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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: Expose on Rubbery Figures in Australian Banksterland = Toxic Loans

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Dear Captain Haddock.  You lose again but its a little entertaining.  My evidence in our Australian Federal Parliament never suggested the Australian Office of Financial Management ("AOFM") was profiting from a fraud.  Best to read the Transcript 8th August 2pm.  We asked if audits had been carried out by the AOFM and the following day the AOFM stated audits were carried out on the securities (people's homes in asset lend) and NOT THE Loan documentation.  

Had that occurred as a spot check - just a  minor ad hock look, the auditors would have seen magnificent discrepancies leaping out from each page - as BFCSA Members have done.  The loans were arranged on rubbery figures!  And you now wish to trust our major banks annual figures?  OK, lets stay on track.

 So we know the rubbery figures led to masses of imprudent lending, without the consumer's knowledge or consent as the banks altered the figures AFTER the copies of the original was sent to the banks by FAX.  10% were FULL DOCS by Bank Managers - more rubber.  This means we have a toxic loan problem.  The quantity now needs measuring.......

Treasury is therefore the beneficiary of the PROFIT and we have consistently stated the word PROFIT.    As taxpayers, we have actually purchased the INCOME STREAMS from those securities.  So if our surveys amongst members are correct "NOT ONE CLEAN LOAN," a host of other legitimate questions naturally emerge.  

We have discovered the Loan Apps which were deliberately hidden for 5 years or more.  I told Parliament: " Not one clean loan in sample of 1000 people AND The Australian GOVERNMENT cannot or ought not to PROFIT FROM A FRAUD.  What is missing from the "mind numbingly detailed reports..." (your words) and yes we do read WHAT % of the Bank Profit comes from the selling of LOW DOCS?  Did you ever ask yourselves why that is?  I had that question raised in TV interview a few years back on this very subject and the answer from med size Bank was 62%.

The Australian people need to ask the four Majors what their % of their profit is derived from LOW DOC LENDING?

At least you are now thinking about this chaotic system of reporting.  My forte is OMISSION and omission is a  crime in Australia. Look for whats NOT there.  I also advised Parliament the fact that we have people in default still in their homes in Mexican Standoff due to the fraud, and those people are not reported as being in default we do presume AND, there has been a frenzy of refinancing of billions of dollars worth of loans in what is known as BUFFER LOANS to hide the stench of those RUBBERY FIGURES.  

As a result of that material to Parliament, two weeks later APRA wrote to all the banks regarding....yes of course......correct reporting of defaulting loans and refinance (cover-ups) reported as "good loans" "good lending policies" etc etc.  Payments "all up to date" because banks have been feeding billions into the loan accounts of victims to show the appearance of their being able to "afford" to pay mortgage payments with the bank's own money!!!


Good solid loans?   I would suggest straw loans?  Now the refinancing has been a little curtailed....oops....and just watch the fallout......same is America.

All will be revealed. It appears our BFCSA Members are more informed.....   Isn't this fun?  Our Members are guiding Treasury in "how to look for a fraud that's right under your noses."  

Our Government should be after the Bank Barons and not the Broker Pushers....... Why do they not see?  Hmmmmm we know.     Its called a cover-up.  No-one wants to open the Pandora's Box.  No-one wants to lift up a  corner of the banker rug.

Just an afterthought......for all the doubters: the Australian Taxation Office ("ATO") lifted up the rug in 2005 at the request of ASIC and realised there were "hundreds and hundreds" of dirty loans specifically in the LOW DOC lending market.  "This is a job for ASIC they told me..."  My answer in 2005 "yes indeed."  Suddenly everything was buried for another eight years of consumer misery. Why I wonder?

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  • doyla66
    doyla66 Saturday, 09 March 2013

    Our loan with the CBA is also in default, (unofficially of course -as the CBA wants to keep it quiet), so they have added the default arrears into the overall amount of the loan.
    But I guarantee that it is not reported as being in default.

    The bank set the loan up as a Line Of Credit, so we were paying the repayments with bank buffer money - using a loan to repay another loan!

    We have more debt now than we had seven years ago!

    Talk about bleed us dry! They are sucking the lifeblood out of us.

  • doyla66
    doyla66 Saturday, 09 March 2013

    Wayne you haven't been watching the CBA ads on the TV; they are wonderful,what everyone needs.......EXCEPT for we who have been ripped of by the "honest CBA Bank Managers" who were only trying to help !!!!!! their customers.
    I wish we had a way of getting justice against the scum and getting our stolen money back. One day.......

  • doyla66
    doyla66 Saturday, 09 March 2013

    rubbery figures..BIG TIME

    Our loan is in default with RAMS WBC with arrears being capitalized.. We stopped making payments 8 months ago. The banks buffer loan money ran out around Xmas. We still live in our home and our case is with FOS.
    YES, BFCSA members are MORE INFORMED.. thanks to Denise Brailey.

  • doyla66
    doyla66 Saturday, 09 March 2013

    I have been talking to people that have not paid ANY mortgage repayments for over TWO YEARS & for over FOUR YEARS and MORE!

    The banks know that there is nothing they can do to them because the banks have sold off their mortgages!

    The best thing that the banks can do to resolve this situation is to write off the loans & void the mortgage.

    This would be the decent, honourable thing to do to resolve the situation.

    Banksters, please take note & take the honourable way out.

  • doyla66
    doyla66 Saturday, 09 March 2013

    The Loans ASSessor at the CBA also FRAUDULENTLY ENTERED the INCOME TAX RETURN details by OVER $52,000 on the banks credit assessment/ funding action sheets. OH! OH!




  • doyla66
    doyla66 Saturday, 09 March 2013

    My loans are in default, like with all the others not reported I bet.
    Hush hush is the key word with the banks.
    Buffer loans supplied... oh so easily.
    We know you have assets, we don't care to check if you can afford the repayments, we've nailed you
    we have your title deeds...would you like another loan?
    WAKE UP ASIC you can't sleep forever

    Jail the lot of them!

  • doyla66
    doyla66 Sunday, 10 March 2013

    Why ASIC and federal leaders seemed unmoved by our complaints against these banksters, mine is CAN do bank and CAN always get away with banksterism.. Federal politicians you have moral obligations to us electorates, we respect your positions and so do we..You keep promising the moon and the stars yet we present you the truth through BFCSA as simple as that, unless you are hiding a big stinky can of worms in the stinky banking world. ASIC proved useless time and again..If ASIC needs help BFCSA is there and here..Ms Denise B can give ASIC accurate briefing on these issues ..

  • doyla66
    doyla66 Monday, 18 March 2013

    I think it is well overdue for ASIC to pay Denise for all the 'voluntary' consultancy work she has done for them to date.
    After all, Greggy boy was on a massive 6 figure salary for doing stuff all -- apart from promoting brochures :o Perhaps, Mr Swannee [that same little boy who broke the rules of appointment to employ young Greggy] can see fit to shovel those fees into BFCSA. I'm am sure those 'Efficiency Dividends', 'KPIs' & whatever other measuring tools are being used will be more than met by BFCSA!

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