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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: Bankers engaging in Financial Hocus Pokus by Plugging in the Brokers

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Members understand what this crime scene is all about.  They are ordinary Mums and Dads who did not deserve to be preyed upon by deceitful banks:

One Member writes:

Banks cultivated brokers but also saw them as disposable pawns and foot soldiers, like door to door salesmen, which is how they were behaving where we lived. Out hawking for business, the bigger ones out spruiking and touting at glossy property investment and wealth creation events.
As I understand it the Credit Assessor (CA) can override the system if they wish. Thus any loans that are knocked back can be reviewed ("talk to us") according to the collection of Bank/BDM/Broker emails I've read.

Banks & Lenders were vying for business, offering Brokers "incentives" to put more business their way. Brokers also knew which Banks & Lenders were being "generous" ie. lenient with lending rules and generous to Brokers, allowing more loans through and more commission. This put consumers at greater risk - don't we know it!

By the time we were granted a mortgage they were just about giving them away on street corners and in cornflakes boxes!
The dead giveaway are all the cases where no broker was involved: the many cases where the Big 4 Bank dealt directly with the borrower, even with full documentation supplied to substantiate the borrower's data (full doc loans) and still fraud occurred!

I agree, Nanna, these calculators point the finger right back into the deep heart of the Banks and Lenders. All their own work, set up and ready for the broker to log in and plug in the data that worked for them. If the data didn't work the CA could make it work. Just get those loans on the books and busy little borrowers beavering away to turn fiat currency into real money, poor dumb sheep!

And as you say, Duped, if we're not permitted to view any document which contains our personal & financial data, there is something wrong with the Lender's fraud and error prevention controls. Scheming is what it is. Using this gearing I doubt there was ever any intention that true borrowing ability ab initio would come into the equation! Thus totally unaffordable loans were granted, based on pie in the sky future incomes and a plum pudding of data to beef it up on the calculator. Accurate figures? - forget it! - financial hocus pocus all smoke and mirrors, especially if anyone questioned it. They've had the wool over the eyes of borrowers and government alike. I hope they enjoyed the joke. We'll make them laugh on the other side of their faces soon. :p

Yes: Brokers wake up - you've been the patsies in a huge scam. Stop fooling yourselves that you're valuable to the Lender or that they really give a stuff what happens to you! That's just BS to hook you in and keep you coming back for more. You're just as unnecessary and disposable as we are to the despicable selfish avaricious Banks & Lenders. They're not charities, you know. But they wanted you to feel the love, all warm and fuzzy, so they used one on one relationships with BDM to keep you engaged and motivated. Frankly they used you and some of you are starting to wake up to it: The party's over, for all but the big hitters.

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  • doyla66
    doyla66 Sunday, 10 November 2013

    Yes your are right in your assumption in regards to the Credit Assessor being able to over ride any imperfections for want of a better word in the loan application file provided. A bad credit rating was over ridden in a FOS case I know of. I saw the documents involved and the Nab bank comments to over ride so I can confirm. This was a home loan mortgage where the incomes and employment details had been altered by the Nab. One partner was self employed, and had been for many years but Nab they altered his details to fully employed with a fictitious company. Nab never mentioned an ABN either but why would they when they had altered his details. The other partner concerned was on Work Cover but Nab altered those details to fully employed with a previous employer whom she had not had contact with for 2 or more years.
    Oh, what a tangled web Nab weave when Nab practice to deceive.

  • doyla66
    doyla66 Sunday, 10 November 2013

    I think they got more canny, of recent times. Just in case any pesky borrowers might be asking for their LAFs.
    Banks prevented our accessing the Loan Serviceability Calculator, which should show only our data.
    It's likely that the LSC doesn't just include our data, but a range of "adjustments" notated on this "internal" document for internal audit purposes.
    What's even more likely is that the gearing rate was tweaked to get "talk to us" loans over the line, leaving no obvious documentary proof that Borrowers or their lawyers could get their hands on.
    That's cyber crime, isn't it?

  • doyla66
    doyla66 Tuesday, 12 November 2013

    Basically the huge amount of loans should never have been approved in the first place. Had the correct procedure been applied this scam had no chance of getting off the ground because all fraudulent applications would not have been approved.
    In our case the Credit Assessor did all the fraudulent work and the Loans Manager approved it knowing fully well that it was an unaffordable loan not to mention the fraudulent tampering of our income figures etc etc that took place.

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