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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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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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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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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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One of the best Four Corners programs on Banks' bad attitude to customer relations as a result of ADELE FERGUSON's investigations into Commonwealth Bank and ASIC cover ups will be shown on ABC FOUR CORNERS TONIGHT 8.30pm. Please don't miss it.  Its a message to all Brokers YOU COULD BE NEXT as more of these activities are exposed.  BUT keep open mind................Banks were the MASTERMINDS of all this Mortgage Lending Chaos and the Bankers developed the strategies to fleece customers of assets. The Banks are operating as a CARTEL and BFCSA has amassed the evidence by gathering together 1200 people in similar circumstances. The reason that SENATOR BISHOP became justifiably angry at the CBA chief using the word to describe certain activities "as inappropriate behaviour," when discussing fraud and forgery and his anger followed in later questioning of ASIC Chief GREG MEDCRAFT and ex IOSCO sidekick Greg Tanzer. In appropriate is...
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  • doyla66
    doyla66 says #
    https://www.facebook.com/commonwealthbank (corrected post) Recent Facebook Posts recorded before they disapear Steve Vella J
  • doyla66
    doyla66 says #
    Sarah Jowett I go on your website, but your "locate us" page doesn't function on my iPad!! C'mon guys, you need to get that rig
  • doyla66
    doyla66 says #
    Last night's ABC Four Corners program Banking Bad shone a light on the pressure cooker working environment driven by the sales and
  • doyla66
    doyla66 says #
    Great investigation by Adele Ferguson. "Inappropriate" - good on you, Senator Bishop. About time Australians all dumped the rubbi
  • doyla66
    doyla66 says #
    They the pollies yet again take the big stick to students and education the pensioners and retirement age and lets apply another t
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Anybody up for a spot of fraud? How about some forgery for good measure? Doctoring the odd file perhaps?  14 April 2014 SMH  http://m.smh.com.au/business/a-ban-is-no-deterrent-for-bad-behaviour-20140411-36ih9.html   That's the ticket. Be a hero among your peers. Beam with delight as you win cash bonuses and the prized Sales Legend of the Month Award for flogging the most high-fee product to unwitting retirees. Don't worry, you won't be prosecuted. There is one rule, though, you have to work for a big bank. No point being a 16-year-old schoolgirl trying to pull off an April Fools' prank. You should be warned there is a chance that you may get a ban. A lot has to go wrong though. First, there would need to be a stubborn bunch of whistleblowers prepared to sacrifice their careers, do the wrong thing and dob you in. Even then the odds are stacked in your favour. When the whistleblowers go...
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  • doyla66
    doyla66 says #
    Michael West is about the only media indentity who has the guts and will power to tell Australian citisens how bad and corrupt the
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For the benefit of readers:  The SECRET SERVICE CALCULATOR (only banks, brokers and insurance companies have access passwords) had its existence made known to members by BFCSA in late 2012 and for 12 months, members have all been asking for their one page copies.   A few of these documents emerged, but sadly, our banking world is a Cartel governed Industry.  Suddenly, their dirty secret was out and they could not put the Genie back in the Bottle!  The FACT that no client of banks were ever told of this secret calculator's existence and never disclosed that it was used to skew their income to say $50k up to $180k.  Bankers never intended for this one pager to see the light of day.  The SCF and the ICW was actually ATTACHED by bank command, to the Loan "Application Form."  Banks had denied the LAF discovery for some years before and we won that battle.   Discovery of the SCF and its...
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  • doyla66
    doyla66 says #
    The bank's internal service calculator is very different to ones provided online. I have a copy of one. Also David Liddy gave a g
  • Denise
    Denise says #
    Senators have copies of the ICW and Service Calculator and so do ASIC - delivered in person. All have been fulled briefed. I wil
  • Denise
    Denise says #
    Dear Noemail, If you wish to view copy of service calculator (we have written many blogs on this and will be more) and ICW, just
  • doyla66
    doyla66 says #
    Denise, You have maintained the secret calculator's existence; The SCF and its second page ICW (Income Work Sheet - massaging in
  • Denise
    Denise says #
    Low Doc and Full Doc loans were developed to provide people with lifetime of debt. Loans you could never escape from, no matter if
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CBA execs grilled over Nguyen departure Friday, 11 April 2014 | Tim Stewart   http://www.investordaily.com.au/35340-cba-execs-grilled-over-nguyen-departure       Today's News Global players set to enter advice market AMP Capital departures spark ratings concern AVCAL lobbies for SIV expansion Converge with planners, accountants told Regulation hindering product innovation: ASFA Market neutral funds reduce volatility: Pengana     inShare   Senior CBA executives have faced questions about the removal of banned Commonwealth Financial Planning adviser Don Nguyen in July 2009. The publication of allegations about Mr Nguyen in InvestorDaily on 22 June 2009, one month before the Commonwealth FP decision to lodge a breach report with ASIC on 27 July 2009, was a major sticking point in a public hearing yesterday.  CBA group executive wealth management Annabel Spring, CBA general counsel/group executive corporate affairs David Cohen and CBA executive general manager wealth management advice Marianne Perkovic appeared before the Senate inquiry into the performance of ASIC in Canberra. Responding...
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  • doyla66
    doyla66 says #
    Caught red-handed yet promoted so he could fob off client complaints? If that does not reek of guilt and cover-up of gigantic pr
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ASIC silent on possible Macquarie whistleblower   ASIC deputy chair Peter Kell. 24 Feb 2014     http://www.financialobserver.com.au/articles/asic-silent-on-possible-macquarie-whistleblower By Kate Kachor  8  21     Related Articles: Macquarie rebuilding wealth division | Macquarie advisers caught out, wealth unit under review |     Senior members of the corporate regulator have refused to provide details about the possible existence of an informant within Macquarie Bank’s wealth management division. ASIC representatives, including chair Greg Medcraft and deputy chair Peter Kell, last week offered scant detail to a Senate committee in response to how issues within Macquarie Equities Limited (MEL) came to their attention.Macquarie’s banking and wealth division came under siege last year when MEL agreed to an enforceable undertaking (EU) with the regulator.The EU followed a nine-month ASIC investigation that uncovered a number of recurring compliance deficiencies “by and in the supervision of MEL’s advisers”.In response to a direct question on whether an informant tipped off ASIC about the “problems...
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  • doyla66
    doyla66 says #
    Well Denise I might be able to add a bit to your comment for red sports cars were in vogue when I last worked in the industry - th
  • Denise
    Denise says #
    Organza, Yep ASIC use the EU Method every time and pick up $1 million graft money for shoving everything under Medcraft's red car
  • doyla66
    doyla66 says #
    Wonder if Macquarie are one of the 2 major banks who "voluntarily confessed something to ASIC" mentioned on lateline business last
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ASIC runs a Literacy Program set up in 2007.  What a waste of money that has been and yes the usual ASIC gene-pool involved. Then VEDA ex Baycorp put out a report by ringing a number of people with credit cards to cross correlate whether they had been truthful in applying for a credit cards and they came up with the figure 2.7 million people did not understand credit and may have misled details for credit - well its a stretch at best.  All was to back up ASIC's mumbo jumbo to blame consumers to "fit" in with the marketing that "people are financially illiterate".  No you morons, ordinary Australians are being targeted by Banks to have multi credit cards thrust upon them.  VEDA said in defence of banks: well they cannot check details if they are not on credit system etc.....................you can see where this one was going but ASIC...
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  • Denise
    Denise says #
    Changes to Penalties? Its more of Medcraft's Muddle and mindblowing smoke screens: He wants parking ticket type fines increased.
  • doyla66
    doyla66 says #
    Well word spreads fast! Interview tonight on Lateline with Professor Getsmart and I nearly fell off the chair when Tiki said the
  • doyla66
    doyla66 says #
    Thanks, Organza. I think that's the best interview I've seen Greg Medcraft give. ASIC is having staff cuts due to reduced govt f
  • doyla66
    doyla66 says #
    People like Jon Denovan who have the benefit of both EDR/COSL experience and Law like to soften down the nasties of life - like Fr
  • doyla66
    doyla66 says #
    I find reading this post rather disturbing in the fact that it would not matter what documents were or were not provided the Lende
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Dear Mortgage Brokers You will all become the prize bunnies under the new NCCP laws.  Why?  Banks made onus on you to verify documentation, even though you do not have the resources, the training or qualification and are not licensed to do this task. Even though same laws apply to Banks (and have for years), ASIC is  taking NO ACTION AGAINST LENDERS.  Instead ASIC will ignore the piece of legislation that says the Banker is responsible for verification of loan documents and instead ASIC will ping a few Brokers. THIS IS A CRIME SCENE INVENTED BY THE BANKS.............................and in crime - there is always a scapegoat.   Look in the Mirror..........................say three times; "The Banks are setting me UP.  Approval of loans is the duty owed by the Bank to its customers under s27.1 of the Bankers Code....Banks owe that duty, not me, but I am being made the SCAPEGOAT." Then...
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  • doyla66
    doyla66 says #
    Well well well Brokers are you starting to see how the sting plays out, the Banksters and the Regulators ASIC and FOS are all poin
  • doyla66
    doyla66 says #
    As predicted it's now the turn of the brokers to realise they were all set up like a row of sitting ducks. Not liking having all
  • doyla66
    doyla66 says #
    I cannot understand how you Brokers have not seen this coming. How trusting you were, foolishly so. What makes you all tick. You
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The fisherman caught out by the low-doc loan DateMarch 13, 2014 - 1:29PM 43 reading now Read later Su-Lin Tan and Michael West   inShare submit to reddit "I am in a desperate situation now": Graham Filmer has fielded four letters from the Commonwealth Bank, which is trying to repossess his home. Photo: Supplied Graham Filmer used to earn a living 30 kilometres off the coast of Corny Point in South Australia long-line fishing for sharks – mostly bronze whalers, gummies and schoolies – and catching snapper. It was a hard life. Things had been better years before when he still had a licence to catch rock lobsters. The deep sea fishing took its toll on Filmer, physically. Five years ago, he developed rheumatoid arthritis in both wrists. Now he can't even reel in a hand-line. The boat Graham Filmer was forced to sell. Photo: Supplied Around the same time he was inveigled into...
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  • doyla66
    doyla66 says #
    Do you know that the fraudsters will have the cheek to say by giving you all this extra money. "We were helping you" Thats a good
  • doyla66
    doyla66 says #
    Yes we know the broker is the agent, we get that bit ..but at the final hour the banks approved 100's of 1000's of dollars to peop
  • doyla66
    doyla66 says #
    Yes indeed it is still happening. My loans are 2011 and 2012 And I defaulted in 2013 And $40k run up on credit cars to stop the s
  • doyla66
    doyla66 says #
    The customer/borrower relies on the bank to do the right thing... what CBA is telling Graham is exactly what all the banks are tel
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More from our Gladys: SUMMER SCHOOL ASIC 2009 Our program this year is very much focused  on the financial markets and this morning, we will focus on what went wrong and what we’ve learned...........the principals—taxpayers, shareholders, bond holders and so on—are being very badly let down by their agents— the regulators, supervisors, central banks in some cases (not here in Australia I hasten to add), treasuries, CEOs, Boards and so on............ there were many, many things going on over many, many years that basically led toincreased debt versus equity throughout the system........going back to the 1986 tax reform in the US, we also had the concession that allowed things like mortgage-backed conduits to become possible—where the entity wasn’t taxed and could operate like a ‘pass through’ certificate—which greatly encouraged the use of those conduits to make mortgages. They didn’t give that concession to equities and other assets, they gave it to...
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  • doyla66
    doyla66 says #
    Share market usually goes through a seasonal adjustment coming up to EOFY. For all the hype, most are adding to their private go
  • doyla66
    doyla66 says #
    So ANZ boss (and the rest of the Banksters) can go out and sell his shares for millions of dollars to buy his beach side estate, a
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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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MoneySuper & Funds  SMSF alert on property John Collett  Date December 5 2012  SMH Trustees investing in real estate must keep an eye on the details or could find themselves in serious trouble. Read more: http://www.smh.com.au/money/super-and-funds/smsf-alert-on-property-20121204-2as1l.html#ixzz2ssVgsJ7y The Australian Taxation Office (ATO) is warning trustees of the rapidly growing self-managed superannuation funds (SMSF) sector to be cautious when investing in property.  The acting commissioner of the ATO, Bruce Quigley, says some trustees are using their superannuation funds to invest in property without fully understanding their legal obligations, or are deliberately trying to skirt the law.  Breaches of the law can result in a fund's trustees being disqualified, civil penalties or even criminal charges. Fines of up to $220,000 can be applied to trustees entering into arrangements that are not properly structured. Over the past five years, the rules have been progressively relaxed. Trustees can now borrow to invest in property through their...
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  • doyla66
    doyla66 says #
    Huh? I'm becoming so very confused I'm not even sure if to read across or down is now the status quo. Can somebody tell me pleas
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Well Whoooppeeee Doooo  ASIC nails a Broker but fails to ping the LENDERS.......................WHAT ABOUT THE LENDER PETE????? BREAKING: Melbourne broker hit with five-year ban Breaking News: ASIC "getting tuff" by Adam Smith | 07 Nov 2013   ASIC has issued a five-year ban to a Melbourne broker and cancelled the licence of his business. The regulator has announced it has handed a five-year ban to Tony Quach following an investigation. ASIC alleged Quach, through his company TQ Smartchoice Pty Ltd, submitted six home loan applications to two lenders that contained false or misleading information. ASIC said Quach had obtained information and documents from a source other than the home loan applicants, and had failed to verify the information with the applicants. "ASIC takes allegations of loan fraud very seriously. We will continue to remove from the industry those involved in misleading loan applications." ASIC Deputy Chairman Peter Kell said. The watchdog also cancelled the...
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  • doyla66
    doyla66 says #
    All this hoopla over 6 loans and two lenders by one broker!? How many work hours did that piece of magic take, ASIC? ie. what did
  • doyla66
    doyla66 says #
    Enough of the BS that is coming out of ASIC's Propaganda Machine, the plain reality is that ASIC and the Australian Federal Police
  • doyla66
    doyla66 says #
    What rot Peter Kell, taking fraud seriously ? Are you joking ? You have not lifted a finger to help thousands of consumers bitten
  • doyla66
    doyla66 says #
    Well Whoopdee Doo. If this is not a set up I will eat my hat. How very convenient that ASIC are looking tough nailing the Broker
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Blatant and systemic cover-up by ASIC permitted the Major Lenders to profit from an obvious fraud.  That is the bottom line.  ASIC continued this farce of protecting Banks for over 14 years knowing NSW consumers in particular could be protected.   Since 1980, ASIC haqd the benefit of the Contract Review Act in NSW and most contracts could have been ripped up had ASIC truly wanted to protect consumers.  But ASIC had to chose between protecting Banks and also protecting consumers.  ASIC chose not to warn consumers that this was a Bank scam.  ASIC chose to watch RECA and later BFCSA dig into this scandal and knew most loans would implode within 6 years and ASIC planned to say "out of time."  That is in itself false as FRAUD AND FORGERY were everywhere across all documents known as Loan Application Forms.  It knew about the dreaded service calculators, whose ingenious creator...
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  • doyla66
    doyla66 says #
    All Australians have a right to expect a more diligent and honest work ethic by ASIC management. They have failed, repeatedly and
  • doyla66
    doyla66 says #
    ASIC should have told their mates (banks/lenders) to pay up and move on long ago just to shut us up. Their liability may have been
  • doyla66
    doyla66 says #
    BFCSA will keep the pressure on you Asic until you decide to tell the truth. You know and everyone else knows you are guilty. Ther
  • Denise
    Denise says #
    I have just read ASIC's ridiculous Supp Sub 45.1 Omissions are in fact a criminal offence and ASIC excels in omissions. In fact,
  • doyla66
    doyla66 says #
    Very harsh and damning words but TRUE, TRUE, TRUE. ASIC have gone past the point of no return now. They have committed a mortal si
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YES Gadens are bullies and if we had a Royal Commission into our Banks, as is desperately needed (if we are to control bad banking behaviour as happened in every other democratic country) Gadens would be called in to answer 12 months of questioning as to whether they were the masterminds of the Low Doc Scam.  Its a question that every consumer of a mortgage loan in Australia, Full Docs, Low Docs or No Docs has a right to ask.   In our experience, Gadens hand-prints are everywhere.  The Law Societies in each State and indeed The Law Council of Australia should be investigating Gadens for their roll in arranging the lion's share of toxic mortgages in Australia.  The Judiciary in each State, speak amongst themselves and they see trends that are as unpalatable as we have uncovered.  Not that ASIC sees anything wrong.   ASIC permit one person to be...
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  • doyla66
    doyla66 says #
    I'm so looking forward to seeing Gadens hung out to dry by some good lawyer in a public arena. Their "advice" to Banks has been i
  • doyla66
    doyla66 says #
    I have previously dealt with the Law Council and found them to be very protective of their members as the banks, fos etc are. Nev
  • doyla66
    doyla66 says #
    I think that most of us have had a lot of stress dealing with Gadens as they are everywhere and act for many banks. Great idea fro
  • doyla66
    doyla66 says #
    Gadens are low life and during the Royal Commission they will be exposed with their deceit, distain and corrupt methods. Up to the
  • doyla66
    doyla66 says #
    Gadens NEVER move without instructions -express/tacit- same as Theresa Gadens threw my pregnant tenant out without Court Order so
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FBI: Elk Grove Woman Sentenced to Prison for $5.5 Million Mortgage Fraud Scheme POSTED BY ALEX FERRERAS ON AUGUST 16, 2013 IN SCAMS   (Source: FBI) – Hoda Samuel, 62, of Elk Grove, California, was sentenced today to 10 years in prison for a mortgage fraud scheme that caused more than $5.5 million in losses, U.S. Attorney Benjamin B. Wagner announced. “Taking fraudsters out of the residential real estate industry and sending them to prison has been one of this office’s top priorities,” U.S. Attorney Wagner said. “Today’s sentence is another success in our fight against the mortgage fraud schemes perpetrated by Hoda Samuel and her co-defendants that wreaked havoc in this region.” “Greed-based crimes such as these can undermine the stability of our financial institutions and the economy, resulting in devastating consequences for homeowners, businesses, and communities in which the properties are located,” said Special Agent in Charge Monica M. Miller of the Sacramento Division of...
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  • doyla66
    doyla66 says #
    Bloody hell Samules and my despicable broker are looking in the mirror!
  • doyla66
    doyla66 says #
    "Greed-based crimes such as these can undermine the stability of our financial institutions." Pardon me for my ignorance,but how d
  • doyla66
    doyla66 says #
    Neat sordid scheme. But they will now pay the price. What about all the innocent home purchasers are they to be compensated.?? S
  • doyla66
    doyla66 says #
    This sounds more like a spruiker broker type scam. Interesting that they set it up so when the lender phoned to verify ... someon
  • doyla66
    doyla66 says #
    Good for NOTHING ASIC shirks its obligations -v- FBI, "who continues to be committed to identifying & investigating mortgage fraud
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Dear members  I am not an overly smart man but I'm not stupid either.ASIC's first submission to the Senate Hearing even I can see as an act of desperation and an exercise in damage control. Firstly ASIC states in their introduction a lot of commissioners, senior executives and senior staff are no longer at ASIC, I am assuming this is their way of saying they can't be referred to or questioned but surely a little thing called a subpoena can be called upon. In this first installment submission  ( There's more to come before the hearing ) ASIC mainly deal with the whistleblowers and Don Nguyen. In this eighteen page submission not once does ASIC mention the name Commonwealth Bank and their involvement in it. Once at the beginning they call it Commonwealth Financial Planning Limited and then hence referred to as CFPL. No doubt Nguyen was the sacrificial lamb.  52...
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  • doyla66
    doyla66 says #
    Well said, Neil. The present form and culture of ASIC has deteriorated to the point of being intolerable and unsustainable. ASI
  • doyla66
    doyla66 says #
    Just an extremely pathetic attempt to try and say they were trying to do everything they could. Stop the crap and admit your syste
  • doyla66
    doyla66 says #
    ASIC 'obfuscator' Kell; "dealing with CFPL could have been quicker/more transparent; we stand by outcomes achieved; People lost mo
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Our surveys show that 18% of FULL DOC LOANS are TOXIC.  NO verification of income took place, copies of LAFs were not given to the client in direct breach of consumer law and often three people's hand-writing on the loan applications.   Each of these files show the loans were arranged by BANK MANAGERS and internal officers: NO BROKERS involved. In addition, 36% of BFCSA Members surveyed admitted their LOW DOCS or FULL DOCS were arranged by BANK MANAGERS and internal officers: NO BROKERS involved. Would the Commonwealth Government of Australia please tell me why 36% of SUB PRIME LOANS uncovered by BFCSA investigations were specifically arranged by BANK MANAGERS, the majority of whom worked for the Major Banks?  So how safe is our $1.28 TRILLION Mortgage Market????  Who were carrying out the audits?  Not APRA it seems. This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    The corrupt bastards have ruined many many lives, for this they must pay. And pay they will! The truth is coming out, the nation a
  • doyla66
    doyla66 says #
    WoW! over 1/3 Manager-arranged thru "Skippy-the-Calculator". So did "Skippy" recklessly bound over a $1.28 Trillion-Mortgage-Marke
  • doyla66
    doyla66 says #
    So true! The computer did it! Nothing to do with the humans at all. As if ... what do they think Australian consumers are? Tree dw
  • doyla66
    doyla66 says #
    Actually informed that Survey showed:- 100% of ALL LOANS via broker or bank staff APPROVED by 'Skippy Computer'; 100% loans assess
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