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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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To all mortgage brokers, BDMs and loan approval officers! 
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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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Recent blog posts
http://www.dailytelegraph.com.au/news/nsw/billion-under-the-bed-taxpayers-the-losers-in-australias-great-black-market-cash-stash/story-fni0cx12-1227038033789   $10 billion under the bed: Taxpayers the losers in Australia’s great black market cash stash by:EXCLUSIVE Simon Benson National Political Editor From: The Daily Telegraph August 27, 201410:23AM AUSTRALIANS are “hoarding” an estimated $10 billion “under the bed” according to a landmark report revealing the extent of hard currency being removed from the nation’s cash economy. A further $15 billion in Australian currency, much of it presumed to be in $100 bills, is also being hoarded offshore by people seeking to legally hide or protect their wealth in the relative safety of the Australian dollar.  And drug dealers and gun runners are now also estimated to ­account for 10 per cent, or $6 billion, of the total cash issued by the Reserve Bank with the legitimate black market making up another 5 per cent.  A report for the Australian Payments Clearing Association (APCA) has revealed that despite the Reserve...
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  • Aries
    Aries says #
    Anyone found with money under their mattress will be prosecuted and money will be confiscated
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This mob is fighting with us against the corruption of the banks. They are fighting to change the whole of the banking culture They will be getting my vote at the next election. Here is the link http://cecaust.com.au/main.asp?sub=info&id=contact.htm Both the major political parties Libs and Labs are supporting banks. This has got to change. Now we know why all the thousands of letter we have written to the Senators gets thrown into the bin. Joe Hockey and the rest of the mob, you are allowing the banks to get away with criminal activity. This is why the Aust. Federal Police won't help us.  ...
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"Shortcomings?"  More like criminala mctivity to me.  If it quacks like a duck then its a Mackers Special McMess...............Time for Royal Commission into Banks and ASIC.........................time for industry whistle blowers to come forward - we respect confidentiality!  Call me.   http://www.afr.com/p/national/inside_story_the_mess_macquarie_oOjQYHe2QuY5ApRUJNX7mL Inside story | The mess Macquarie made PUBLISHED: 16 Feb 2013 John Kehoe and Sarah Thompson   It seemed harmless enough at the time. Stockbrokers at Macquarie Group’s personal investment advisory business had been sloppy with their paperwork so the records of their dealings with private clients were far from best practice.  So harmless that Macquarie – including its head of banking and financial services, Peter Maher – didn’t see the need to draw the shortcomings to the attention of the Australian Securities and Investments Commission after they were first detected in 2008. Management believed the issues could be quietly dealt with behind closed doors and without the prying attention...
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  • Duped
    Duped says #
    Sneaky buggers aren't they, find an accounting company who will report what they want them to report.
  • Denise
    Denise says #
    Wait for the Government to say: "oops we did not see this Macker Mess coming!!!"
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CEC just called - 6000+ was early yesterday morning so the count will rise for they were still flooding in - Malcolm Fraser wrote one I believe pushing for Glass Steagall!    from Gladys.........................   http://www.cecaust.com.au/ 27th August, 2014 Public floods Financial System Inquiry with 6,000+ submissions—not happy, Joe The Australian public has overwhelmed Joe Hockey’s Financial System Inquiry with more than 6,000 second-round submissions, a massive increase on the 280 submissions made in the first round. The sheer volume of submissions sends a clear message: Australians are not happy with the state of the financial system, nor the direction in which the FSI is heading, evidenced by its interim report. Former ANZ Bank director John Dahlsen spoke for many Australians who have monitored the inquiry when he charged in his second-round submission, “The interim report has been prepared by bankers, on behalf of bankers, for bankers.” (Australian Financial Review 18...
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  • Aries
    Aries says #
    Just goes to show the public are becoming aware of the banking industries corruption. THIS IS JUST THE START JOE, THIS IS NOT GOI
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http://ochousingnews.com/blog/deflating-chinese-real-estate-bubble-destabilize-world-economy/ The deflating Chinese real estate bubble could destabilize the world economy 30 June 2014   Irvine Renter The Chinese inflated a real estate bubble more than ten times larger than the United States. Bursting this bubble could destabilize the world economy. I recently asked what would happen if the Chinese housing bubble burst. The implications for Coastal California’s real estate market is enormous as a crash in Chinese real estate would not just remove a component of local demand, it could turn Chinese buyers into desperate sellers. My sanguine attitude about the ability of lenders to maintain pricing through inventory restriction would change if desperate Chinese sellers began putting must-sell inventory on the market.  The problems in China go beyond our little niche in the real estate world. A deflating housing bubble in China could destabilize their entire financial system and disrupt the world economy.  Some in China want to...
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This is an amazing perception of whether Australia is in the grip of a property Bubble - from all interviewed you have five different answers...........go figure! WE know this is likely as we work at the coalface - the grass roots of consumerism whereby our members not reporting in ALL STATES OF AUSTRALIA the basic situation: "Dear BFCSA , we have concerns because we cannot sell our property for more than we paid in 2007."  So who is telling the truth?  Who do we believe?  RBA Gov. Glenn Stevens says a sheepish "maybe a little."  Sadly Mr Stevens did not tell the truth about Securency.  Oh well.    Most likely Philip Soos, Author of Bubble Economics  is on the money and understands the real situation...........  Read this latest This email address is being protected from spambots. You need JavaScript enabled to view it. Should homeowners be bracing for a dive?       9:11pm, Aug 25ROBERT FEDELE Advisor Editor/Reporter    5   Is Australia’s housing market overvalued by...
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http://www.crikey.com.au/2001/05/20/if-hih-gets-a-royal-commission-what-about-this-4-billion-loss/ If HIH gets a Royal Commission what about this $4 billion loss May 20, 2001 12:00AM Mortgage broker campaigner Denise Brailey is a true Crikey hero and in her latest excellent column she is calling for a probe into the losses of up to $4 billion in a variety of dodgy mortgage schemes.  Scathing criticism as to why no prosecutions took place abound on each page - we have a full set of docs on this one! Considering ASIC was bestowed with more powers than Mario in 1998, why has the regulatory one, failed to revoke exemptions for solicitors, who were running amok with elderly investors hard earned pennies? The Real Estate Consumer Association (“RECA”) - runs on a considerably less budget than ASIC - yet has managed to uncover $1.7 Billion of defaulting loans across Australia and at least $800 Million missing in action. In reality, the figure of...
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  • Aries
    Aries says #
    The year now is 2014 and still Denise is uncovering more and more corruption without any funding from the Government. If Denise ca
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http://www.smh.com.au/business/the-economy/australias-housing-bubble-is-real-and-banks-are-to-blame-says-author-20140828-109ahx.html Australia's housing bubble is real and banks are to blame, says author The Economy Date August 28, 2014 Jonathan Shapiro   Lindsay David may sound crazy ­comparing Australia's banks to Lehman Brothers and Bernie Madoff.  But in his mind, it's everyone else who is living in a "Disneyland" delusion by failing to spot a bank-led property bubble that shows no sign of deflating.  It's "the sheer size of the loans relative to the incomes here" that troubles Mr David."No one in the Western world has ever done what we are doing." Mr David, who used the case studies and research projects from his time at the IMD business school in Switzerland to form the basis of a book, Australia: Boom to Bust, warns that the three shaky pillars of real estate, resources and the banks will eventually collapse. He says that as Chinese authorities appreciate, China's built more houses and...
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http://www.smh.com.au/business/banking-and-finance/too-big-to-fail-hands-big-banks-45-billion-subsidy-20140827-108xta.html 'Too big to fail' hands big banks $4.5 billion subsidy Banking and FinanceBusiness Date August 27, 2014 The big four banks receive an annual subsidy of up to $4.5 billion from being perceived as "too big to fail" which should be paid for by a levy or increased capital charge, the Customer Owned Banking Association said in its second submission to the financial system inquiry.  The issue of how to reduce moral hazard when failing banks receive government support has been a hot-button issue for David Murray's inquiry. Ending the perception of "too big to fail" is also a key agenda item for the Brisbane G20 leaders summit in November. COBA's submission attached analysis from modelling firm Macroeconomics quantifying the annual average value of the subsidy to the big four from being seen as too big to fail as between $2.9 billion and $4.5 billion, as funding costs were reduced...
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  • Aries
    Aries says #
    Jail the crooks, confiscate their assets and throw them into jail where they belong.
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Future homelessness will rival the great depression unless we collectively call for ROYAL COMMISSION NOW. You can now start to see futuristic stats emerging.............................. Casualty LIST of those affected by LACK OF CLEAN UP and lack of response from the Australian Federal Government:   Mortgage holders who were given buffer monies to mask UNAFFORDABILITY of sub prime Property owners as market bubble bursts Sellers of products as downturn bites Shareholders who trust the banking system Depositors who trust the Banks Small businesses who rely on small truthful loans Governments who ignore the elephant in the room High wealth aussies re bail out bank strategies And all the flow on effects: jobs, health, divorces, suicides and homelessness costing centrelink....massive! AND, THE WINNERS ARE....CEO'S of Major Lenders paid up to $100 million for five years carnage......................all criminal of course.  Where is the JUSTICE? CLEAN UP TIME and recognition that SELF REGULATION only works...
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  • Aries
    Aries says #
    Yes indeed. Loans approved with none or very little deposits these homes are ranging from $700,000 up in Sydney. I heard Alan Jone
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No-one should be trusting banks or their lawyers these days.  TRUST is gone and so is CONFIDENCE.  Here is the PM peddling along with the wonders of de-regulation, where its painfully obvious he should be talking up RE-REGULATION. It will come to RE-REGULATION PM Abbott.  Trust me - better than trusting the banks.  You cannot trust men (and lady) with money to make best decisions for the people of this nation.  Remember the Great Depression?  So many homeless, no jobs. Forget War Talk - we need you as PM to concentrate on back home here!!!!   WHITE COLLAR CRIME IS A KILLER......stress and depression is a killer. You need to have a bo-peep into what the banks are doing.  Joe Hockey hasn't a clue.  $1.6 Trillion in mortgages (43% toxic) and you cannot trust APRA figures because as APRA bods told me: "we get our figures and stats from the Banks."...
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Eldiablo here again and again and again.................. Head for the hills...... how can any one CEO of Banks  justify millions of dollars salary and millions of dollars bonus when in the end as CEO the are the people ultimate responsible for these loans and the illegal actions that have gone on and on to bolster the bottom line at our expense they knew these loans would implode and they didn't care because they could just take your house they just did it held their heads high and continued on. Well its time for the heads to be held high in the carnival they are nothing more than the laughing clowns who in the past laughed at us well head for the hillls in your little caravans and dont stop turning because we are coming to get you.  THE CEO's the managers and everyone responsible for what they have done are to...
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  • Aries
    Aries says #
    Too true Eldiablo, banker wankers laughing all the way to their bank with our loot. Their "Prime Crime" scam has been uncovered, s
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http://www.brokernews.com.au/news/breaking-news/newsletter-191172.aspx   BREAKING: Bank announces commission incentive       inShare by Adam Smith | 27 Aug 2014   A non-major has announced commission increases for its broker network.Bankwest has announced a new trail commission incentive for deals below 75% LVR. For a three month period, the lender will pay bonus trail while still paying 70bps upfront trail.The initiative sees the bank instituting year one trail of 5bps for loans up to $350,000, 10 bps for loans up to $500,000 and 15 bps for loans up above $500,000.“With rates as low as 4.74% p.a. (comparison rate 5.13% p.a.) for a loan amount over $750,000 and less than 80% LVR on our Complete Home Loan Package, Bankwest is growing its share of lower LVR business. Our Broker partners have been talking to me about the value of Year 1 trail, so I'm delighted we are able use this trial to test their appetite. The trial...
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We agree - bank managers and officers have been writing a minimum of 36% of all Toxic loans where fraud takes place inside the bank.  Staff are also "tweaking" loans submitted by "agent sellers" after the Loan Applications have been sent in for "processing."  We have the proof.  We simply need a Royal Commission into the banks asap, so that we can present our collective and extensive evidence.  INTEREST ONLY LOANS ought to be banned immediately. We need to jail a few Bankers.   Notice how ASIC is simply rounding up a couple of hapless brokers a year?  We notice and so does the "seller agent" industry.  This email address is being protected from spambots. You need JavaScript enabled to view it. ASIC should crack down on bank branch managers, association says       inShare by Adam Smith | 27 Aug 2014   An industry association has called for ASIC to apply the same scrutiny to bank managers as it does to brokers.According to a Fairfax report,...
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  • Denise
    Denise says #
    You should all be reading comments on Broker News right now. They are also calling for Royal Commission and we agree. Ready to s
  • setup
    setup says #
    6000 plus Submissions??? this is unbelievable. Its from CEC re Glass Steaqgall? Fantastic
  • organza
    organza says #
    How interesting. I note there is no mention of Banker CEO's at the very top in the article responsible for manufacturing the loan
  • Rob
    Rob says #
    It becomes to easy for them to do some creative alterations to the applications, before long all they see is trailing commissions
  • setup
    setup says #
    The tampering of our documents took place inside the bank and we have the names of the Credit Assessor who inflated our income fi
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eldiablo here thank you for reading my blog story in response to which bank WESTPAC the one and only have created this maladministration debark-le it is only if we all stand together that our voice will be heard. if it was once said that the meek will inherit the earth then i for don't mind being meek and stopping this crime against us all we shall be heard we shall create a diference we shall have all this wrong doing reversed and the banks have to in the very least take the hit for the loans  it not not like they didn't profit from us all in taking our money and lively hoods now its time for their compassion to be shown and secure our future for once and all so we can live out our final years without this debt, pain and suffering. So i say to all the banks...
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  • setup
    setup says #
    Yep, lets all encourage each other and make a tonne of noise so we can grow bigger and more powerful. We all know we have not comm
  • setup
    setup says #
    Sorry 25th August...
  • Rob
    Rob says #
    One in all in! lets all get behind this effort, Rome wasn't built in a day but it is still hear today. So come on all you sand bag
  • setup
    setup says #
    That's exactly right Rivers, which is why we have to persevere in putting pressure on the Politicians to bring banking back to how
  • Rivers
    Rivers says #
    We were brought up to respect banks and the kindly bank manager. How things have changed! We now consider them to be the enemy, on
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A married couple should send in two, you are both individuals and both have been impacted by the fraudulent lending practices. In your own words a brief story of the devastation this has on your family, and a few points on why their need to be a Royal Commission. eg. inappropriate loan given Why are banks allowed to profit from fraud. Why hasn't the Aust. Fed. Police been called in to investigate every borrowers complaint of fraud. Why are banks telling brokers to shred all evidence. Banks out to seize assets. Due diligence not practiced.  Laws breached at every turn A Royal Commission called for immediately, and so on. HURRY EVERYONE WE NEED HUNDREDS.  email to     This email address is being protected from spambots. You need JavaScript enabled to view it.  ...
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  • ire
    ire says #
    We have sent in 2.
  • setup
    setup says #
    I would love to know how many Submissions have been sent in.
  • TJ
    TJ says #
    Please email your responses, if we sit on our hands instead of responding to the call we will be playing into the hands of the ban
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Well i have never used social media or as such never read blogs let alone created one but here we are all starting out on this journey into the unknown and untrusted. im pushing 60 and have always been technology minded and used everything except social media and blogs, never thought much them as i always thought what do i need other peoples opinions for that is until i have been hit with this injustice to a mega degree in Australia who would of thought that after america and sub prime that good old Aussie banks with the customers best interest in mind would do this and with blessing for the powers at be to place pensioners and near pensioners in such a state where the banks due to the greed and imprudent lending practices can take away our homes in a blink of an eye. Now im no rhode scholar...
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  • Aries
    Aries says #
    "They have the customers best interest in mind" that made me laugh. They are parasites, leeches, bleeding the Aussie battler for e
  • NABbed Nanna
    NABbed Nanna says #
    You did not mention which lender you became involved with. Guessing one of the Big 4. Don't worry about dropping their name.
  • NABbed Nanna
    NABbed Nanna says #
    The more people come forward like you have the better for all of us members. What a tragic story Eldiablo. All our stories are so
  • setup
    setup says #
    Hi eldiablo, sorry to hear of your terrible situation and also of your many health issues making everything so much harder to bare
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Well looks like the Adelaide Bank is going to bankrupt me on the 22/09/14. I was served with  a notice just now saying this is what is going to happen. I dont know what to do. This was with FOS then they determined that this was better dealt with through COSL > tried to stop this from happening but FOS said there was no appeal on this and it had already been done. I have not heard from COSL at all until last Friday I got a voice mail to contact COSL , up until 4pm today I haven't been able to get anyone to answer. I have left several voice mail messages for this Nicola person.  I would think that my complaint with FOS was about the Adelaide Bank, and now FOS have said that this complaint is really about Barnes Home Loans that the Adelaide Bank goes straight in...
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  • setup
    setup says #
    Rob, don't give up. We are biding time for the RC. Once it is granted all their dirty laundry will be aired and open for the whole
  • setup
    setup says #
    Agree TJ the EDR's are the bank's servants not ours. and although they buy us time and keep the wolves from the door, the reality
  • Rob
    Rob says #
    Are you saying setup that no matter how much we fight to save our homes that it is to no avail, the banks will take our home anywa
  • TJ
    TJ says #
    You can be rest assured of one thing which consistently comes out of people's complaints to COSL and FOS and that is that neither
  • Aries
    Aries says #
    Adelaide Bank and the CBA are running neck to neck, it's just that no whistleblower has come forward with evidence of corruption w
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A Brief History of the FBI Origins (1908-1910) The FBI originated from a force of special agents created in 1908 by Attorney General Charles Bonaparte during the presidency of Theodore Roosevelt. The two men first met when they both spoke at a meeting of the Baltimore Civil Service Reform Association. Roosevelt, then Civil Service commissioner, boasted of his reforms in federal law enforcement. It was 1892, a time when law enforcement was often political rather than professional. Roosevelt spoke with pride of his insistence that Border Patrol applicants pass marksmanship tests, with the most accurate getting the jobs. Following Roosevelt on the program, Bonaparte countered, tongue in cheek, that target shooting was not the way to get the best men. "Roosevelt should have had the men shoot at each other and given the jobs to the survivors." Roosevelt and Bonaparte both were "Progressives." They shared the conviction that efficiency and expertise,...
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  Unverified Lending since 2008 and Veda speaks of "Fraud Checks."  Not in our experience in dealing with banks - the fraud is internal to the banks.  Without Veda seeing the supporting docs of an application how can they verify if fraud or not? Consumers are waking up.  Even David Murray is warning what comes up must come down.  There has been widespread approval of unaffordable loans and the consumers had no idea of the frauds and were forced by packaging to take credit cards they had said NO to.  Banks said you must take them as part of the pack - no choice - cannot separate.  Breaches of TPA all over the place. Nearly $2bn of credit apps red-flagged for fraud       inShare by Adam Smith | 25 Aug 2014   Nearly $2bn of credit applications were red-flagged as potential fraud in the last financial year.New research from Veda has shown $1.9bn in...
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What a bunch of bankers!!!  Why would you trust any of them?   This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smh.com.au/business/intelligent-investor/nab-sub-notes-at-sea-and-no-lifejacket-20120528-1zew4.html NAB sub notes: at sea and no lifejacket Intelligent Investor  Date May 28, 2012  Richard Livingston Investing in hybrids such as NAB's sub notes appears a safe, secure activity. But just when you need these qualities they sink without trace.  The experience of overseas investors in similar products (more on that later) shows how these products can go wrong and the disastrous consequences that follow.  NAB is seeking to raise $1 billion from this offer, although it has reserved the right to raise more. How much will depend on the number of investors willing to throw caution to the wind in the chase for meagre additional returns.  The NAB sub notes are identical in all material respects to the ANZ sub notes issued earlier this year...........  The “compulsory payment” term is an interesting twist on the...
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    NABbed Nanna says #
    Oh what a tangled web NAB weave when first NAB practice to deceive. ?ankers. Denise you have that right. !!!!
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Is there any end to the depravity of Bankers on a Global scale?  Where were the politicians who decided "no policing of banks required?"  Time to bring back RE - REGULATION OF BANKS - THE SOONER THE BETTER.  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.perpetual.com.au/advisers-snapshot-wolf-in-sheeps-clothing.aspx Bank Hybrid Debt - a wolf in sheeps clothing By Vivek Prabhu | Senior Portfolio Manager - Strategy & Risk Wed, 20 Mar 2013 In today’s low interest rate environment, bank hybrids have been a fertile hunting ground for yield hungry investors. Hybrids are a blend of debt and equity. However following the global financial crisis, requirements from banking regulators and ratings agencies have tilted hybrids away from their debt-like characteristics and more towards equity. These agencies have focused on increasing the loss absorption capacity of hybrids to improve the ability of companies to withstand any financial shocks. We all know the cautionary tale about the wolf disguised in sheep's clothing....
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http://www.afrsmartinvestor.com.au/p/shares/banks_told_to_brace_for_correction_a8rwhaXju7rXzDFaznEtzK Banks told to brace for correction Published 22 August 2014 Key takeaway: FSI chair warns inevitable correction will put more ­political pressure on financial systems. David Murray has said his Financial System Inquiry needs to shore up the banking system to be ready for a ­correction in asset prices that have been inflated by unprecedented global ­monetary stimulus.  In a speech that adds to comments two days ago by Reserve Bank of ­Australia governor Glenn Stevens that investors have become too ­complacent about market pitfalls, Murray put the argument for increased ­regulation of the financial industry. “The ­post-crisis monetary ­settings have distorted asset prices again,” he said. “That is going to cause a correction at some point, which will put more ­political pressure on financial systems.”  The potential for a fall in share and property prices would expose the Australian banks to big losses. Murray suggested in his interim report...
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  • setup
    setup says #
    There needs to be a controlled regulation of the entire financial industry. and where are the victims in all of this? Not one word
  • Aries
    Aries says #
    If all goes against bank victims at this inquiry the LNP will be wiped out at the next election. Mathias Cormann you will be at t
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Dangerous products in the market place.  What was the Government and predecessors thinking to allow this to happen....free markets?  Its been a free for all with $30 billion profit by Major Banks and handsome $50 million bonuses.  Bring back RE -REGULATION OF BANKS and lock up a few bankers that targeted the older community leaving those affected in financial ruin.  In fact the Bankers set out to destroy their clients financial well being, whilst enhancing their own personal retirement....and Governments present and past thought "that's a good idea." This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.fool.com.au/2013/09/25/rba-warns-on-property-and-hybrid-securities/   RBA warns on property and hybrid securities By Mike King - September 25, 2013 In its bi-annual Financial Stability Review, the Reserve Bank of Australia has warned trustees of self-managed super funds (SMSFs) to be fully aware of the risks of investing in property and hybrid securities. Changes to legislation in recent years have permitted superannuation funds, including SMSFs to borrow for...
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Governments should BAN HYBRID SECURITIES to everyone, not just retail "investors, otherwise the Greedy Nasty Banks will dub all investors as SOPHISTICATED as they have been doing for years to avoid detection by lazy regulators.  I warned ASIC of this in 2001 after pointing out many products were being sold to UNSOPHISTICATED Mums and Dads, and we had LAWS in place back under Corp Law in the nineties under the old pooled managed investment provisions where selling to the wrong market was free-for-all leaving so many retirees broke and distressed.   We all had the information but Government protected the Banks not the People.  We need a Federal Bureau of Consumer Protection in Australia and Britain.   We have a Global problem with Bankers because Governments say "we did not see this coming...."  But they did! Its the regulators either lying to Parliament, or Parliamentarians doing nothing about reigning in their beloved Banker...
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