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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.

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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 APRA FAILURE
page 12 of APRA Annual Report - worried about Major Banks over loading customers with debt due to Banks' insatiable "appetite for risk."  Problem is the "appetite" was to take no risks and load consumers up with all risk and liability for their own financial demise.  (thanks Gladys - our intrepid researcher)  Aggrieved consumers of toxic bank products are desperate for Royal Commission into Bankers.  This email address is being protected from spambots. You need JavaScript enabled to view it.    APRA’S SUPERVISORY ACTIVITIES IN 2004/05   AUTHORISED DEPOSIT-TAKING INSTITUTIONS Authorised deposit-taking institutions (ADIs) continued to enjoy good financial health, with strong earnings, impaired assets at historical lows and capital ratios increasing in most areas.   This general picture has altered little over recent years, although the underlying credit environment has changed. In 2004/05, credit growth slowed overall and there was a significant shift in its composition away from housing lending, as housing markets cooled, in favour of business lending.   In this environment, interest margins came under further downward pressure. Competition...
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Watchdog sounds warning on risky home loans DateMay 27, 2014 Read later Jacob Greber and Clancy Yeates  SMH Sydney Morning Heraldf Concerning trend: APRA chairman John Laker. Photo: Rob Homer The bank regulator has intensified its crackdown on risky lending, pushing back against a potential property ­bubble and increasing the Reserve Bank of Australia's capacity to keep interest rates at a record low. Concerned fierce competition for customers is driving down lending standards, the Australian Prudential Regulation Authority on Monday issued tough guidelines on how it expects banks to monitor and manage mortgage risks. This includes making banks consider geographic concentrations of risky loans; limits on loans relative to incomes; stress-testing borrowers; and avoiding giving managers financial incentives to make more loans. Analysts said the draft guidelines, which fall just short of the "macro­- prudential" rules adopted by regulators in New Zealand and Canada, mean the pace of growth in the mortgage...
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  • doyla66
    doyla66 says #
    This includes making banks consider geographic concentrations of risky loans; limits on loans relative to incomes; stress-testing
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The IMF Says Australia's Big 4 Get A Huge Government Subsidy And Need More Capital GREG MCKENNA APR 1 2014, 7:20 AM  BOOKMARK    24 A day after the first round of submissions were due to be given to the Murray Financial System inquiry comes a report from the IMF saying that banks which are deemed too-big-too-fail benefit from the implicit Government support that this status conveys. In the Australian context this means Australia’s major banks, (aka the Big 4 – ANZ, Commonwealth, NAB and Westpac) which Australia’s banking regulator, APRA, has already nominated as Domestic Systemically Important Banks (D-Sibs). While they don’t say how much the subsidy is worth, in Australia the IMF quantifies the value of the subsidy as “$70 billion in the United States, and up to $300 billion in the euro area”. If the Australian economy is about 11 times smaller than the economy of the United States, and most likely...
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Thanks Simba:  Your comment deserves a BLOG.  Thanks for your contribution.   This email address is being protected from spambots. You need JavaScript enabled to view it. APRA the Regulator  says...... www.apra.gov.au/Speeches/NewDocLib2/04-Chart-Acctnts-MN-20-Jun-07.pdf Recent court decisions relating to residential mortgage lending emphasize that residential mortgage lenders must assess the ability of the loan applicant to repay the loan and must not be concerned solely with whether the value of the security property is adequate to repay the debt. The decisions also indicate that lenders should not entirely accept the information provided by loan applicants at face value, especially if other information or common sense suggests otherwise. Ed: We kept telling Dumb ASIC this.  The valuations are irrelevant.  S 25.1 of the Bankers Code has been breached on more than 100,000 mortgages according to our research....it follows that....etc. It is APRA’s view that attention by ADIs (Austn Deposit-taking Institutions) to the requirements in the prudential standards to have prudent lending practices, including effective assessment of a loan...
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  • Denise
    Denise says #
    Premeditated Plot by Evil Bankers - spot on POLLY! These were no loopholes in law but blatant devious ways to break the myriad o
  • doyla66
    doyla66 says #
    I hope so NT.... I pray every day & every night as it is the last thing i think of before I close my eyes. I really hope so. I dre
  • doyla66
    doyla66 says #
    Gfs hopefully the Senate. hearings next week will be the start of better things to come.
  • doyla66
    doyla66 says #
    Only when a premeditated plot to deceive is used can you ever attempt to get around well written laws. So Neil as you say you are
  • doyla66
    doyla66 says #
    Funny It's good to laugh My husband has made me laugh all day cause he can see what this is doing to me. Just gotta keep going, It
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We need Bankers behind Bars.  As expected, the Banksters and ASIC Mates of Tregillis have finally and completely captured the Financial Ombudsman's Service............................COSL was captured by non bank lenders from the very beginning. STAFF at FOS are in danger of concealing major criminal conduct in the Banking Sector:  Staff could be charged as being an accessory after the fact. Everyday, FOS staffers see files littered with the crime of fraud and forgery by Bank Staff and are not reporting instances to Police.  Yes there is a Construction Cartel but there is also a Banker Cartel and has been since de-regulation of banks.  Money breeds corruption.  Big Money creates an even bigger Cartel. FOS is consistently buckling under pressure from Banks and ASIC Mates.  COSL was always under the non lender's thumb but, for two years FOS seemed to lift its game regarding investigations into Bank Fraud and Maladministration in Lending, meaning imprudent banking decisions, exaggerated...
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  • doyla66
    doyla66 says #
    Banksters & FOS & COSL in Damage Control. Banksters pay from $5,000 up to $18,000 for a Determination, now compulsory with acco
  • doyla66
    doyla66 says #
    Mr. Tregillis and Mr ( use my discretion ) Fields should remember the old adage Power corrupts and Absolute power corrupts absolu
  • doyla66
    doyla66 says #
    Denise, Once again you are on the money - the appalling use of self invented discretion is the method FOS uses to circumvent its
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Beat the Banks at their own game and become a  "card-tart" as the banks will call you.  For example: If you have a $10,000 card debt, ring a rival bank and ask for second card.  Suddenly your interest is at say 2.5% for honeymoon period of say 12 months (some are 18 mths).  Your Bank "A" Card is now ZERO. Obviously your aim is to not spend any more on any card until the $10k debt is completely paid off.  Your new Bank "B" Card shows balance of $10k DEBT. DO NOT SPEND even $1 on the new Bank "B" Card.  Yes, even over the phone, the Banks will then send you ten pages of small print that even ex Chairman of ASIC Tony D'Aloisio admitted, he read and could not understand.  It does not say in BIG PRINT: "do not spend $1 on this card until all the Balance Transfer amount is paid...
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  • doyla66
    doyla66 says #
    The Government are scared out of their undies it appears to touch consumer debt. Can you imagine the can of worms that would be o
  • doyla66
    doyla66 says #
    my problem was that a zero balance for Card A (which was my intention) was never achieved. So now have 2 credit cards both with o
  • doyla66
    doyla66 says #
    The government, past and present shows a reluctance to deal with consumer debt. It was only because Independents held the balance
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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...
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  • doyla66
    doyla66 says #
    My main worry is that once Mr Hockey announces his decision to have the industry investigated it could be a sharp fall in record t
  • doyla66
    doyla66 says #
    After reading everything I have read on this site I am convinced that where there is smoke there is definitely fire. Once Mr Hocke
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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...
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  • doyla66
    doyla66 says #
    By my way of seeing all of this mess if the Banks wont hand over the correct figures then the only ones that would have a true ide
  • doyla66
    doyla66 says #
    Thankyou for that information. There had to be some sort of "check and balances" system ... surely. Freedom of Information may b
  • doyla66
    doyla66 says #
    Denise, as I see it, if our statistical analysis says 75% Low Doc and 25% Full Doc and there are no stats produced using the same
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RESEARCH PAPER BY MONASH UNIVERSITY   Please read this, you will then see WHY Ms Denise Brailey has good cause to demand  a ROYAL COMMISSION on the Banking and finance industry and the use of the Broker Channel as agents for the Finance Provider. Comment from Denise: "This piece is a good find Mort and keep going on the research.  The reality thinking according to bank input into Universities in 2008 does not show the Banks as Engineers.   BFCSA Members all know now - the culprits are the Bank Engineers and the Brokers did not  "fudged income figures" as first thought.   No-one was investigating the criminality of the banking sector.   All Banks and Non Bank Lenders invented and used Speedy the Calculator - to fudged the figures.....  Brokers were simply new recruits in a  high turnover industry, set on Quotas and instructed to simply following orders.  They were told "you...
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  • doyla66
    doyla66 says #
    Comment from Denise: "This piece is a good find Mort and keep going on the research. The reality thinking according to bank input
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'Loan fraud' - but no investigation June 5, 2013 - SMH Michael West                                            Lenders accused of 'systemic fraud' Consumer activist Denise Brailey has countered claims from the corporate watchdog that she had failed to provide documents for them to investigate low-doc loan fraud. Australian Securities & Investments Commission deputy chairman Peter Kell told Fairfax Media and the ABC this week that ASIC had invited Ms Brailey to “provide evidence of the systematic loan fraud she alleges”. “The very limited material provided to date simply does not support any of the claims she makes,” said Mr Kell. However, Denise Brailey has confirmed that more than 100 of the members of her action group, all alleging loan fraud, had filed complaints with ASIC only to receive a form letter saying there would be no...
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  • doyla66
    doyla66 says #
    Totally stupid. Like Kell's effort in Senate Committee this week. Kell would have thought, "That went well." - I kid you not. Kel
  • doyla66
    doyla66 says #
    "Suppose you were an idiot, & suppose you were Deputy-Chair of ASIC; but I repeat myself." Mark Twain: The proverbial Fox looking
  • doyla66
    doyla66 says #
    Thankyou, Andy. I wondered where Kell got his experience. And then, who was advising him that this was the way to handle Denise Br
  • doyla66
    doyla66 says #
    Mistakes on 1200 lafs and counting - what are the chances that they have made a mistake on everybodies income and occupation 1200
  • doyla66
    doyla66 says #
    Good stuff FOS have been saying that the errors on the LAFs are "mistakes". So are they deliberate "mistakes" or accidental? An a
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