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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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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.

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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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http://aca.ninemsn.com.au/article/8852388/nasty-conman-ripping-off-elderly-parents Perhaps you really need to ask Gail Kelly how much in bonuses she plans to collect on retirement?  This email address is being protected from spambots. You need JavaScript enabled to view it. See my interview and thoughts on the matter.................. INTEREST ONLY LIAR LOANS are up 39% last quarter according to Bloomberg.  Westpac no stranger to approving fraudulent loans.   Our files bear witness to the truth.  ...
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http://www.theguardian.com/business/2014/may/30/bnp-paribas-faces-10bn-fine-us-sanctions-investigation Friday 30 May 2014 BNP Paribas faces fine of more than $10bn in US sanctions investigation US justice department pushing France's biggest bank to plead guilty to charges it violated US sanctions against Iran. France's biggest bank, is reported to be facing a fine of more than $10bn (£6bn) to settle allegations that it violated US sanctions against Iran and other countries. The US justice department is pushing the bank to plead guilty to the charges and pay one of the biggest penalties ever imposed on a bank, according to the Wall Street Journal. A deal between the bank and the authorities is still weeks away and the final penalty could yet come in lower than $10bn. The Journal said BNP was seeking to pay less than $8bn, though a person familiar with the bank said its negotiators had not proposed that figure to the justice department.   The US...
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http://articles.latimes.com/1991-07-28/opinion/op-49_1_central-bank In International Banking, Don't Forget Regulation : Finance: The growing BCCI scandal involves politicians, drug smugglers and spies from all over the world. The bank had everything but regulation. July 28, 1991|Walter Russell Mead   PAWLEY'S ISLAND, S.C. — Crime has no fatherland; this is one of the lessons of the still-spreading BCCI scandal. The $20-billion bank was chartered in Luxembourg, headquartered in London, controlled by the ruler of an Arab oil sheikdom--and, until regulators in seven countries shut it down July 5, it was active in 70 countries.  The Bank of Credit and Commerce International was a friendly, full-service bank. It laundered money for clients like Manuel A. Noriega, while making contributions to Jimmy Carter's charitable foundation. Both Carter and U.N. Secretary General Javier Perez de Cuellar got free rides on the company jet.  BCCI was impartial. It worked with Mossad, the Israeli intelligence service, and with Abu Nidal,...
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http://www.smh.com.au/business/intelligent-investor/banks-structured-to-deliver-poor-advice-20140526-38ye5.html Banks structured to deliver poor advice Intelligent Investor Date May 26, 2014 - 1:15PM  John Addis Something odd occurred last week, something that almost never happens in business, let alone financial planning, a sector famously impervious to the needs of its customers.  An industry body - in this case the Financial Planning Association (FPA), representing over 6,000 planners – argued the case for more regulation.  As a recent World Bank study noted, many of Australia's major industries are dominated by a handful of companies. They prefer to be free from pesky regulation so they can carry with their over-charging ways.   This tendency is nowhere more in evidence than in the 'wealth management' arms of the major banks, which have run a relentless battle against the proposed Future of Financial of Advice reforms.  So why would the FPA, which is arguing for better educated planners, the separation of products from advice...
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http://www.macrobusiness.com.au/2013/06/uncovering-australias-sub-prime-mortgage-lending/   3 June 2013   By Leith van Onselen Last year, The Australian newspaper published some great articles questioning the commonly held view that Australia’s banking sector is conservative.  In April 2012, The Australian uncovered how Australia’s largest banks were being forced to forgive mortgage debts of borrowers granted loans based on falsified or fraudulent information supplied by mortgage brokers.   Then in June 2012, The Australian followed-up with further reports (here and here) of Australian sub-prime lending, and the battle playing-out between unscrupulous lenders and borrowers. In August 2012, The Australian reported on instances where the banks had been enticing elderly Australians into Ponzi-like mortgages that they had no way of repaying, as well as provided detailed coverage on the Senate committee into banking, where evidence of widespread improper lending practices were revealed. The Australian also revealed that lenders had been refusing to provide low-doc borrowers with copies of their applications,...
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  • doyla66
    doyla66 says #
    The burning question is who are guilty of allowing it to happen? Knowing some of them have taken to signing their new Bankster Oa
  • doyla66
    doyla66 says #
    It's time to get on with the job of exposing banks and lenders of their dirty tricks and deceitful scam which used forgery and fra
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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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Investor Daily exposes the true statistics re consumer complaints - showing around 32,000 per year trend against BANKS.  We hope the industry stops calling banks the "FSP's."  Banks are Banks and have become PENSION DAY LENDERS.  Our Banking System has become worse than Bikie Networks for Organised Crime.  Organised Lending Crime - rife for past 15 years.  There is a price to pay for this folly of WILLFULL REGULATORY NEGLECT. FOS complaints up in 2014 Wednesday, 14 May 2014 | Staff Reporter       Today's News Former BT boss laments research house influence ASIC fines MIS responsible entity Budget repair levy to impact margin lending Investor demand for ESG increases Ethics vital for asset managers: CFA Institute BoQ pushes for ‘product sales advice’     inShare   The number of complaints received by the Financial Ombudsman Service has increased by nine per cent in the first quarter of 2014. In...
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  • Denise
    Denise says #
    Hi Transformation, I suggest you write to Philip Field and ask him to qualify those reports and stats. Ask for easy access to a c
  • doyla66
    doyla66 says #
    "The ombudsman closed 7,919 disputes in the March quarter. Of those, 54 per cent were resolved by the financial services providers
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The Four Corners on Commonwealth Banks corruption by Adele Ferguson is just the tip of the Bankster iceberg. We need to all thank her for those efforts in exposing dirty rotten bad banks. This email address is being protected from spambots. You need JavaScript enabled to view it. What we the people (thousands of us) who have been defrauded would like to know - Is David Murray the former CEO from the Commonwealth Bank still going to be heading an inquiry into the Australian Banking system, and why is that after all the bonuses he made from LOW DOC TOXIC Mortgages? Given the evidence shown on Four Corners does Joe Hockey still feel he's the best person for the job?    SURELY NOT IT WOULD BE REPREHENSIBLE!!!! Joe just laughs and tells us to get used to austerity whilst he is arrogantly happy to take a retirement five star pension for life!!!!...
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  • doyla66
    doyla66 says #
    Now that the extent of corruption is coming to light within the banking sector and our pathetic regulators, are Tony Abbott and Jo
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ABC:   Australian banks financing companies accused of land grabs, illegal logging and child labour: Oxfam By the National Reporting Team's Sam Clark Updated 10 minutes ago PHOTO: A sugar cane worker in Kampong Speu province, Cambodia. (ABC News: Sam Clark) MAP: Australia Leading Australian banks are financing companies accused of land grabbing, child labour and illegal logging, according to an Oxfam report released today. The report, Banking on Shaky Ground, identifies four cases in Cambodia, Papua New Guinea, Indonesia and Brazil where Australia's biggest banks have funded - directly or indirectly - companies accused of improperly or illegally acquiring land from local people. Oxfam's chief executive Helen Szoke said the big four - National Australia Bank (NAB), Commonwealth (CBA), Westpac and ANZ - are not living up to their image as global leaders in sustainable banking. "There is a gap between what the big four banks say they do and what they actually do,"...
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  • doyla66
    doyla66 says #
    It's pure evil to the point I feel ashamed to be an Australian for nobody in authority are prepared to put a stop to what they hav
  • doyla66
    doyla66 says #
    If banks are involved in illegal activity in Australia it comes as no surprise that they're involved in unethical conduct as well.
  • doyla66
    doyla66 says #
    Of course they'd have their dirty grubby money hungry hands into illegal and unethical operations as per usual. Any way of making
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For the benefit of readers:  The SECRET SERVICE CALCULATOR (only banks, brokers and insurance companies have access passwords) had its existence made known to members by BFCSA in late 2012 and for 12 months, members have all been asking for their one page copies.   A few of these documents emerged, but sadly, our banking world is a Cartel governed Industry.  Suddenly, their dirty secret was out and they could not put the Genie back in the Bottle!  The FACT that no client of banks were ever told of this secret calculator's existence and never disclosed that it was used to skew their income to say $50k up to $180k.  Bankers never intended for this one pager to see the light of day.  The SCF and the ICW was actually ATTACHED by bank command, to the Loan "Application Form."  Banks had denied the LAF discovery for some years before and we won that battle.   Discovery of the SCF and its...
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  • doyla66
    doyla66 says #
    The bank's internal service calculator is very different to ones provided online. I have a copy of one. Also David Liddy gave a g
  • Denise
    Denise says #
    Senators have copies of the ICW and Service Calculator and so do ASIC - delivered in person. All have been fulled briefed. I wil
  • Denise
    Denise says #
    Dear Noemail, If you wish to view copy of service calculator (we have written many blogs on this and will be more) and ICW, just
  • doyla66
    doyla66 says #
    Denise, You have maintained the secret calculator's existence; The SCF and its second page ICW (Income Work Sheet - massaging in
  • Denise
    Denise says #
    Low Doc and Full Doc loans were developed to provide people with lifetime of debt. Loans you could never escape from, no matter if
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Whistleblower claims the existence of 100 CBA rogue advisers   Monday, 24 March 2014 12:35pm   By Laura Millan  |  In Financial Planning   Former Commonwealth Financial Planning adviser and whistleblower Jeffrey Morris has "no doubt" that a proper investigation by the Australian Securities and Investments Commission (ASIC) would reveal at least 100 current or former rogue CBA advisers. In a submission to the Senate inquiry into the regulator's performance, Morris said that ASIC and CFP's claims that there were only seven rogue planners within the organisation were "simply inconsistent." "ASIC did virtually no investigative work of their own but basically just added what CFP gave them to what the whistleblowers did," Morris said. "I have no doubt that a proper investigation would reveal at least 100 current or former planners of CFP whose clients should be compensated for dodgy and or just plain incompetent, advice." The 39-page document offers a detailed account of...
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  • doyla66
    doyla66 says #
    All ASIC do is provide get out of jail free cards. Do not give a hoot for the plight of consumers or if they do (and I will give
  • doyla66
    doyla66 says #
    Bureaucrats have an interesting way of assisting others in crime and wrongdoing. Mostly they ensure that their own backsides are s
  • doyla66
    doyla66 says #
    ASIC was helping with the fraud they knew was happening within the banking sector, so why would they investigate anything.
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Ask a Banker to run an Inquiry into Banking System?  Sounds like a bad dream does it not?  No impartiality here.  Did we put in a  submission? Why bother? Terms of Reference shows what Policy will make the Treasurer happy.  Its a  done deal, as they say.............. The toxic mortgages in the current system will barely get a mention.  There is no independence at all.  More like a Banker Elite Bash with everyone patting themselves on the back.  Notice how the actual TERMS OF REF do not even mention the word CONSUMERS, nor the word TOXIC.  Notice only half the submissions sent in as there was for the Senate Inquiry into ASIC.  Murray is hardly going to rat on ASIC, the RBA, APRA, banking colleagues and himself of course!   Its the usual talk fest and pats on backs that will lead to a forgone conclusion...............................dracula in charge of the blood...
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  • doyla66
    doyla66 says #
    This is BLOW-Hockey at his best (if you believe the BS he professes to understand). It must be quite difficult for him to have to
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Ah YES....get tough DUMB ASIC (dumb or corrupt - take your pick)..................brokers have no training, nor licence to give FINANCIAL STRATEGIES, nor to check credit apps!!!!!   The only reason they were employed was to save the bank from liability and have brokers blamed for something they clearly did not understand.  This banking scandal is now oozing out of the building in ASIC Melbourne....wake up you guys....we are on to you but your nightmare is just beginning.   There will be a judgement day for all those who engineered the plot to blame brokers for dirty toxic lending practices INTERNAL TO BANKS.  Smaller Lenders in order to compete had to use THE SAME SERVICEABILITY CALCULATOR - all in SECRET.    Our members will stop short of calling you swine.....we can leave that to another BLOG.  ASIC knows it can only hit on the obligatory ten brokers a year (I think that's...
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  • doyla66
    doyla66 says #
    Nothing like doing some fast learning to work out an enigma. When I asked my bank manager for a copy of my LAF I was told (in pan
  • doyla66
    doyla66 says #
    When you think about it, EVERY loan involved the use of the Loan Service Calculator that altered the original borrower's data in a
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Big company bias has rigged financial advice system, advisor tells Murray inquiry Banking and Finance  Date  April 8, 2014 An AMP-linked adviser has warned the financial advice system is rigged against consumers because big companies have a bias towards pushing their own products.  This bias towards in-house products reduces competition and may result in savers paying over the odds for investment products, Rhys Wood, a director of financial planning at Elite Wealth Solutions, has argued.  In a damaging submission to the Murray Inquiry into Australia's financial system, Mr Wood says that the high costs of regulatory compliance have prompted many planners to obtain a practicing licence through a large institution, which in turn supplies products for advisers to recommend. Queensland-based Elite Wealth Solutions is licensed by listed wealth company AMP.  "The most pressing issue within the advice industry is the existence of bias within the advice process," says Mr Wood in...
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Debt-plagued lender gets another reprieve       inShare by Calida Smylie | 08 Apr 2014  http://www.brokernews.com.au/news/breaking-news/debtplagued-lender-gets-another-reprieve-186256.aspx   Troubled non-bank lender Firstfolio has received yet another extension on the maturity date of its $30.3 million Commonwealth Bank senior debt facility.CBA had given the company until 7 April to comply with its loan covenants but has extended the deadline to 7 July, according to an ASX announcement.The company said it was considering alternative proposals from a number of parties.“CBA’s extension of the maturity date of its senior debt facility will allow Firstfolio time to progress these alternative transaction opportunities,” company secretary Dustine Pang said.Firstfolio reported a heavy loss of $300,000 for the six months to December, compared with a net profit of $1.8 million in the previous corresponding period.Revenue was down 3% to $37.5 million and the value of the loan book fell by 2% to $18.5 billion.Firstfolio has had trouble paying its $30.3...
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  • doyla66
    doyla66 says #
    It's definitely time to get out of the credit industry, if possible. Much safer watching the cannibalisation of companies and the
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   NOTES TO INTRODUCTION TO PARLIAMENT by Denise Brailey 20th February 2014   Regulatory neglect has caused financial losses for ordinary citizens from a recorded $1.5 billion in 2001, to $80 billion by 2007 and today, those figures have risen yet again.   In 2013 The Chairman asked that I meet with his Commissioner. I advised the lawyer I was preparing to lightly redact some copies of 2000 emails I had received. The internal emails were written by Bank Officers known as BDM’s, and sent to all brokers. BDM’s were offering to write up applications to save time. I prepared 200 for ASIC and presented them to the Commissioner.   There are six emails and letter of instructions between ASIC and me. ASIC main focus was stated as “the emails” not the Loan Application Forms. ASIC had many copies of LAFs. I had loaded many of the LAFs onto my website...
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  • doyla66
    doyla66 says #
    ASIC "admit they have been “monitoring” most of the details provided by RECA and BFCSA since 1998".. this is shocking how much the
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The Four Major Banks preyed upon Low Income families and targeted ARIPs (its in their promotional material) ASSET RICH AND INCOME POOR.  Some of the vulnerable were disabled at the time of the lending and are disabled now in their battles with these heartless greedy banks.  Pensioners and Battlers - everyone was fair game and Brokers taught by BDM's banks will loan to anyone who asks.....................but especially older persons who own their own home.....banks are just HELPING PEOPLE!!!! Westpac and RAMs were perhaps the worst of the worst. It all sounded so innocent.  Now Brokers are coming forward and realising they have been done over by banks and clawbacks.  Loans last only long enough to see the commissions being clawed back. More lives in ruins - all except Bankers of course. A decent Broker explained what we hear often: "The motivation for moving into the mortgage broking area was first-hand experience in how badly...
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  • doyla66
    doyla66 says #
    Westpac/Rams perhaps worst of the worst. I realise all banks and lenders are in on this this fraud, they all had to be for it to w
  • doyla66
    doyla66 says #
    Most of them haven't got the stomach for sending white collar workers to jail, even though the grubs have destroyed lives and live
  • doyla66
    doyla66 says #
    On behalf of all the BANKS OF AUSTRALIA we would like to say not from the bottom but from the very top of our hearts a very warm t
  • doyla66
    doyla66 says #
    Spot on Denise, banks and lenders are low life for inventing a system that has been virtually undetectable until you come along. T
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If ever you needed proof of why these NCCP is unworkable its this:  Consumers are left at the end of dangling wrangling ropes between the Brokers, Bankers and Dumb ASIC.  Medcraft is in charge of this dog's breakfast and NO CONSUMER PROTECTION has taken place before, since or during the NCCP discussion and inception meetings.  Now one knows what they are supposed to be doing.  Buyers contemplating asking for a mortgage or refiannce: DON'T, as the RISKS will leave you utterly unprotected.   Read why the Broker Industry says so..............................and we agree:   "NO ONE KNOWS THAT THEY ARE DOING."  SO ITS BACK TO BUYER BEWARE................................DANGER AHEAD.  Whatever you do as a consumers never ever sign a Low Doc Mortgage High Risk, High Cost Loan...............................ITS A KILLER LOAN. Government given the hurry-up by MFAA by Calida Smylie | 20 Mar 2014   While the Treasury recently announced the government does not intend to proceed...
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To catch a Fraudster you need to look no further than the Board room of the Major Four Banks and their 85% share of Low Doc FRAUD.   In reply to the article below:   No-one really takes anything ASIC, GADENS or the MFAA take seriously....brokers or borrowers..........................Peter KELL of ASIC believes a "crack down" is when BFCSA start throwing documents into Parliament.... Denovan and his crystal ball suggests  "number of mortgage fraud incidents drop".  Getting yer stories in sync guys? KELL was still saying "no systemic issues," and now changed to a "significant decline in fraud."  Well Mr Kell that's very comforting to the victims! Then Kell suggests: "In a majority of cases, these matters concern loan applications to ADIs which have been identified and reported by the industry."  Oh so only a few hundred thousand is not endemic?  For the uninformed ADI's means FOUR MAJOR BANKS have 85% ownership of...
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  • doyla66
    doyla66 says #
    If they're going to try to bury FRAUD like that they'd better get their stories in line. Apparently Jon Denovan had to reach for
  • doyla66
    doyla66 says #
    When you read these reports it's almost laughable, they will blame everyone but themselves. We are talking big money here and with
  • doyla66
    doyla66 says #
    As for fraudulent LAFS... I can (and FOS and RAMS) clearly see that in house fudging of my information was done after my signature
  • doyla66
    doyla66 says #
    So FOS is under the pump.... We knew this..... But so much that they have 2 administration positions advertised on seek......
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