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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Banks panic as both major US political parties adopt Glass-Steagall banking separation policy The Democratic and Republican parties in the USA have both adopted, for the 2016 Presidential election campaigns, the policy of reinstating the Glass-Steagall law, eight years after the eruption of the global financial crisis caused by the repeal of Glass-Steagall in 1999. The Glass-Steagall Act 1933 was the most successful financial regulation in history. It mandated the strict separation of commercial banks that normal people use for everyday business, from Wall Street’s investment banks, insurance companies and stock brokerages—no cross-ownership, no shared directors, no contact. Under Glass-Steagall the government protected the deposits of commercial banks through the Federal Deposit Insurance Corporation; however, this protection was a backstop—the real security came from keeping the commercial banks and their deposits away from risk-taking investment banks. Meanwhile, investment banks were given the message: gamble at your own risk—if you lose, you...
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http://www.lawyersweekly.com.au/news/give-more-ammunition-to-asic-costello Give more ammunition to ASIC: Costello 13 March, 2007 CORPORATE WRONGDOING may attract civil sanctions and higher penalties under a discussion paper released by the Treasury last week into corporate law reform.  The paper accords with a wider governmental strategy to explore ways of reducing regulatory burdens and simplify existing laws.   One proposal discusses the expansion of civil sanctions in corporate law to add more firepower to those policing dubious corporate behaviour, along with the possibility of increased penalties. The review is intended to strike a balance between the need to have strong sanctions that deter and punish corporate wrongdoing and protect the market’s integrity, as well as foster a competitive business environment.  In a speech given to the Australian Securities and Investments Commission (ASIC) summer school, Treasurer Peter Costello praised the strong record of the regulatory body. “ASIC’s enforcement record is a great testament to the assiduous work of...
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  • doyla66
    doyla66 says #
    Exactly, Nanna. Lots of grand statements about what they really want ASIC to be, but where is the evidence that any of this is tru
  • doyla66
    doyla66 says #
    Thought I was going to fall off my chair laughing at this. How sanctimonious of Costello and Lucy. ASIC must be God's gift to f
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  From: J & D    Sent: Saturday, January 25, 2014 To: BFCSA MEMBERS Subject: My Story -    In 2006 we took out a loan with RHG, now RAMS through a broker for $360,000.00 using the equity in our home.  We did this to invest for our retirement as we had very little superannuation, in our sixties.   At the time we asked how we would repay this loan as we were struggling to pay a small part of our original mortgage.  We were told that we wouldn't have to make any repayments as they would come out of the loan.     We were never provided with our LAF and so until we met Denise in 2008 and she told us to demand it, even then we didn't realise that we were only receiving a few pages and not the whole thing.   We didn't know that our income had been grossly inflated...
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  • doyla66
    doyla66 says #
    Some important questions need to be answered; 1 If regulation now states FSP's no longer need the original wet ink copies of contr
  • doyla66
    doyla66 says #
    Like you Change in the end I was left with some money but even if it was enough (which it most definitely is not) to buy another h
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Mortgage brokers 10 years behind advisers, says exec 6 December, 2013 Milana Pokrajac 1 comments  Money Management Share on email   Craig Meldrum is one person who thinks ASIC is doing a good job.  We had a funny feeling there may be one.  He is out there on his own its seems. While the financial advice industry remains subject to much surveillance and scrutiny, the regulators are 10 years behind in bringing mortgage brokers to task, some claim. n 2013 alone, the Australian Securities and Investments Commission (ASIC) has banned and convicted a number of mortgage brokers for misconduct, fraud, compliance issues and for providing misleading information, among other breaches. Furthermore, the watchdog had cancelled or imposed conditions on credit licences of various mortgage broking houses for similar offences to those of troubled financial advice groups, such as compliance breaches, failure to train its staff and failure to properly assess loan applications. The latest...
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  • doyla66
    doyla66 says #
    Hi Stan, I agree: full or partial restitution first, to aid the victims of these leeches, and then complete whatever regulatory is
  • doyla66
    doyla66 says #
    Hi Stan, I am with you, ASIC, FOS,COSL,The Big 4 lenders the smaller lenders are all crooks. Nab have put us through Hell and th
  • doyla66
    doyla66 says #
    Max Keiser discusses the need for powers to stop the aggressive banker "begocrats" constantly shaking down those passing the City.
  • doyla66
    doyla66 says #
    Hi Denise remember our old mate Matthew George of Money Choice fame. He was the salt of the earth if you think back, butter would
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Broker comments from Australian Broker News: Everyone knows that the lenders serviceability calculators are a joke. Get real and service each loan to each individual applicants own circumstances. and this from Broker to RAJ VENGA as CEO of COSL   But Raj, you forget that profit is king, not prudent lending or responsible lending. Now let's sit back and wait for the backlash from lenders and others telling you to butt out. and this: COSL's warning should be heeded as it's the broker in a few years time who will get the first call when rates go back up to the high six percent and borrowers can't pay, and it's the broker who will go through an agonising COSL investigation process to clear their name. From MY Desk:  This email address is being protected from spambots. You need JavaScript enabled to view it. NOTE:  DO NOT WRITE TO RAJ as he will say two thirds of our complaints from borrowers are fraud by our lender...
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  • doyla66
    doyla66 says #
    This sounds a lot like sabre rattling ie. don't push it because brokers and borrowers will get the blame. All the important people
  • doyla66
    doyla66 says #
    it doesn't help when COSL case manager (a Lawyer) writes and confirms this again over the phone that .... "We note that La Trobe
  • doyla66
    doyla66 says #
    Change, COSL should "white label" itself under "Claytons-EDR" serving a Claytons-Code-of-Non-Ethics, practicing FSP mortgage fraud
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www.thehumanracefilm.com - Matt Norman 28/11/12 Thank you to all of you who have written to me asking how yesterday’s disgrace in court went. I am happy to say that Pica Lawyers attempt to ban me from the Internet was thrown out. I can also report that someone from the media approached me due to the fact that the lawyer for the defendant stupidly got asked to give evidence about things that were totally made up by their client. This opened them up for me to cross examine him which showed that he as the lawyer for his client lied on oath for his client. What is also incredible about yesterday’s court hearing is that the Judge made outrageous statements AGAINST ME which goes against his duty as an impartial judge. Comments made by his honour: “I know your on this human rights crusade”“You are suing ————– for ————- what planet are...
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  • doyla66
    doyla66 says #
    Good on you, Matt, standing up to the Establishment who are paid by Aussies to be impartial. All this old hat tug your fore lock,
  • doyla66
    doyla66 says #
    Hi Matt, Sounds like it was another interesting day for you! Mate, I don't have much to contribute in relation to this latest mat
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CLICK ON HEADLINE TO OPEN    Editor:   Good find Arree.........Yes indeed...ASIC always intentionally looking in all the wrong places whilst the bandits walk with the money they looted from innocent and trusting Consumers................ There was a classic one with Bankster and a Sharks Head.....................can anyone find it?  ...
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Posted by on in Toxic Mortgage Loans
looking for info from anyone who may know the answer to this query.   If a broker does not collect authority to act on your behalf but goes ahead and send info through to the lender without that authority is this legal.??   Can the bank go ahead without any authorities?  If the loan application docs come from the broker is this right?    What if the broker does not collect any of the LAF info? What if the bank then provides a loan, is that legal?   What if you never have any contact with the bank but they still provide the loan? What if the letter of approval for loan is sent to broker and then on to me?   One of the big 4 is the bank involved.  Please help me sort out this puzzle.!!!!!     EDITOR:  YOu need to plug into BFCSA and join us Gypsy as all these things are...
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  • doyla66
    doyla66 says #
    Gypsy, This will be the very best $50 you ever fork out! I wasted $10k on lawyers (Slater & Gordon - SLAG), who once they gobble u
  • Denise
    Denise says #
    Hi Gypsy Why not Join us by plugging into BFCSA? Members know these things because as a Member we provide you with the answers a
  • doyla66
    doyla66 says #
    In 2007 when we refinanced with the CBA- a broker, without our consent or authority, who we did not know, who we had never met, ha
  • doyla66
    doyla66 says #
    Wayne, 'shifty Suzzie' must have been acting as a "ghost broker" [on halloween] like a "ghost writer", bank officer & Suzzie split
  • doyla66
    doyla66 says #
    Look at their code of conduct FBAA or the MFAA It is a contract under contract law and enforceable.
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Posted by on in Toxic Mortgage Loans
The page can be found at http://www.facebook.com/BFCSAPlease "like" the page through your Facebook account and forward to as many people as possible.  Feel free to post and respond to posts.  N.B.  This is not a private group and anyone who "likes" it can read the posts so we need to avoid posting any of Denises confidential emails that she sends to us members - unless Denise specifically wants the message on our Facebook page.  Here's hoping that it will be a "free for all" for all the complaints and gripes about the banks and the FOS (my favourite gripe this week).   Thanks to Dawn who is new to our ranks and took a week off to set up the pages.  Top job Dawn. We need another admin so please email me if you can assist. Its all hands on deck in a number of areas so if you have certain skills please contact me This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    If I go into my facebook page and type in BFCSA and hit search why doesn't it come up?
  • doyla66
    doyla66 says #
    I found the same. I think I used the full name ... banking and financial etc
  • doyla66
    doyla66 says #
    I left a comment on Dawns post and it's not there is something wrong?
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Posted by on in Toxic Mortgage Loans
Link to BFSCA Facebook Page =  http://www.facebook.com/BFCSAStart posting - invite friends we need thousands of "likes" and hopefully some new members and petition signatures ! Also looking for another Admin person with Facebook experience :-) Dawn  ...
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  • Denise
    Denise says #
    Thanks Dawn for all yoru efforts and assistance. I am sure the Members appreciate those efforts also. You rallied to the cause a
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Posted by on in Toxic Mortgage Loans
  JUST GET THE AVP MEMBERSHIP FORMS IN URGENTLY SO IT CAN BE REGISTERED AS A NEW POLITICAL PARTY.. BELIEVE ME A LOT OF PEOPLE WILL VOTE FOR THE AVP ONCE IT GETS UP AND RUNNING... MEANWHILE, DENISE IS BATTLING ON A SHOE STRING THAT IS WHY WE NEED TO HELP WITH DONATIONS SO SHE CAN HIRE CASUAL HELP TO ASSIST WITH THE DAILY WORK LOAD    MEMBERS are REGISTERING but we need to do more. THIS IS A MATTER OF HOME OR GUTTER !!...
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  • doyla66
    doyla66 says #
    There is real interest in alternatives to the Lib/Lab old system. Australians are ticked off with the old but they need real alte
  • doyla66
    doyla66 says #
    I know for a fact that many people for whatever reasons, dont come onto the blogs so i think we need to strongly encourage it on t
  • doyla66
    doyla66 says #
    Maria is right. Come on folks. What is the problem? We still need a few more. Money is not the problem for reasons already mention
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    Poll form Please select an answer. Stick - I'll stay with my current lender Switch - I'd like to move to another big bank Switch - I'd like to move to a smaller lender View results Stick - I'll stay with my current lender 26% Switch - I'd like to move to another big bank 6% Switch - I'd like to move to a smaller lender 68% Total votes: 11004. Would you like to vote? You will need Cookies enabled to use our Voting Feature. <strong>Would you like to vote?</strong> <p>You will need Javascript enabled to use our Voting Feature.</p> Poll closes in 2 days. Read more: http://www.brisbanetimes.com.au/business/smaller-rivals-face-uphill-battle-against-big-four-20121008-277y2.html#ixzz28i2BEhQ9...
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  • doyla66
    doyla66 says #
    Hence Westpac/NAB ~ secretly obtained $billions from US Fed-Reserve "Bail-out Funds" ~ all sounds US bwankster fishy to moi!!!
  • doyla66
    doyla66 says #
    .....could not it be that our Government (tax payers) bailing out the Big 4 in the GFC .......was also necessary/imperative.......
  • doyla66
    doyla66 says #
    Well then, our Big 4 can afford to start buying back the shares held by the foreign banks, without taxpayer assistance. When they'
  • doyla66
    doyla66 says #
    Australian banking industry had benefited from not witnessing the massive loan loss charges seen elsewhere.That's because there ha
  • doyla66
    doyla66 says #
    Our Big 4 and our government are contributing to keeping US Banks in cashflow. Don't you think we've taken this "good global citiz
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Posted by on in Toxic Mortgage Loans
Please listen to this great summary of what is happening world-wide that is affecting us all! http://www.catholicbinder.com/WebPages/BeforeTheWarning/TheInfoWar/LindseyWilliams.aspx If you search (use Startpage) you will be able to hear prior information by LW. I have listened to Lindsey Williams for years and he has never been wrong!   So please take notice.   I continue to find great difficulties in persuading people of the truth of the fraudulent banksters!    Australia continues to be the land of the long weekend! Ruth   ,...
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The Business Council of Australia has delivered a scathing assessment of the state of the public service, saying its independent authority has been undermined by political gatekeepers, resulting in development of poor policy. Council chief executive Jennifer Westacott called on public servants yesterday to rise up and ''regain control'' over their world. The impact on Australia of a diminished public service was ''dangerously far-reaching'', she said in a scathing speech. ''I want to talk very frankly about restoring precious things about the civil service, things that I am deeply concerned are being lost,'' she said. ''I believe we are at a crossroads in Australia when it comes to the future of the civil service.'' However, the influential businesswoman said the public service must be leaner. ''The public service must be smaller, more focused and more productive,'' she said. ''We need a comprehensive audit of the scope and size of government to...
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An organisation named Digital Finance Analytics (DFA) has been quoted by many finance and news sites stating up to a fifth of first home owners risk losing their properties in the next few months.  This organisation cannot be sourced online - a quote is from Martin North "the Director" of the company.    "Its Australian Mortgage Stress Analysis of 26,000 households claims 16% currently fall into the ‘severe mortgage stress’ category, which is defined as falling behind in payments, or receiving threats of foreclosure."   Low-to mid-income households were among the hardest hit.      The number of suburban homes in this demographic will rise by 4,000 before June 30 2013, according to the report.     Speaking to Australian Broker Online, Paramatta broker Kim Narayan, who works in one of the worst-hit regions for mortgage stress and arrears, confirmed many locals were moving further west as it had become too...
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  • doyla66
    doyla66 says #
    This story has now appeared on ABC TV 7:30 report, 16/10/2012 "Despite a recent drop in interest rates, a new study reveals that
  • doyla66
    doyla66 says #
    I found this ... "Martin North leads Fujitsu's consulting division in Australia and New Zealand where he specialises in financial
  • doyla66
    doyla66 says #
    You could be right Lisa - here he is quoted a number of times and has his own link: http://www.brokernews.com.au/People/martin-nor
  • doyla66
    doyla66 says #
    I'd like to know who DFA and Martin North are. How did he make his predictions? For starters it is unusual for anything of that s
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Posted by on in Toxic Mortgage Loans
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  • doyla66
    doyla66 says #
    Classic! Pretty much sums it up, doesn't it?
  • doyla66
    doyla66 says #
    A nice start to the day Lisa.
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Posted by on in Toxic Mortgage Loans
I have been looking for the Queensland Contracts Law. I am specifically looking for the reference to the impossibility or otherwise of making an illegal contract "legal" and any other activities that can or cannot be done to an existing illegal contract. Thanks Lisa...
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  • doyla66
    doyla66 says #
    predecessor: Consumer Credit Code(QLD)1994 refer to sec.70 "unjust transactions" [superseded 1 July, 2010 by NCCP refer to sec. 70
  • Denise
    Denise says #
    I pointed this out to Authorities and ASIC, years ago. NSW Contract Review Act 1980 had provisions for finding of UNJUST CONTRAC
  • doyla66
    doyla66 says #
    Hi Lisa, this is what I wanted to ask as well. Is the Qld Contract law same as the one in NSW? A barister told me once that the pe
  • doyla66
    doyla66 says #
    Hi Maria, I've heard the same about the NSW Contract Law. Is it true? If so how can we get a level playing field in what is a Fede
  • doyla66
    doyla66 says #
    a workbook on contract law here http://www.thomsonreuters.com.au/product/AU/files/9780455225029/workbook_solution_guide_edited_1.
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On the FOS website there is a Presentation entitled: Essential Banking Law and Practice It's dated 2007. http://www.fos.org.au/centric/home_page/news/presentations.jsp Is this information sufficiently up to date to use the information in it? If not what do you think I should ignore in it? Does anyone have a link to a more recent version of this? I've written to FOS to ask them as well. Thanks Lisa   UPDATE: For more up to date information http://www.fos.org.au/centric/home_page/publications/the_circular.jsp On this page is a downloadable index of articles which look very interesting indeed - all from "The Circular" which is sent out to subscribers to FOS updates. The previous publication, The Bulletin, may also be of use. http://www.fos.org.au/centric/home_page/publications/bulletins/banking_finance_bulletins.jsp        ...
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Dear Lazza The Retired Judge Scam is a despicable scam......I am a great admirer of this particular retired High Court Judge.  I am sure he would be horrified as to how his words have been turned into a financial fraud, promoted by fruit loops. This is a scam going around Australia and please stay away and out of trouble and anyone blogging such nonsense without asking me first, as editor, will be deemed a serial nuisance and I will think up worse things to say!!!! The reason that this is so bad as it is wasting my time and I now have new members who have been badly burned by this same activity.  Thanks to those who alerted me to LAZZA's BLOG as the last thing I need is people who are victims of such nonsense suggesting they read it on the BFCSA site!!!! I have immediately removed the offending link. Goodness Gracious me......the world...
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  • Denise
    Denise says #
    This is a scam going around Australia and please stay away and out of trouble and anyone blogging such nonsense without asking me
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Copy of letter we received from ASIC .  Did you all get a similar spiel? I've underlined some parts of the letter  .. Thank you for your letter dated 24 July 2012 addressed to Mr Greg Medcraft, Chairman of the Australian Securities and Investments Commission (ASIC), raising concerns about:  MortgageEZY Pty Ltd ACN 066 631 169 ACL393457 (MortgageEzy); La Trobe Financial Services Pty Limited ACN 006 479 527 ACL 392395 (La Trobe Financial); and RHG Mortgage Corporation Limited ACN 065 912 932 (RHG), formerly known as RAMS Mortgage Corporation Limited.     The Chairman has asked me to respond on his behalf.  We understand that you applied for 'low doc' loans between May 2007 and January 2009. You have claimed that you were approved for loans that you could not afford to repay on your income. You have commented that the lenders did not contact you, or your accountant, to verify your income before approving your...
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  • doyla66
    doyla66 says #
    ASIC are just as perversely CORRUPT AS THE BANKS that they are supposed to regulate. Your reply from ASIC is just another standard
  • Denise
    Denise says #
    ASIC is ALLERGIC TO EVIDENCE. We know that as a fact by user experience. ASIC choke in their weeties and then immediately ring t
  • doyla66
    doyla66 says #
    Gee I can't wait to get my letter from ASIC now, at least I'll know it won't be good.I did enclose some fraudulent LAFS and a copy
  • doyla66
    doyla66 says #
    Twitter works well!!
  • doyla66
    doyla66 says #
    Just another BS generic letter, as mine is idenitcial with the exception of the different lenders.... Who is actually reading & l
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