GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

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.

Visitors

Articles View Hits
630646

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

BFCSA Blog

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
Subscribe to this list via RSS Blog posts tagged in ASIC Failed to Identify
http://www.businessinsider.com.au/the-doom-loop-tying-european-banks-to-governments-has-been-reinforced-2013-12   The net exposure of banks to sovereign debt fell 9 per cent in 2011 but then rose 9.3 per cent in the 18 months to June this year, data released by the EBA showed. The data confirms what many already suspected – that banks, particularly in Italy and Spain, have been plowing cheap funds from the European Central Bank into buying more of their own countries’ bonds, a lucrative carry trade that has also helped ensure governments can fund their deficits at sustainable rates. Regulators partly blame a move by banks to rein in cross-border activity and build up new liquidity buffers made up predominantly of government debt as a way of reducing risk. But the EBA’s data – which updated core capital and holdings of sovereign debt and loans at 64 leading European banks – is likely to reinforce fears that the fortunes of the banks and the...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    Sounds to me like anybody now property is an even bigger risk taker than before for a property purchaser (and regardless of who) j
Hits: 2446 1 Comment
Rate this blog entry:
Continue reading
Bankwest BFCSA Members have sent in this U Tube ......................a must see for all bank users of flawed banking products. You will be stunned by the accuracy of this video. It is a split screen comparison of the UK parliamentary debate on RBS manufactured defaults vs the 2012 Australian Senate Inquiry into Banking post GFC. http://www.youtube.com/watch?v=b4CcDly-WAw I suggest you all absorb this 13 minute UTube contribution to the appalling facets of the UK corrupted banking system and comparisons with the issues raised by our Senators in last year's Australian Parliamentary Senate Inquiry into Banking post GFC.  A clever no nonsense approach. Hear from Senators in Australia and in their counterparts in the United Kingdom Parliament........clearly appalled at the criminal behaviour of these banks. Hear from Sean Butler who gave evidence at the Parliamentary hearings last year re Bankwest and Commonwealth Bank dirty antics in re-engineering valuations to intentionally throw good businesses into distressed businesses and why the Banks...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    I am not a lawyer but I read cases, people at the mercy of "decision maker" [FOS] "is entitled to expect FOS to apply its Rules co
  • Denise
    Denise says #
    Here is a BIG TIP: The LOW DOCS are really NO DOCS dressed up as low docs to deceive the public, the government politicians and t
  • Denise
    Denise says #
    Brokers can solve this puzzle and attract a reputation of honesty in lending by refusing to use the one size fits all service calc
  • Denise
    Denise says #
    Go direct to Bank Staff for loan OR go to a broker - NO DIFFERENCE, BANK SCAM is the same. You will be defrauded unless you deman
  • doyla66
    doyla66 says #
    yes you are right i have read the previous article also these bankers are just like gangsters and it can be rightly said as the sc
Hits: 3907 11 Comments
Rate this blog entry:
Continue reading
Just be aware 36% of Fraudulent Low Doc mortgages are written up by bank staff....no broker involved.  ASIC declares open season on dodgy brokers but not on dodgy Lender approvals and acceptance of fraudulent documents.  Let the Cover Up Games Begin! ·         Australian Broker News http://www.brokernews.com.au/news/breaking-news/asic-declares-open-season-on-dodgy-brokers-182330.aspx by | 11 Dec 2013 ASIC has permanently banned two Sydney-based brokers and one former mortgage broker while announcing the conviction of another. Two Sydney-based mortgage brokers have been banned by ASIC after it was found that they had provided false information to credit providers in support of loan applications worth over $3 million. ASIC has also permanently banned  former mortgage broker Daniel Minh Tuan Nguyen from engaging in any credit activities and providing financial services following his criminal conviction for a range of offences, and convicted another, Hee Seng Lee, of providing false information to banks to secure approvals for home loans totalling almost $7.5 million. Wen Yao Hsieh (also known as Leon Hsieh and Adrian Hsieh)...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    ASIC Deputy Chairman Peter Kell said, "By falsifying loan applications Hsieh and Shen put consumers at risk. What about ASICs trac
Hits: 2327 1 Comment
Rate this blog entry:
Continue reading
Scrutinising ASIC: Is it a watchdog or a dog with no teeth? Adele Ferguson, Ben Butler, Ruth Williams November 23, 2013   The AGE Under fire: Greg Medcraft and ASIC now facing criticism from a range of quarters. Photo: Arsineh Houspian Investors have lost billions under its watch and the business scandals are many, but opinions are divided on the cause of ASIC's problems. ASIC chief's overseas trips draw criticism It was a busy June day in 2010 when Jan Braund, a Sydney retiree, bundled herself and her frail husband Alan onto a train for their long-awaited shot at justice. A year earlier, the Braunds had been left financially ruined after a Commonwealth Bank financial planner named Don Nguyen switched the couple's life savings from conservative to disastrously risky investments. He did it without their knowledge or permission, allegedly forging their signatures along the way. Now, the Braunds had been summoned by Australia's...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Thanks for the well written article. Agree Lisa, "it's time for ASIC to leave," and we will be keeping the pressure up! Bank on
  • doyla66
    doyla66 says #
    It was a theme he returned to the following year, saying that ''it might be better to prohibit certain products from being offered
Hits: 2064 2 Comments
Rate this blog entry:
Continue reading
FIRSTMAC  3 May 2007    BDM to  broker “For LOW DOCS in LVR band 70 to 80%, if declared income is greater than $50,000, the ABN needs to be registered for GST. For NO DOC loan LVR 70% or less: NO GST registration required. For Max True:  100% loans with no LMI payable by the client: $50,000 loans to $1 million. X Value: Splits available Max LVR 97%” FIRSTMAC    17 Sept 2008    BDM to  broker “Invitation to Comm Broker Training”   “Our generous HomeRun08 servicing calculator allows for neg gearing on Lo Doc.” “100% loans – no LMI payable by borrower” “PAYG LoDoc  No Commission reductions.” JUMBO Lo Docs up to $2.5 Million”   GE MONEY   3 May 2006   BDM to all brokers Paid defaults > 2 years ignored.  Under $500 ignored Max Loan size $2.5 million   GE MONEY  7  May 2007   BDM to all brokers Low Doc and No Doc 12...
Last modified on
Hits: 2019 0 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Recent Comments - Show all comments
  • 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
Hits: 2723 4 Comments
Rate this blog entry:
Continue reading
ASIC is mischievously misguiding Parliament and the Senators re Public Calculators.....BFCSA are speaking of Internal Serviceability Calculators that ASIC permitted banks to use to assess loans and banks refuse to hand over copies to the victims.  ASIC permitted Banks to give the Brokers the Passwords.  We have copies of passwords for most banks (see Breaking News documents above).  ASIC has failed to mention the discussions that took place in 2005 re internal bank secret serviceability calculators.  Do not fret - we have copies.  THE TWO CALCULATORS are totally different and ASIC is attempting to mislead the Senators before they appear at the Inquiry.  But they did admit in 2005: ‘However, ASIC is also aware that calculators can mislead consumers if they are not designed responsibly. ' YES INDEED "mislead borrowers in $57 Billion worth of TOXIC LOANS and 18% toxic FULL docs of the $1.28 Trillion mortgage market IR 05-64 ASIC releases policy on calculatorsTuesday 20 December 2005ASIC has released its...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    Thankyou, Denise. I hope all relevant Senators are on the page with the existence of the second calculator and the fact that both
Hits: 1965 1 Comment
Rate this blog entry:
Continue reading
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...
Last modified on
Recent Comments - Show all comments
  • 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
Hits: 2910 5 Comments
Rate this blog entry:
Continue reading
There are hundreds and hundreds of submissions waiting to be "cleared" for publication, including mine.  Most of the submissions are regarding victims of bank fraud that ASIC had powers to address and contain and then irradiate.  ASIC failed on all levels and that is why the public collective cry for ASIC to be pulled down and rebuilt.  Spare a thought for staff at the Senate who have been lumbered with the greatest dump of submissions of discontent ever waged against a regulator.   This Inquiry is long over due and the submissions received are the proof.  The BFCA Submission has been received but may take several weeks to be loaded up on to the website. The very name ASIC implies "security in investment" and their role has been to ensure markets are not permeated with fraud and forgery and thereby instilling CONSUMER CONFIDENCE across the banking an finance industries.  Trouble, is the bodies are...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    This enquiry will give all of us back our faith in human nature. We have all been pushed and shoved from pillar to post by bureauc
  • doyla66
    doyla66 says #
    If as ASIC say they do a great job at regulating and investigating, then they will have the proof. Most of us have had the ground
Hits: 2788 2 Comments
Rate this blog entry:
Continue reading
  The banks have the government pretty well licked, as you know. Tame as can be, those assorted regulators, bureaucrats and ombudsmen. But will somebody please tell the Tuggerah Lakes police that the banks are above the law. There seems to be a misapprehension by the local constabulary that the banks are somehow subject to the laws of the Commonwealth. It is a mix-up that surely will be remedied in short order. In the interim, detectives from Tuggerah Lakes police station are investigating St George Bank. And Westpac, which owns St George, has begun to assist. They didn't like it at first, and refused to comply with a magistrate's warrant, then dragged the chain on a judge's warrant but, when confronted by police with a contempt of court rap, lapsed into avid co-operation. Unfortunately, the man they blame for the missing loan documents at the centre of the Tuggerah Lakes police...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Tom I think you were just being a little harsh on Gail Kelly I feel sure she was doing the homeless thing for the right reasons an
  • doyla66
    doyla66 says #
    The big difference on the streets is the notional freedom. The choices are limited but for some that's preferable to a jail cell.
  • doyla66
    doyla66 says #
    What a superb tale! Naughty banks and clever cops - busting open the Bankster shennagins and machinations. All in a day's work at
  • doyla66
    doyla66 says #
    Just another sordid tale of the lenders greed. It is amazing the different cases that keep cropping up all the same ending. Lende
  • doyla66
    doyla66 says #
    Michael West (save Mark Twain) superbly puts into context how bank$ters got "rich-quick" digging up $100m FRAUD NUGGETS while home
Hits: 3055 6 Comments
Rate this blog entry:
Continue reading
If ever there was proof that the entire global banking scene needs a big "woman's look" into what on this earth they are doing......... look no further than the Overnight the Yorkshire and Clydesdale banks, owned by NAB in the United Kingdom.    So NAB claim "it was an error," that affected more than 42,000 customer accounts?   Bollocks!  Yes the old "computer glitch" excuse, yet authorities in the UK did fine these Global Banksters around $15 million AUS or say 9 million euros and a weekend in the "naughty corner."  But hang on to your bonnets....................wasn't this the same mob of Banksters that set up and ran the Homeside Lending scam in the United States of America?  Yes, the very same.   AND, isn't NAB being labelled the biggest Nabbers in Australia?  Just ask NabbedNanna which cretins stole Nanna's home a few months ago?  Yes indeedy!  Regulators stood by and defended the Banks and their...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Lets not waste anymore time Mr Hockey. The quicker the show gets on the road the better for all concerned. We are all waiting with
  • doyla66
    doyla66 says #
    Great post, Denise. Thankyou! The noose is tightening on these racketeers as we join the thousands and then millions of dots righ
  • doyla66
    doyla66 says #
    Treasurer; get this Root & Branch Inquiry into Bankster Sector on the road; NAB 1st-up>CommBank>Westpac>ANZ/NZ>ING DIRECT>et al r
  • doyla66
    doyla66 says #
    NAB "Masters of Spin" at it again. Again, I repeat. FOOLISH, FOOLISH NAB. My God Nab we are not stupid. Stop treating us as imbec
  • doyla66
    doyla66 says #
    Don't forget Adelaide Bank (now Bendigo Adelaide Bank) and Firstmac Denise. And don't let their kindness, helpfulness and smiles
Hits: 2986 5 Comments
Rate this blog entry:
Continue reading
‘Loan fraud’ – but no investigation 30 August 2013 By Forensic Accountants 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 investigation and advising them to get a lawyer. ASIC turns down request BusinessDay has contacted many of the borrowers to confirm this. The borrowers, many...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Unbelievable the arrogance and stupidity of ASIC! As if anyone believes their self-defense! ASIC don't want to investigate this b
  • doyla66
    doyla66 says #
    Mr. Kell may need to have his eyes tested. Perhaps he is suffering from selected dementia. Just what do you want Mr. Kell.? Just h
Hits: 2313 2 Comments
Rate this blog entry:
Continue reading
There is more than one way to encourage people about to take out a mortgage which is the best lender to chose?  The one with the so called "best interest rates" usually has hidden charges that would need a crane to lift - that means more bonuses for the bankers and definitely more DEBT FOR YOU. It gets quite ugly if the loan you are offered is a LOW DOC.  Demand a FULL DOC but note that 18% of Full Docs are TOXIC.  If the lender says NO you need a bigger deposit....steer clear of the debt trap and save for more deposit first....best advice we give that banks will not tell you why that is GOOD ADVICE. LOOK FIRST and see if LENDER is a Member of COSL or FOS.  If they say COSL - run a mile - DO NOT BORROW - DO NOT SIGN ANYTHING - RUN FOR YOUR...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    You surely were mislead. We were too. Our original Nab mortgage document was in 1971. The bank manager was a drunk. But we were y
  • doyla66
    doyla66 says #
    I cant get through my head how the trail of bad documents does not make this case a doddle. ASIC must come clean, they cannot hide
  • doyla66
    doyla66 says #
    Gawd, Greg. Your COSL FOS experience was even worse than mine! A real mind bend. Please tell the Senate about it. You're not alon
  • doyla66
    doyla66 says #
    COSL, a suppository of wisdom: (1) My initial Pioneer(Trustee) 'hardship' case began 2011 @FOS & closed thru INGDIRECT (parent f
Hits: 2533 4 Comments
Rate this blog entry:
Continue reading
Would you like to blow the Australian Securities and Investment Commission ("ASIC") out of the consumer protection arena?   Here is what you do............................. The most IMPORTANT THING RIGHT NOW…..the most important one page you will ever write: A “submission” is a one or two page letter to the Senate Committee.  Pleases write a submission to the SENATE INQUIRY INTO PERFORMANCE OF ASIC. If you just write why you think ASIC should be banned as consumer protector……………..TELL THEM YOUR STORY and why being left with a barrel of debt is not good for the Economy....................why losing your home is not good for the housing market..................why financial ruin is not good for your family and why ASIC knew what was happening 10 years ago yet failed to protect consumers. If consumers had been warned of the Low Doc Mortgage scandal, the promissory note scandals, two tiered marketing scandals, Managed Investment Scheme scandals, Creating Wealth...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    So right ... no spectre of an ASIC phoenix rising from the ashes of ASIC or any of its previous incarnations. Consumer Protection
  • doyla66
    doyla66 says #
    Lisa; professor says co-regulatory approach of FOS & ASIC where ASIC oversees FOS & has intervening powers is a successful-model w
  • doyla66
    doyla66 says #
    The ASIC FOS connection is good in theory. In practice if ASIC have quick access to this information what are they doing with it?
  • doyla66
    doyla66 says #
    Thanks Denise; just a simple 1-2 page submission to Committee will save our health, our dignity & our home-many others homes, inve
Hits: 2635 4 Comments
Rate this blog entry:
Continue reading
ASIC banks broker over fake approval letter ED:  So why did ASIC FAIL yet again to lay charges against the Bank Staff who approved the loan?  Those who failed to check the validity of the letter?  Hello?  One phone call could have averted this disgraceful situation!  ASIC bleat that its not corruption....so what is it?  The Bank approved an imprudent loan based upon a fake letter so where is the justice?  The bank engaged in Maladministration in Lending.  One Perth Broker did not cause this Tsunami of Debt.  The CBA have thousands of similar loans. ASIC know that as FACT.  Mr Chu should turn whistleblower on an industry out of control.  This email address is being protected from spambots. You need JavaScript enabled to view it. by Australian Broker | 17 Jul 2013   A Perth-based mortgage broker has been permanently banned from engaging in credit activities after an ASIC investigation found that he had falsified a letter stating finance approval had been provided for a client.Eric...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Denise will know exactly who I am talking about. The Melbourne based Broker/Company Managing Director was given a SEVEN YEAR BAN b
  • doyla66
    doyla66 says #
    ASIC takes the role of gatekeepers very seriously. People who do not take their obligations seriously will be removed from the ind
  • doyla66
    doyla66 says #
    Peter Kell and ASIC have only done half the job. Why no charges against CBA staff who approved the loan that resulted from Mr Chu
Hits: 2702 3 Comments
Rate this blog entry:
Continue reading
Senators push to grill ASIC over failure to heed warnings DateJune 11, 2013 Read later Adele Ferguson, Chris Vedelago Zoom in on this story. Explore all there is to know. Greens Australian Securities and Investments Commission Senate Christine Milne   inShare Pin It submit to reddit Email article Print Reprints & permissions     Need for inquiry: John Williams. Photo: Supplied The Australian Securities and Investments Commission could face a government inquiry into its regulation of the financial services industry after revelations the corporate watchdog ignored whistleblowers' warnings about misconduct inside the Commonwealth Bank. The call for an inquiry comes after a Fairfax Media investigation found ASIC waited 16 months to formally investigate tip-offs about improprieties inside CBA's financial planning division that put the life savings of thousands of clients at risk. CBA has so far paid out $36.4 million in compensation to 725 victims who received ''inappropriate advice'' from seven financial...
Last modified on
Recent Comments - Show all comments
  • Jetfighter
    Jetfighter says #
    This has been a long time coming. Thanks Denise, lets all do our bit and let these senators know our story and request a Royal Com
  • doyla66
    doyla66 says #
    Following on from the previous inquiries, the Senators' expressions of concern over the letter of complaint they have had over the
  • doyla66
    doyla66 says #
    Big'V'Bank$ters hope ASIC-Chairman Medcraft can assert influence in his role as IOSCO Chairman to avoid losing $billions in relati
  • Denise
    Denise says #
    Credit where its due. The Senators driving this for the good of the people are: Senator John Williams (NATs) Senator Doug Camero
  • doyla66
    doyla66 says #
    Good idea Ali, start posting comments on Senators Facebook and let them know ASIC not helping.
Hits: 4429 15 Comments
Rate this blog entry:
Continue reading
'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...
Last modified on
Recent Comments - Show all comments
  • 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
Hits: 2925 6 Comments
Rate this blog entry:
Continue reading
CBA covered up misconduct by rogue financial planner DateJune 1, 2013 Read later Adele Ferguson, Chris Vedelago Zoom in on this story. Explore all there is to know. Australian Securities and Investments Commission Commonwealth Bank   inShare submit to reddit Email article Print Reprints & permissions     EXCLUSIVE The country's biggest bank, Commonwealth Bank, concealed financial improprieties by one of its top financial planners who controlled an estimated $300 million in investments on behalf of 1300 clients, many of them retired and with serious health issues. The planner, Don Nguyen, who joined the bank in 1999 and has since been banned from providing financial advice until 2018, allegedly forged signatures, created unauthorised investment accounts and overcharged fees. A Fairfax Media investigation can reveal that bank staff participated in a cover-up that allegedly included the falsification of documents after Mr Nguyen left his position in July 2009. It can reveal the...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    As they say “Injustice anywhere is a threat to Justice everywhere” - - - never a truer word spoken. I just wonder what version of
  • doyla66
    doyla66 says #
    Nothing would surprise me about the CBA. The harder they bully the more they are trying to hide, inflicting their angst on weaker
Hits: 2477 2 Comments
Rate this blog entry:
Continue reading
The elusive Loan Application Forms, commonly known as 'LAFs' were often altered by bank staff.  Brokers had no idea this was and still is a work in progress.  Australian Securities and Investment Commission ("ASIC") is trying to say "that was under old laws."  Rubbish!  Its all smoke and mirrors and the public are being taken to the cleaners under the NEW NCCP laws.  Seven Year life threatening Loans dressed up as "we will help you" 30 year loans.  Riddled with debt, the mortgage victims have no way out.  Welcome to Low Doc Sub Prime Mortgages, Australian Style.   Naive trusting citizens including hard working families, unemployed, disabled, even war veterans and pensioners, signed up for a 30 year loan product that implodes in seven years - just like credit cards.    Boom!   Just ask our Aussie Farmers.  Banks will then move in and feed off whatever is left of the carcass.     Since when...
Last modified on
Recent Comments - Show all comments
  • Jetfighter
    Jetfighter says #
    It is past time, these banksters need to be apprehended now. Where is Elliot Ness?
  • Denise
    Denise says #
    I agree Lisa: "Time for a complete overhaul of our entire regulatory collection - they're about as useful as a flock of china duck
  • doyla66
    doyla66 says #
    A regulator that pretends to regulate and protect is infinitely more dangerous to non-criminals like us than having no regulator a
  • doyla66
    doyla66 says #
    Good one, Denise. I've been wondering whether the govt/future govt aim was to get the Banksters on tax fraud, like the famous Gang
  • doyla66
    doyla66 says #
    Capone would enjoy Aust."Anti‑Money Laundering Act"[AMCTF] sham reporting regime thru 'FSP authorised-agents' who knowingly contra
Hits: 2739 7 Comments
Rate this blog entry:
Continue reading
27 May 2013  Article by Chloe Wallace of   DibbsBarker  Note from BFCSA:  All Lenders with Low Docs using identical model: $150 billion of TOXIC LOANS - same as Schmidt.   APRA, Treasury, RBA, ABA, AOFM, ACCC and ASIC bleats "no systemic issues!"  Corruption at Work Focus: Violet Home Loans Pty Ltd v Schmidt & Anor [2013] VSCA 56 Services: Financial Services, Disputes & Litigation Industry Focus: Financial Services In Violet Home Loans Pty Ltd v Schmidt & Anor,1 the Victorian Court of Appeal found that where a mortgage introducer has provided fraudulent details on a loan application, a mortgage originator may be guilty of unconscionable conduct where it was aware of irregularities in a loan application but made no effort to investigate them. Facts In 2004 Manfred Schmidt, a pensioner, obtained a line of credit facility for $190,000 from Perpetual Trustees Australia Limited (Perpetual), and provided a mortgage over his home as security for the facility....
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Banks should not have approved my loans because unbeknownst to me at the time i was already in debt. But apparently projected equi
  • doyla66
    doyla66 says #
    Our loan also should never have been approved. Our monthly repayments were $7,000 - who can afford this on an income of $23,000.
  • doyla66
    doyla66 says #
    Couldn't agree more Lisa,our loan should never have been approved either,the blind freddies that took our case to court were only
  • doyla66
    doyla66 says #
    As I can now finally understand... we all need to FIGHT TO BE HEARD ON OUR MAIN ISSUE.. which is... OUR LOANS SHOULD NEVER HAVE BE
  • doyla66
    doyla66 says #
    I agree, Change. Before BFCSA I challenged the Bank as to why the loan was approved. Once I learned about the LAF I had a better i
Hits: 3749 14 Comments
Rate this blog entry:
Continue reading