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BFCSA
MORTGAGE
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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
Here we go again!!!   NATs are trying to misrepresent to the public they are for a ROYAL COMMISSION into the BANKS.  Then read the first para and you know they are still promoting the limp lettuce watered down version known as the PC, where examiners will be Parliamentarians and not trained and expert QC’s.  The Natters must be dreading the next federal election.  If the NATS continue to lie to the people they will be annihilated.    We the aggrieved consumers, want  a FULL BLOWN ROYAL COMMISSION and above all we want THE TRUTH.  The Nutters Alliance: PHON, NATS, Katter - all singing from same tattered song sheet.  85% of all loans written are SUB PRIME and they say we do not need an RC????  The Nutters keep on "pondering!" See their notes that they are "unsure if they need to examine the past!"  The Nutters have no idea the Bankers are...
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The public should be ‘shocked, dismayed and disgusted’ at the major banks "Only a royal commission into banking regulation will break this vicious circle."     November 16, 2017 Pat McConnell https://theconversation.com/the-public-should-be-shocked-dismayed-and-disgusted-at-the-major-banks-87319 The Australian public should be dismayed and disgusted that the major banks are still attempting to cover up the extent of their complicity in manipulating the Bank Bill Swap Rate (BBSW), a key interest rate benchmark. For years, the banks covered up the involvement of their traders in manipulating not only interest rate but also foreign exchange benchmarks, by attempting to outspend the corporate regulator, ASIC, in the courts, using shareholders’ money. Faced with publication of the evidence they caved in at the very last minute to settle with ASIC, paying even more shareholders’ funds, for fines and legal costs. Has any director or senior manager taken personal responsibility, or even apologised, for either the rampant misconduct or the...
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NAB flags anti-money laundering 'weaknesses' National Australia Bank says it is investigating "issues" relating to its compliance with anti-money laundering and counter-terrorist financing laws, pointing to shortcomings in some transaction monitoring. In its annual report, published on Tuesday, NAB included a contingent liability for potential costs from a project that has been in train since July last year to "strengthen" its program for complying with anti-money laundering and counter-terrorist financing laws. These laws are enforced by Austrac, the financial intelligence regulator, which is alleging a mass breach by the Commonwealth Bank. NAB's document only gave limited detail, but revealed there had been shortcomings in its "know your customer" systems, which are used by banks to check customers' identities. It also pointed to "issues" in its transaction monitoring in some parts of the bank. RELATED ARTICLES 'I am sorry': CBA boss apologises for ATM scandal CBA investors warned over foreign fine risk "The group is currently investigating and remediating a number of...
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Mike Smith is a buffoon.....every time he opens his mouth it’s a big red flag...he should stick to creaming butter at the York Butter Factory with his developer mates.. Money Laundering, Mortgage Fraud, Trader BBS Rate Scandals......problems that Mike Smith, David Murray, Ralph Norris, Gail Kelly, Cameron Clyne, happily embraced as the "norm."   http://www.afr.com/technology/mike-smiths-york-butter-factory-and-mirvac-to-build-startup-hubs-nationwide-20170716-gxce39   Banks claim Hitler persecution as NAB discovers laundering holes By Houses and Holes in Australian banks at 5:49 am on November 15, 2017 | 12 comments   https://www.macrobusiness.com.au/2017/11/banks-claim-hitler-persecution-as-nab-discovers-laundering-holes/ Via AFR: Former ANZ chief executive Mike Smith says the big four banks could have handled recent political attacks better, saying whenever governments want “mob interest” they always turn on the banks. “It’s being used as political capital … when you want to get mob interest, you turn on the banks. Hitler did it,” Mr Smith said after speaking at the UBS Australasia conference in Sydney on...
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THE IMPORTANCE OF A ROYAL COMMISSION INTO BANKS AND REGULATORS  WHY THE PC IS A WASTE OF TIME AND MONEY   Bob Katter was steadfastly for a Royal Commission and heading into the last election!!!   He sang its praises and hopped on the BFCSA Consumer bandwagon.  Very disappointingly, the moment he came into power as an elected MP, he changed his tune to a stupid PC which we all agree is a hopeless washed out version.   The Greens, Hanson, Katter and Nats DITTO.  Like all parrots, they promised the same PRIOR to last election and then when election was over, the Nutters Alliance all jumped ship and started suggesting the watered down version of a Parliamentary Commission. NATs, PHON and Katter all reneged after they entered Parliament. They then started singing on song suggesting a watered down PC and some consumers fell for this ruse, but not any more!  So much for...
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The cross bench will use its balance of power in the federal parliament to push for a royal commission into banks, independent MP Bob Katter says. We need a Royal Commission into the Banking system.  What nonsense is this coming from Bob Katter?  He has steadfastly FOUGHT AGAINST a Royal Commission.  This Katter Commi of Inquiry is still “Just another bloody Inquiry.” Bob, just please STOP trying to filibuster and grab media attention using the bank victims as pawns.  You are no better than George.  Best if you tell the long-suffering public the TRUTH!!!  We all need a proper Royal Commission into the Banking system and one that includes the Regulators!   http://www.sbs.com.au/news/article/2017/11/12/crossbench-back-bank-royal-commission Crossbench to back bank royal commission   Independent MP Bob Katter says the cross bench will move immediately on a royal commission into banks following the resignation of Liberal MP John Alexander. Mr Alexander resigned on Saturday after...
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Corporate Lobbying in Australia: a billion dollar business     Unconventional Economist in Australian Politics   at 12:15 am on November 9, 2017   By Leith van Onselen https://www.michaelwest.com.au/corporate-lobbying-a-billion-dollar-business/   In case you missed it, independent Investigative Journalist, Michael West, has released a ripper new report on corporate lobbying in Australia, which was commissioned by GetUp!. Below are the key points from the investigation: The analysis covered the financial statements of 20 business peak bodies. Together, their revenue surpassed $1.94 billion over the past three years. Besides funding advocacy via their peak bodies, large corporations also have “in-house” government relations capabilities and communications teams whose role is to effect political outcomes. Many large corporations also hire specialist government relations consultancy firms to lobby. This spending may sometimes be claimed as tax deductible. Membership of business and professional associations is tax deductible. Our analysis of 20 peak bodies is by no means...
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Quote of the day...."I'm good in a crisis Karl, everyone else gets frenzied," Mr Turnbull said. Turnbull calls on Shorten to be 'fair dinkum' 9NEWS 1 hour ago http://www.msn.com/en-au/news/australia/turnbull-calls-on-shorten-to-be-fair-dinkum/ar-BBEJQt6?li=AAavLaF&ocid=ientp Today co-host Karl Stefanovic has questioned whether Prime Minister Malcolm Turnbull is getting away from the central issue in the citizenship crisis. Speaking on the show this morning, Mr Turnbull pleaded with Oppositon leader Bill Shorten to be "fair dinkum" about resolving the crisis. It comes after Mr Shorten spoke with Deb Knight earlier in the show, where he urged the government to meet the High Court's requirements. After Mr Turnbull described the "media witch hunt" surrounding Energy Minister Josh Frydnberg's citizenship, Stefanovic said: "With the greatest respect, this is part of the problem, you're getting bogged down in the minutiae when you should be running the country." Mr Turnbull then responded by saying his government was "getting on with the job"...
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Westpac fat cat has big whinge over bank levy By Unconventional Economist in Australian banks at 11:46 am on November 8, 2017 | 31 comments https://www.macrobusiness.com.au/2017/11/westpac-fat-cat-big-whinge-bank-levy/   By Leith van Onselen Westpac chairman, Lindsay Maxsted, is the latest banking fat cat to decry the Turnbull Government’s 0.06% levy on the liabilities of the Big Four banks and Macquarie. From The Australian: Chairman Lindsay Maxsted says the levy is a “highly inefficient and distortive tax” that places an impost on a small number of Australia’s largest taxpayers, adding that Westpac and its shareholders must “continue to agitate for its removal”. “It discriminates against Australian banks relative to global peers and it has impacted the value of your investment and the investments of millions of superannuation holders across Australia,” Mr Maxsted said in Westpac’s annual report. Slow learners these banksters. Let me explain, yet again, why the banking levy is justified. The major...
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The left hand has no idea what the right hand of Government is doing when it comes to regulators....   It’s time for a royal commission into banking regulation Pat McConnell November 8, 2017 1.32pm AEDT http://theconversation.com/its-time-for-a-royal-commission-into-banking-regulation-86518?utm_source=twitter&utm_medium=twitterbutton The handling of recent financial scandals show that regulators are confused about what they do, or should do. And as a result the regulation of the financial system, which is vital to a strong functioning economy, is just not working effectively. We can see the problem in the recent testimony to the House Economics Committee. Recounting the sequence of events that led the Commonwealth Bank to inform regulators of the alleged breaches of money-laundering legislation, CBA Chair Catherine Livingstone said: We were having board meetings at the time I was being called to Canberra by the Treasurer. When the board meeting, which went over multiple days, finished, which was lunchtime on the Wednesday, I...
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Ahem......I would have thought Australia was becoming the country of choice for   every kleptocrat, crook and despot in the world.......White Collar Crime Haven   Azerbaijan Laundromat shows UK is choice of crooks and despots, says Hodge Former chair of public accounts committee tells MPs UK corporate rules and weak regulatory framework are ‘a gift to villains’ Friday 20 October 2017 05.04 AEDT Last modified on Friday 20 October 2017 08.10 AEDT   https://www.theguardian.com/politics/2017/oct/19/azerbaijan-laundromat-shows-uk-is-choice-of-crooks-and-despots-says-hodge Britain is the “country of choice for every kleptocrat, crook and despot in the world”, a Labour MP has said following revelations by the Guardian and media partners of a massive money-laundering scheme run by the government of Azerbaijan. Margaret Hodge said the UK thought itself to be a “country of integrity, respectability and trustworthiness”. However, recent money-laundering scandals featuring Azerbaijan, Russia and the offshore industry showed this self-belief to be “flawed”, she told parliament. Hodge –...
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    Nine News does Western Sydney mortgage stress By Unconventional Economist in Australian Property at 9:29 am on November 8, 2017 | 34 comments https://www.macrobusiness.com.au/2017/11/nine-news-western-sydney-mortgage-stress/   By Leith van Onselen Nine News last night ran an interesting segment (above) on the growing mortgage stress across Greater Western Sydney, based on research by Digital Finance Analytics’ (DFA):     With Sydney dwelling values now falling:     It looks like a re-run of the post-2003 Sydney housing correction, which began in the West and South Western cheaper mortgage belts and slowly filtered inwards. That’s where auction clearances have now collapsed. It happens in the West first because the demographics cannot support higher house prices for long. People are simply less wealthy and on lower incomes so affordability bites more quickly than further in.   But when these outer mortgage belts deflate they trap those that moved out to get a foot...
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No wonder all the top lawyers are being poached by the big 4 corrupt accounting firms...contaminated apple seeds in the Caymans and now Mr. Appleby in Bermuda exposing more crooks who whisk away the proceeds of stolen assets in banana boats...   Panama Papers 2 is coming: ICIJ could release Australian links to Bermuda law firm Appleby 30 October 2017 Nassin Khadem http://www.smh.com.au/business/the-economy/panama-papers-2-is-coming-icij-could-release-australian-links-to-bermuda-law-firm-abbleby-20171030-gzb4y3.html The Australian Taxation Office is aware investigative journalists are scrutinising the clients of Bermuda-based law firm Appleby, and are bracing themselves for what may be a second Panama Papers-style leak.  The International Consortium of Investigative Journalists has approached the firm with allegations of wrongdoing, which the firm strongly denies. The firm admitted that some client data had been stolen in a cyber attack last year. The Serious Financial Crime Taskforce, which includes major government agencies including the Australian Taxation Office, has since July 2015 raised more than $400...
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NAB reveals 6000 jobs to go as it announces $6.6bn. profit Clancy Yeates 2 November 2017 http://www.smh.com.au/business/banking-and-finance/nab-reveals-6000-jobs-to-go-as-it-announces-66b-profit-20171101-gzd3tc.html National Australia Bank is set to slash 6000 jobs at the bank over the next three years, as part of a plan to overhaul the bank in response to the rise in digital financial services and uncertain economic conditions. As NAB delivered a 2.5 per cent lift in its profit, to $6.64 billion, chief executive Andrew Thorburn on Thursday announced the job cuts, which are equal to almost a fifth of its current workforce. Mr Thorburn said the cuts were part of a plan to make $1 billion in savings, by automating processes that were previously performed manually, slashing the number of products it offers, and changing parts of its branch network. At the same time, the bank will invest an extra $1.5 billion focused on the technology transformation and simplifying internal processes, which...
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Citizens Electoral Council of Australia Media Release Thursday, 2 November 2017 Craig Isherwood‚ National Secretary Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au There are signs that the inevitable crash of the housing bubble that will collapse Australia’s banking system is starting. Investment bank Citi is warning that housing price declines of up to 20 per cent will potentially lead to an 80 per cent collapse in residential sales. “When the market cools, it freezes—peak to trough volumes can decline as high as up to 80 per cent”, Citi’s David Lloyd said, as quoted by ABC business reporter Stephen Letts on 26 October. “One industry contact puts a 90 per cent probability on a 10-to-20 per cent decline in house prices in the next 12 to 24 months”, Lloyd and his team wrote in a note to investors. A much bigger crash seems more likely when considering the long-term dwelling price-to-income ratio. And business columnist...
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Class actions precluded by law in Ireland?      Bank behaviour has caused people to take their own lives, solicitor claims Evan O’Dwyer says offer of compensation by Christmas a ‘false, hollow carrot’ Thu, Nov 2, 2017, 12:02 Updated: Thu, Nov 2, 2017, 12:03 Vivienne Clarke https://www.irishtimes.com/business/personal-finance/bank-behaviour-has-caused-people-to-take-their-own-lives-solicitor-claims-1.3277779 The behaviour of the banks has caused people to take their own lives, a solicitor who settled a tracker mortgage case last month has claimed. Ballyhaunis solicitor Evan O’Dwyer settled the case for Maria Page against Permanent TSB. While the specific terms were not read out in court, it is understood that the settlement is for a sum that is a multiple of what was first offered by the bank, and that costs have also been awarded to Ms Page. Tens of thousands of homeowners have potentially been caught up in the scandal, which saw banks wrongly refuse customers access to tracker mortgages after the...
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Partners in crime........garbage in garbage out  Wells Fargo faces lawsuits over mortgage loans Dan Freed   Fri Nov 3, 2017 / 3:32 PM ED  http://mobile.reuters.com/article/amp/idUSKBN1D3227  (Reuters) - Wells Fargo & Co is facing litigation over previously disclosed sales problems related to its auto lending and mortgage businesses, the bank disclosed in a regulatory filing on Friday. The lawsuits include two class action cases alleging violations of federal and state consumer fraud laws, as well as claims brought by former employees who said they were fired for raising concerns over problematic sales practices. Wells Fargo disclosed the litigation in its third-quarter financial filing with the U.S. Securities and Exchange Commission. "The disclosures included in our filing today reflect the company's continued commitment to transparency. Our top priority is to rebuild trust, and we remain focused on making things right for our customers, team members, community partners and shareholders," a company spokesman wrote...
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Senior public servants shouldn't be allowed to go work for the big banks By Mark Melatos Updated Thu at 8:37pm Thu 2 Nov 2017, 8:37pm http://www.abc.net.au/news/2017-11-02/public-servants-shouldnt-enter-private-finance/9111416       Photo: Former RBA Governor Glenn Stevens, pictured in 2015, has joined the boards of Macquarie Group and Macquarie Bank (AAP: Dean Lewins) Related Story: Former RBA governor Stevens joins Macquarie board   For the fourth time in recent years, a recently retired Treasury Secretary or RBA Governor has accepted a directorship at a private bank. Glenn Stevens, who only last year completed his 10-year tenure as the Reserve Bank of Australia's governor, has joined the boards of Macquarie Group and Macquarie Bank. Before him, Ian McFarlane joined the board of the ANZ Bank in 2007, less than a year after completing his own 10-year tenure heading Australia's central bank. And two recent secretaries of the Treasury — Ken Henry and Ted Evans...
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This is insanity...now it’s Josh Frydenforeigner and mutiny on the bounty...   Do-nothing Malcolm does nothing once too often By Houses and Holes in Australian Politics at 5:56 am on November 3, 2017 | 41 comments https://www.macrobusiness.com.au/2017/11/nothing-malcolm-nothing-often/ The media has shifted from objectively critical to open contempt for the Do-nothing government today. It begins with Josh Frydenforeigner, via The Australian: Cabinet minister Josh Frydenberg yesterday sought urgent advice ­regarding the possibility he holds Hungarian citizenship as Victorian Liberal president Michael Kroger broke ranks with Malcolm Turnbull by calling for an audit of all MPs. The Australian can reveal other cabinet ministers have also been forced to clarify their citizenship status during the fiasco, which has claimed six victims including former deputy prime minister Barnaby Joyce and now Liberal former Senate president Stephen Parry, who resigned from parliament yesterday. It was revealed last night government ministers had known about Mr Parry’s citizenship...
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Possible criminal?....Global authorities need to get a  move on and figure out this Bankers Fraud    HSBC accused of ‘possible criminal complicity’ in South Africa money laundering scandal Thursday, 02 November, 2017 http://www.scmp.com/news/world/europe/article/2118042/hsbc-accused-possible-criminal-complicity-south-africa-money  HSBC has been accused of “possible criminal complicity” in a money laundering scandal involving South Africa’s wealthy Gupta family. Speaking in the House of Lords on Wednesday, two weeks after he first voiced concerns about UK links to the probe, Lord Hain said he had handed new evidence about the alleged involvement of a British bank in the “flagrant robbery” of South Africa to the chancellor. Hain did not mention the bank’s name in the Lords but named HSBC as the institution in question in a letter to the chancellor, where he said the bank should be investigated over “possible criminal complicity” in corruption. Hain, a former anti-apartheid activist, had earlier written to Philip Hammond, attaching printouts of...
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Disgraceful......every MP and Minister in the Turnbull Government should hang their head in shame for allowing this to happen....soon there won’t be a blade of grass left labelled Australian owned....all pledged to cover derivative gambling debts. Evidence shows the Banks have been running a massive $1.9 Trillion CASINO. Unaffordable, Unsustainable Unverified Lending!   Australian Banks running a GIANT CASINO - gambling on MORTGAGE DEFAULTS.....the Big Short!!!!    Approval of loans to those who can NEVER pay back these loans and then JUMBO the loans skyward to 140% LVR. 15 years of Creating and selling Jumbo Mortgages doomed to fail, and also the RMBS BONDS which BFCSA warned Parliament about in 2012 - 2017.  There are also the CDO's, and the CDS derivatives = JUNK BONDS. The Banks will now be betting SHORT.  David Murray, Mike Smith, Ralph Norris and Gail Kelly and all the Gang, know whats coming as the engineers.  That's why ABBOTT...
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RAMS founder John Kinghorn charged with $30m tax fraud after eight-year investigation Updated Tue at 1:46pm PHOTO: The charges against John Kinghorn come after an eight-year investigation by the AFP. (AAP) MAP: Sydney 2000 The founder of RAMS Home Loans, John Kinghorn, 76, has been charged with fraud offences after allegedly avoiding taxes worth more than $30 million. Key points: RAMS Home Loans is one of the country's biggest non-bank lenders Kinghorn is a prominent Australian businessman The AFP worked with international agencies in their investigation   Mr Kinghorn did not enter a plea as he faced Sydney's Downing Centre Court this morning. The Australian Federal Police (AFP) alleges he fraudulently concealed his beneficial ownership of two companies from the tax office between 2004 and 2007. He has been charged with dishonestly influencing a Commonwealth public official and defrauding the Commonwealth, after an eight-year investigation. The maximum penalty for the offences is 10 years' imprisonment....
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Banks plan new ethics council to engage with APRA Australian Financial Review Oct 29 2017 11:00 PM James Eyers   The major banks and Finsia are in discussions about forming the Professional Banking Council, which would oversee ethical standards for individual bankers and engage on their behalf with the prudential regulator. The Professional Banking Council will be based on a similar body in Britain, which is overseen by Chartered Banker, a not-for-profit that is working with Finsia to develop the local version. The council has been endorsed in principle by the big four bank chief executives. Work is underway in each of the major banks to determine how the board and Finsia's new professional certification program can be integrated with existing learning and development programs. It understood that Australian Prudential Regulation Authority chairman Wayne Byres also supports the council. One of its key roles will be to work closely with APRA...
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Westpac, ASIC BBSW battle narrows to four key claims Australian Financial Review Oct 30 2017 11:00 PM James Frost, Patrick Durkin   Westpac Banking Corp is expected to tell the Federal Court on Tuesday that 12 of the 16 contraventions alleged by the corporate regulator for rigging the bank bill swap rate have no merit whatsoever and the corporate regulator has taken the rest of their traders' conversations out of context. ANZ Banking Group and National Australia Banking Group confirmed their settlements with the regulator to the court on Monday but Westpac is fighting on alone in a trial to begin on Tuesday and expected to run until Christmas. Based on NAB's $50 million settlement confirmed on Friday evening – where NAB agreed it "attempted to engage in unconscionable conduct" on 12 occasions from ASIC's original claim of 50 contraventions – Westpac faces just 16 alleged contraventions and could potentially settle...
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We need a Royal Commission into the Banking system.  Is this the Westpac reaction to the fact that 55% of SUB PRIME LOANS APPROVED were written by BANK MANAGERS????  Were the bank officers LIARS too?  Really?     So, with 80% INTEREST ONLY SUB PRIME loans sloshing around in the $1.9 Trillion finance system, it is because Consumers are all LIARS?  Seriously???? OK so let me get this straight?  Brokers did not APPROVE the DODGY loans, the BANK ROBO computers did.  We know that as FACT.  The BIG BANKS need to understand there are more aggrieved consumers thank there are big buildings.  The LIARS are the BANKS and its time they became used to that condition.  Banks are blaming EVERYONE but themselves for TOXIC lending practices.  Consumers will fight back against every injustice. Westpac Group crackdown on borrowers and brokers set to blitz 'liar loans' 31 October 2017  by Duncan Hughes   http://www.afr.com/real-estate/westpac-group-crackdown-on-borrowers-and-brokers-set-to-blitz-liar-loans-20171030-gzbgb8...
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