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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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Subscribe to this list via RSS Blog posts tagged in ASIC Bias towards Banks
Sending everyone into poverty - no home no money:   How does that assist the Australian Economy?  Would the Prime Minister please explain what can be done to this ASIC REGULATORY problem?  This email address is being protected from spambots. You need JavaScript enabled to view it.        Our petition on chang.org at 830 persons ripped of and suffering regulatory corruption from white collar criminals:  Calls for Royal Commission   This is the link and thank you for support as this is sorely needed and long overdue:   https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners     Timid ASIC under fire over crackdown inconsistencies Banking and Finance Date September 6, 2014 Adele Ferguson  http://www.smh.com.au/business/banking-and-finance/timid-asic-under-fire-over-crackdown-inconsistencies-20140905-10ct4r.html "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...
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  • organza
    organza says #
    Good luck in trying to get an honest answer from our PM who a little birdie has just told me has to now wear a tiny microphone in
  • setup
    setup says #
    Prime Minister, you do have the power to stand up to Asic and the banks. Prove your worth and stop this horrific suffering. Put a
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http://www.crikey.com.au/2005/04/12/peter-costellos-asic-hypocrisy/ Peter Costello’s ASIC hypocrisy By Stephen Mayne|Apr 12, 2005   Queensland’s threat to withdraw its support for the Federal Corporations Law sparked treasurer Peter Costello to warn this would make Australia’s nine sets of laws more costly and complex than the whole of Europe. However, what Costello failed to mention is that since the Feds got control of the Corporations Laws, ASIC has become a profit centre, pulling in more than $400 million a year in revenue while costing less than $180 million a year to run.  Crikey blew the lid on this rort last July as you can see here when we wrote: Ever heard of a regulatory body which generates hundreds of millions a year in surplus revenue? Look no further than ASIC which gouges Australia’s big and small business alike and has handed over more than $1.5 billion in surplus revenue to the Howard Government’s budgets since...
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Gladys found this cracker.  ASIC suggesting that any loans pre 1 Jan 2011 was irresponsible lending.  Well yes we agree, but ASIC trying to negate what parliament told ASIC to do about this problem in 2001 when they had powers under ASIC Act "unconscionable conduct."  This is a law, regulation that ASIC Has sat on for 13 years and did not take action against any LENDER.  None............................ http://www.theadviser.com.au/breaking-news/8432-asic-cracks-down-on-acl-practices 14 March 2013  Staff Reporter Jessica Darnbrough The industry watchdog is calling on all Australian Credit Licensees (ACLs) to implement better practices to ensure they comply with national responsible lending laws.  Yesterday, the Australian Securities and Investments Commission (ASIC) revealed the findings of its recent review of credit licensees in a new report.  According to the report – a review of licensed credit assistance providers’ monitoring and supervision of credit representatives – ACL holders must have the “appropriate practices in place to undertake compliance reviews of their credit...
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Get a copy of SUNDAY MAIL - couriermail.com.au   11th May 2014 Great one page article - retirees and pensioners fed up with ASIC's dithering around, protecting their banking buddies, whilst dishonestly proclaiming they are protecting consumer interests. Can someone find an e-copy for me.........................great article.  This email address is being protected from spambots. You need JavaScript enabled to view it....
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FOS complains members aren’t paying their determinations:  One Third of determinations not met by the Banks. 9 April, 2014 Jason Spits 0 comments  The Financial Ombudsman Services (FOS) has stated that the failure of some FOS members to pay determinations is “emerging as a structural issue in our investments jurisdiction” after more than $8.3 million is still to be paid to consumers.  FOS Chief Ombudsman Shane Tregellis said the figure related to 18 financial services providers who have not complied with determinations made against them by FOS during the period from 1 January 2010 to 1 January 2014.  Tregellis said while the failure to pay determinations involved a small minority of the 4900 FOS members, the $8.3 million represented a third of all determinations made in FOS’ investments jurisdiction.  The $8.3 million is owed to 99 applicants to FOS, with all the unpaid determinations - except one - involving financial advisers. FOS is required...
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  • doyla66
    doyla66 says #
    I know for a fact that the Nab are not honouring the FOS determinations. No me, but a member of our family that was caught up in
  • doyla66
    doyla66 says #
    Are FOS going to tell us which Lenders are doing this? Here's a story of a similar problem that happened last year - http://www.
  • Denise
    Denise says #
    FOS, ASIC and POLICE in each State KNOW the bank has multiple copies of the LAF for every single loan and - NONE ARE THE SAME!!!
  • doyla66
    doyla66 says #
    Good to know that about the FOS determinations not being honoured by Lenders. In other words, after everything is done, the poor
  • Denise
    Denise says #
    Demand that FOS insist on Banks handing over your client loan files. The "commercially sensitive" crap does not wash. The one pag
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FBAA slams LMI insurers for non-disclosure   by Calida Smylie | 15 Apr 2014  AUSTRALIAN BROKER NEWS The Finance Brokers Association of Australia believes there is a need for greater transparency and disclosure on behalf of lenders and Lenders Mortgage Insurance insurers to make sure consumers are not being ripped off by having to pay LMI. The Reserve Bank of Australia estimates more than one quarter of housing loans in Australia are subject to LMI.  In the financial year ending 30 June 2013, banks made an estimated 761,880 home loans, totalling $247.9 billion in lending, which indicates around 190,470 loans created in that financial year were subject to LMI. But FBAA said in its submission to the financial services inquiry that there are many issues surrounding LMI, including consumers not being provided with LMI product disclosure statements, including any details regarding any commissions payable to the lender. “Privity of contract is the...
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  • doyla66
    doyla66 says #
    Some LMI Insurers used to send the borrowers a copy of the policy, as a matter of course. Now borrowers have to use some heavy ha
  • Denise
    Denise says #
    BFCSA is looking after 1262 consumers of mortgage products. Everything the FBAA is saying is true, and we have material suggestin
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Nguyen followed the "system."   When Nguyen was reported CBA went into overdrive.  They could not sack Don or he would have gone to his union. The CBA engineered the serviceability calculator assisted with dodgy loans.  Nguyen's recommendations for investment were another matter.  If the banks thought Nguyen was a crook they would have fired him, unless the bank executives were crooks themselves and the MR BIGS.   ASIC in 2005 exempted all banks and their agents from prosecution by issuing Class Order # 05/1122 for the SECRET fudging income machine to be made available to all brokers with the intent of prosecuting a few brokers if people started to work out their loan applications had been tampered with by CBA and the other three Major Banks.  No-one had copies of the LAF's (every Australian mortgage holder).  All approvals were done by a computer and the fudging income was executed by the serviceability calculator that ASIC granted the banks exemption for the banks to specifically use this evil tool to approve more fraudulent loans than...
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  • doyla66
    doyla66 says #
    One has to assume all banks are equally guilty. I personally know of somebody who had the same thing happen with Westpac - her fu
  • doyla66
    doyla66 says #
    Welcome to Cover-up City! Dirty linen just starting to emerge. With what we all know from our own experience and evidence the Sen
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A mea culpa from ASIC Updated Thu 10 Apr 2014, 9:35pm AEST It's been a humbling day for ASIC. The corporate regulator has confirmed it was far too slow to take action against the Commonwealth Bank over a scandal in its financial planning arm. It's tardiness prompted a Senate inquiry into the regulator which resumed today in Canberra. http://www.abc.net.au/news/2014-04-10/a-mea-culpa-from-asic/5382428 What a miserable bunch these highly paid public servants turned out to be.   Now the long suffering public can see why so many retirees have lost money in listening to Financial Planners and the FP Industry.  Thanks to the tenacity of the Senators in a bi-partisan approach at serving the people well, we can see why so many pensioners have lost their homes to corrupted Banks and Lenders.  Toxic Managed Investment Scams, toxic Low Doc Mortgage Loans, collapses all over the place, straw companies......the list is endless and the losses more than $200 billion and...
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  • doyla66
    doyla66 says #
    Why don't the Senators call in the staff who were given the Ferrets information over the counter and interview them? Then they cou
  • doyla66
    doyla66 says #
    With the overwhelming number of complaints against ASIC and a handful saying nice things, people are wondering what's in it for th
  • doyla66
    doyla66 says #
    You're absolutely right Neil. ASIC are incompetent liars and their cultural environment would be too difficult to eradicate withou
  • doyla66
    doyla66 says #
    I totally agree Ali, to move forward the old guard at the top has to be changed, a leopard does not change its spots and these peo
  • doyla66
    doyla66 says #
    Watching the Senate hearing yesterday, i couldn't help but to get the impression that Asic were being reprimanded (but not sternly
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