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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 $200 Billion in Losses
Why gearing gets a hearing from Peter Dutton The Australian 12:00am December 2, 2016 Will Glasgow, Christine Lacy   The burden of handling one of federal politics’ most controversial portfolios isn’t holding back Immigration Minister Peter Dutton from building his substantial personal wealth. The Member for Dixon is one of parliament’s less publicised multi-millionaires, having accumulated assets worth at least $10 million — perhaps as much as $20m — mainly through investment in residential real estate. While protesters this week were hijacking the parliament over the Turnbull government’s refugee policies, Dutton was ­disclosing that he had been on a real estate spending spree since May. He’s snapped up two new properties for his portfolio in his beloved Queensland — one in inner city Brisbane’s Spring Hill and another in far north Queensland’s Townsville. No wonder Dutton was one of the most strident critics of Labor shadow treasurer Chris Bowen’s proposal to...
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Dear Senator Dastyari  As Treasurer, why isn't Joe Hockey reigning in both ASIC and these Bankers over CRIMINAL CONDUCT, CARTELS and CORRUPTION of the Banking System?  We have faulty products, risk laden lending policies, financial ruin and a chaotic mortgage market pushing up a mind boggling BUBBLE in the property sector.  Its time for us all to toughen up! $200 BILLION in losses.  BFCSA Members have a few questions of our own we wish you to ask.  See LIST of Questions further on. I have appeared as a witness in the Senate on behalf of over 2000 people who have been caught up in The Toxic Mortgage Loan Scandal. These loans were created by the Banking Cartel of 17 lenders including the BIG FOUR.  The loans were systemically manufactured and distributed as financial products by the Lenders. Planners and Brokers were pawns used by Bankers to believe they were selling legally...
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http://ellenbrown.com/2014/12/01/new-rules-cyprus-style-bail-ins-to-hit-deposits-and-pensions/ New G20 Rules: Cyprus-style Bail-ins to Take Deposits AND Pensions Posted on December 1, 2014 by Ellen Brown http://ellenbrown.com/2014/12/01/new-rules-cyprus-style-bail-ins-to-hit-deposits-and-pensions/ On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board’s “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,” which completely changes the rules of banking. Russell Napier, writing in ZeroHedge, called it “the day money died.” In any case, it may have been the day deposits died as money. Unlike coins and paper bills, which cannot be written down or given a “haircut,” says Napier, deposits are now “just part of commercial banks’ capital structure.” That means they can be “bailed in”...
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Xenophon and Labor extend olive branch to Cormann GARETH HUTCHENS 21 Nov, 2014   http://www.farmonline.com.au/news/metro/national/general/xenophon-and-labor-extend-olive-branch-to-cormann/2717926.aspx   The Labor Party and independent senator Nick Xenophon say they are willing to extend an olive branch to Finance Minister Mathias Cormann after they successfully disallowed his controversial financial advice regulations in the senate this week. A so-called "coalition of common sense" comprising Labor, Greens, independent and other cross bench senators voted on Wednesday night to disallow the Abbott government's Future of Financial Advice regulations in the senate. The move took the government by surprise and means the industry will now have to return to the former Labor government's Future of Financial Advice laws. In response, Mr Cormann issued a formal statement saying he did not plan to give up on his reforms and he still wanted to pursue the matter through the senate. "The government will continue to progress its substantive FOFA legislation giving...
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  • Louie2U
    Louie2U says #
    All correct regarding the strategy of role reversal bank robbers thieving from their own 'customers' and who really owns the gover
  • Jetfighter
    Jetfighter says #
    There can only be one reason why the government will not acknowledge the truth about Banks and that is because the governments of
  • Wayne
    Wayne says #
    BANKS have reversed the the role with the bank robbers, BANKS now mask up & do the robbery on all of us. There is no police or vid
  • organza
    organza says #
    If they all included the word BANK to infer the real truth about who the real rogue BANK planners are they would be right on the m
  • Denise
    Denise says #
    Everyone is suggesting rogue Planners. The BIG ISSUE is corrupted Bank Products with Bankers as the Engineers. What is so diffic
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  Finance industry standards report a new headache for Mathias Cormann Banking and FinanceBusiness Date November 21, 2014 Adele Ferguson http://www.theage.com.au/business/banking-and-finance/finance-industry-standards-report-a-new-headache-for-mathias-cormann-20141120-11qh68.html   After losing the battle to windback financial advice laws, Senator Mathias Cormann will need to carefully consider how he reacts to a report from an industry working group into the professional, ethical and educational standards of financial planners. The 74-page report, which just landed in Senator Cormann's inbox, is understood to conclude that the financial planning industry requires a new "holistic framework" to help rebuild public confidence after a string of scandals and revelations that it takes eight days to qualify as a financial planner. It says the existing minimum education and training standards are inadequate and a "lack of consistent ethics and conduct standards causes divergences of practices across the industry" and mandatory adoption of a code of conduct would promote lift the ethics of the sector.   It...
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  http://www.macrobusiness.com.au/2014/11/lambie-grenade-blows-up-fofa-changes/ Lambie grenade blows up FOFA changes Posted by Houses and Holes in Australian Politics at 8:24am on November 19, 2014 | 39 comments   From the AFR: The federal government’s changes to Labor’s future of financial advice laws are about to be unravelled. Renegade Palmer United Party Senator Jacqui Lambie and Australian Motoring Enthusiasts Party Senator Ricky Muir have broken ranks with Clive Palmer and will join Labor, the Greens and other Senate crossbenchers to disallow the laws. The government’s changes were enacted by regulation, not legislation. Regulations can be undone by the passage of a disallowance motion in either house of Parliament. Labor tried in July to pass a disallowance motion in the Senate but was defeated after Mr Palmer backflipped and his three senators plus Senator Muir backed the government. Good for her. The FOFA changes were awful and deserved to be blocked. I just hope she...
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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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https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-royal-commission-into-australian-banks-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners Up to 200,000 families are about to face LOSS OF HOME and LOSS OF SAVINGS AND SUPER as the five year implosion mark neatly planned as banks pull the levers, trying to deflate the Housing Bubble, Politicians are at pains to ignore or pretend it will simply all go away. How do these sub prime lending practices and Ponzi's which have invaded our finance sector, assist us in growing the economy  here in the lucky country? Instead of targeting NINJa's for Ninja loans (No Income No Job) our American owned Australian Banker Elites targeted ARIPs  Asset Rich and Income Poor. Banks targeted those with a large asset - their home - fully paid off - NO DEBT!  Our Banks were "smarter" than America.   "Let us sell a 30 year INTEREST ONLY LOAN with small interest "honeymoon period" and then whammo: a very high cost interest rate of say 10% - 16% after first 12 months....
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There has to be a Royal Commission into the Banking System, but also into ASIC and its EDR's namely FOS (Financial Ombudsman's Corrupt Service) and COSL (Cosy Lender related Ombudsman).  FOS dastardly unfair misuse of Proportionate Liability provisions of the ASIC Act 2001 relating to Big Bad Banks Unconscionable Conduct is the worst of corrupt banking ideology we have seen  in 20 years. On all levels FOS has become the evil mate of the Banking System in Australia. Shane Tregillis worked for ASIC and then in 2009 was appointed to FOS as head honcho. This EDR needs a complete cleansing and better still complete demolition.  Why?  FOS loves blaming the consumers and saying they are 60% responsible for the BANKERS' FRAUDS on documents the victims had never seen.  As a puppet of corrupt ASIC officials, FOS decided to heap even more misery on those who dared to complain against Banks. Proportionate...
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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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So who opened the floodgates with the not so very bright suggestion to follow the Canadian model?? PROPERTY BUBBLE causes: No prosecutions by lifeless FIRB (not since 2006) AND 43% Mortgages are SUB PRIME LOW DOCS Interest Only for 30 years AND all those borrowers channelled by Banks into overpriced property from distressed developer clients. Greed driven Banks used sales pitch to channel pensioner ARIPs (asset rich income poor) into buying second property on 30 year loans set to implode in 4-5 years. Foreign property investment anger builds March 26 2014 http://www.macrobusiness.com.au/2014/03/foreign-property-investment-resentment-builds/ There is no doubt that Chinese property buyers are flocking to suburbs such as Balwyn, Balwyn North, Glen Waverley, Doncaster, Box Hill and Ashburton. …One Balwyn real estate agent told me that 35 out of the past 40 sales over $1 million in his area were to foreign buyers, primarily from mainland China or Hong Kong. It’s no surprise that the number of foreigners buying...
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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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http://beta.macrobusiness.com.au/2014/05/the-corrected-cba-hia-housing-affordability-index/ Posted by Unconventional Economist in Australian Property Featured Article at 11:33am on May 30, 2014 By Leigh Van Olsen   Over the past two days (here and here) I have uncovered how the the CBA-HIA housing affordability index, which shows Australian housing affordability at its most favourable level since March 2002 (see next chart), is built on highly dubious data........   The main issue centres around its dwelling price series, which is based on home loans financed by the CBA during the quarter, and curiously shows that Australian home prices have been falling, despite every other data provider (including the ABS) reporting strong price growth (see next chart)............. As shown above, the CBA-HIA measure of median dwelling prices curiously claims that home values fell by 2.7% in the three years to March 2014, whereas the official ABS property price index shows an 11.3% increase in dwelling values over the same period....
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  • organza
    organza says #
    Wonder how much they paid some marketing guru to dream up this clever way to get around misleading and deceptive conduct for it re
  • NABbed Nanna
    NABbed Nanna says #
    Well that is an eye opener. What gall Nab have. Sorry Nab I don't know who was the culprit to write such dribble. I know for a
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http://www.smh.com.au/business/banking-and-finance/timid-asic-under-fire-over-crackdown-inconsistencies-20140905-10ct4r.html Timid ASIC under fire over crackdown inconsistencies Banking and Finance Date September 6, 2014 Adele Ferguson   "What do you have to do to get banned for life?" federal politician Tony Smith asked the corporate regulator at a parliamentary inquiry in Melbourne on Friday.  Smith was referring to a three-year banning order slapped on financial adviser Peter Holt for providing inappropriate advice to retail clients, including gearing them up with margin loans and high-risk managed investment scheme (MIS) Timbercorp, which culminated in their financial ruin. The tone of the questions by Smith, Senator John Williams and Senator Debra O'Neill, and the accusation that Holt's "inappropriate advice" was influenced by the payment of high commissions, put the blowtorch on ASIC and how it decides whether a financial adviser should be banned for three years, seven years or for life.  In Holt's case, ASIC banned him from providing financial services for three...
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  • Jetfighter
    Jetfighter says #
    That is right, ASIC is only looking after the Banks and not the consumer. serving the greater of two masters is not a viable polic
  • organza
    organza says #
    The bunch of clowns at the helm of ASIC do no more than scout with their mine sweepers and then bury all evidence of what they fin
  • Aries
    Aries says #
    The only ones worthy of being a staff member of ASIC are the ones who have left in disgust knowing the deviousness going on behin
  • Duped
    Duped says #
    ASIC will never learn from their mistakes, it's their culture of looking after the big boys in the financial world. Isn't it funny
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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...
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  • 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
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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...
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  • 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
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A married couple should send in two, you are both individuals and both have been impacted by the fraudulent lending practices. In your own words a brief story of the devastation this has on your family, and a few points on why their need to be a Royal Commission. eg. inappropriate loan given Why are banks allowed to profit from fraud? Why hasn't the Aust. Fed. Police been called in to investigate every borrowers complaint of fraud. Why are banks telling brokers to shred all evidence. Banks out to seize assets. Due diligence not practiced.  Laws breached at every turn A Royal Commission called for immediately, and so on. HURRY EVERYONE WE NEED HUNDREDS.  email to     This email address is being protected from spambots. You need JavaScript enabled to view it.  ...
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  • ire
    ire says #
    We have sent in 2.
  • setup
    setup says #
    I would love to know how many Submissions have been sent in.
  • TJ
    TJ says #
    Please email your responses, if we sit on our hands instead of responding to the call we will be playing into the hands of the ban
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Greg Medcraft has his say..........................does not explain why he took no bank to court re fraudulent Loan Application Forms?  Smoke and mirrors regulation methinks.   Why not back consumer calls for Royal Commission into all lenders Greg?  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.investordaily.com.au/35789-i-m-not-afraid-of-the-banks-medcraft I'm not afraid of the banks: Medcraft Monday, 30 June 2014 | Tim Stewart   ASIC chairman Greg Medcraft has declared he is "not afraid to take on any big institution" in the wake of a damning Senate committee report into the regulator's handling of the Commonwealth Financial Planning scandal.  Speaking at the ASIC offices in Sydney following the release of the final Senate Economics References Committee report into the performance of ASIC, Mr Medcraft pointed to his past record. "We’ve taken on the CBA and sued them for hundreds of millions. We’ve taken on Macquarie Bank and sued them for hundreds of millions. Bank of Queensland is something that I continue to pursue," he said.  Mr Medcraft...
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Murray Inquiry Panned - the elephant in the room - a conflict of interest Mr Murray?  Do you not see how wrong this is? http://www.macrobusiness.com.au/2014/04/conflicted-murray-inquiry-bashed/? There are three articles around this morning aimed at the big banks and the Murray Inquiry. Opening us up isChris Joye who slams everyone, quite rightly, but especially Ian MacFarlane: Consider, for example, how rapidly our “game-keepers” become “poachers”: the last two Reserve Bank of Australia governors, Ian Macfarlane and Bernie Fraser, and the last two Treasury secretaries, Ken Henry and Ted Evans, all joined banks’ boards – ANZ, ME Bank, NAB, and Westpac – after leaving office. The second in charge at Treasury, David Morgan, became Westpac’s chief executive in the 1990s and 2000s. …Macfarlane also claims the 2008 and 2009 shocks that resulted in the bigger banks seeking government guarantees of their wholesale debts – most smaller banks did not use them – “[were] a...
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Quite simply, the reason ASIC has under performed, causing wide spread misery for consumers of financial products and services, is due to the FACT that the Australian Consumers and Investment Commission inherited a massive conflict of interest in attempting to serve two masters.  After the Stan Wallis Inquiry, Phil Hanratty's critique pointed out the possibilities of this conflict.  Government at the time decided that would be true if only one departments but ASIC had several departments.....a little backward thinking of course.........but there we are!   The solicitor mortgage scandal cost citizens of this great nation over $1.5 billion recorded in 2000.  Spruikers ensured another $2 billion disappeared from retiree savings, aided by the Banks. Next came the spectacular collapses of the managed investment scams - again by operators licensed by ASIC and sold by those licensed by ASIC.  ASIC simply handed out a few fines.  By 2006, I asked the Chairman:...
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  • doyla66
    doyla66 says #
    And that's our nighties in shining armour..... DB
  • doyla66
    doyla66 says #
    Yes indeed and could not have summed it up better myself - When people are referring to an "emperor with no clothes" scenario, th
  • doyla66
    doyla66 says #
    Asic knows what's going on. Fos Cosl Apra and previous and current PM's know what's going on. Federal Police, the Fraud Squad, Tre
  • doyla66
    doyla66 says #
    None of them have ever grown up have they? All they do when caught out is lie like naughty children caught stealing from the loll
  • doyla66
    doyla66 says #
    ASIC's answer to everything when caught out......we did not know, thanks for telling us, we will look into it. YOU DID KNOW, YOU
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