMM managing director, Murray Cowan, says accessing finance with unlimited cash out has become ‘much more affordable’ for self-employed borrowers in recent months amid an increase in alt doc lending. Cowan believes the reduction in risk fees will be welcomed by brokers, as it will potentially save borrowers thousands of dollars and remove a potential barrier to writing the application. “Risk fees or mortgage insurance (where available) on comparable loans is 1.5% to 2.5% of the...
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  • doyla66
    doyla66 says #
    Bank West used similar stunts as part of their East Coast Push promotion through Brokers in order to build up their loan book. Br
  • doyla66
    doyla66 says #
    Director of Public Prosecutions slashes "alt" plea bargain from 15yrs to 8yrs to mortgage-managers pushing tainted credit products
  • doyla66
    doyla66 says #
    DirectorPublicProsecution offers "alt" plea bargain to all mortgage-managers, slashes "alt" in the dock full service to 10yrs....
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US Senator Elizabeth Warren, the Massachusetts Democrat-Harvard law professor-proposed six years ago the creation of a US federal agency to protect consumers of financial products in this 2007 article asserting-- "If it’s good enough for microwaves, it’s good enough for mortgages. Why we need a Financial Product Safety Commission.. it could eliminate some of the most egregious tricks and traps in the credit industry.. and for every family who avoids a trap or doesn’t get caught by a trick, that’s regulation that works."  Yesterday, Richard Cordray was confirmed as chief of US Consumer Financial Protection Bureau. Ms Warren, told reporters before the vote..“It is a truly historic day.. there’s no doubt that the consumer agency will survive beyond the crib.. the American people will have a strong watchdog in Washington." So, do we really come from a land down-under.. or simply upside-down when it comes to ensuring a roof over our heads protected from bank$ters greed & misery......
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  • doyla66
    doyla66 says #
    If there were true competition and freedom to choose in Banking, that Bankster would lose a bunch of clients for such a stupid rem
  • doyla66
    doyla66 says #
    BTW great find, Andy. Why does it take governments so long to get moving on these matters of great importance?
  • doyla66
    doyla66 says #
    US Bank$ters comment--- "At least they had the shot, sometimes people have to be given the opportunity to fail....."
  • doyla66
    doyla66 says #
    Senator: Assistant to President; bankruptcy expert; author 100+ articles; 9 books/2 best-sellers, The Two-Income Trap & All Your W
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Has anyone complained here? The Commonwealth Ombudsman seems to cover a lot of Departments/Subjects that we have complaints about with special responsibilites for Freedom of Information and the AFP, and they are able to investigate ANY Government Department. FOS and ASIC and APRA. See below. I have applied TWICE to use Super which has been stopped by the Bank and neither APRA nor Human Services have said a word. So the Banks really decide if you can use your super (under compassionate grounds) to stop foreclosure or not. FOS say they couldn't make the bank let us use it either, because it is 'the Banks Commercial Decision'. Obviously none of them have any compassion - as we all know! Complaints the Ombudsman can investigate The Commonwealth Ombudsman can investigate complaints about the administrative actions of Australian Government departments and agencies. The Ombudsman has special responsibilities for complaints relating to the Australian Defence Force,...
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Posted by on in Consumer Protection Disaster
http://eichomes.com/wp-content/uploads/2011/01/Sample-Bloomberg-Securitization-Report-Excerpt.pdf  Specific Message:  These reports relate to American Law.  They are not useful for those people in Australia wishing to extinguish their mortgage loans.  We have this on good authority.  We encourage exploratory work and research and read as if an "interesting novel."     Just take all these things with a grain of salt.  If you have a specific question please email me:  This email address is being protected from spambots. You need JavaScript enabled to view it.    ...
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Hi, I would like to find out if my loan was securitised. Is there a list of issues for 2002 through 2004? thanks  Editor:  Not that I am aware Wilson...
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Posted by on in Consumer Protection Disaster
Tis may seem simplistic but if and when you eventually receive your loan docs and you believe they are not in order what exactly do you do? Do you contact Fos COSL or some other abbreviation.. I am actually confused by all the departments that seem to be dealing with this.... ED:  You are a member Wilson - as explained in Instructions - you email me FOR NEXT STEP.  The website purpose is to bring information to the PUBLIC to tell others what is going on regarding the bigger picture. We do not encourage the use personal cases for discussion on the world wide web unless with our permission.  This email address is being protected from spambots. You need JavaScript enabled to view it.  ...
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  • doyla66
    doyla66 says #
    Who is the lending institution? That will determine if you go to FOS or COSL.
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