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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 caused Collateral Damage
Rise of the vigilante   Email Print Normal font Large font John Collett SMHMay 2, 2007 Tracked down ... Kovelan Bangaru.Photo: Rob Homer   Fed up with the Australian Securities and Investments Commission's inaction, investors who lost their life savings in collapsed investment schemes are taking matters into their own hands. Having had their patience tested to breaking point, they are now tracking down promoters of failed schemes to their overseas hideaways and serving them with legal claims. Katya Barnes and her husband lost $160,000 with the property developer Streetwise, which collapsed in 2005 with more than $60 million in losses. Streetwise's founder, Kovelan Bangaru, fled to the United States soon after the collapse, after the regulator failed to freeze his passport. The Barneses went to California and, with the help of a private investigator, located Bangaru. He has since been arrested and is awaiting extradition back to Australia. In another example...
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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.fos.org.au/custom/files/docs/submission_future_of_financial_adive_legislation_senate_fofa_sen_elc_jan_12pdf.pdf  Our Gladys is busy digging into FOS Reports - wonder what happened to those complaints and outcomes and what happened to the Directors?  We know what ASIC do - bleedin nothing and hence why ASIC is subject to 2014 Inquiry.  We should have mandatory Inquiry into ASIC every year until they start understanding corrupt behaviour is not acceptable. page 7  Phoenix Activity   In the course of our dispute resolution work, we see Phoenix activity.  Where this occurs, consumers can be left with unrecoverable losses while the financial advisors responsible for the losses can continue to provide advice.  Over the past two years, we have identified four cases of Phoenix activity that affected about 125 disputes.  There are many forms of Phoenix activity.  One example is outlined below and a case study is also provided:    Example of Phoenix activity   A large number of disputes against one licensee are...
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  • doyla66
    doyla66 says #
    ASIC may be enabled to deal with Phoenix Companies but what do they do in reality? Well it probably depends on how many people are
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New comments:  I am a new victim from 2012...Banks are Corrupt        <http://www.brokernews.com.au/templates/images/bl_list.gif>            Natalie, what happened to me by a rogue mortgage broker happened in 2012. So please dont speak when you know nothing and have not been affected? From a life of no worries and free of financial problems my life has become a worry from day to day, i have changed my whole life because of a rogue broker and cosl, fos and asic, all of who ignored my pleas. they know the loopholes and they play them. the broker made a lot of money from my "deal" and i was left to pick up the pieces of my life, including the humiliation and frustration of not being believed. Cowboys? Banks are corrupt, lets face it, why would CBA be facing $250million compensation for poor innocent people if they were 'the good guys'. This is not an old...
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  • doyla66
    doyla66 says #
    Brokers take their orders from the Lenders who supply all the necessary tools including the stationary. Exactly, Nanna. So it loo
  • doyla66
    doyla66 says #
    Getting justice is like pulling teeth from a hen. The lenders themselves are the culprits with their corrupt manipulative plans w
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http://www.macrobusiness.com.au/2013/10/asic-blows-bureaucratic-smoke/ Posted by Houses and Holes in Australian Economyat 1:58pm on October 11, 2013   From ASIC chief Greg Medcraft................“Today, I want to set the record straight. My point is that in any foreign bribery investigation, criminal proceedings are the main game,” he said in a copy of his speech to the American Chamber of Commerce in Australia. “ASIC cannot – and will not – do anything to jeopardise the success of criminal actions. This is something the media has mostly chosen to ignore..........There are three points to make. ...................   The Four Corners expose on the case of corruption and bribery at RBA subsidiaries made the point that the Federal Police had investigated Securency then passed the issue to ASIC, where it disappeared.   From the ABC program: The AFP handed its evidence to the Australian Securities and Investments Commission (ASIC). In a statement, ASIC said it had reviewed the...
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  • doyla66
    doyla66 says #
    ASIC cannot – and will not – do anything to jeopardise the success of criminal actions. Huh? Does this mean ASIC will let the crim
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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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Reader asks:  Where are all the people affected by Matt George from Money Choice lets all get together and make the government do something? Dear Reader: You need to be in a collective group which we have already provided. Your power is in numbers.  Just email me and we will place you on the MC register to enable you to plan the next chapter and take control of the situation as aggrieved consumers with a voice. Did you notice that Stephen Kane was head of the aggregator FAST GROUP, picking up the bank commissions re Matt's deals, and where is Stephen now? He works as exec for NAB of course! And what has ASIC concluded after the flood of complaints?  What has ASIC done re the banks that approved loans for MC victims? This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • Denise
    Denise says #
    As usual ASIC doing nothing. Senators must be really really frustrated at dealing with the ASIC regulatory idiots as we all are.
  • doyla66
    doyla66 says #
    I have heard that this con man when he sold his loan book spread his millions into about fifty different solicitors trust accounts
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http://www.smh.com.au/business/explosive-claims-on-jp-morgan-conduct-20140525-38wq6.html Explosive claims on JP Morgan conduct BusinessBanking and Finance Michael West Date May 26, 2014 A technical support person who worked for JP Morgan in Australia claims the bank regularly misled its New York parent and the US Federal Reserve by failing to report losing trades.  The explosive allegations are contained in a submission by the person to the Senate inquiry into the performance of the Australian Securities and Investments Commission. BusinessDay has met the person and agreed to allow him to remain anonymous. He appears to be credible.  The person complained to ASIC and later went to work for the regulator, but he said the regulator failed to investigate his claims.  A spokesman for JP Morgan denied the allegations. "The claims are false and misleading," he said.  In his submission, published by the inquiry, the person said he was employed at the Sydney office of JP Morgan between 2004...
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  Someone in Government should see that ASIC cannot profit from White Collar CRIME!!!  Unions upset and so are Consumer victims of Low Doc Lending and retiree victims of MIS scams....yes its corporate registry but all the complaints about directors and sham companies and lenders - registry must be a LIST of the elites of white collar crime who scarpered with billions of dollars of other people's money whilst ASIC played the fiddle!  Proceeds of crime? YES Indeed  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.canowindranews.com.au/story/2304291/planned-sale-of-asics-corporate-registry-a-body-blow-to-latrobe-valley/?cs=9   Planned sale of ASIC's corporate registry a body blow to Latrobe Valley By Georgia Wilkins May 24, 2014,   In a nondescript office building in the quiet back streets of Traralgon in Gippsland, the financial documents of every registered company in Australia, big and small, are filtered, processed and filed away.  Until a company passes through this outpost of the Australian Securities and Investments Commission, digitally or on paper, it does not exist.  The processing centre, originally set up in the coal-rich...
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  • doyla66
    doyla66 says #
    What a joke more public owned utility selloffs, increase taxes for what "no Government services" and even less Government control
  • Denise
    Denise says #
    So true Sean - a sentiment shared by many. Since when did the Australian Government decide that major banks can (with impunity) l
  • doyla66
    doyla66 says #
    What is wrong with our moronic Government this attitude of sell off all public assets for short term profit to long term detriment
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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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Obviously, ASIC was a waste fo money - but then no regulatory oversight into financial products and services - run by the Banking Cartel - that's caused the Global Financial Crisis.  Sounds like Hewey Dewey and Louey in charge of This email address is being protected from spambots. You need JavaScript enabled to view it. Budget 2014: ASIC's funding cut in move away from financial sector oversight BY LEXI METHERELLUPDATED THU 15 MAY 2014, 9:17 AM AEST The Federal Government is cutting funding to the corporate watchdog, as it pushes for less regulatory oversight of the financial sector. Over the next five years, $120 million will be pulled from the Australian Securities and Investments Commission's (ASIC) funding. A spokeswoman for Finance Minister Matthias Cormann, the minister responsible for ASIC, says the saving is necessary for the Government to repair the budget. But less than a decade after banks sparked the global financial crisis, the Government is signalling it wants to reduce regulation of the sector. Parliamentary Secretary...
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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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Time for ASIC to pay the Piper.  I noticed Budget set to carve up ASIC.  Should have been executed long ago.  We now need a Federal Consumer Protection Bureau with Serious Fraud Unit.  They will find a lot of data errors and deliberate wipeouts in their system as we have found over 15 years.  Many coy directors have six DOBs.   So a private concern gets the benefit of all this data but the public do not?    Certainly ASIC was wallowing the info to collect dust!  Might as well sell off all our libraries!!!!  ASIC needs to be chopped up and sold off bit by lousy bit.  Have you noticed the Prime Minister is determined to get rid of all these monoliths of uselessness, but ASIC is a cash cow.  So its a sell off of the generated $750 million per annum income.  OK SO ITS BACK TO 1950's BUYER...
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http://www.asic.gov.au/asic/asic.nsf/byheadline/04-300+No+credit+for+misleading+loan+calculators?openDocument   04-300 No credit for misleading loan calculators Thursday 16 September 2004 The Australian Securities and Investment Commission (ASIC) has acted to close down loan calculators on more than 100 websites of Australian financial institutions, including banks, credit unions, other lenders and finance brokers. The calculators suggested that using a line of credit will result in the consumer paying off their home loan more quickly. ‘Most lines of credit charge higher interest rates than standard home loans, so when you stop to think about it, it was extraordinary to suggest that paying higher interest could pay off a loan sooner’, said Mr Greg Tanzer, ASIC’s Executive Director of Consumer Protection and International Relations. The loan calculators produced a graph, comparing the time taken to pay off a standard loan with the time taken using a line of credit. However, the way the calculator was designed meant that: extra repayments were...
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Gladys - our intrepid researcher has found these gems  We suggest all victims of LOW DOC LENDING and TOXIC MORTGAGES, broaden your knowledge of FOS................................32,000 complaints per year show that these TOXIC fraudulent, unaffordable (implode in 5 years) 30 year loans have been going on for over a decade, and continue to do so.  Had proper action been taken by ASIC against the BANKS involved, FOS would be back to handling 70 complaints per year!  Now FOS is busy trying to invent ways to fast-track complaints and find excuses to close files.  Like the BLANK FORM SCAM.  No-one signed blank forms...............its a magician's trick!!!  Three pages are pre-filled in - standard industry practice.  We collectively KNOW THAT to be true.  You need to join BFCSA to find out how to watch out for Banker/FOS tricks. Is FOS' "ethics" slipping due to being swamped with complaints?  Without BFCSA's collective knowledge no-one in...
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At loooooong last the bleeding obvious..........................................a glimmer of truth but no forgiveness from victims of ASIC's conflicted fuzzy thinking. ASIC admits conflict of interest shortcomings   inShare2           Written by James MitchellMonday, 12 May 2014   While he admits this is “not a nuanced version” of ASIC’s duties, Mr Kell said it does “capture our approach.” ASIC deputy chair Peter Kell has spoken candidly about the corporate regulator’s focus on disclosure, inability to weed out conflicts of interest and the impact on advisers. Speaking at the Centre for International Finance and Regulation conference in Sydney last week, Mr Kell said ASIC’s approach over the past 15 years has been “anything goes as long as you disclose”. “The role of disclosure is an underlying principle in structuring your regulatory requirements and regimes,” Mr Kell said. “That was central to the Wallis Inquiry regulatory philosophy and is central to...
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  • doyla66
    doyla66 says #
    As per usual, an abrogation of their duties. So the question becomes: what do they do then?
  • doyla66
    doyla66 says #
    “We have had a situation where too often disclosure has been the answer but we have forgotten the question.” Classic! It's a giant
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ASIC blasts Commonwealth FP on YouTube     Written by Aleks VickovichMonday, 05 May 2014 http://www.ifa.com.au/news/13171-asic-blasts-commonwealth-fp-on-youtube   ASIC has called for stronger powers to take action against executives and managers in the financial advice industry, amid allegations of further wrongdoing by former CBA-aligned advisers. In a YouTube video uploaded this morning, ASIC deputy chairman Peter Kell spoke directly to the Australian public about the Commonwealth Financial Planning scandal, pre-empting an ABC TV report scheduled to air this evening.“Tonight the ABC Four Corners is doing a story on Commonwealth Financial Planning, or CFP, and the conduct of that company’s financial planners six years ago,” Mr Kell said. “I wanted to tell you what ASIC has done about CFP and the financial planning industry more generally; what CFP did six years ago was simply unacceptable.  Pete it was FRAUD......“Commonwealth financial planners were giving very poor advice to clients, driven by conflicted commission payments. This was part of a...
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  • doyla66
    doyla66 says #
    Shoulda, woulda, coulda .... when are ASIC going to start speaking plain Aussie English about exactly what is going to be differen
  • doyla66
    doyla66 says #
    Well said waiting for justice, what gives ASIC the right to protect the banking system and hierarchy from criminal intent using fr
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The bank scams that have invaded Australia, are tearing families apart, destroying lives, by stroke or heart attacks around the nation, all because of a product that Bank Engineers like Medcraft & Mates. A BFCSA Members tells of the pain and family suffering, better than I could ever describe: "After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these hideous bankers and their evil secret service calculator they invented, are killing the previously happy lives of ordinary Australian families....... Observers and Readers..... Yes..... You are right...... It's the Loan Application Forms ("LAF") that destroyed us. After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these bxxxxx bankers and the...
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  • doyla66
    doyla66 says #
    If I had committed a fraud I am damn sure that I would be shown no mercy. No passing go, just straight to jail. Shouldn't it be o
  • doyla66
    doyla66 says #
    It's time to extinguish all fraudulent loans and stop the pain and suffering. We do not deserve to go through this pain and tortur
  • doyla66
    doyla66 says #
    "I don't care how much it costs the banks, that's the penalty for falsifying documents and doing the wrong thing by consumers" Ja
  • doyla66
    doyla66 says #
    What I find absolutely amusing is the fact that Mr Kirk ? from ASIC said to the senators "do you realise what this will cost the b
  • doyla66
    doyla66 says #
    It has nearly been 12 months since Nab took possession of our home. The pain is still there. The torment, the embarrassment, all
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Government designs laws to protect Consumers of superannuation products.  ASIC then waters down the effect of those laws to help out Industry mates.  See Coonan announcement 2004 and then ASIC Class Orders and complex changes = dog's breakfast.  Which dodo gave ASIC these powers? http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2004/053.htm&pageID=003&min=hlc&Year=&DocType=0   Helen Coonan Minister for Revenue and Assistant Treasurer 26 November 2001 - 17 July 2004 Media Release of 21/06/2004   C053/04  21 June 2004    EMPLOYEES TO CONTROL THEIR SUPERANNUATION The Government has successfully negotiated an agreement with the Australian Democrats to give employees the right to choose their own superannuation fund, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said following the Prime Minister’s announcement today. “The Government announced its intentions to provide choice of funds to employees in 1996 but for eight years employees have been denied this basic right,” Senator Coonan said. “Substantial national benefits will flow from the introduction of choice...
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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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