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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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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 Planned NO action
http://online.wsj.com/articles/australian-banks-warn-against-tougher-regulations-1409301494 Australian Banks Warn Against Tougher Regulations Australia's Big Four Argue Against Imposing Tougher Capital Buffers Aug. 29, 2014   MELBOURNE, Australia--Australia's largest lenders defended their ability to withstand any future banking crisis and warned against further moves to strengthen the financial system, in submissions published Friday to a government-backed review.  The country's so-called Big Four banks in submissions to the review of the financial system opposed the imposition of tougher capital buffers. They have also argued against the need to ring-fence investment banking operations and advised caution over introducing any creditor "bail-in" system.   "A compelling case has not been made that further strengthening would provide additional benefits to the financial system," Mike Smith, chief executive of ANZ, said in a submission published on the inquiry's website Friday, adding steps had already be taken by the banks and regulators that would protect the public from losses. The big banks and...
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APRA worried about growth of high risk lending in Australia’s $1.3 trillion mortgage market   JEFF WHALLEY BANKING HERALD SUN MAY 26, 2014 8:27PM Qld Courier MAIL THE nation’s banking watchdog says it has witnessed “increasing evidence” of high-risk lending in the $1.3 trillion mortgage market as the scrap for market share intensifies in the face of low lending rates. The Australian Prudential Regulatory Authority has laid down the law to banks and other lenders with a series of new draft guidelines aimed at sharpening risk management. The Reserve Bank has maintained official interest rates at a historic low of 2.5 per cent since August last year. That’s created a hothouse atmosphere among banks which are fiercely competing to grab as much of the mortgage market as possible. “In this environment, APRA is seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,’’...
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  • doyla66
    doyla66 says #
    Interesting that there's a lot of competition for low doc clients when the interest rates are so low. The message must be getting
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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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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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We suggest you read this site and the extended article on whether David Murray (ex CBA) is right man for the job as Chair of the Roots and Branch debacle into Banking.  You all know our view.   APRA warns Murray Posted by Houses and Holes in Australian banks, Featured Articleat 1:40pm on February 20, 2014 | 15 comments    Share on Facebook Share on Twitter Share on Reddit +   From the AFR, Australian Prudential Regulation Authority chairman John Laker has warned in a speech today that: “The impact of seeking to retreat from the status quo on the hard won reputation of the Australian banking system … will I am sure be carefully weighed by the inquiry,” Dr Laker told an audience at the Institute of International Finance Conference. Dr Laker’s remarks follow an address by the chair of the financial services inquiry, David Murray, during which he discussed the costs to the economy of regulation....
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  • doyla66
    doyla66 says #
    Yes the whole banking system stinks to high heaven. My father would always say "As handy as an ashtray on a motorbike" which is w
  • doyla66
    doyla66 says #
    Yes Nanna - thought you might like that one and one can bet the other 2 were on the verge of having to do the same thing. I am ju
  • doyla66
    doyla66 says #
    Just had a read Organza. Doesn't surprise me one little bit. Nab's reputation stinks. You had to know I would like this article
  • doyla66
    doyla66 says #
    Better tell 2 other banks that their big secret was revealed in December 2010 (not by major media of course) http://www.moneymorni
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New APRA data beats mortgage records by AB | 26 Feb 2014  Australian Broker News   The Australian Prudential Regulations Authority has released new data which indicates the prevalence of investors and subsequently interest-only mortgages within the market is rising at record levels. APRA’S domestic Australian Authorised Deposit-taking Institutions’ property exposure data for the December 2013 quarter shows 34.6% of all mortgagees had a loan with an offset facility – a record high since the archives began in March 2008. “The rising proportion of loans with an offset facility indicates to me that many mortgagees are utilising these facilities to reduce their mortgage liability whilst still having access to those funds,” said Cameron Kusher, senior research analyst at RP Data. This is supported by recent RBA data which indicates the typical mortgagee is around 21 months ahead in their mortgage repayments, he said. The APRA data also shows a record high 35% of all outstanding loans...
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  • doyla66
    doyla66 says #
    Whats the bet if you were spruiked at seminars and the likes almost the first line that came out of the crooks mouth was DONT THIN
  • Denise
    Denise says #
    Yes Tom, once five year interest only period finishes you will be forced to hand over your home (as you know) bank wins you lose!
  • Denise
    Denise says #
    Yes Maria, the BIG BANK STING - once fish on hook stitch them up for another five years of pain and heartache. Where is the Prim
  • doyla66
    doyla66 says #
    The banks send out a letter asking if you would like to continue with interest only for another 5 years.
  • doyla66
    doyla66 says #
    what happens when the interest only period expires and payments have to increased to cover principal plus interest
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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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Tom is spot on:  Denise, As know FOS are now eliminating the appeal avenue from their decisions and going straight to determination effectively benefiting the banks and themselves.  By the time the Senate Inquiry into Lazy ASIC reports  in March FOS and COSL hope to reduce their over bloated case load.  The one they both pretend they do not have.   Our Banks and ASIC, reminiscent of the Nazi tactics in the latter stages of WW11: holding centres and send everyone to gas chambers before the Allies arrived.  This time its the Bank Case Manager executioners.  Naturally, it's in everyone's interest except consumers of toxic bank loans, to have ASIC lie twice to Parliament: "we see no systemic issues."  Industry Regulators and their Banking Buddies must be desperate to shred the evidence to skew the figures of case numbers. Yes Sir:  The most experienced INCOME FIGURE FUDGERS and Document Magicians with disappearing files living...
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  • doyla66
    doyla66 says #
    I firmly believe that if Banks, Brokers, FOS, COSL or ASIC for that matter destroy evidence to protect their own backsides and can
  • doyla66
    doyla66 says #
    Charles this is precisely the point(s), "no dox, no sox" and they get to keep their dirty underwear, case closed. FOS requires an
  • doyla66
    doyla66 says #
    It's called a coverup, in time honoured public service tradition. "In the national interest"??? Maybe in the National Bank's int
  • doyla66
    doyla66 says #
    Denise, FOS refuse to hand-over ING 'electronic credit file' from which it sourced copies & attached to its Recommendation dubious
  • doyla66
    doyla66 says #
    You are totally on the ball Denise. Lies, fraud, deceit will never stay hidden. It always comes out. With age I have learnt and
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A Rollicking Read:  http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/RP9697/97rp16 The Australian population is ageing. This increases the importance of assets to fund consumption in retirement. The Commonwealth Government has sought, through superannuation initiatives, to encourage private asset accumulation and thus to encourage reduced dependence upon the age pension in retirement. This has led to a shift in household financial assets into market-linked investments, meaning that households are bearing more investment risk than in the past. Improved financial advisory services and increased efficiency in funds management are thus required. The number of people working extended hours continues to increase. Thus, many people may now have less leisure time and less time available to manage their financial affairs. Such people will have a greater need for financial products which offer convenience and ease of access. At the same time, many consumers will experience greater variability in the timing of income. Those spending longer periods in education, those in...
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