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BFCSA
MORTGAGE
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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
Often I get emails re American title scams.   WE call these theorists the "Magna Carta set."  OK here is what the differences are: The laws in America relating to title systems are entirely different.  In America it’s a flawed system In Australia its the Torrens Title system.  The Originals are held by the Titles Office.  The certified copies are held by the Trustees of the Banks...biggest are Perpetuals and Permanent - all making money from Low Doc scandal. In Australia you cannot securitise the Title...... so the Aussie Banks securitised the Income Stream and sold the Income Stream RMBS Packages to Australian Office of Financial Management ("AOFM") - $24 billion of toxic loans with tax payers dollars.  I complained this activity to Parliament - to the Senators in the Senate Economics Review Committee into Banking Post GFC Inquiry 8/8/12 at 2PM (in Hansard).  Its an historical reference. I warned that "The Government, cannot,  ought...
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  • brett@sctelco.net.au
    Here in lies the problem, the politicians are as always covering their own backsides whilst stuffing their pockets with cash.
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I have just been interviewed by George and Paul on 2UE.  They ask if the borrowers are exaggerating incomes..............?  My answer: that is the entire point....people are honest, they trust the banks, if pensioner is asked do you want a $300,000 loan to buy a second home, they will mostly say "oh no dear I cannot afford that, I am on a pension."  People are also aware that you can be jailed for lying to a Bank.  But what if the Banker lies to you? Bankers have created a service calculator - a tool - a weapon and the managers and sellers use the calculator to key in the true income and the calculator will use tax advantages to "do the math" and out pops an exaggerated income "futuristic" figure.  This figure can only be used if the client of the bank is given a financial strategy used as a selling...
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Another powerful moment with evidence of why we need an urgent Royal Commission into the Banking Industry.  Martin King took time and a pile of effort to put together this historic episode of A Current Affair.  We have seen all the "little old lady" stories of people losing their homes as if an isolated incident. Yes Minister had the secretary Humphrey suggesting: "but Minister this is an isolated incident."  Minister Hackett responded: "Yes Humphrey but I do not wish to see 800 "isolated" incidences landing on my desk each day. Martin's 8 minute masterpiece in the bigger picture showed video clips of the evidence BFCSA placed before the Senators in 2012 and again in 2014. Hence the calls by the Senators for a Royal Commission into banks.  Martin explained the ARIP targets: Asset Rich and Income Poor.  Courageous people (one terribly ill from cancer) came forward to explain their own terrible circumstances.  All are BFCSA Members...the...
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  • Denise
    Denise says #
    No-One should be silent or silenced over the biggest banking/lender scandal to ever hit these shores. Bankers at CEO level better
  • Duped
    Duped says #
    I will not be silenced until Rams reimburses me all lost money and a life I was hoping to enjoy at this stage of my life.
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The emails have been flowing and the comments are from those suffering: eg from Peter: Unbelievable interview and Alan Jones actually understood what is happening. The blog by Aries has a hell of a lot of major points, all extremely important and is showing that this government doesn't care a dam about people who have been scammed by the banks.  The day of reckoning is upon us. If you missed out on ALAN JONE'S amazing and passionate please for Royal Commission which took up 45 minutes of explanation on what the Cowboys of the Banking world have been up to and why it is "so shocking - we need a Royal Commission."  The $30 billion - yes $30 billion profit from the Major Banks is disgraceful - "some one is cheating."  That Cameron Clyne resigned after five years of work with $7 million per year, $22 million bonuses, $1.1 million income...
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  • Aries
    Aries says #
    Alan Jones can't stand the ordinary people being victims of fraud or corruption. He fights tooth and nail until the wrong has been
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For those looking for the Alan Jones interview Interview with Alan Jones 7.10am  2GB Thursday 14th held this morning 7.10am - 7.45am   http://www.2gb.com/article/alan-jones-denise-brailey#.U-xNIPmSyq0 Story so shocking this needs Royal Commission into the banking sector.  Banks pulled in $30 billion in profit this year.  ASIC has been timid and inept in protection of consumers.  As for Mathias Cormann.................watering down consumer protection laws.   It is a nonsense that NAB Cameron Clyne received $7.7 million bonus for 5 years work, plus $22 million in salary plus $1.1 million per year from shares.  Entire problem with banks is driven by bonuses and commissions.   There are cowboys in this industry placing vulnerable people into high risk products.  The sellers are indoctrinated with bank tactics and there is a general imbalance in the community at large.  NAB made $9 billion profit from the home lending market....most profitable in the world.  Yes someone is cheating....
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  • NABbed Nanna
    NABbed Nanna says #
    I totally agree with this blog. We have been to hell and back with Nab and it still goes on some 15 months after we were evicted
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https://www.finsia.com/news/news-article/2014/08/03/global-connectedness-a-world-you-should-start-imagining Bank earnings drag on recovery - Global connectedness: A world you should start imagining by Bernard Kellerman | Aug 04, 2014 Renowned Australian-born senior OECD economist, Dr Adrian Blundell-Wignall was in Sydney recently to outline some big-picture views on the state of the world economy. The OECD's director of financial and enterprise affairs, Dr Adrian Blundell-Wignall shared his views on trends and influences affecting the world economy at a luncheon with the Australian Business Economists last week.Blundell-Wignall next moved onto another big picture topic — bank earnings, which he said was one factor holding back the recovery of the world economy........................ "If you go back to 1980, the earnings of the financial sector of the S&P 500 companies was less than 10 per cent." Fast forward to the time just prior to the financial crisis, and the financial sector accounted for fully one third of earnings among the world's largest...
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Do not gamble with Home Equity!  Do not trust the banks.  Your savings will be shredded and lives will be changed forever.    Our best advice: learn all of the risks of any financial product six months before you enter the war zone.  The only one who can fully inform you of the RISKS is YOU.  We are now globally back to 1950's BUYER BEWARE.  No problem there, its just that to be fair, consumers need to fully understand the first RISK is trusting the commissioned seller and in particular the Manufacturer of the risky financial product.  Remember, you will only be told the benefits to you in glowing colours.  The "marketing material is designed to make you fear life without the product they are selling.  False and Misleading information by the bucket load is a key indicator of a full blow SCAM.   No-one should ever trust a Bank or Lender...the creators...
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http://www.afr.com/p/blogs/christopher_joye/comment_cormann_fofa_changes_gift_xrftj36KtmoyEsHZjRtOrN Comment: Cormann’s FOFA changes a gift to big banks PUBLISHED: 20 Jun 2014 13:06:00 | UPDATED: 22 Jun 2014 10:23:52PRINT EDITION: Christopher Joye The Coalition’s ostensible back-flip on its “reforms” to the Future of Financial Advice (FoFA) Laws, which were originally introduced by Labor to thwart mis-selling crises, will still radically change the way financial service products are sold and businesses organised.  But because politicians speak with forked tongues, and the Coalition has now occupied three different positions on the subject since December last year, the evolution of the changes needs to be traced to understand their significance.  Under Labor’s FoFA law all forms of so-called “conflicted remuneration”, including sales bonuses and commissions paid by employers or third-party product suppliers to individuals (eg, a bank teller, stockbroker, or planner) selling products to clients, were banned unconditionally for all products except loans, deposits, and insurance. This ban applied to situations where...
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Are you in the front line of negatively geared loans - mortgaged up to the eyeballs?  email me urgently............  Just remember: Mr Charles Ponzi's greatest white collar crimes were perpetrated on 50,000 victims including the Boston Police Force, whilst he was a BANKER in the late 1920'S.   This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.theage.com.au/national/on-the-brink-of-collapse-20081213-6xzw.html <http://www.theage.com.au/national/on-the-brink-of-collapse-20081213-6xzw.html>  ON THE BRINK OF COLLAPSE National Date December 14, 2008 James Kirby Home owners may be in the firing line, but right now investors who followed "borrow up to the eyeballs" advisers are in the deepest strife. THE rotten thing about this downturn is that the market is tracking a lot worse than the economy. That means investors — those who actively tried to take part in the boom — are in the front line. Sure, economists are forecasting 300,000 home owners may be facing "negative equity" (that is, their mortgages will be bigger than the value of their homes)...
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Australian Property Monitors are speaking to the wrong people.  Sources always say positively market is on the upswing when the TRUTH  is the opposite.  The peak of the boom was in 2011 and back she rolled, but notice how none of the real estate bods are recording this phenomenon.   Why figures skewed by adding palatial properties and McMansions into the mix.  Just ask APMQHR bods to tell you the state of suburban market (all cities and towns) and also rural towns in a give reasonable price bracket starting at $400k - to say $1.5million.  Figures will show backward slide.  Bit like Japan in 1998 slipping back to 1992 prices overnight.      This email address is being protected from spambots. You need JavaScript enabled to view it.   http://www.yourinvestmentpropertymag.com.au/news/national-property-prices-keep-on-rising-190066.aspx   National property prices keep on rising By John Hilton | 24 Jul 2014   The Sydney property market is leading a growth spurt in property prices, which have continued in most capital cities over...
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To:  Federal Treasurer Hon. Joe Hockey and Minister for Finance Sen. Mathias Cormann,  What are you prepared to fork out for aggrieved Older Australians caught in:- a) Retiree Bad Banking Advice and Strategies from Banker Engineered scams =  LOSSES of retirement funds? b) Pensioners and low income families - victims of Low Doc Mortgage  Lending scandal = LOSS OF HOMES? When is the inevitable ROYAL COMMISSION INTO BANKING products and services and superannuation scams likely to start please? http://policiesandregulatorycompliance.banking-business-review.com/news/bofa-offers-13bn-to-settle-residential-mortgage-disputes-170714-4319720 BofA offers $13bn to settle residential mortgage disputes BBR Staff Writer Published 17 July 2014 Bank of American (BofA) has reportedly offered to pay $13bn to the US reglators to resolve the long running defective residential-mortgage-securities sale investigations.  Sources familiar with the negotiations were quoted by The Wall Street Journal as saying that a meeting between the bank lawyers and the US Department of Justice (DoJ) aimed at settling the matter ended without any progress.  While...
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http://www.smh.com.au/business/banking-and-finance/financial-inquiry-head-david-murray-ponders-advice-super-20140718-zuc69.html Financial inquiry head David Murray ponders advice, super Banking and Finance Date July 18, 2014 Elizabeth Knight  Business columnist David Murray: Still wary about the trend in the government’s finances............. Sitting down to a disciplined breakfast of coffee and sourdough toast the morning after the release of the interim report of Australia's Financial System Inquiry, its head David Murray allows a moment to breathe out and reflect on the issues it raised and its potential to radically change aspects of the banking and superannuation industries.  He shows little sign of a fatigue hangover from the intense schedule of the week. But this cafe pitstop on the ground floor of Sydney's Chifley Tower is as close to downtime as he is going to get. Murray, a former career banker, a passionate student of economic history with vocal opinions on public policy, has never been one to shy away from ruffling feathers....
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RBA boss Glenn Stevens warns complacency will deepen downturn THE AUSTRALIAN JULY 12, 2014 12:00AM Print Save for later David Uren Economics Editor Canberra https://plus.google.com/111790188086700309806 Adam Creighton Economics Correspondent Sydney     EXCLUSIVE: RBA governor's reality check   In an interview with The Australian, Glenn Stevens warns investors not to count on a rate rise anytime soon.     AUTOPLAY ON OFF Reserve Bank Governor Glenn Stevens at the RBA offices in Sydney. Source: News Corp Australia <> EXCLUSIVE: RBA governor's reality check RBA boss warns of complacency RBA governor Glenn Stevens has warned that a dangerous complacency about Australia’s economic growth is letting political leaders defer tough decisions on the budget and risking a much more serious downturn when the next one occurs. In an exclusive interview with The Weekend Australian, Mr Stevens said a myth had developed that Australia had a “miracle” economy that was somehow immune from the turbulence affecting the...
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Govt forced to table FOFA regulations Thursday, 10 July 2014 | Tim Stewarthttp://www.investordaily.com.au/35868-cormann-forced-to-table-fofa-regulations?utm_source=ID&utm_campaign=ID_Newsflash&utm_medium=email        Today's News Govt forced to table FOFA regulations Disallow FOFA regulations, urges ISA Opposition calls for another advice inquiry YBR acquires mortgage manager Litigation law firms on the prowl Chinese growth to slump: BlackRock     inShare5   Labor has successfully mustered the numbers to force the government into tabling the regulations that amend the FOFA regime. Labor won a Senate motion to order the government on the production of documents regarding the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014, with 33 votes to 29. Voting with Labor and the Greens were Australian Motoring Enthusiast Party Senator Ricky Muir, Democratic Labour Party Senator John Madigan, Palmer United Party Senator Jacqui Lambie and independent Senator Nick Xenephon. The regulations were registered with the Governor-General late last month and have been in force since...
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http://www.interest.co.nz/news/60754/cbas-departed-ceo-ralph-norris-and-new-ceo-ian-narev-paid-a153-mln-combined-pay-freeze-ki CBA's departed CEO Ralph Norris and new CEO Ian Narev receive A$15.3 mln combined as pay freeze kicks in for 400 executives Posted in NewsAugust 21, 2012 Ralph Norris, who was succeeded as CEO of ASB's parent Commonwealth Bank of Australia (CBA) by fellow Kiwi Ian Narev last December, stands to receive A$9.6 million for his last five months leading the bank. Narev, who stepped up from a role as CBA's group executive for business and private banking to take the helm from Norris, received remuneration of A$5.67 million for the June year, meaning the two men combined, could be paid A$15.27 million CBA's annual report doesn't detail the pay of ASB CEO Barbara Chapman. CBA is Australasia's biggest bank with a market capitalisation about twice as big as the entire New Zealand stock exchange. Last week it posted record annual profit of A$7.1 billion. News of Norris and Narev's...
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http://www.smh.com.au/articles/2002/08/12/1029113891090.html Banks to be named and shamed August 12 2002 Banks will be publicly named and shamed if they fail to comply with a range of new rules under the new Code of Banking Practice, launched today.    The code requires banks act fairly towards their customers and give them plenty of notice before new fees are introduced or current ones changed.    They are also required to help customers with loan repayment problems and provide details on credit card transaction disputes.   The code has also been extended to protect small businesses for the first time.   Banks will be monitored by the independent Code of Compliance Monitoring Committee which can receive complaints about possible breaches of the code.   If the committee finds a bank has breached the code it can name the institution publicly, with the aim of attracting the attention of the industry's regulator to take action.   But consumer advocates argue that...
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At long last.  Well done to all these hard working Senators and particularly to Chairman Sen. Mark Bishop.   Yet the BIG issue is ALL FOUR MAJOR BANKS IN AUSTRALIA were acting as a cartel and doing the same thing.....dirty deeds in banking using agents to sell faulty products to benefit the players and not the customers.  The Senate Recommendation is only the start.  BFCSA want to see the Federal Government agree to a full blown ROYAL COMMISSION into ANZ, WESTPAC, NAB and CBA.  This email address is being protected from spambots. You need JavaScript enabled to view it. We also want to hear from people that have taken out mortgages since 2010......................................So far 50 persons have contacted us and guess what - the same allegations of FRAUD and FORGERY exist.  85% of all TOXIC LOANS are with the FOUR MAJOR BANKS.  http://www.smh.com.au/business/banking-and-finance/commonwealth-bank-facing-royal-commission-call-after-senate-financial-planning-inquiry-20140625-3asy6.html  Commonwealth Bank facing royal commission call after Senate financial planning inquiry   Banking and Finance   Date June 26, 2014 Adele Ferguson and...
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We are the brokers friend not the brokers enemy.  It is the Gods of Industry, the Masters of the Universe that have consistently told Parliament "its brokers doing the wrong thing."  The documentation gathered by BFCSA members show its the LENDERS TO BLAME and 86% are the Big Four Major Banks as you would find in any banking catastrophe where dabbling in white collar crime driven sub prime lending, is obvious. Australia is only just playing catch-up.  Read the Senate transcripts of the regulators and FOS and COSL - the Ombudsman's services - tainted and over-run by bankers.  To prove that white collar crime pays: consumers are getting a raw deal and brokers are being blamed in Parliament - not by me!  The Lenders invented the entire process, teaching brokers it was all above board!!!!  Medcraft admitted a computer approves the loans and calculators calculate the income used..........................the calculator is rigged at 1.1...
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  • doyla66
    doyla66 says #
    Banks love to find someone or something else to blame: brokers, GFC, government, regulations, international conditions, etc etc.
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Perhaps one of the most important things I raised regarding Service Calculators being used as a fraudulent means of banks hiding tampered with income figures, to pump up volumes and quotas on lending mortgages, was the COMPENSATION LIMITS issue. ASIC need to immediately lift any limits to compensation on toxic loans.   Clearly there were no limits imposed on BANKERS in lending toxic loans and that's why we have this dirty loan timebomb problem.  People are sick to death of the current limits of $280,000 when the average loan to pensioners (for banks to steal their homes) was over $600,000 and with buffer monies to hide the criminality of the loans and the non-affordability issue, after the loans escalated in four years to $1 million plus.   People are also sick of the Financial Ombudsman's Service ("FOS") cutting the miserly $280,000 limits down to the current test pilot lunacy of: "we...
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  • doyla66
    doyla66 says #
    One of the excuse Adelaide Bank used with fos was to say that i had no problem with keeping up the repayments. What they failed to
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http://www.asic.gov.au/asic/asic.nsf/byheadline/04-300+No+credit+for+misleading+loan+calculators?openDocument   04-300 No credit for misleading loan calculators Thursday 16 September 2004 The Australian Securities and Investment Commission (ASIC) has acted to close down loan calculators on more than 100 websites of Australian financial institutions, including banks, credit unions, other lenders and finance brokers. The calculators suggested that using a line of credit will result in the consumer paying off their home loan more quickly. ‘Most lines of credit charge higher interest rates than standard home loans, so when you stop to think about it, it was extraordinary to suggest that paying higher interest could pay off a loan sooner’, said Mr Greg Tanzer, ASIC’s Executive Director of Consumer Protection and International Relations. The loan calculators produced a graph, comparing the time taken to pay off a standard loan with the time taken using a line of credit. However, the way the calculator was designed meant that: extra repayments were...
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