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BFCSA
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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 Toxic Lending
RBA governor Glenn Stevens warns of housing bubble risk DateSeptember 3, 2014 - 3:07PM 22 reading now Read later Mark Mulligan     inShare submit to reddit Email article Print Reprints & permissions Aware that "monetary policy does work initially by affecting financial risk-taking behaviour:" RBA governor Glenn Stevens. Photo: Robert Shakespeare House price boom must end, says David Gonski Stevens calls for more business investment Reserve Bank of Australia governor Glenn Stevens has warned about the creation of asset bubbles in the current low-interest rate environment. Addressing members of the Committee for Economic Development of Australia (CEDA) lunch in Adelaide, he said monetary policy aimed at encouraging business investment and generating employment amid global economic weakness was in danger of creating a housing bubble in Australia. Despite assurances from the country's big banks and a range of economists that current house prices and levels of household debt are sustainable, a growing group...
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Banks demand bail-out protection DateAugust 29, 2014 Read later James Eyers     inShare submit to reddit Email article Print Reprints & permissions   Standard & Poor's said a bail-in scheme 'could have implications for our ratings' of the big four banks and Macquarie. Photo: Bloomberg Australia's largest banks have warned the Financial System Inquiry that forcing their creditors to wear losses in a crisis could see the banking sector downgraded by ratings agencies, face increasing funding costs across the economy and potentially exacerbate a downturn. The inquiry, led by former Commonwealth Bank of Australia chief executive David Murray, closed its consultation phase this week and submissions were released on Friday. Even though no Australian bank required a bail-out during the global financial crisis the inquiry is considering ways to minimise the risk that taxpayers are put on the hook during a future shock. The issue of bank stability is a controversial...
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Joe Hockey's former adviser Tony Pearson goes in to bat for the banks James Eyers September 01, 2014 Tony Pearson is set to join the banking industry's peak lobby group. Photo: Aaron Brown NAB in need of a 'deck scrubbing' One of Federal Treasurer Joe Hockey's senior advisers has been snapped up by the lobby group for the banking industry as it battles recommendations from the financial services inquiry. The Australian Bankers' Association on Monday announced four new appointments that it hopes will improve its lobbying efforts in Canberra including economist Tony Pearson, who for the past five years has been a senior adviser to Mr Hockey. He joined the ABA on Monday as executive director of industry policy. He will be joined by Aidan O'Shaughnessy, who will become the ABA's policy director of industry policy from Tuesday after moving across from the Australian Securities and Investments Commission. Christine Cupitt, who has most...
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  • organza
    organza says #
    The clue re how they operate is all revealed in the Tom Cruise movie The Firm. All you need do is substitute mafia with bankers a
  • Duped
    Duped says #
    We've said it before about this close knit club and how they move from each organisation. Conflict of interest everywhere. Club Ca
  • setup
    setup says #
    How about that, a well knit cosy club for the boys - birds of a feather will always stick together. What an amazing piece of news
  • Denise
    Denise says #
    Like Rats up a Drain Pipe!! Will you be helping with the shredding of client docs Tony? OK so the ABA will need all the help they
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Great way to disguise a mortgage - ABN's for a day if probably what this means!   http://www.loandesk.com.au/believe-anz-will-pledge-2-billion-new-small-businesses/   ·  July 23, 2014 Nina Hendy Business Loans, In The News Why is ANZ Pledging $2 billion to new small businesses?   Nina Hendy is a Loandesk contributor who has been writing about small business, entrepreneurs, corporations, finance, marketing and everything in between for more than a decade. She’s hired to research and write on these topics by BRW, The Sydney Morning Herald, The Age, SmartCompany, StartupSmart, The Investment Stylist and businesses needing a wordsmith. Don’t you think it sounded a lot like marketing? Really good marketing, admittedly. I mean, you’ve got to love a bank that’s openly committed to small businesses, right?  ANZ tells us the pledge is because it’s committed to small businesses and wants to support the role they play in the broader economy. Oh, and they’re also prepared to...
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  • Susan
    Susan says #
    'Love' and 'Bank' ..... Aren't they contradictory terms ....??
  • kddeed
    kddeed says #
    The cartoon says it all really!!
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http://www.crikey.com.au/2014/08/01/the-next-subprime-mortgage-crisis-in-the-making/ The next subprime mortgage crisis in the making Paddy Manning|Aug 01, 2014   We’re not as immune from the mortgage lending laws that triggered the Global Financial Crisis as we might think!  It is a bit of myth that Australia dodged the global financial crisis because we had tougher lending standards than the United States, where ticking-bomb subprime mortgages were packaged up into toxic derivatives like collateralised debt obligations, slapped up with dodgy AAA credit ratings and on-sold to financial institutions investors all over the world...............   Swept under the carpet in Australia during the GFC was the prevalence of loan application fraud, a form of predatory lending that consumer advocate Denise Brailey has been campaigning to expose for years.  The transfer of responsibility for consumer credit laws was transferred to the Commonwealth under the National Credit Act 2010, with the Australian Securities and Investments Commission taking over regulatory responsibilty....
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CHRISTOPHER JOYE   New data released during the week allows us to objectively lift the lid on the true level of risk in Australia’s banking system. Remarkably the evidence suggests the biggest banks have actually reduced tier-one “equity” capital and increased leverage over the past decade, which contradicts the consensus that our banks are more conservatively capitalised since the global financial crisis. Information published by the Australian Prudential Regulation Authority (APRA), which should be carefully inspected by David Murray’s financial system inquiry, addresses several myths that investors and financial advisers have swallowed hook, line and sinker. The $400 billion too-big-to-fail major banks are leveraged about 10 times, right? Wrong. But they have more loss-absorbing tier-one equity capital and less leverage than competitors? Incorrect. Well, they have absolutely boosted equity and cut leverage after the lessons learned during the GFC about the ease with which highly geared entities fall over? Wrong again. Every...
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http://online.wsj.com/articles/australian-banks-warn-against-tougher-regulations-1409301494 Australian Banks Warn Against Tougher Regulations Australia's Big Four Argue Against Imposing Tougher Capital Buffers Aug. 29, 2014   MELBOURNE, Australia--Australia's largest lenders defended their ability to withstand any future banking crisis and warned against further moves to strengthen the financial system, in submissions published Friday to a government-backed review.  The country's so-called Big Four banks in submissions to the review of the financial system opposed the imposition of tougher capital buffers. They have also argued against the need to ring-fence investment banking operations and advised caution over introducing any creditor "bail-in" system.   "A compelling case has not been made that further strengthening would provide additional benefits to the financial system," Mike Smith, chief executive of ANZ, said in a submission published on the inquiry's website Friday, adding steps had already be taken by the banks and regulators that would protect the public from losses. The big banks and...
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Dear Mr Thorburn Chief Executive Officer  National Australia Bank SPENCERS STORY on ACA Weds 28th Aug     http://aca.ninemsn.com.au/article/8897074/evicted-at-their-lowest-point Spencer needs some good news right now.  At 75 he still runs his business and earns around $75 a day.  Four years ago he owned his own home worth $500,000.  He asked for $105,000 to prop up vendor finance for his buyer then moved to slightly cheaper home. In four short years his original position has changed to one of owing NAB $500,000.  Your bank is saying they will allow Spencer and his wife to stay an extra one month in his home and has a reprieve from EVICTION. However you have inherited this problem from Cameron Clyne who recently sailed into the sunset with $42 million in bonuses.  Plus around $35 million for five years work stitching up elderly clients of NAB with INTEREST ONLY UNAFFORDABLE  LOANS.  Moody's tell us these IOU loans represent...
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  • Denise
    Denise says #
    Dear Stryker: Banks pay $5000 per "investigation" to FOS. Better for banks to pay BFCSA....we will act fairly for consumers and
  • stryker
    stryker says #
    Im sorry for Mr Spencer I know what he is going through. I have a similar situation with NAB. FOS told NAB to put us in the positi
  • kddeed
    kddeed says #
    The following is what I lodged online at Today Tonight today. > We are members of the Banking & Finance Consumer Support Associati
  • NABbed Nanna
    NABbed Nanna says #
    Sorry to hear that may lose your home kddeed. It is not an easy time for all concerned. I have been through it and know exactly h
  • kddeed
    kddeed says #
    Thanks for your support NABbed Nanna. You are right, it is the uncertainty of what will happen or where we turn to next, or what
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http://www.brokernews.com.au/news/breaking-news/newsletter-191172.aspx   BREAKING: Bank announces commission incentive       inShare by Adam Smith | 27 Aug 2014   A non-major has announced commission increases for its broker network.Bankwest has announced a new trail commission incentive for deals below 75% LVR. For a three month period, the lender will pay bonus trail while still paying 70bps upfront trail.The initiative sees the bank instituting year one trail of 5bps for loans up to $350,000, 10 bps for loans up to $500,000 and 15 bps for loans up above $500,000.“With rates as low as 4.74% p.a. (comparison rate 5.13% p.a.) for a loan amount over $750,000 and less than 80% LVR on our Complete Home Loan Package, Bankwest is growing its share of lower LVR business. Our Broker partners have been talking to me about the value of Year 1 trail, so I'm delighted we are able use this trial to test their appetite. The trial...
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Well looks like the Adelaide Bank is going to bankrupt me on the 22/09/14. I was served with  a notice just now saying this is what is going to happen. I dont know what to do. This was with FOS then they determined that this was better dealt with through COSL > tried to stop this from happening but FOS said there was no appeal on this and it had already been done. I have not heard from COSL at all until last Friday I got a voice mail to contact COSL , up until 4pm today I haven't been able to get anyone to answer. I have left several voice mail messages for this Nicola person.  I would think that my complaint with FOS was about the Adelaide Bank, and now FOS have said that this complaint is really about Barnes Home Loans that the Adelaide Bank goes straight in...
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  • setup
    setup says #
    Rob, don't give up. We are biding time for the RC. Once it is granted all their dirty laundry will be aired and open for the whole
  • setup
    setup says #
    Agree TJ the EDR's are the bank's servants not ours. and although they buy us time and keep the wolves from the door, the reality
  • Rob
    Rob says #
    Are you saying setup that no matter how much we fight to save our homes that it is to no avail, the banks will take our home anywa
  • TJ
    TJ says #
    You can be rest assured of one thing which consistently comes out of people's complaints to COSL and FOS and that is that neither
  • Aries
    Aries says #
    Adelaide Bank and the CBA are running neck to neck, it's just that no whistleblower has come forward with evidence of corruption w
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Predatory Banks again - ONE IN THREE have agreed????  I smell predatory tactics and bank induced "targeting."  Get legal advice from parents own independent lawyer.  This will get very ugly indeed as children ask parents to assist on encouragement from Bankers greedy for bonuses and profit.   Banks do not advise parents to seek INDEPENDENT LEGAL advice.  BFCSA MEMBERS HAVE SEEN ALL THIS and then are gobsmacked when parents also lose their home.  These are HIGH RISK and High Cost Loans.  Where are the Politicians?  Having lunch with JS?  We need to stop Bankers engineering these faulty unsafe products!  Its a carnage out there.   This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.news.com.au/finance/real-estate/one-in-three-parents-give-children-home-deposit/story-fncq3era-1227033513993   August 23, 2014   EXCLUSIVE: One in three first-home buyers is given a deposit by their parents to purchase property, in a trend that lenders say is booming. Mums and dads are collectively paying out $122 million a year to shoehorn their children into home ownership, with...
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  • brett@sctelco.net.au
    A false economy led by hungry banksters only interested in lining their own pockets at our expense. Gordon Gecko is alive and livi
  • Aries
    Aries says #
    Scare tactics used yet again by banksters, "by the time they save any sort of deposit the housing prices will have gone up so they
  • setup
    setup says #
    I agree Nanna. Kids should be taught to save their own deposit. My very wise Dad used to encourage us to save as big a deposit as
  • NABbed Nanna
    NABbed Nanna says #
    Felt sick when I read this article re: parents being guarantors using their own homes as security. This I'm afraid can only lead
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http://www.afrsmartinvestor.com.au/p/shares/banks_told_to_brace_for_correction_a8rwhaXju7rXzDFaznEtzK Banks told to brace for correction Published 22 August 2014 Key takeaway: FSI chair warns inevitable correction will put more ­political pressure on financial systems. David Murray has said his Financial System Inquiry needs to shore up the banking system to be ready for a ­correction in asset prices that have been inflated by unprecedented global ­monetary stimulus.  In a speech that adds to comments two days ago by Reserve Bank of ­Australia governor Glenn Stevens that investors have become too ­complacent about market pitfalls, Murray put the argument for increased ­regulation of the financial industry. “The ­post-crisis monetary ­settings have distorted asset prices again,” he said. “That is going to cause a correction at some point, which will put more ­political pressure on financial systems.”  The potential for a fall in share and property prices would expose the Australian banks to big losses. Murray suggested in his interim report...
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  • setup
    setup says #
    There needs to be a controlled regulation of the entire financial industry. and where are the victims in all of this? Not one word
  • Aries
    Aries says #
    If all goes against bank victims at this inquiry the LNP will be wiped out at the next election. Mathias Cormann you will be at t
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Sub Prime crisis on the way.  What a farce this sub prime lending fiasco has become and look deeply at the ramifications after banks failed to mind the consequences of bad lending practices, criminal activity and the like, and placed PROFITS BEFORE PEOPLE.   $42 million for Cameron Clyne?  It seems we reward our bankers and throw consumers of mortgages on to the bankers' mortgage bonfire!  We have been warning the industry and its lazy regulators for over a decade.  Now Banks are begging for mercy????  Mercy Me!  This email address is being protected from spambots. You need JavaScript enabled to view it.      http://www.theaustralian.com.au/business/financial-services/bank-chiefs-in-lastditch-plea-to-david-murray-on-tougher-rules/story-fn91wd6x-1227033753739   Bank chiefs in last-ditch plea to David Murray on tougher rules by:RICHARD GLUYAS From:The Australian August 23, 2014 THE four major bank chief executives have each made an 11th-hour appeal to members of the Murray financial system inquiry ahead of Tuesday’s closing date for final submissions, as concerns mount that the sector could be forced to hold even higher ­levels of bank capital due to the ­inquiry’s emphasis on resilience.   The closed-door meetings with...
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  • setup
    setup says #
    Show them no mercy, force them to lose their AA ratings. Cause them to experience high levels of hardships so they can maybe start
  • Aries
    Aries says #
    They are criminals and should be investigated. They don't deserve the AA credit rating. The word is reaching a wide range of the c
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Royal Commission into entire banking system urgently needed.  These Banks have been free wheeling and using UNVERIFIED LOANS - approved by computer across all residential lending FULL DOCS and LOW DOCS - fraud, forgery and maladministration in lending is RIFE.   Now 1500 fraudulent loans uncovered - 100% tampered with by bank insiders - we have the proof!  Taxpayers will then be asked to BAIL OUT THE BANKS Consuemrs will fight back.    In 2012 we had 400...................................the evidence of fraud and forgery and unaffordable lending is worrisome indeed.  The assumptions on risk weighting have been lowered with ASIC AND APRA's blessing!   Yet all evidence shows 100% of loans (36% Full Docs) uncovered to date  are predicated on criminal activity inside the banking system.    I can only report on what we have collectively found to be true. Our evidence is therefore KEY INDICATORS of mass marketed sub prime loans by Major Banks.                 This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.afr.com/f/free/personal_finance/smart_money/major_bank_profits_on_home_loans_q6OdSxtWQ1NHhRGluLO1zL Christopher Joye Major bank...
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  • setup
    setup says #
    It is shameful on their part to expect the ordinary consumer for a bailout. With their huge record making profits, there is more t
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This is what I wrote to FSI in an email Normal 0 false false false EN-AU X-NONE X-NONE MicrosoftInternetExplorer4   To whom it may concern. I was given Australian loans by Australian Bank  of more than $1.5m on the strength of a single letter from a man in Jersey. (the tax haven!) I have had no Australian income for more than twenty years and had no tax records nor was I on the electoral roll for more than 20 years. If only more people were aware of what this bank calls good lending practices, then I’m sure people would not buy shares or have anything to do with a bank who lends money to people who can’t afford it. It seems to all be about greed. This bank did not include any of my monthly outgoings as expenses? If I didn’t declare such things when applying for a loan, the bank...
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  • setup
    setup says #
    I have sent mine in and hope you all have done the same. This is so important for all of us and for our road to victory. Remember
  • Aries
    Aries says #
    Come on everyone get you emails in. My example is on page 2 on 13/8/14 under the blog BFCSA INTERVIEW WITH ALAN JONES. If your no
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Our Members have now amassed 1500 plus dirty Mortgage Liar Loans including UNVERIFIED FULL DOCS.  ASIC culture permitted banks to continue as normal.....................knowing ARIPs (Pensioners who owned their own homes) were being maliciously targeted by criminals in the Australian Banking Sector.  ASIC Former investigator tells us why ASIC developed sub-cultural problems.  We know the turnover of staff down there is nauseating!  ROYAL COMMISSION into Banking Sytem urgently required.   This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.investordaily.com.au/36114-asic-public-service-culture-criticised ASIC Public Service culture critiscised 22 August 2014 Friday 22nd August 2014 A former ASIC staffer has taken the corporate regulator to task for its “heads on sticks” approach that has prevented it from tackling major structural issues. Stephan Kasanczuk is a director of the consultancy firm WolfThink and a former investigator at ASIC’s predecessor, the Australian Securities Commission. Speaking to InvestorDaily, Mr Kasanczuk predicted ASIC’s current scrutiny of big institutions like the Commonwealth Bank and Macquarie will be short...
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  • Aries
    Aries says #
    Of course it will be short lived if indeed they are doing anything at all. Even if they are you can bet their will be a loop hole
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  I was 54, looking through the real estate for sale on the internet when I came across the most beautiful home, right on my favourite stretch of river. Of course it was expensive but I had a good income and thought I would at least give it a go. My way of thinking was that "If the bank doesn't think I can afford it then they won't give me the money." WHAT WAS I THINKING??!! I made an application through a broker who was upbeat about loans and approval was easy.  I left the broker's office thinking it was all an interesting exercise but I would never gain approval.  How wrong was I! They had to break the loan into four smaller loans, mortgaging the home and two rural properties I owned and I had to borrow another $130,000 privately (through someone the broker recommended) to use as a deposit...
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  • NABbed Nanna
    NABbed Nanna says #
    Another story of deceit and trickery. You sort of cannot believe that these so called trusted banks would treat you like this. We
  • Aries
    Aries says #
    Same old story from everyone, loan documents tampered with deliberately. Everyone write to the Finance Minister Mathias Cormann a
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The best advice Aggregators could well do with is to convince Lenders to outlaw the use of generic (yet secret) lenders service calculators (one size fits all re tax advantages).  Futuristic Incomes created by lenders are the root problem of sub prime lending.  I hope that crucial issue was on the main agenda in terms of consumer protection issues.  Also the first Aggregator to insist that an 11 page copy of the Loan App Form be given to all consumer applicants at the point of signing to protect the sellers from having documents distorted after the paperwork is sent in to processing.  There should NOT be destruction of that original for seven years.  That should effectively clean up these loan problems as I explained to the Senators in February this year.   It was FAST Group that channelled all the dubious loans from Money Choice Matt George.  In turn he gathered together...
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  • Duped
    Duped says #
    Main stream media have finally woken up and now realise that banks and lenders have used forgery and fraud to trick unsuspecting b
  • setup
    setup says #
    Yes Jiang, it's all a game of lies, deceit, secrecy and hidden agendas with the ultimate intention to unlawfully steal everything
  • PreySOS
    PreySOS says #
    I strongly petition government to investigate lenders' fraud. Disclose the banks' dirty trick under the sun to public with media
  • PreySOS
    PreySOS says #
    I even signed zero income as told to in Bank provided Financial Position Statement in my LAF when I apply for refinance from ANZ.
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http://workers.labor.net.au/features/200610/a_interview_paul.html October 2006 Interview Cowboys and Indians Interview with Peter Lewis Finance Sector Union national secretary Paul Schroder is standing between the big banks and a bucket of money. This issue has attracted public attention recently because some of the banks and finance companies have started their campaigns of sacking Australian workers and sending financial data offshore.   Examples include 485 workers under threat at Westpac's Concord Centre, 76 workers at Kogarah and in Adelaide from St George/Bank SA and 140 workers in credit cards at the National Australia Bank. This is just the beginning if the banks don't change the course or the Federal Government continues to do nothing. Who is pushing the offshoring of back room facilities - the banks or the offshore suppliers?   A bit of both. The banks don't need to do this they are highly profitable and are the most efficient banks in the world. However, the...
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Good onya Joe - blame the consumers for being spruiked with bad financial strategies into unaffordable LIAR LOW DOC LOANS by GREEDY bankers using fraud, forgery, and buffer loans to mask unaffordability on a grand scale.  Yes indeed, cover up for the banker wankers - that'l work!  It will go down a  treat with the aggrieved consumers who are about to be thrown into the streets when four years ago they owned their own homes and no debt. You then say to them: "why don;t you manage your budget?"   Are you seriously embracing political suicide Joe? Question Mr Treasurer:  "Did you receive 2% loans by any chance?"  The plot deepens. http://www.lawchat.com.au/wp-content/uploads/2014/08/Hockey-ABC-interview-cars.pdf  .................PRESENTER: You’re listening to Treasurer Joe Hockey on 612 ABC Brisbane Mornings. Moving on, away from the Budget discussion. Yesterday we heard about some of the big banks facing the country’s biggest class action aimed at recouping hundreds of millions of dollars in unfair late fees...
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  • setup
    setup says #
    Joe Hockey has no sympathy for the vicims of banking crime. That's plain to see. He has the "i'm alright Jack too bad about you"at
  • Denise
    Denise says #
    How many houses do you own Joe? Are they all mortgaged up to the eyeballs? Watch for the Bubble bursters Joe. Did you receive 2
  • Aries
    Aries says #
    Hockey know full well all about this fraud.
  • NABbed Nanna
    NABbed Nanna says #
    Mr. Hockey must have his head in the sand and his ears stuffed with cotton wool. He is not listening, he is turning the tides on u
  • Aries
    Aries says #
    Joe Hockey would know about the forgery and tampering of the loan documents. He was just glad the presenter didn't bring it up. D
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