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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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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
Dear Prime Minister, I’m an innovation worker and your ‘Plan’ will drive me away by David Collyer 30 June 2016 https://www.prosper.org.au/2016/06/30/dear-prime-minister-im-an-innovation-worker-and-your-plan-will-drive-me-away/   By Matt Ellis reposted from RationalRadical Dear Prime Minister Turnbull, I am writing to belatedly and publicly call your bluff on your so called ‘innovation agenda’, which forms a key plank of your ‘Plan’ for jobs and growth. There are all kinds of reasons to be disappointed with your leadership of this country so far, after promising to establish an honest economic discussion based on evidence, and focused on necessary and long overdue reforms. The speed with which you have retreated from any semblance of honest economic discussion and reform agenda is almost unprecedented in the history of Australian political capitulation, which after recent years is saying something. But the betrayal that leaves the most bitter taste in my mouth is your abandonment of the crucial tax reforms needed...
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Financial Crisis: Malcolm Turnbull Address To Liberal National Party   10 October 2008   http://australianpolitics.com/2008/10/10/financial-crisis-malcolm-turnbull-address-to-queensland-liberal-national-party.html   The Leader of the Opposition, Malcolm Turnbull, has delivered a speech on leadership and action in response to the international economic crisis. He addressed the first annual conference of the newly-formed Liberal National Party in Queensland. This is the transcript of Malcolm Turnbull’s speech: Tonight I will speak about leadership and action in this time of economic crisis but before doing so may I say how delighted I am to be speaking here at the first annual conference of the LNP. Because the formation of the LNP – now the Queensland Division of the Liberal Party of Australia – is a triumph of leadership over indecision. It represents a decision that the conservative forces of Queensland were tired of squabbling over the spoils of Opposition, had recognised that they had failed the people of this...
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Tom Bramble Malcolm Turnbull: smooth salesman for the rich   Australian politics 27 February 2015   https://redflag.org.au/article/malcolm-turnbull-smooth-salesman-rich 27 February 2015     Malcolm Turnbull may present as the “progressive” face of the Liberal Party, but, just as much as Tony Abbott and Joe Hockey, his agenda is one of screwing the working class and rewarding the party’s big business backers. The basis of his support in the Liberal Party is that he will be able to do this more effectively than Abbott and Hockey, thereby saving the political careers of his caucus colleagues.   Turnbull at least makes no bones about this. When asked by shock jock Alan Jones last June whether he supported Hockey’s budget, he said: “I support unreservedly and wholeheartedly every element in the Budget, every single one.” You would expect nothing less from parliament’s wealthiest individual. With a fortune just shy of $200 million, Turnbull will never...
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The world isn't ready for another banking crisis Sydney Morning HeraldJuly 29 2016 5:08AM Satyajit Das   As Europe braces for the release of its bank stress tests, the world could be on the verge of another banking crisis. The signs are obvious to all. The World Bank estimates the ratio of non-performing loans to total gross loans in 2015 reached 4.3 per cent. Before the 2009 global financial crisis, they stood at 4.2 per cent. If anything, the problem is starker now than then: there are more than $US3 trillion ($4 trillion) in stressed loan assets worldwide, compared to the roughly $US1 trillion of US subprime loans that triggered the 2009 crisis. European banks are saddled with $US1.3 trillion in non-performing loans, nearly $US400 billion of them in Italy. The IMF estimates that risky loans in China also total $US1.3 trillion, although private forecasts are higher. India's stressed loans top $US150...
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CBA and Westpac front runners for Australia's biggest banking contract Australian Financial Review Jul 29 2016 6:28 AM Tony Boyd   Westpac Banking Corp and Commonwealth Bank of Australia are the frontrunners to win Australia's biggest single banking contract but NSW Treasury secretary Rob Whitfield is encouraging National Australia Bank and ANZ Banking Group to have a go. Discussions between the government and banks interested in pitching for the contract to supply all government banking services started about two weeks ago even though the existing five year contract does not expire until 2017. One of the key criteria for winning this lucrative contract is being able to help the NSW government transition to a radical new way of managing government finances. NSW Premier Mike Baird wants to abandon the silo approach to fiscal accountability and replace it with a system that will allow collaboration across different departments. Senior executives from Westpac...
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Is Malcolm Turnbull another Goldman Sachs hit man? 7 October 2015 http://cecaust.com.au/releases/2015_10_07_Turnbull_Goldman_Sachs.html Newly sworn in Prime Minister Malcolm Turnbull has a big black mark on his curriculum vitae, in the name of Goldman Sachs, that should ring alarm bells. Goldman Sachs’s influence in government the world over has been a story of misery and economic destruction. This, the most powerful investment bank in the world was in large part responsible for causing the 2007-08 global financial crisis and the current economic crisis in Greece, among other nations; its business model, based on sleight-of-hand, takes from the majority to benefit an elite minority. Instead of growing the economic pie to benefit all, Goldman Sachs chokes funding for productive industries in favour of supporting asset and commodity price inflation. Turnbull made his fortune as Chairman and Managing Director of Goldman Sachs Australia in 1997-2001. BRW magazine estimated his tenure at Goldman Sachs was...
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At the end of this blog I respond to these lies and explain why Mr Turnbull is misleading the Parliament………………….Denise Brailey.   Courageous Mr and Mrs Scanlon lobbied their local Federal Member to raise the issue in the Australian Parliament.     QUESTION Date Monday, 18 April 2016 Source House Page 3722 Proof No Questioner O'Neil, Clare, MP Responder Turnbull, Malcolm, MP and PM Speaker Question No. Banking and Financial Services   Ms O'NEIL (Hotham) (14:09): My question is to the Prime Minister. Denis Scanlon is 75 and he lives in the electorate of Higgins. Denis says his bank ripped him off, and is still trying to sell his house after selling both his business and his commercial property. Denis says ASIC and the Financial Ombudsman Service have told him they cannot help. And his local member, the Assistant Treasurer, has given him a list of community legal centres, despite the fact...
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Feds want 'Wolf of Wall Street' profits as part of $3.5 billion fraud allegations 21 July 2016 http://money.cnn.com/2016/07/20/news/wolf-of-wall-street-malaysia-1mdb/index.html?iid=ob_article_footer In a massive lawsuit that reads like an international thriller, the U.S. government claims that well-connected fraudsters stole $3.5 billion from the Malaysian people and used it to buy New York condos, hotels, yachts and a jet. Some of that money was used to produce the Hollywood film "The Wolf of Wall Street," according to federal investigators.   The U.S. Department of Justice filed a civil lawsuit Wednesday attempting to seize $1 billion of those assets -- the amount that went through American banks.   U.S. Attorney General Loretta Lynch said the federal government is not yet ready to bring criminal charges against the financiers. Instead, prosecutors want to seize assets as soon as possible. At the center of the massive scheme is 1Malaysia Development Berhad, an enormous investment fund started by the Malaysian government...
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George Pell sex files: police sought advice from prosecutors The Australian 12:00am July 28, 2016 Tessa Akerman   Victorian prosecutors were asked by police to review sex abuse claims against Cardinal George Pell but sent the file back to detectives without recommendations. The police file was sent to the Victorian Office of Public Prosecutions in the past month but was returned by director John Champion, who advised officers any decision on charges was their call, the Herald Sun reported last night. The revelation came after the ABC broadcast statements from two men last night accusing Australia’s most senior Catholic of abusing them as boys. Cardinal Pell, who wrote to Victoria Police in May asking if they wanted to interview him, hit back immediately. “The accusations are sheer fantasy and completely implausible,’’ he told The Australian from Rome. It was reported in February that Victoria Police’s Sano Taskforce was investigating Cardinal Pell...
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BBSW traders feared jail terms for market peers Australian Financial Review Jul 28 2016 12:00 AM Jonathan Shapiro   Traders at the big banks grew increasingly anxious that their involvement in setting the bank bill swap rate could land them in trouble, warning each other to steer clear of involvement in rate sets, electronic chat transcripts show.  In documents filed to the courts by the Australian Securities and Investments Commission as part its case against National Australia Bank, traders debated whether jail time could befall those seen to be involved in manipulating the BBSW – a key benchmark interest rate used to price billions of dollars of bills, bonds, loans and derivatives. "I"d sty [sic] away from that rate set if I wre you"  wrote Westpac's Richard Conway via Bloomberg chat to NAB's interest rate swaps trader Robert Collins on January 2013.  "mate i always do...i figure i pay the rateset...
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The beauty of our Facebook/BFCSA site: We can all watch what is going on between the Major Doom Loop Players: the Bankers, FOS and also ASIC and those appointed to review (or cover up?) the truth.   Maria asks:   THE 'INDEPENDENT' REVIEW INTO BANKING CODE OF PRACTICE... BY A FORMER ASIC REGULATOR....WTF & WOW!!! Submissions due by 19 August 2016. Submissions will be treated as public and posted on this website - unless you specifically request confidentiality. Submissions and any input should be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.. If you have any queries about the process, please also address them to the above email and we will do our best to get back to you as soon as we can.   BFCSA Banking & Finance Consumers Support Association Before you trust these people: Cameron Ralph, Phil Khoury and Alan Cameron: Khoury formed the TOR for FOS, Cameron is an early ex...
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Australian debt control worst in G20: report The Australian 12:00am July 27, 2016 Adam Creighton   Australia has shown less control over spending than any advanced G20 nation since the global financial ¬crisis eight years ago and has squandered the opportunity offered by superior economic growth to gain control over its budget deficit. A damning study by the former head of the IMF’s budget division shows the deterioration in Australia’s debt almost matched that of Italy, one of the most troubled European economies, suffering a deep recession and a blowout in interest costs. Nations that fail to control the growth in their debt are at risk of a crisis when interest rates eventually rise, warns the study published by the Peterson Institute for International Economics, a Washington DC think tank. “A gradual but sustained fiscal adjustment through expenditure cuts and revenue increases is the most appropriate means of reducing the chances...
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ACCC's Rod Sims 'exasperated' as privatisations 'increase prices' Australian Financial Review Jul 26 2016 9:06 PM Ben Potter   The head of the competition regulator has called out governments for blatantly structuring asset sales to maximise profits at the expense of consumers and businesses. Australian Competition and Consumer Commission chairman Rod Sims said he had been a strong advocate of privatisation for 30 years because he believed it enhanced economic efficiency but he now believed "people in the street" who oppose privatisation because it raises prices had it right based on recent port sales in NSW.  He said he was now "almost at the point of opposing privatisation" because state and federal governments were becoming increasingly blatant about structuring sales to maximise proceeds at the expense of competition. "I am getting more exasperated. I just think governments are more explicitly now privatising to maximise the proceeds - including the Commonwealth," he...
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We say Gen Y are smart and can see the Bankers as crooks as we do.  Its not about the interest rates, as they can suddenly shoot north  and cause a debt trap. The Property Market is overheated according to economists and likely to crash so SMART GEN Y are sitting on the fence and saving and waiting for the big reverse BOOM!  The property market Crash is inevitable as the banks have pumped up the market driven by Banker GREED and now the Australian economy will pay the biggest price.  Besides the mortgages sold by the sellers are fraudulently manipulated by the Banks!!! Malcolm Gunning is blaming his future customers with a mind blowing spray................of rot. Generation selfish' locking themselves out of property market The head of a Sydney real estate network has labelled Generation Y “uncompromising” and “materialistic”, saying they are at fault for cutting themselves out of home...
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We witnessed on TV within hours of Flight MH370 reported missing, an adult Australian man on a beach in Thailand (on hols) telling reporters and cameramen:  "I looked up to see this huge passenger aircraft flying across the beach and on into the hills.  The plane was so low I could stare up and see the belly of the aircraft and so low as to almost touch the doors........   Where is that film clip today and who was this person?  His evidence was ignored as "experts" were called in to suggest the guy and all other beach goers that day were dreaming. Had that eyewitness been taken seriously  (and there were others) the plane was flying in a direction likely to curve and head towards Madagascar.   Rumours were suggesting on its way to Russia etc.  The "official" lunatic suggestions was that the plane turned over Indonesia and headed down...
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Possibility of ACCC probing into Big Four Banks and all things dodgy.  We can send Rod Sims a few documents to get started on re Banking Cartel.   Sims: ACCC ‘covering most sectors’, won’t confirm banks The Australian 12:00am July 25, 2016 Michael Roddan   Competition watchdog chairman Rod Sims has not shut the door on the possibility of an ACCC probe into the big four banks for cartel activity, after he warned that up to a dozen cartel investigations were in progress following the landmark criminal charge against shipping giant NYK. Mr Sims told The Australian that although the big four banks had competitors who were “not insignificant” rivals in the sector, the major lenders still retained their pricing power and heightened profitability, and had been growing market share in recent years. A week after the Australian Competition & Consumer Commission won its first criminal charge against a corporation —...
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  • TJ
    TJ says #
    I note the number of big players mentioned in the article but really, aside from perhaps BHP and Esso none of the others would mat
  • TJ
    TJ says #
    I note the number of big players mentioned in the article but really, aside from perhaps BHP and Esso none of the others would mat
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Golly Gosh, Banks engaging in Unconscionable Conduct?  ASIC just discovers the bleedin' obvious?  Whatever next? ASIC broadens BBSW case Australian Financial Review Jul 25 2016 12:15 AM James Eyers   The corporate regulator has expanded its legal case against ANZ Banking Group and Westpac Banking Corp, filing an amended statement of claim in the Federal Court on Friday afternoon that points to a broader number of possible victims.  Sources close to the case said the revised wording of one part of the unconscionable conduct claim against both banks better reflects the harm the regulator alleges was caused to customers and counterparties of the banks.  The Australian Securities and Investments Commission is now arguing that losses were sustained by various "at-risk counterparties" who made payments to the banks or other counterparties referencing the bank bill swap rate (BBSW).  The regulator now alleges losses were sustained not only on the days that the...
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Lets see what the Senators have to say about this one……Could start with banks victims who are the new poor! Turnbull Government embarks on radical welfare overhaul Australian Financial Review Jul 24 2016 11:45 PM Laura Tingle   The Turnbull government will embark on a radical welfare experiment during the current parliament that aims to use the power of big data to cut the number of people on welfare through targeted interventions in their lives. Social Services Minister Christian Porter says that while the initiative should bring long-term savings, his immediate task is to get a raft of legislative changes – including budget measures – through the Parliament. He plans to begin talking to Labor and the Senate crossbench about the proposals this week. To help the ease the passage of some of these measures, the government will be promoting many of its more recent budget cuts to the Senate cross...
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From Dale McCahon I got paid a pittance of what my claim was really worth as assessed by FOS. We had to take what was put on the table or get nothing at all as we were in dire straights we had to do what we had to do. The whole thing is that there was no doubt that what two banks had done was against the law and it was proved that way, the big problem is that the people affected can not afford a lawyer to get this to court as civil action therefore leaving us at the mercy of the very biased EDR system which is at best tainted. I plan to keep pushing politicians to bring this into the public space for everyone who has been put at the mercy of the EDR system or any of the consumer affairs based protection and YOU need to do...
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NAB landmark court case could have far-reaching consequences for consumer banking By consumer affairs reporter Amy Bainbridge and Alison Branley Posted 11 minutes ago Fri 22 Jul 2016, 4:58pm http://www.abc.net.au/news/2016-07-22/nab-landmark-court-case-could-have-far-reaching-consequences/7653414   A court has ruled National Australia Bank did not properly inform a customer who went guarantor for $8 million in loans, meaning he would not have to pay back money still owed.   In a decision that could have wide-reaching ramifications for banking, the Supreme Court of Victoria has upheld a decision that banks are legally bound to adhere to an industry code of practice, even though it is voluntary. The case centred on the businessman behind iconic safety helmet Stackhat, John Rose.   Mr Rose and his business partner took out $8 million in loans to buy Gold Coast investment properties in 2007. At the time Mr Rose thought he was responsible for his half share of the loans...
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BIG WIN FOR LONG SUFFERING CONSUMERS OF SUB PRIME FRAUDULENT MORTGAGE LOANS.    MAJOR BANKS will be brought to account!  Malcolm Turnbull said no need for Royal Commission................he was so wrong.   Victorian Court of Appeal slam dunks NAB Bank for UNVERIFIED, UNSUSTAINABLE, UNAFFORDABLE Lending Practices.  I suggest you start lining up for compensation.   HUGE NEWS for CONSUMERS OF DUD Mortgages:  Banks have suffered huge loss of significant case in Victorian Ct of Appeal  (original case was NAB vs RICE – and RICE won)  NAB appealed and this time ROSE responded)  RICE and ROSE are partners in the deal.   Our BFCSA Lawyer just advised: "This is huge. All the cases where the bank didn’t VERIFY the LAF must now be investigated and compensated properly."   ASIC IGNORED SOME 400 CASES re our members.   Now, I intend to  send a memo to Greggie Medcraft, and Peter Kell and copy to...
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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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ANZ cracks down on loan guarantors, despite affordability woes by Julia Corderoy21 Jul 2016     Most Discussed Struggling Aussies increasingly turning to debt agreements More and more indebted Australians are turning to debt agreements as an alternative to filing for bankruptcy - but consumer credit rating experts warn it's not an easy way out Clawbacks 'not okay', says broker Brokers are being urged to come together to protest the 'unfair' practice of clawbacks ANZ has cracked down on lending policies governing loan guarantors, limiting the leverage that family members can take on to assist first home buyers, despite new data showing housing is more unaffordable than ever.In a note sent to mortgage brokers, the major bank said it would be limiting who can act as a guarantor to family members only from August 1, as well as limiting the number of family guarantors a borrower can use to just one. Previously the security...
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  Najib Cracked Down on Free Speech to Limit 1MDB Fallout, Journalist Says June 06, 2016, 05:55:00 AM EDT By Dow Jones Business News   http://www.nasdaq.com/article/najib-cracked-down-on-free-speech-to-limit-1mdb-fallout-journalist-says-20160606-00085   A senior Malaysian journalist who quit his job at a leading newspaper said Prime Minister Najib Razak's government has cracked down on freedom of speech as it tries to limit the fallout from a graft scandal surrounding a state investment fund. Mustapha Kamil, the former group editor of the English-language New Straits Times, which is controlled by Mr. Najib's ruling party, took a rare public stance by saying that an increasingly "authoritarian" stand by the government toward media was the reason he quit the newspaper in April. He had worked there for more than a quarter-century. Mr. Mustapha initially remained quiet after stepping down, but last week posted the reasons for his action on his Facebook page—an unusual act in the closed world of...
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Greg Medcraft wants bank 'admission of guilt' on rate rigging Australian Financial Review Jul 20 2016 6:14 PM James Eyers   Top corporate cop Greg Medcraft remains defiant that the banks will be dragged through the courts over allegations they manipulated the bank bill swap rate and reaffirmed the regulator will not settle the cases unless the banks admit to breaching the Corporations Act. Amid growing acrimony between banks and corporate regulator after attempts to settle the cases failed, Mr Medcraft told journalists on Wednesday: "I will do as much as I can to avoid taking any action to court but there must be a credible outcome to the community. "That's what we want, a credible enforcement outcome, commensurate to the behaviour we are trying to deal with, [which will] send a very strong message this is not acceptable." Asked what a credible outcome would be, Mr Medcraft said "an admission...
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