BFCSA Blog

Changes to Penalties?  It's more of Australian Securities and Investment Commission ("ASIC") Chief Medcraft's Muddle and his equally mind-blowing smoke screens:  He wants parking ticket type fines increased for misdeameanors  BUT DOES NOT MENTION immediate action AGAINST LENDERS.  Lenders APPROVED these dodgy loans - every last one of them.  Medcraft's Banker Mates set up the consumers to enable the Banks to steal ordinary Mums and Dads homes and his Banker Mates set up the Borrower agents to take the wrap! Then there was the securitisation scandal re the Australian Office of Financial Management to buy the TOXIC products and and "profit from the fraud." Medcraft says he wants stiffer penalties but only takes the annual obligatory handful of actions via DPP, and only against the little cases - brokers with foreign names...........did you notice that?  Easy targets?  Not too much hard yakka?   Your bias is showing. Greggie, What about the...

Our Members are continually asking this legitimate question.  We know the Low Doc product was predicated on fraud and forgery.  We have the collective evidence.  We know 36% of member loans were arranged by bank managers and no brokers involved.  We know that 18% of total loans surveyed are TOXIC FULL DOCS by Bank Managers.  We know that masses of defaulting loans have been "topped up" in order to hide the bodies.  We know the Major banks are now saying the original documents have gone "walkabout."  We know the banks cannot PROFIT FROM A FRAUD but clearly that is what they have been doing.  How do we have only 23 million people and our banks boast most profitable in the world?  Where are the experts???? So who is confident over bank shares placed on the edge of a sub prime precipice? One of our members explains: "What happens to all the...

Hi Anton.  Joe Hockey's Mother in Law.  If the bubble bursts, then yes, Shareholders opf Major Banks (85% Low Doc market share) have been given fudged figures as to the true exposure to bad practices and toxic lending ie 36% of TOXIC loans created by Bank Officers - no broker involved.  ASIC say 97% of brokers are hard working good guys - we agree.  Banks tell Parliament "only 1% of loans credit impaired"  That is plain rubbish.  Banks telling lies to APRA and Parliament?  APRA's figures to Treasury are gleaned from only one source and left unverified.  Figures come from trusted banks and are not cross's analysed!  Do shareholders know this?   Indeed, I raised the RMBS issue in Parliamentary Senate Inquiry into Banking Post GFC, last year (8th August 2pm) that "Government cannot profit from fraud..."  Treasurer Swan acted soon after and shot down "our most profitable policy of purchasing RMBS."   Treasurer Swan realised...

Our growth rate as a support group – the peak and only support group doing this work – is gathering momentum in number of new members at around 30 per month and that will escalate as the main stream see the bigger picture.  We now know that a third of loans are via banks and no broker involved. We also know that our latest surveys have revealed 18% are full docs…….arranged by bank managers from a pool of  $1.28 Trillion mortgages.  What concerns me is that RBA have continued to trot out $1.28 Trillion for the past few years.  RBA suggest this figure has not changed in that past 5 years, yet the MFAA suggest their members are writing X number of these new mortgages per annum.  There is of course a contraction in the settling of mortgages each year, yet the low docs we know intentionally implode within 7 years.   The...