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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: Australian & NZ sub prime loans approved by a COMPUTER. Public not told of RISK

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It seems everyone in the banking system involved with sales and credit assessment, knew that for 14 years, loans were not being verified or properly assessed by humans.  Instead imprudent loans were being assessed by robots.  Certainly, we have uncovered the awful truth that Brokers and Borrowers were being kept in the dark like mushrooms.....until now.  Income figures were being manufactured by ZIPPY, SKIPPY and SPEEDY and other cyber relics.  Brokers were told "Skippy will do the math and you then write down the assessment income figure on the form as being acceptable and AFFORDABLE!"   "Its an accounting calculation......all banks use this system."  


It is the BFCSA Members and our BFCSA Community Teams that have broken down the final barriers to understand how $100 Billion worth of bad loans were flooded onto the market place.  RMBS packages have been bundled up and the hapless investors who buy into those gems will find nothing more than the biggest bank heist this country has ever seen.

Even the Government is now trying to offload the smelly loans that the AOFM failed to audit yet recommended that tax payer dollars be used to buy over $20 billion worth.

With over 100,000 families who will gradually come to the realization there are no more refinances  they have been ripped off with outrageous interest rates and buffer loans are also part of the bankster grand slam, grand plan and grand scam.  Had ASIC been engaging in a modicum of due diligence in 1998, all borrower, broker and investment victims could have been spared.

Its makes no sense for the Federal Government to continue to deny Australians the right to a ROYAL COMMISSION into our vile Banking Sector.  These SUB PRIME loans with buffer padding take about 5 years to fall apart.  It is only after the borrower starts running out of funds and then is denied refinancing  do the demands for documentation escalate and then of course THE FRAUD REVEALED.

As in other countries, Governments are either part of the problem or part of the solution.

Our members are now fully informed.  Had ASIC cared enough about consumers to fully inform all members of the public that SKIPPY THE COMPUTER was approving loans, that credit assessors had become glorified box tickers, AND that assessors assessed nothing in the way of verification or credit checks, our banking system could have been saved.

Instead we have property bubbles on top of more property bubbles as the IMF referred to in 2003 regarding the Australian Housing Market.  

Our people have been preyed upon, maliciously targeted by predatory banksters on the prowl.  As one decent banker has suggested (and we do keep secrets) "we actually approved EVERYTHING that came in the door.....we even boosted the amount borrowed to 80% and 90% LVR knowing you would have to live to 110 years old and fully employed to ever regain the title of your home!  It was callous and deliberate and no regard for older persons.  Sickening to watch, yet every bank was in on the game."

New Zealand whistle blowers have told the same story: "we were told you had to follow the instructions by bank officers or not make any money.  I left in disgust.  The computer calculated new incomes for people......the figures we wrote down were not plucked out of the air.....the banks internal calculator named SPEEDY gave us higher figures to write down on the loan applications.  At first we thought this was all legal........but nothing made sense.  We were told we were helping people.  I seemed to ask too many questions and getting dumb and dumber answers.  People with mental disabilities were signed up because the computer had no idea of mental illness.  Its a shocker.  The sooner all is revealed the better."

Borrowers were given to believe you could try this system, and bank driven strategy and if in one year you did not make an extra $10,000 then you could walkaway.  Some did not even realise a mortgage was involved.

All of the above was preventable.  Heads must roll, starting with the regulators.

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  • Denise
    Denise Saturday, 23 February 2013

    Australian and NZ Banks "Too BIG To Fail?" Icelanders have shown us the way forward. WE have been caught by an identical bank heist. Only THE PEOPLE can sort this one out. [email protected]

  • doyla66
    doyla66 Sunday, 24 February 2013

    Corrupt Bank executives have been deliberately defrauding the Australian people for years and MUST be prosecuted & jailed. The corruption of ASIC & FOS executives MUST also be investigated, with criminal charges brought against them.

    This is deliberate, systemic, criminal fraud against the Commonwealth and against the People of Australia.

    Bank robbers usually get long prison terms.
    These white collar bank robbers are worse as the stealing is in the biliions of dollars, but the only difference is that they are in an office or sat behind a desk, robbing people by fraudulently entering illegal loans into their computers!

    These bankers are destroying decent peoples lives - just so they can get their obscene bonuses & pay packets and then retire into 8 star retirements..
    And then , when they have sucked all the lifeblood (money) out of the host (the borrower), these parasites (bank executives) then move on (change jobs) to another bank.

    We must do the same as Iceland, kick them all out before they bring the Australian economy to its knees.

  • doyla66
    doyla66 Sunday, 24 February 2013

    Australia’s banking regulator (APRA) insists on spinning the yarn that Australian banks are just fine, so don’t worry about anything. THEY are 12 secret documents judged to be so potentially damaging that releasing their contents would endanger the stability of Australia's whole economic system.

    Australia's biggest banks, insurers and superannuation funds are named, and some are apparently shamed, in 'risk registers' kept by the federal government's banking regulator.

    Read more:

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