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
657817

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!"

BFCSA Blog

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
Subscribe to this list via RSS Blog posts tagged in $2 billion fraudulent Credit Cards
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,”...
Last modified on
Hits: 1412 0 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Hits: 1791 0 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Hits: 1623 0 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Hits: 1692 0 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Recent Comments - Show all comments
  • 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
Hits: 2242 6 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Recent Comments - Show all comments
  • 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.
Hits: 2631 3 Comments
Rate this blog entry:
Continue reading
http://www.smh.com.au/business/markets-live/markets-live-insane-jobs-data-20140911-3f9hp.html Markets Live: 'Insane' jobs data Date September 11, 2014 The sharemarket fell on Thursday, despite strong jobs data, as weaker than forecast Chinese inflation added to jitters about the tumbling value of Australia’s biggest export, iron ore.  The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index each dropped 0.5 per cent, on Thursday to 5546.1 points and 5546.9 points respectively. The Australian dollar rose on surprisingly strong jobs data, but equities were not supported. Taking their opening cues from United States equity markets, which moved modestly higher on Wednesday, local shares traded higher briefly in the morning.  The market eased ahead of the major economic data releases of the day, and then continued to decline despite official jobs data for August that were better than expected. Australian Bureau of Statistics data showed the jobless rate dropped to 6.1 per cent last month, coming off a 12-year high of...
Last modified on
Recent Comments - Show all comments
  • setup
    setup says #
    The nation's in one hell of a mess. Which one of you "couldn't care less lazy" Politicians care enough about the homeless and the
  • Denise
    Denise says #
    It's more than shocking, everything is rigged and in their control, aided and abetted by computer systems using flawed computer pr
Hits: 1711 2 Comments
Rate this blog entry:
Continue reading
The Australian Parliament has listened to over a decade of excuses for consistent neglect coming from ASIC Chairmen.  ASIC became a boys club almost instantly for one age old reason: CONFLICT of INTEREST. The Australian Securities and Investment Commission is attempting to serve two masters:  Banking and Finance Industry and the interests of consumer protection.  IT has failed.  ASIC continually suggests it has not enough funds and not enough powers.  Senator Coonan told the public in 2005: "ASIC has plenty of powers."  WE agree.  ASIC generates $800 million a year in fees and Treasury feeds back $400 million per annum.  Consumers have had "enough" of ASIC excuses when billions of dollars in life savings from retirees and lost homes via Low Doc Liar Loans have run rampant. Australians losing their homes and savings is of no help to the economy and its time for Parliamentarians to wake up.  Consumers have begged...
Last modified on
Recent Comments - Show all comments
  • Jetfighter
    Jetfighter says #
    The banksters are protected and the hardworking pensioners are ignored while their investment in Australia is stolen.
  • Duped
    Duped says #
    Couldn't agree more, ASIC on permanent holidays and says to pesky consumers to bugger off and leave us alone. A complete waste of
Hits: 1499 2 Comments
Rate this blog entry:
Continue reading
FOS Chief Tregillis (ex ASIC) can expect a  letter from us shortly re its ex banker Ombudsmen and its current seconded Banker Experts.  Its not corrupt? Judge for yourselves.  Even Brokers are getting "done like a dinner." http://www.abc.net.au/news/2014-09-04/settlement-day-disasters/5721708 Watch The Business News 24 on ABC 8.30PM EST  ROYAL COMMISSION IS URGENT This email address is being protected from spambots. You need JavaScript enabled to view it.   From a Reader/Member:  FOS LOVE CLOSING FILES: I had made a maladministration/imprudent lending complaint via FOS and FOS closed my file.  The bank wrote a sob story to FOS telling them that they should be allowed to start legal proceedings against me while the complaint was being decided as they had already suffered a massive loss.  FOS didn't even make the bank substantiate their claim and granted the bank's request without giving me a right of reply.  It seems the banks can make any claims they like and FOS just accepts whatever they say as the truth, whereas...
Last modified on
Recent Comments - Show all comments
  • setup
    setup says #
    It doesn't matter how much evidence of fraud is written on the laf's, Fos will always find a reason to close the file without even
  • Duped
    Duped says #
    Forgot to mention ASIC, they are still on holidays and as far as bank seconded lawyers at FOS, well that's just plain criminally b
  • Duped
    Duped says #
    Unbelievable but not surprised how underhanded these corrupt banks operate. Hope Mr Murray has seen this because it's not only tha
Hits: 2046 3 Comments
Rate this blog entry:
Continue reading
Future homelessness will rival the great depression unless we collectively call for ROYAL COMMISSION NOW. You can now start to see futuristic stats emerging.............................. Casualty LIST of those affected by LACK OF CLEAN UP and lack of response from the Australian Federal Government:   Mortgage holders who were given buffer monies to mask UNAFFORDABILITY of sub prime Property owners as market bubble bursts Sellers of products as downturn bites Shareholders who trust the banking system Depositors who trust the Banks Small businesses who rely on small truthful loans Governments who ignore the elephant in the room High wealth aussies re bail out bank strategies And all the flow on effects: jobs, health, divorces, suicides and homelessness costing centrelink....massive! AND, THE WINNERS ARE....CEO'S of Major Lenders paid up to $100 million for five years carnage......................all criminal of course.  Where is the JUSTICE? CLEAN UP TIME and recognition that SELF REGULATION only works...
Last modified on
Recent Comments - Show all comments
  • MickyD1112
    MickyD1112 says #
    Bring on the commission
  • Aries
    Aries says #
    Yes indeed. Loans approved with none or very little deposits these homes are ranging from $700,000 up in Sydney. I heard Alan Jone
Hits: 1685 2 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Recent Comments - Show all comments
  • 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
Hits: 2409 8 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Hits: 1430 0 Comments
Rate this blog entry:
Continue reading
  Unverified Lending since 2008 and Veda speaks of "Fraud Checks."  Not in our experience in dealing with banks - the fraud is internal to the banks.  Without Veda seeing the supporting docs of an application how can they verify if fraud or not? Consumers are waking up.  Even David Murray is warning what comes up must come down.  There has been widespread approval of unaffordable loans and the consumers had no idea of the frauds and were forced by packaging to take credit cards they had said NO to.  Banks said you must take them as part of the pack - no choice - cannot separate.  Breaches of TPA all over the place. Nearly $2bn of credit apps red-flagged for fraud       inShare by Adam Smith | 25 Aug 2014   Nearly $2bn of credit applications were red-flagged as potential fraud in the last financial year.New research from Veda has shown $1.9bn in...
Last modified on
Hits: 1455 0 Comments
Rate this blog entry:
Continue reading