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
728372

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!"

Lee Doyle

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

John Williams: Regulator 'gun-shy' on bank failings

Posted by on in Political Blindness
  • Font size: Larger Smaller
  • Hits: 1969
  • 2 Comments
  • Print

NATIONALS senator John Williams has called for a royal commission into the banking sector following evidence of widespread improper lending practices during the last property boom and subsequent regulatory inaction.

Senator Williams, appearing yesterday before a Senate committee into banking, attacked the corporate regulator as "gun-shy" amid claims that thousands of vulnerable people were stung by so-called low-doc loans before the global financial crisis.

"If only 10 per cent of what comes in to my office is true . . . we have a problem and we should have a royal commission," Senator Williams told the inquiry.

His comments followed claims by Denise Brailey, of the Banking and Finance Consumer Support Association, that abuse of low-documentation loans was widespread during the the property boom and regulators had done very little to hold those responsible to account.

Ms Brailey said her organisation had uncovered documentary evidence that many mortgage brokers or others in the lending chain had falsified income details and other information to get loans approved in the heated pre-financial crisis property market.

Read Full Article: ttp://www.theaustralian.com.au/national-affairs/regulator-gun-shy-on-bank-failings/story-fn59niix-1226446258179

Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Saturday, 11 August 2012

    Fantstic!!!!! To the other Senators PLEASE listern to our pleas and support a Royal Commission

  • doyla66
    doyla66 Saturday, 11 August 2012

    Would they have to include the Royal Commission in the next budget or the one after?
    Is it something that is voted on in the Senate or the House of Reps?
    Can they do one at short notice?
    It's sounding a bit like they're expecting it soon.
    The Senate Inquiry had to be passed by the Senate Estimates Committee.
    I think we need to push for the Royal Commission and the funding for BFCSA/CPA unit.
    As the publicity spreads about the loans frauds, banking malpractice, etc it is likely that there will be considerably more victims requiring assistance.
    So there are two parts to the problem:

  • investigation and prevention of future similar problems
  • cleaning up the messes created by the past and present systems
  • The funding for the CPA unit could end up being cheaper than a Royal Commission.
    e.g. the Cole Royal Commission into the Building and Construction Industry in 2003 cost $60 million. The original budget allocation was $7 million.

Leave your comment

Guest Saturday, 15 August 2020