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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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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.

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Subscribe to this list via RSS Blog posts tagged in $100 billion in Debenture Losses
Big banks back overhaul of advice industry but baulk at funding compo Banking and Finance Date December 14, 2014 - 3:33PM Clancy Yeates http://www.smh.com.au/business/banking-and-finance/big-banks-back-overhaul-of-advice-industry-but-baulk-at-funding-compo-20141214-126rt9.html After a year of turmoil in financial advice, big banks are supporting the creation of a public adviser register, more disclosure of licence ownership, and tighter rules on who can call themselves an adviser. Yet the industry is at odds with the Financial Ombudsman Service over its call for a industry-funded "last resort" compensation scheme for victims of bad advice. New submissions from the Commonwealth Bank, Westpac, Macquarie Group and AMP support the government's plan to give consumers more information about an adviser's history including any bans, their qualifications, and the company that is employing them. The submissions have been made to a Senate committee investigating the level of consumer protection for financial advice clients, an issue that has come to the fore after the government's move...
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  • Louie2U
    Louie2U says #
    FOS always was a toothless tiger. It can make any recommendation it likes but when it has conflicted interests operating within it
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Financial system inquiry: David Murray smacks down banks’ ‘wild’ capital claims PUBLISHED: 7 hours 37 MINUTES AGO | UPDATE: 6 hours 32 MINUTES AGO   http://www.afr.com/p/business/financial_services/financial_system_inquiry_david_murray_IlZFq8Xod3SVrMNGeJDP5K Jonathan Shapiro At a glance | Financial system key recommendations Financial system inquiry calls for banks to hold billions more capital Murray pushes lower fees, bans on SMSF borrowing Regional banks call for fast action on big four David Murray may have spent most of his career in banking but that hasn’t prevented him – or the financial system inquiry he has led – lambasting the lobbying efforts of the big four banks. He has emphatically rejected claims by the banks that they are among the best capitalised in the world and that efforts to force them to hold more capital will cause harm by increasing rates to customers and reducing returns to shareholders. What has become immediately apparent in the FSI report’s opening chapter...
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White collar crime profits should be targeted and penalties toughened DateDecember 7, 2014 - 12:35PM Read later Georgia Wilkins Business reporter View more articles from Georgia Wilkins Email Georgia     inShare submit to reddit Email article Print Reprints & permissions   Former director Shawn Richard was sentenced to 3 years and 9 months jail after Trio Capital collapsed in 2009, costing investors an estimated $123 million. Photo: Jim Rice Banks must bulk up Murray inquiry key recommendations White collar criminals, their companies and employers should forfeit all proceeds of the profits of crimes and their penalties should be increased, says the financial system inquiry. The report has called for tougher penalties for breaches of corporate law and the introduction of a user-pays system to fund the industry watchdog.  In a report handed down by ex-Commonwealth Bank boss David Murray, the inquiry recommended the Australian Securities and Investments Commission be given tougher enforcement tools.  It...
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This is the link and thank you for support as this is sorely needed and long overdue   https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners  CONSUMERS ARE FIGHTING BACK...................Please SEND to everyone you know with Twitter and Facebook Banks fudging income figures using a Banker Engineered tool known as a Serviceability Calculator Not phoning clients to verify income - it is a set up. Please speak out re your loss re Debenture Scams or Banking Products such as Low Doc UNVERIFIED Mortgage LOANS Ask us how to extinguish Credit Card loans attached to Mortgages.   This email address is being protected from spambots. You need JavaScript enabled to view it....
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Loan serviceability buffers questioned Friday, 12 September 2014 James Mitchell http://www.mortgagebusiness.com.au/breaking-news/7640-westpac-s-loan-serviceability-buffer-questioned   A new report has raised concerns that the loan serviceability buffers of Australian banks are too low for borrowers to withstand rate rises.  Interest rate buffers are used to assess a borrower’s ability to meet mortgage repayments in the event of a rate rise. The JP Morgan Australian Mortgage Industry report singled out Westpac as an example of a lender with a buffer rate of 6.8 per cent, just under two per cent above the current rate of repayment on a standard mortgage.  “That serviceability buffer is actually around the 10-year average mortgage rate,” JP Morgan banking analyst Scott Manning said. “If you are assessing buffer ability on averages, rather than stressed scenarios, we question whether that is sufficient and we think maybe the three per cent buffer that the UK is proposing actually makes a bit of sense,”...
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That's not a debt disaster  -  This IS a debt disaster:  Joe and Tony's big con 11 October 2014 Alan Austin http://www.independentaustralia.net/politics/politics-display/thats-not-a-debt-disaster--this-is-a-debt-disaster-joe--tonys-big-con,6984 Alan Austin presents another exclusive report the mainstream media will not touch — Australia’s rapidly escalating borrowings since Abbott and Hockey came to office promising to end ‘Labor’s debt disaster’. AUSTRALIA’S DEBT since Joe Hockey took charge of the nation’s finances has increased dramatically.  The rate of expansion shows no signs of slowing.  Monthly finance figures for July and August were quietly released yesterday — late on Friday night, several weeks late, after seemingly being sat on by Cormann for at least a week*.  They show the Abbott Government has achieved precisely the opposite of its solemn pre-election undertaking to bring about   ‘… a reduction of $30 billion in net debt.’ In July and August alone – two months for which it is impossible for PM Tony Abbott to blame...
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If you were in any doubt there are giant PONZI's raging faster than bushfires right now, one only has to look at the corrupted FINANCIAL advice industry.  People's lives are lying in smoldering heap of ruin right now.  Over $200 billion has been lost in either savings and homes, and more carnage to be uncovered.  Retirees and Pensioners were the target market for 15 years of non enforcement of law.  Most of these scams are connected in some way to property and yet some were even connected to manipulation of the stock exchange. If you are outraged by this you need to send our online petition to as many people as possible.   Lets do more to hit 3000.   Every MP should be reading the comments on the petition.  I am putting together a submission for Sen. Sam Dastyari Inquiry into Financial Advice.  I gave ASIC 15 years of meticulous documentation...
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How can any first home buyer afford to save $164,000 for a home deposit?      Property forecast: prices to rise by 19% with deposits to hit $164,000   By Audrey Bertin | 14 November 2013   http://www.whistleout.com.au/HomeLoans/News/Property-forecast-prices-to-rise-by-19-per-cent-while-deposit-remains-high   Sydney’s residential market is in fast recovery, with forecast by property forecaster BIS Shrapnel predicting housing prices in Sydney to rise by 19 per cent throughout the next three years. Adding up to this increase in budget for home buyers is the deposit, requiring more savings as prices climb – which prevents many first-home buyers from making the leap. The median price for Sydney’s houses is $690,430 at the moment, and it is expected to extend to $820,000 by June 2016. Robert Mellor, managing director of BIS Shrapnel reported that the main factors driving this price increase are a strong demand from population and overseas immigration growth and an under supply of...
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http://www.theage.com.au/business/banking-and-finance/penske-file-exposed-macquarie-groups-cheat-sheet-made-public-20140919-10j8yu.html Penske File exposed: Macquarie Group's cheat sheet made public Banking and FinanceBusiness Date September 20, 2014 Adele Ferguson and Ben Butler It is the cheat sheet at the centre of the Macquarie Private Wealth scandal that the millionaires' factory and the corporate regulator, the Australian Securities and Investments Commission, refuses to confirm or deny exists.  Fairfax Media has obtained a copy of the Penske File, named after the folder of documents on which the Seinfeld character George Costanza pretends to work. The Macquarie folder contained answers to exams its advisers are required to take annually in order to keep their professional accreditation up to date. Fairfax Media can reveal a version of the controversial Penske File has been barcoded and scanned into ASIC's database. The file includes more than 30 cheat sheets showing the answers to questions on topics ranging from agribusiness schemes and margin loans to advising clients whose...
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If you are a student you need to sign our PETITION.  TALLY today is 2034 This is the link and thank you for support as this is sorely needed and long overdue.  Ask 100 contacts to sign up..........................   https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners http://mfi-miami.com/2014/09/the-u-s-student-loan-debt-crisis-will-dwarf-the-mortgage-crisis/ The U.S. Student Loan Debt Crisis Will Dwarf The Mortgage Crisis By Steve Dibert September 8, 2014 This Is Why MFI-Miami Has Started Investigating Student Loan Fraud Back in 2010, the New York Times ran a story about an Austrian guy who broke off his engagement with his American fiancee because of her $170,000 student loan debt from attending medical school. Everyone expressed their “OMG That’s horrible!” on social media and like typical Americans were back focusing on American Idol or Dancing With The Stars two minutes later.   Since 2010, student loan debt has reached $1.5 Trillion and this growing debt is second only to mortgage debt in the...
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Mike Smith ANZ Gloats of success! Warning...  More Money Mike's "selfie" article will upset most Australian citizens and particularly ANZ victims of Liar Lending Policy BFCSA (Inc) 20 Sep 2014 — Share our Petition re Bad Bank Behavior with everyone. How does white collar criminal activity at the top level of the Banking Cartel assist Australia? A 70 year old person who had retiree status and owned their home debt free, now about to become homeless and now has to stand in the queue at Centrelink because "I now qualify as poor and the age pension." How does that help our economy? Ask Mike Smith of ANZ who gloats about success and riches after coming from UK, is now ready to become a very wealthy $7 million per year citizen, and still heads ANZ and their toxic Liar Loan Low Docs. Mike  loves Australia! His personal Road to Wealth story on page...
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Get involved: Why? as one petitioner explains To prevent a banking collapse here in Australia because this would have a devastating effect on the population.   The future of our economy is dependent upon a Royal Commission.  MR DAVID MURRAY must recommend  ROYAL COMMISSION INTO BANKS AND ALL ASSOCIATED SUBSIDIARIES in the PROPERTY, DEVELOPMENT SCHEMES running PONZI STRUCTURES connected to Banking - wide Terms of Reference. THIS IS DOABLE  cut and paste link and sign in.  Then send to every community group you know of. Read the 1650 REASONS OF OTHERS Both partners to sign in - then send to 100 people and you will see the momentum building as other recognized organisations and groups come on board. This is the link and thank you for support as this is sorely needed and long overdue  https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners Petitioning Mr David Murray Chairman of the Financial System Inquiry  Recommend an urgent ROYAL COMMISSION into...
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  • kddeed
    kddeed says #
    I've gone public with it on Facebook, we've emailed it to all our contacts, c'mon those who have not done so, time to get on boar
  • setup
    setup says #
    Here is a great comment amongst many others on the petition. "I'm in utter contempt for and disgusted by a system that is rotten
  • setup
    setup says #
    Lets not become complacent. we need thousands more signatures - sign and pass on.
  • Jenny L
    Jenny L says #
    Please sign this Petition. It's easy and takes just a few seconds to do. Common everyone, sign and pass on for others to sign. Pe
  • setup
    setup says #
    A couple of hundred signatures went up today and in the last 30 minutes or so 103 went up - unbelievable. I have sent the petition
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The Bankers are at the coalface of DEBENTURE PONZI SCAMS too.  Better have a look there - again!!!!!!!   Here is a TIP: The Banks' developer clients were building too many units and there was a BIG glut.  Banks had to teach brokers to become BIG TIME developers with aid of lawyer.   Most brokers never got passed the land bit and were left in bankruptcy after Bank Cartel seduced them with low cost loans that became HIGH COST death traps.  Sound familiar?  Even Al Capone had an attorney!  Bank had no liability they said (lies of course) and Peter you and your mates at ASIC sided with the Banking Cartel from 1998 onwards. But developers that rose to the occasions were greedy morons running PONZI's but then we had the DISTRESSED PROPERTY SYNDROME.  Bankers encouraged the use of their prized broker channel to target ARIPs (Pensioners) who had no financial experience, but YOU permitted Bankers and developer Ponzites to label them SOPHISTICATED and then you...
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  • kddeed
    kddeed says #
    Yep same story played over and over again. Wish to hell we'd never entered this banking and finance minefield!!!
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Peter Kell, Deputy Chair of ASIC,  Dear Pete, you cannot continue the 16 year old crappy suggestion you are doing a CRACK DOWN on crooks.  You can no longer look at an advertisement and hand out a parking ticket to a Major Bank. Oxford Dictionary: CRACKDOWN A series of severe measures to restrict undesirable or illegal people or behaviour: a crackdown on white collar crime.    Pete a CRACKDOWN it does not suggest a parking fine for an ad!!!!  But we should have a CRACKDOWN on dud regulators!!! A CRACKDOWN IS WHERE YOU LOOK AT CONSUMER LOSSES AND RUINED LIVES, instruct the AFP, ROUND UP THE BANKERS, THROW THEM OVER THE BONNET OF THEIR FANCY CARS, HANDCUFF THEM AND HEAD OVER TO THE CDDP.    I explained this to you in our 2004 meeting in the Melbourne ZOO, remember?  Let's get a move on!  Its not about saying "oops adv is a tincy wincy bit misleading.  Its looking...
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  • NABbed Nanna
    NABbed Nanna says #
    You were lucky you actually got someone to talk to you although abusive. We could not get any sense from Nab whether through the
  • kddeed
    kddeed says #
    we approached our Westpac bank manager & asked why they approved our application for a loan on an investment property after we req
  • Duped
    Duped says #
    And that's about it (THE SCAM) in a nut shell and approved by ASIC.
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 Bring on the ROYAL COMMISSION into banks 30 years This email address is being protected from spambots. You need JavaScript enabled to view it.  Yes it’s your turn to become involved.  Let it never be said we sit on the sidelines…………….whilst your homes and savings disappear.  Please sign our PETITION for Royal Commission into Australian Banks non Banks and Collapsed Companies and Debenture & Investment & Mortgage Scams & the neglectful regulators ASIC AND APRA. The PETITION is being sent to DAVID MURRAY - Finance System Independent Inquiry  This is the link and thank you for support as this is sorely needed and long overdue  https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners  cut and paste into word and then press return at the end and click You can also donate funds to the Petition by pressing Promote Button Our petition is rising by at least 50 a day.  Please ask group leaders to send out to their members.  Ask your extended families to get involved.  Use social media and also using Facebook and...
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