GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

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.

Visitors

Articles View Hits
279356

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
Recent blog posts
Not cricket you may say.     Australian Whistleblower who leaked a secret scholarship for Tony Abbott's daughter to be sentenced this week   09:04  News  No comments   A young university student at the centre of the Whitehouse Institute secret scholarship story is facing up to two years jail. Max Chalmers reports. A 21-year-old journalism student at the University of Technology, Sydney will face a Sydney Court this week to be sentenced for accessing student records that showed the Prime Minister’s daughter received a secret scholarship from the Whitehouse Institute of Design. In September, Freya Newman pleaded guilty to breaching Section 308(H) of the NSW Crimes Act,which forbids accessing restricted data held in a computer. The charge carries a jail sentence of up to two years. Newman worked as a part-time librarian at the Whitehouse Institute, quitting shortly after it was revealed Tony Abbott’s daughter Frances had been approached by the...
Last modified on
Hits: 51 0 Comments
Rate this blog entry:
Continue reading
Click here to recommend this to your friends <http://cecaust.com.au/releases/2014_10_17_Ebola_Threat.html>  Citizens Electoral Council of Australia  Media Release  Friday, 17 October 2014 Australians cannot tolerate Abbott-Hockey austerity in face of Ebola threat  In light of the Ebola epidemic, now clearly a global threat, Federal Treasurer Joe Hockey must abandon his current 2014-15 budget and immediately increase spending on public health, medical research and science. All budget cuts affecting health and science must be jettisoned, and the federal government must undertake an emergency action plan to boost funding and staffing of medical facilities, including hospitals, pathology, research and vaccine production centres, together with efforts to support the manufacture of medical equipment and protective gear, in the face of expanded global demand.  Prime Minister Abbott must reverse his decision to commit money alone to the international effort to tackle Ebola at its root, and coordinate the medical teams and troops already demanded by the Australian...
Last modified on
Hits: 49 0 Comments
Rate this blog entry:
Continue reading
Peter Costello slams spoilt brats and Nick Sherry criticises complexity in the super system By business reporters Andrew Robertson and Michael Janda Updated yesterday at 7:36pmWed 15 Oct 2014, 7:36pm VIDEO: Peter Costello's swipe at super funds (The Business) EXTERNAL LINK: Former super minister Nick Sherry's article on Cuffelinks MAP: Australia A day after Australia's superannuation industry was voted second best in the world behind Denmark, it has been given a savaging by two former government ministers. Former treasurer and current Future Fund chairman Peter Costello has accused the industry of self interest and acting like spoilt brats, while former Labor superannuation minister Nick Sherry has written that Australia's retirement savings system is the world's most complex. Speaking at a superannuation industry conference that was billed as a day of confrontation, Mr Costello did not disappoint. "Some of the spokesmen for the industry show all the self awareness of spoilt brats. 'Give us more money to manage'. Well who...
Last modified on
Hits: 57 0 Comments
Rate this blog entry:
Continue reading
Leave politics out of the G20 October 13, 2014 Ajay Kamalakaran   Any attempt to isolate Russia from the grouping of the world’s 20 largest economies will have serious repercussions on global economic recovery and growth..............   http://in.rbth.com/blogs/2014/10/13/leave_politics_out_of_the_g20_38991.html   Ever since Crimea rejoined Russia, Australian politicians, probably at the prodding of their American masters, have called to exclude Vladimir Putin from the G20 summit which will be hosted in Brisbane in November. The BRICS foreign ministers made a statement in March denouncing an attempt to leave Russia out of the G20 summit. They said in a joint statement that “the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character.” The Aussies probably did not calculate on opposition from 3 of the biggest economies in the G20! Australia also jumped on the sanctions bandwagon against Russia, since it claims...
Last modified on
Hits: 86 0 Comments
Rate this blog entry:
Continue reading
Australia to foot bill for US bombs dropped in ISIS fight by: Mark Dunn From: Herald Sun 5 days ago October 09, 2014 http://www.news.com.au/national/australia-to-foot-bill-for-us-bombs-dropped-in-isis-fight/story-fncynjr2-1227084339380   AUSTRALIA will be billed by the US military for many of the missiles and other bombs RAAF jet fighters drop in the campaign against Islamic State terrorists. US-supplied smart-guided weapons fitted to Australia’s Super Hornets can range in price from less than $70,000 to more than $650,000 each. Weapons-sharing agreements struck between the Australian Defence Force and the Pentagon give the RAAF ­access to US aerial ordnance but each missile or bomb used must be paid for. The Australian Air Task Group has stocks of its own munitions at Al Minhad air base near Dubai but the RAAF F/A-18F Super Hornets can carry a mix of both Australian and US-supplied armaments. It is understood that aircraft fuel, dispensed on the ground or air-to-air through the RAAF...
Last modified on
Hits: 78 0 Comments
Rate this blog entry:
Continue reading
This is the link and thank you for support as this is sorely needed and long overdue https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners    ...
Last modified on
Recent comment in this post - Show all comments
  • Aries
    Aries says #
    Anyone who hasn't signed please do so and pass on to everyone on your facebook and email lists.
Hits: 107 1 Comment
Rate this blog entry:
Continue reading
CBA client still waiting for information pack DateOctober 13, 2014 - 9:27AM Read later James Eyers     inShare submit to reddit Email article Print Reprints & permissions   CBA will not reveal how many clients have registered for the claim. Photo: Nic Walker Former clients of the disgraced financial planning arm of the Commonwealth Bank of Australia are still waiting to receive basic information about how to make a claim, 13 weeks after CEO Ian Narev pledged he was "truly sorry" for the scandal and had "listened carefully" to concerns the bank wasn't dealing with it seriously. Richard Talbot, a former director of the NRMA and client of a CBA financial planner, registered for the bank's Open Advice Review program on July 3, the first day it opened. The program was announced after a Senate committee report in June and a series of reports by Fairfax Media revealed a group of CBA...
Last modified on
Recent comment in this post - Show all comments
  • organza
    organza says #
    "The longer they hold on to this, the more people will drop out, and give up in frustration."......... And that one assumes is exa
Hits: 134 1 Comment
Rate this blog entry:
Continue reading
Australia's housing market problems laid bare By business reporter Michael Janda 13 October 2014 http://www.abc.net.au/news/2014-10-10/private-surveys-lay-bare-australian-housing-market-problems/5805196 There is a growing mountain of evidence that Australia has fundamental housing market problems, and the nature of those problems is clear.  After a scant mention in the Reserve Bank governor's post-meeting statement on Tuesday, a speech yesterday by the head of the bank's financial stability department, Luci Ellis, made it plain that the RBA is still worried by current property price rises in Sydney and Melbourne. Dr Ellis also made it clear that the cause for the price spike is property investment, which now makes up close to half of all new home lending even though private renters make up just a quarter of households.  "That share is noticeably higher than rental housing's share of the housing stock, even allowing for a possible faster rate of churn in investor loans. Obviously that can't continue forever,"...
Last modified on
Hits: 128 0 Comments
Rate this blog entry:
Continue reading
The world has an economic growth problem, and more G20 spending won’t fix it 13 October 2014, 6.10am AEDT  The Conversation Last week the IMF revised its 2014 global economic growth forecast down to 3.3% from the 3.7% expected six months ago, confirming that most economies around the world, Australia included, continue to underperform relative to pre-crisis trends.  This has implications for next month’s G20 meeting in Brisbane for it means significantly less worldwide poverty reduction, lower incomes and higher unemployment than previously anticipated. In the five years leading up to the 2008-10 North Atlantic banking crisis average world economic growth was around 5% per annum, whereas growth since then has averaged 3.5%. Advanced, emerging and developing economies alike have weakened, China’s slowdown being the most notable. As a group, advanced economies have grown at a feeble 1-2% while emerging and developing countries have managed between 4-5%, well down on their...
Last modified on
Hits: 95 0 Comments
Rate this blog entry:
Continue reading
Changes to Canada's Mortgage Market   Last modified: 17 September 2014 http://www.cba.ca/en/media-room/50-backgrounders-on-banking-issues/657-changes-to-canadas-mortgage-market   Fast facts Since 2008, the federal government has made several changes to the rules for government-backed insured mortgages that have reduced amortization periods and increased the minimum down payment required for home buyers. In 2012, the banks’ regulator also introduced a new guideline that sets out requirements for prudent mortgage lending and the amount that banks can lend through a home equity line of credit. These changes may reduce the number of people qualifying for insured mortgages in Canada. The bottom line The government has changed mortgage requirements several times over the last few years which affects how people may qualify for government-backed insured mortgages. As the regulatory environment changes, banks in Canada continue to offer very competitive mortgage products and services to millions of Canadians Changing regulations in Canada’s mortgage market Since 2008, the federal government has...
Last modified on
Hits: 120 0 Comments
Rate this blog entry:
Continue reading
ACOSS report: Poverty among Australians on the rise; one in six children struggling Mon 13 Oct 2014, 10:10am http://www.abc.net.au/news/2014-10-12/poverty-levels-among-australians-on-the-rise-acoss-report- Poverty is on the rise in Australia, with more than 2.5 million people - and one in six children - struggling to fulfil their daily basic needs, statistics suggest.  The Australian Council of Social Service (ACOSS) revealed in its latest national poverty report that more than 600,000 children, and one third of children in single parent families, lived below the poverty line.   The report analysed figures from the Australian Bureau of Statistics for 2012. To be considered "below the poverty line", a family of four needed to be surviving on less than $841 a week, and a single adult on less than $400 a week.  The 2014 ACOSS poverty report also revealed more than 40 per cent of all people on social security benefits fell below that line.  It also showed that...
Last modified on
Hits: 121 0 Comments
Rate this blog entry:
Continue reading
Building an Ark: How to protect the Public Revenues from the next Meltdown   Posted onOctober 12, 2014  by Ellen Brown http://ellenbrown.com/2014/10/12/building-an-ark-how-to-protect-public-revenues-from-the-next-meltdown/ Concerns are growing that we are heading for another banking crisis, one that could be far worse than in 2008. But this time, there will be no government bailouts. Instead, per the Dodd-Frank Act, bankrupt banks will be confiscating (or “bailing in”) their customers’ deposits. That includes local government deposits. The fact that public funds are secured with collateral may not protect them, as explained earlier here. Derivative claims now get paid first in a bank bankruptcy; and derivative losses could be huge, wiping out the collateral for other claims. In a September 24th article titled “5 U.S. Banks Each Have More Than 40 Trillion Dollars In Exposure To Derivatives, Michael Snyder warns: Trading in derivatives is basically just a form of legalized gambling, and the “too big to...
Last modified on
Hits: 134 0 Comments
Rate this blog entry:
Continue reading
British banker pleads guilty to Libor rigging Senior banker faces up to 10 years in prison as Serious Fraud Office secures first UK guilty plea in Libor rate-fixing scandal 7 October 2014 http://www.theguardian.com/business/2014/oct/07/banker-pleads-guilty-libor-rigging-rate-fixing Senior banker faces up to 10 years in prison as Serious Fraud Office secures first UK guilty plea in Libor rate-fixing scandal. A senior employee from a leading UK bank has pleaded guilty to a Libor-fixing conspiracy charge brought by the Serious Fraud Office.  The man, who cannot be named for legal reasons, faces up to 10 years in jail. On Friday he became the first banker to plead guilty to criminal manipulation of Libor in Britain. Reporting restrictions were partially lifted on Tuesday. Trillions of dollars of loans and credit derivatives are priced with reference to benchmark interest rates, published every day in London and known as Libor, or the London interbank offered rate.  Suggestions that this...
Last modified on
Hits: 130 0 Comments
Rate this blog entry:
Continue reading
George Osborne and Mark Carney to play financial crash 'war game'  -  Chancellor and BoE Governor will be joined by US counterparts for exercise designed to end 'too big to fail' By Szu Ping Chan, in Washington 11:01PM BST 10 Oct 2014 http://www.telegraph.co.uk/finance/financialcrisis/11155381/George-Osborne-and-Mark-Carney-to-play-financial-crash-war-game.html A financial crash to rival the one caused by Lehman Brothers' collapse will be played out by the world’s most powerful central bankers next week, in a “war game” designed to help end the “too big to fail” problem.  In the first simulation of its kind, Janet Yellen, the head of the US Federal Reserve, and Mark Carney, the Governor of the Bank of England, will be joined by Chancellor George Osborne and US Treasury Secretary Jack Lew, who will be tested on their reaction to a major US or UK bank failure. The exercise, designed by regulators on both sides of the Atlantic, forms part of a...
Last modified on
Hits: 154 0 Comments
Rate this blog entry:
Continue reading
That's not a debt disaster  -  This IS a debt disaster:  Joe and Tony's big con 11 October 2014 Alan Austin http://www.independentaustralia.net/politics/politics-display/thats-not-a-debt-disaster--this-is-a-debt-disaster-joe--tonys-big-con,6984 Alan Austin presents another exclusive report the mainstream media will not touch — Australia’s rapidly escalating borrowings since Abbott and Hockey came to office promising to end ‘Labor’s debt disaster’. AUSTRALIA’S DEBT since Joe Hockey took charge of the nation’s finances has increased dramatically.  The rate of expansion shows no signs of slowing.  Monthly finance figures for July and August were quietly released yesterday — late on Friday night, several weeks late, after seemingly being sat on by Cormann for at least a week*.  They show the Abbott Government has achieved precisely the opposite of its solemn pre-election undertaking to bring about   ‘… a reduction of $30 billion in net debt.’ In July and August alone – two months for which it is impossible for PM Tony Abbott to blame...
Last modified on
Hits: 167 0 Comments
Rate this blog entry:
Continue reading
Sun Herald article Money - Page 45 Sunday 12 October 2014     Credit reports out of reach: claims   The companies holding the key to people knowing their financial history are breaching regulations by making free credit reports hard to get, consumer advocates say.   Credit reports contain the informaton used by financial companies to assess whether someone is suitable for a loan, including defaults on payments such as telephone bills.   Under the credit reporting privacy code, which was expanded this year to allow the collection of more payment information, borrowers who want access to their financial history are allowed at least one free report a year.   But financial counselling advocates say credit reporting companies are getting around the code by making it difficult to get a free report, in the hope they will pay for the same information unnecessarily.   A complaint has been made about credit...
Last modified on
Recent comment in this post - Show all comments
  • organza
    organza says #
    New rules do no more than create new gaping loopholes leading to new dirty tricks to deceive consumers while the same old useless
Hits: 150 1 Comment
Rate this blog entry:
Continue reading
Banking Rebels Overcome the Subprime Mortgage Crisis: The Unbearable Darkness of 21st Century Banking. Kurt Dew*   Thanks to Gladys for slice and dice for easy understanding of main points http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1067781  Abstract: We produce evidence of an important non-market factor creating higher expected returns at greater risk for global banks. We find that the banks most exposed to this profitable source of risk tend to be less regulated than those less exposed; suggesting profits depend in part on operating outside the rules. On the other hand, we find the large regulated banks that qualify for the Internal Ratings-Based Approach to Capital Adequacy under Basel II-based Rules tend to have low exposures to our profitable source of banking risk. Yet the enormous losses taken by banks during the subprime mortgage crisis have largely been taken by these highly regulated banks rather than unregulated banks exposed to profitable risk. We will explain that...
Last modified on
Hits: 174 0 Comments
Rate this blog entry:
Continue reading
http://www.imf.com.au/docs/default-source/site-documents/cdo_1   SO IS THERE ANYTHING WRONG WITH AUSTRALIAN SYNTHETIC CDO’S? BY HUGH MCLERNON EXECUTIVE DIRECTOR IMF (AUSTRALIA) LIMITED Non Sub-Prime CDOs 1. Numerous non sub-prime collateralised debt obligations (CDOs) have been issued in Australia over the last six years or so. 2. Some have been listed on the Australian Stock Exchange and some are unlisted. Most are of the synthetic variety. Those listed on ASX have generally been sold to “retail” investors. Unlisted CDO’s have been sold in parcels of more than $500,000 and are thus targeted at the “wholesale” market. 3. They have generally been issued by Australian companies “connected” with either an Australian bank or an overseas investment bank. 4. The reason for using the word connected in inverted commas appears below. 5. At the moment it is the sub-prime fiasco which has hit the headlines in relation to CDOs. These are CDOs “referenced” to underlying pools of...
Last modified on
Hits: 128 0 Comments
Rate this blog entry:
Continue reading
"  Like pornography, politicians and bureaucrats know systemic significance when they see it. The Victorian government just knew the Farrow Group was too important to collapse. The American Federal Reserve just knew that they had to bail out the private money market funds. " Comment: "and we are being asked to fund a war?  Hockey says: "we can afford it?" Politics, not policy, will decide who gets bailed out The Drum by Chris Berg Posted22 Jul 2014 http://www.abc.net.au/news/2014-07-22/berg-politics-not-policy-will-decide-who-gets-bailed-out/5613552 Rather than ask what we should do about financial institutions deemed "too big to fail", we should look at what we can do. And the answer is almost certainly nothing, writes Chris Berg. What can we do about "too big to fail"?  The interim report of the Commonwealth's Financial System Inquiry, chaired by David Murray and released last week, spends a fair bit of time talking about this puzzle.  "Too big to fail"...
Last modified on
Hits: 157 0 Comments
Rate this blog entry:
Continue reading
Predatory Lenders' Partner in Crime Thursday, February 14, 2008 Eliot Spitzer http://www.abc.net.au/news/2014-07-22/berg-politics-not-policy-will-decide-who-gets-bailed-out/5613552http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets. Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers. Predatory lending was widely understood...
Last modified on
Hits: 163 0 Comments
Rate this blog entry:
Continue reading
Citizens Electoral Council of Australia Media Release  Wednesday, 8 October 2014 Craig Isherwood‚ National SecretaryEmail: This email address is being protected from spambots. You need JavaScript enabled to view it. Australia: Look to Egyptian nation building Australia must look to Egypt to see what’s possible when a nation has a sovereign mission for development. After the political unrest and protests of 2012‑13, under President Abdel Fattah al‑Sisi, Egypt’s future now looks bright. Just last month, Head of the Suez Canal Authority, Vice Admiral Mohab Mamish said that the Armed Forces have completed 25 per cent of the digging work of the New Suez Canal Project and the new canal will be complete within just one year. An Australian government feasibility study would take longer! On 5 August, President al-Sisi presided over the ceremony commencing the construction of canal and by the next day, under the supervision of the Egyptian Army Corps of Engineers, 7,500 workers began digging. In the same spirit, Egyptian citizens overwhelmingly supported...
Last modified on
Hits: 155 0 Comments
Rate this blog entry:
Continue reading
Lobbyists take aim at banks on MySuper 3 October, 2014 Malavika Santhebennur http://www.superreview.com.au/news/superannuation/lobbyists-take-aim-at-banks-on-mysuper Industry Super Australia (ISA) has come out swinging against the big banks, saying new data from the Australian Prudential Regulation Authority (APRA) shows why the big banks are pushing to scrap the default super safety net. ISA said the APRA report shows that just $13 billion of savings in bank-owned and other retail funds have moved into MySuper funds, with "$77 billion of workers default super savings remaining in higher cost super funds so that banks can maximise revenues at the expense of Australian retirement nest eggs". "This is unconscionable. The banks are lobbying the government to scrap the default super safety net so they can leverage their business banking relationships and cross-sell employee default funds to employers," ISA said in a statement. Industry fund peak body the Australian Institute of Superannuation Trustees (AIST) called for an independent...
Last modified on
Recent comment in this post - Show all comments
  • Jetfighter
    Jetfighter says #
    This looks to me like the Banks are gearing up to deliberately crash the system to send every mum and dad broke so they can turn u
Hits: 202 1 Comment
Rate this blog entry:
Continue reading
WORLD BANKERS SET UP GIANT PONZI'S - stealing homes and assets.  Fed up with wicked Banking bad Practices?  Sign our online PETITION From Gladys, our favourite researcher.  A collage of world gripped by Bank Fraud and Ponzi Scams http://www.acting-man.com/?p=32222 Housing Insanity Japanese Style: Record Number of Vacant Homes in Japan, Abe Wants to Stimulate Home Building Wednesday, August 06, 2014 http://www.dw.de/empty-property-in-eu-could-house-all-of-europes-homeless-and-more/a-17463912 A record 13.5% of all homes in Japan were unoccupied as of last October, reflecting an exodus from outlying regions of the country and a general aversion to used homes. Preliminary figures for a study on homes and land, conducted once every five years, were released on Tuesday by the Internal Affairs Ministry. The vacancy rate rose 0.4 percentage point from the previous survey. The number of empty homes grew by 630,000 to a record 8.2 million, and there were a record 60.63 million homes in all, an increase of...
Last modified on
Hits: 171 0 Comments
Rate this blog entry:
Continue reading
Caroline asks "where are your regulators - very poor regulation in Australia." Its time our Federal Government agreed to a Royal Commission into Australian Banking and Finance System.  In November we expect David Murray to agree to recommend a Royal Commission into Australian Banks and its financial products and services and all its subsidiaries.  Read ANZ's worry over its subsidiary connection to Timbercorp.  Your logo over every fraudulent document Mike!  BANKERS BLEEDING US DRY?  Yes indeed, ordinary Mums and Dads and then multiplied the toxic products in so many other countries thanks to ASIC's stupidity and laziness.  Loos more like corruption to me. PETITION now over 3000, lets collectively make it 5000.  So many suffering but we all need to be under one umbrella. PLEASE SEND TO AS MANY COMMUNITY GROUPS AS POSSIBLE This is the link and thank you for support as this is sorely needed and long overdue https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners...
Last modified on
Hits: 156 0 Comments
Rate this blog entry:
Continue reading
ANZ goes above and beyond with a letter to the lawmakers Comment & Analysis Date October 6, 2014 http://www.smh.com.au/business/comment-and-analysis/anz-goes-above-and-beyond-with-a-letter-to-the-lawmakers-20141006-10qtfo.html   ANZ deputy chief executive Graham Hodges has written to politicians offering to deal with any victims of the collapsed Timbercorp who lost money after being "poorly advised" by one of the bank's financial planners.  The letter comes as liquidator KordaMentha has started cranking up the number of lawsuits slapped on investors to 70 a week in an attempt to get back hundreds of millions of dollars in loans owed to creditors, including ANZ and Perpetual.  Investors are being offered discounts if they agree to repay the loan back within a specified period. ANZ's letter comes as a rising number of victims have approached politicians in recent weeks and months, saying they will be forced into bankruptcy – or worse – if they have to pay back the loans.  Senator Sam Dastyari...
Last modified on
Recent comment in this post - Show all comments
  • Jetfighter
    Jetfighter says #
    Where is ASIC? Good question, sad answer. Truth is ASIC does not appear to be interested in upsetting the status quo of the banks
Hits: 209 1 Comment
Rate this blog entry:
Continue reading