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
610445

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 ignores Consumers
Anyone listening to the Senate Inquiry into ASIC Performance today, would be forgiven for thinking: "we are listening to the same worn out excuses for non performance which consumers have had to suffer from ASIC hierarchy for more than a decade." Tanzer was the most pitiful, followed by Kell, and Medcraft was the icing on the cake.  After two years of Investigating LM investments, they have not been able to "conclude their inquires."  It's still ongoing and so was the endless twaddle coming from each member placed before the Senators. Kell left every answer to Kirk, and even he was challenged, stumbling on answers and then ending monologues with "I will take that on notice." As allegations of $10 million of wholesale products being sold to ordinary Mums and Dads, ASIC delivered a few more excuses, whilst Mr Medcraft kept muttering his dream words: "trust and confidence."  In your dreams Mr...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Did anyone pick this up during the Inquiry: KIRK: "One of the things we (ASIC) did towards the end of last year was to make sure t
  • doyla66
    doyla66 says #
    "greed of BIG END towners is good for consumers."....what!? So we should start preschoolers on a regular videos of Gordon Gecko an
  • doyla66
    doyla66 says #
    Great analysis Denise. I agree with Organza - we'd be laughing in the aisles if this weren't such a tragedy. The lack of depth in
  • doyla66
    doyla66 says #
    According to Asic, everyone is lying except them and what's this about talking in camera? us the public deserve to hear everything
  • doyla66
    doyla66 says #
    If not so very serious if would be laughable. Could not believe all I saw and heard re calculators class orders fraud systemic th
Hits: 2514 11 Comments
Rate this blog entry:
Continue reading
http://www.smh.com.au/business/revealing-look-at-asics-practices-20140402-35z1s.html   Revealing look at ASIC's practices Banking and Finance       Business  Michael West  SMH Date April 3, 2014 - 12:04AM James Wheeldon joined the Australian Securities and Investments Commission in mid-2004. It was his first legal job in Australia after graduating from Harvard Law School in 2000. He had just spent four years doing merger and acquisition deals with top-tier New York City law firm Skadden Arps. "I joined ASIC because I thought I would be working in the public service," says Wheeldon. "Silly me".  Assigned to the regulatory policy branch, he was soon to review an application for relief submitted under RG51 by the Investment and Financial Services Association, the body representing Australia's banks and big retail superannuation funds.  "This was not the first time I witnessed ASIC favouritism for the big banks but it was the most egregious thing I saw during my time with the regulator."IFSA,...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Asic have destroyed their own reputation and i believe the Senators are on to them. It's not only BFCSA members who are complainin
  • Denise
    Denise says #
    Systemic issues of suspect corrupt practices have been inside ASIC since 1998. Now for a proper Royal Commission into the Regulat
  • doyla66
    doyla66 says #
    Will be most interesting to see how ASIC worm their way out of this. Personally I think with all being revealed the tide might ha
  • doyla66
    doyla66 says #
    ASIC will come up with some cock and bull story to try and worm their way out of this, they have been doing this since their incep
Hits: 2071 4 Comments
Rate this blog entry:
Continue reading
$3.5 billion reverse mortgage market a wasted opportunity http://www.brokernews.com.au/news/breaking-news/3-5-billion-reverse-mortgage-market-a-wasted-opportunity-179404.aspxby AB | 17 Sep 2013   The reverse mortgage market isn’t living up to its full potential and risks becoming a missed opportunity, according to Deloitte’s 11th annual study of the sector, released today. While the $3.5 billion market has clocked up more than 7% growth since 2012, the Deloitte report claims that, with the ‘tailwinds’ of the baby boomers retiring and an increasing focus on post-retirement funding, the opportunities in the equity release market are in danger of being missed by banks and other financial services organisations. As of 31 December, 2012, more than 42,000 senior Australian households had a reverse mortgage with total balances of $3.5 billion and James Hickey, the Deloitte financial services partner who led the study, says there’s obvious potential for even greater growth. “The size of the senior Australian population is set to increase by more than 50% in the...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Hear hear and make sure you read the fine print with a magnifying glass for they have been very busy sneaking inclusions into the
  • Denise
    Denise says #
    If you want to ask about the risks of Reverse Mortgage DO NOT ASK A BANKER or the broker agent! Very simple: Go and ask your ind
Hits: 2310 2 Comments
Rate this blog entry:
Continue reading
Wonder if this happened?  Or is it still on the table?  26th November 2013.  Wish BFCSA could charge those fees to Bankers for cleaning up their mess.........Why didn't FOS suggest to Parliament that the ridiculously low compensation claim of $280,000 should be lifted to match the loans to pensioners of $4 million?  Unlimited Compensation to match their lending practices?  Start writing to the Senators.....banking is out of control!!  FOS to double its membership fees The Financial Ombudsman Service (FOS) is proposing to more than double its maximum membership fee to fund improvement of its services.  In its Fee Review Consultation Paper, FOS proposed to increase the maximum membership fee from $11,000 to $25,000.  “When the fee model was introduced in 2010, this was done so without detailed information on the numbers and outcomes of disputes under the new terms of reference,” said chief ombudsman Shane Tregillis.   “The proposed changes to...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Sure are coming over as thick and fast - thick as thieves if not thick in the head from taking the kind of risks they are now taki
  • doyla66
    doyla66 says #
    Yes Organza. It make you want to throw up when you read articles like these. The ads for the banks are coming thick and fast over
  • doyla66
    doyla66 says #
    Have just been catching up on reading the weekend newspapers to find an article in the SMH Businessday by Clancy Yates stating the
  • doyla66
    doyla66 says #
    It is do as you are told and keep your mouth closed among the Fosser/Tossers. Job security is a thing of the past now and I'm sur
  • doyla66
    doyla66 says #
    It's unfair to have several different case managers, it's unfair that we are even if this position. But to throw us from person to
Hits: 2174 7 Comments
Rate this blog entry:
Continue reading
The biggest crime of all in this country is Australian Securities and Investment Commission's negligence in protecting consumers from predatory conduct in the Banking and Finance sector.  Bankers manufactured dirty mortgage loans and marketed these faulty products via the broker channel. ASIC KNEW the crooked bankers had set up the Brokers and Borrowers to take the blame when the sub prime lending scandal eventually emerged, from  the subterranean depths of evil.  ASIC were duplicitous in the scam.  They covered up every step of the way knowing older, low income Mums and Dads (ARIP's) were the target.  Those who were fortunate and worked hard to own their own home. You may say these people were the backbone of our nation - proud Australians.  Yet ASIC permitted the banks to be untouchable.  Treasury covered up as well, so they could both blame one another.  ASIC briefs Treasury once per month and we can...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    ASIC have one hell of a lot to account for, urgent Royal Commission please Senators along with a good dose of Epsom Salts to flush
  • doyla66
    doyla66 says #
    THE BANKS MUST BE MADE ACCOUNTABLE FOR THIS MESS. THEY MUST EXTINGUISH EVERY TOXIC LOAN WITH THE BILLION DOLLAR PROFITS THEY MAKE.
Hits: 2369 2 Comments
Rate this blog entry:
Continue reading
Loan book growth drives strong profits for major Australian Broker News 10th Feb 2014    A major bank recorded a cash profit of $1.73bn in the final quarter of 2013, spurred on by solid lending book growth.ANZ announced the unaudited profits this morning, which the bank says are up 13% on the same period last year.Continued growth in the bank’s Australian lending division has helped fuel profits, said CEO Mike Smith, with the bank recording above system growth for the past 16 quarters.“ANZ’s distinctive strategy based on growth in our domestic franchises, growth in Asia and strong operational and productivity disciplines is continuing to deliver a consistent improvement in business growth and financial performance,” said Smith.“ANZ’s business strategy has also led to ongoing improvements in the quality of our lending book. Together with the outlook for continued low interest rates and low levels of corporate leverage we now expect the total...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Just incredible isn't it - they steal their loot via mortgage fraud and then pay it out to shareholders. Wonder what might happen
  • doyla66
    doyla66 says #
    Commonwealth Bank the same one embroiled in the financial planning/investment/broking saga have again increased their 6 month prof
  • doyla66
    doyla66 says #
    What did I tell you, CBA announces 4.27 billion dollar half year profit - mainly through FRAUD on mortgage loans. Pay out aggrieve
  • doyla66
    doyla66 says #
    Well well, swimming in profits are they? Surely Mr. Mike Smith can spare a bit from the petty cash tin to reimburse ANZ victims o
  • doyla66
    doyla66 says #
    We can only hope that the Senators are there for the people and not for themselves. This Inquiry will prove it one way or the othe
Hits: 2444 6 Comments
Rate this blog entry:
Continue reading
Beat the Banks at their own game and become a  "card-tart" as the banks will call you.  For example: If you have a $10,000 card debt, ring a rival bank and ask for second card.  Suddenly your interest is at say 2.5% for honeymoon period of say 12 months (some are 18 mths).  Your Bank "A" Card is now ZERO. Obviously your aim is to not spend any more on any card until the $10k debt is completely paid off.  Your new Bank "B" Card shows balance of $10k DEBT. DO NOT SPEND even $1 on the new Bank "B" Card.  Yes, even over the phone, the Banks will then send you ten pages of small print that even ex Chairman of ASIC Tony D'Aloisio admitted, he read and could not understand.  It does not say in BIG PRINT: "do not spend $1 on this card until all the Balance Transfer amount is paid...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    The Government are scared out of their undies it appears to touch consumer debt. Can you imagine the can of worms that would be o
  • doyla66
    doyla66 says #
    my problem was that a zero balance for Card A (which was my intention) was never achieved. So now have 2 credit cards both with o
  • doyla66
    doyla66 says #
    The government, past and present shows a reluctance to deal with consumer debt. It was only because Independents held the balance
Hits: 2262 3 Comments
Rate this blog entry:
Continue reading
Aussies just want a fair go, so here are a few tips to ensure all Australians about to sign a Mortgage Application in 2014, are prepared enough to ask their Lender some serious questions BEFORE SIGNING.  Before you sign, tell the Mortgage Seller - these are MY RULES: 1.  Demand the Broker or Bank Manager immediately hand you two copies of Loan Application Form ("LAF") and sign both and RETAIN the second original document for your records.  Ensure the LAF is 11 pages (not the usually presented three pages).  Its a bank scam.  Refuse to hand the signed original over unless there is an ORIGINAL COPY for YOU. 2.  All prospective borrowers MUST receive a phone call from LENDER asking "How much do you earn."  If Lender does not do this after you have submitted the Loan Application Form....then cancel the LAF as a document and process and tell them the reason being "we suspect...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    You have to be assertive and insist on your rights in all financial dealings now in Australia. This is because our regulators hav
  • Denise
    Denise says #
    Excellent spin Andrew and with all due respect you probably do not realise that the product you are selling/promoting does not sav
  • doyla66
    doyla66 says #
    I can only hope this is intended as humour, . . . . .seriously, no one is out there trying to rip their clients off, not a bank le
Hits: 2396 3 Comments
Rate this blog entry:
Continue reading
ASIC have systematically and maliciously placed Consumers in harm's way for the past 14 years!  The allegations and submissions show, this was more than negligence.  We need all ASIC Chairmen to be questioned on why they systemically ignored consumer interests, on whose best interests were they acting upon.  Their bank accounts need to be tendered as evidence............................. By ignoring the cries for help from Consumers, the obvious evidence of fraud,  ASIC will condemn thousands of Australians to LOSE THEIR HOMES, whether full docs or low docs.  ASIC has nowhere to run and nowhere to hide.  Every MP in the country needs to get a  grip on this phenomenon. BFCSA Members will take time over Christmas to reflect as a group on how we can change the status quo of the regulatory and regular rejection of consumer complaints against BANKS & ALL LENDERS.  Every Loan has been tampered with, after it was...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    All of these departments spend millions of dollars and countless hours investigating outlaw motorcycle gangs while they allow WHIT
  • doyla66
    doyla66 says #
    We've asked both brokers politely to hand over the wet ink copies. One, a former finance broker, said "it's a long time ago" and
  • doyla66
    doyla66 says #
    yes, broker has destroyed ALL our files... and we saw stacks of folders just relating to us on his desk at the time. He says he w
  • doyla66
    doyla66 says #
    Yes this is hard to believe I know but according to well versed sources our dirty Banksters have cut a deal with political dim wit
  • doyla66
    doyla66 says #
    Missing, Lost. "After extensive searching we could not locate the hard copy or electronic file" Nab quote. 3 weeks of extensivel
Hits: 2369 5 Comments
Rate this blog entry:
Continue reading
For those who may think we do not give Consumers a fair go who actually loved dealing with the Australian Investment and Securities Commission ("ASIC") we have been trawling through the Senate Submissions looking for a "Happy User" of ASIC's consumer complaints experience.  SURELY THERE IS ONE HAPPY CUSTOMER?  We thought we had found one in the COMMENTS section of our useful and very public online FORUM.  But not so lucky......You see the comment was obviously written by an ASIC bod who wanted to have a say in favour of ASIC.   Well the bias is obvious but in fairness again I have decided to BLOG this person's anonymous yet exuberant attempts at give ASIC a ten out of ten.  His/Her name is "Hello."  It quotes two submissions:  # 120 (the other is 196) from the Consumer Credit Legal Service that ASIC pays from time to time to compile reports on...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    The longer CAP, ASIC, FOS, COSL, APRA and all the rest lack consumers and true consumer representation the bigger the divide will
Hits: 2460 1 Comment
Rate this blog entry:
Continue reading
Mortgage Choice fined over false savings claims DateNovember 28, 2013 - 1:35PM Read later Clancy Yeates Banking reporter  SMH View more articles from Clancy Yeates Follow Clancy on Twitter Email Clancy Mortgage Choice has been fined for false advertising, after it wrongly claimed customers had saved an average of $10,000 over five years by refinancing their home loans. The Australian Securities and Investments Commission today said it had taken exception to television advertisements from 2012 that said customers had saved an average of ''$10,000 over five years.'' Rather than representing real savings by customers, the claim was based on calculations relating to a group of 300 refinancing customers over a six month period, ASIC said. ''No savings of $10,000 over five years had been achieved by any customer at the time of the advertisement,'' the watchdog said. Advertisement It fined the broker $30,600 for the infringements. The chief executive of Mortgage Choice, Michael...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Yes, Denise, it's a pretty lame effort. As academic theoretical regulators I guess that must seem like quite an achievement to the
  • Denise
    Denise says #
    So the only deception Mortgage Choice was engaging in was false and misleading advertising? Was that all you found Mr Kell? They
Hits: 2519 2 Comments
Rate this blog entry:
Continue reading