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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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Securitisation. Australian Residential Mortgage Backed Securities - Austrade

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This looks like the sales spiel for exporting our financial services overseas. 

Page 8 ... "Strong Rule of Law"...

In short the borrower bears the full responsibility for keeping the whole thing afloat. 

It all sounds rosy - we know it's not. 

Our ratings status has been downgraded based on the "housing bubble" information, dropping values, rising LVRs, possible reclassification ... 

There is considerable information on the AOFM site about the doings between the government and the RMBS investment.


I've been looking everywhere for a list of investors or countries who have in effect loaned Australian lenders money on this basis. Can't find it ...

What happens when the "investor" in the Australian RMBSs decides to get out of the deal? 

What security or guarantees does the Australian government have, and by default each one of us? 

What security do we as home owners/borrowers have? 

Most of us didn't borrow as companies or trusts. We borrowed as individuals. Would that make us more vulnerable at Law? 

I had the impression that it's harder to borrow as a company or trust (as asset holder). 

And I'm still trying to figure out what the alternative to "real mortgage backed investment" is ... virtual mortgages? virtual homes? virtual borrower? 

For a conservative investor this sounds like castles in the air ...

Nothing would surprise me in the creative universe of the derivatives market!

I'm wondering ...

If the appetite for RMBS high yield high risk investment is maintained or increases, if the Lo Doc and No Doc and subprime market is closing down in Australia, and if the Australian taste for credit is diminishing, what's the alternative? Unsecured loans like personal loans, credit cards ....

Could this have something to do with the decision to stop exit fees on mortgages?

To ensure that borrowers stay in the credit trap and go to the competitive minor lenders for better rates, rather than sell out or default, to keep the RMBS market healthy?

Sounds like more tail wagging the dog ...

Borrowers badly need a representative organisation like BFCSA (Inc) to ensure that their interests are protected in these policy decisions.  

Can anyone shed some light on this for me please?

Securitisation - Australian Residential Mortgage Backed Securities

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  • Denise
    Denise Sunday, 26 August 2012

    What of the funds came indirectly from Superannuation DIY funding - via bank investment products?????
    More lovely fees.
    It also means that RETIREES who trusted the banking products and invested in higher interest 'safe and secure" managed investment schemes would be unaware that their hard earned funds were used to loan to low to moderate income families and pensioners to make bank fat cast even wealthier. Theyw ere told the funds went itno property but what if the properties were duds and the actual home security is frauudlent and cannot eb clawed back?
    So the scam would be: RETIREES LEND TO PENSIONERS promoted by BROKERS and all three groups lose their homes and THE BANKERS WIN and swiftly retire.
    Do we understand the Model now? But what type of sick mind dreams up these scams and which persons go along for the ride and keep quiet?

    Yes indeedy we do!
    [email protected]

  • doyla66
    doyla66 Sunday, 26 August 2012

    I was watching a video with Governor Jesse Ventura quizzing bank top dogs about their distorted values and lack of accountability. Bankers and corporate heads have been thinking up ways of bleeding maximum value out of everything to the extent that nothing has value to them anymore unless it can be exploited. The bank guys looked amazed that anyone had a problem with what they did. Their lack of understanding of consequences, of cause and effect beyond the boardroom, was amazing. They looked like stunned mullets.
    I guess we have the job of ensuring that our banks shed their bad banking practices and get the mess cleaned up asap in a fair and equitable way. And debunking ASICs rot about brokers and borrowers. Teach ASIC that all fraud is crime, big or small, and no one gets away with profiting from fraud again.
    Call for a moratorium on evictions, liquidations or forced sales until the Royal Commission into Banking is completed. It's the only fair way.

  • doyla66
    doyla66 Sunday, 26 August 2012

    Minimum: banks must do LAF veracity checks on defaulting home-loans = ascertain true LAF facts from borrower!!!

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