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
655607

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 Australian Bank Scandals
ASIC ignores reports of mortgage fraud by lenders 1 by David Collyer on November 25, 2014 Tags: a running list of warnings, Control Fraud, Paul Egan, Philip Soos, William K. Black   by Paul Egan & Philip Soos- Co-Author’s ‘Bubble Economics: Australian Land Speculation 1830 – 2013’   Exuberant household credit growth over the last twenty years has a sinister dimension: the likelihood of widespread predatory lending and bank fraud. Every developed country, including Australia, has laws to regulate and hopefully prevent predatory lending, defined as providing credit to a borrower in full knowledge they lack the capacity to repay it in a timely manner, if at all. Relevant laws and regulations stipulate loan amounts must not exceed the assessed debtor repayment capacity, based on their assessed wages and other income. Lenders have an obligation to calculate income flows of potential borrowers as part of the risk assessment associated with extending finance, particularly with large and long-term loans like mortgages. Fraudulent...
Last modified on
Hits: 3537 0 Comments
Rate this blog entry:
Continue reading
UNVERIFIED LOW DOCS AND FULL DOC Mortgage Loans a chronic problem in Australia What is the point of having a Banker's Code of Conduct if no banker complies with its conditions and regulations?  Bankers approving fraudulent loans without verification of income to ensure "affordability," as per the Code.  This is rife White Collar Crime here in Australia.  Brokers and bank managers are merely the sellers.   Then to mask negative affordability, our sleazy banker chiefs permit extra buffer monies to be approved, so the hapless customer is given extra debt to pay mortgage payments with to mask the unaffordability.  The customer is then laden with debt and no possibility of an exit plan. Banks know exactly how to ensnare customers into a lifetime of debt when that same customer owned their own home and were debt free when the bank approached them with bad financial advice.  Chief Bankers are also earning...
Last modified on
Recent comment in this post - Show all comments
  • Wayne
    Wayne says #
    yes, if the brokers legal team are on their game the bankers just might get saddled with this. I hope so
Hits: 3020 1 Comment
Rate this blog entry:
Continue reading
Christopher Joye No peace in financial advice wars PUBLISHED: 20 Nov 2014 10:30:00 | UPDATED: 21 Nov 2014   http://www.afr.com/f/free/blogs/christopher_joye/no_peace_in_financial_advice_wars_zLdgv3c0zJLnspeT18QJaI   In true Terminator style, Mathias Cormann’s contentious wind-back of Labor’s Future of Financial Advice (FoFA) laws refuses to die.  About two minutes after the Senate voted to disallow Cormann’s radical FoFA changes, the Minister for Finance, aka the “Cormannator”, emailed this columnist with the belligerent news: “Given our changes had force of law for five months, ASIC will provide another transitional period to 1 July 2015.” Rather than accepting defeat, Cormann’s Frankensteinian version of FoFA will now remain afoot until July next year. That means tremendous uncertainty as to what long-term industry architecture business will be working under. It will be bad for consumers, who will be exposed to unacceptable new conflicts, and advisers and institutions, which will be subject to another seven months of debate about their capacity for...
Last modified on
Hits: 1152 0 Comments
Rate this blog entry:
Continue reading
Hi to all Readers of our site.  Through necessity we had to upgrade our security for the site and remove "guest comments."  We apologise for the delay in rectifying the problem but blogs and comments are not up and running again.  Thanks to all those people who contribute.   Sadly we also found the need to open the BLOG entry LOGIN to only those who are registered with us and are PAID UP MEMBERS.  If you wish to blog on our unique website or comment on our blogs, please JOIN US today...cost is only a little over $1 per week.  Just hit the membership button on the front page and follow instructions.  Its a Pay Anyone payment system via bank account transfer. Our humble movement is sadly growing as to the numbers of retirees affected by superannuation and investment losses due to bad advice from Bank employed Planners, who are selling distressed investments as safe and secure...
Last modified on
Hits: 1543 0 Comments
Rate this blog entry:
Continue reading
S25.1 of the Bankers Code - "must have regard for affordability" went out the window John!  Unverified Mortgage Loans is fraught with fraud including full doc loans.  Wakey Wakey.  Yes these god like Bankers all made millions in commissions and bonuses and designed the Code as a FACADE to deceive the public and then  immediately sold faulty products that represent the reverse of what is written the the codes signed by the following Bankers.  If you want to know who these Fraudsters and Banker Engineers of dodgy products are.....their names appear below:   This email address is being protected from spambots. You need JavaScript enabled to view it. http://media.corporate-ir.net/media_files/irol/24/248677/mediareleases/2003/ANZ-MediaRelease-20030815.pdf For Release: 15 August 2003 ANZ adopts new Code of Banking Practice ANZ today announced it has adopted the new Code of Banking Practice. The Australian Bankers’ Association released the new Code of Banking Practice on Friday, 1 August 2003. The updated self-regulatory Code is a voluntary code of conduct which sets standards of good banking...
Last modified on
Recent comment in this post - Show all comments
  • setup
    setup says #
    Has anyone lost their home with ANZ due to banking malpractice after the new code was intruduced?
Hits: 2477 1 Comment
Rate this blog entry:
Continue reading
http://www.smh.com.au/business/banking-and-finance/australian-banks-need-ringfencing-law-says-former-bank-of-england-governor-20140805-100ft3.html Australian banks need 'ring-fencing' law, says former Bank of England governor Banking and Finance Date August 5, 2014 Former Bank of England governor Lord Mervyn King says Australia should look at the “ring-fencing” law adopted for banks in his home country, to avoid “the terrible moral hazard” of taxpayers bailing out banks for risky investments made by their trading arms.  His comments came after Financial System Inquiry chairman David Murray told Fairfax Media that a version of the “ring-fencing” law adopted from the Vickers banking inquiry in the United Kingdom should be considered in Australia. Speaking on the sidelines of the annual Diggers and Dealers mining conference in Kalgoorlie after delivering the keynote speech, Lord King said other countries could benefit from studying Vickers.  “Vickers combined a high degree of ring-fencing, with higher capital requirements for banks,” Lord King says. “…I think people in Australia have to look and see...
Last modified on
Hits: 1364 0 Comments
Rate this blog entry:
Continue reading
Another Palmer United backflip and leaving consumers at the mercy of the bank with watered down regulations.  Palmer has left Consumers at even greater risk from predatory lending behaviour by LENDERS.  Ah well..................  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smh.com.au/federal-politics/political-news/carbon-to-go-but-fofa-laws-stay-palmer-20140714-3bx9n.html FoFA laws to stay: Palmer National Political News Date July 15, 2014  Mark Kenny   Financial planners will be required to reveal their earnings from customers when Labor and the cross benches combine this week to vote down Tony Abbott's weakened financial planning laws, but the government will finally get its way on the carbon tax.  Mr Abbott has now secured the parliamentary majority needed to scrap the carbon tax with a repeal vote, backdated to July 1, due to be taken in the Senate on Tuesday................ But Mr Palmer has pulled the rug from the government on another incendiary issue - the Future of Financial Advice laws.  The PUP leader said his party was not negotiating with the government...
Last modified on
Hits: 1241 0 Comments
Rate this blog entry:
Continue reading
Dear Denise,   Joe talks of being terrified and my Hubby and i know just how he feels as we are also terrified of becoming homeless. We have just been served with a default notice even though it was not us who ceased the repayments. It was a bank officer who granted a moratorium at our request in 2008 when fraud was suspected and now after all these years we are cruelly slapped with a default.   So if it was they who ceased the repayments how can that be classified as defaulting? It is not a case of defaulting it is a case of having been granted a fraudulent loan. Our loan was approved by dishonest methods and Parliament must listen to the cries of the desperate victims.   At the time of loan approval we were pensioners earning $23,000. 2 bank officers were involved in tampering with our LAF. One of the officers inflated our...
Last modified on
Hits: 1576 0 Comments
Rate this blog entry:
Continue reading
All Brokers were AGENTS OF ALL THE BANKS............................according to Colin Neave now Commonwealth Ombudsman.  His 2002 Policy that Brokers are Agents of the Banks because the Bank never ever contacts the borrower should be made well known to every LOW DOC AND FULL DOC MORTGAGE victim. http://www.theauzone.com.au/bringing-the-bank-to-your-home/ BRINGING THE BANK TO YOUR HOME by Tanu Kallivayalil Wouldn’t it be nice if you could just talk to your bank about your home loan whenever, wherever? Well, you may just have conjured up the genie in the Lamp because that is exactly what ANZ Mobile Lender Robin Soulsby does. The catchphrase for ANZ mobile lending business is: Wherever. Whenever. And that, in a nutshell, is what ANZ Mobile Lender Robin Soulsby does. “When you are working full time, it’s hard to go into a bank, fix an appointment and so on, this is where ANZ mobile lending comes in.” Robins Soulsby who lives...
Last modified on
Hits: 1765 0 Comments
Rate this blog entry:
Continue reading
http://www.smh.com.au/business/cba-tellers-driven-to-despair-by-hard-sell-20140630-3b4ca.html CBA tellers driven to despair by hard sell Date July 1, 2014 Adele Ferguson, Ben Butler Pressure on bank tellers to push customers into Commonwealth Bank financial products such as insurance and managed funds is causing stress, depression and bullying, according to an explosive new survey of staff.  The survey obtained by Fairfax Media says the pressure of chasing sales targets is also leading to fraud at the bank.  Conducted in May by the Finance Sector Union, the survey found that arbitrary performance targets linked to sales and customer satisfaction had resulted in "broken pay models" and "an erosion of trust".  The findings come as the Commonwealth Bank reels from a damning Senate inquiry into widespread misconduct in its financial planning division, which culminated in a recommendation for a royal commission.  FSU national secretary Leon Carter said 800 bank staff where interviewed for the survey in response to "repeated nationwide...
Last modified on
Hits: 1678 0 Comments
Rate this blog entry:
Continue reading
http://aca.ninemsn.com.au/article/8852388/nasty-conman-ripping-off-elderly-parents Perhaps you really need to ask Gail Kelly how much in bonuses she plans to collect on retirement?  This email address is being protected from spambots. You need JavaScript enabled to view it. See my interview and thoughts on the matter.................. INTEREST ONLY LIAR LOANS are up 39% last quarter according to Bloomberg.  Westpac no stranger to approving fraudulent loans.   Our files bear witness to the truth.  ...
Last modified on
Hits: 1414 0 Comments
Rate this blog entry:
Continue reading
    DEATH NO ESCAPE FROM DEATH   Friday March 28 2014 the telegraph.com.au   Exclusive Geoff Chambers       Liquidators hunting the assets of doomed Sydney couple Li Yuan and Gu Najun may pursue a likely six figure compensation sum to be paid out over their deaths on missing Malaysian Flight MH370.  Liquidator Schon Condon told the Daily Telegraph last night that if debts owed to the couple's creditors - including to National Australia Bank, Australian Tax Office and WorkCover - remained outstanding he could pursue compensation money paid to the estate after their deaths on MH370 which went missing on March 8 with 239 people on board.       The compensation payment could be in excess of $200,000 per person if Malaysia Airlines follows a comprensation model adopted by Air France after it took a passenger jet over the Atlantic Ocean in 2009.  A private detective has...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    It's a dreadful situation for their relatives. Made even worse when you consider that their debt to the Bank was probably securiti
  • doyla66
    doyla66 says #
    Unfortunately this is the way of the world. 2 people have died as a result of a catastrophic incident and no doubt their families
Hits: 2275 2 Comments
Rate this blog entry:
Continue reading
Dear Peter, me again. ITS THE BANKS THE BANKS THE BANKS........................3% of brokers are rogues....we agreed on that one in 2003!!!  BUT you and I know 100% of LAFs have been inflated by Banker engineered service calculators that you never helped consumers get the copy of that page. Why? You even skipped over to Choice as CEO and never helped consumers with that bit of info whilst you were there.  Why is that Peter Kell?  Helping Bank mates perhaps? Why would you hide the calculator when Choice CEO and when Deputy Chair of ASIC?  Why?   Here is this gem from 2007 come back to haunt you and its good old Auntie ABC........................... Stephen, the Banks were approving all these loans. Banks cannot approve loans without checking and, then go on and blame the broker for the bank's approving the loan!!!!!  The Bankers Code deliberately forbids banks to lend unaffordable loans....
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    All I can say is I hope Peter Kell squirms if he reads this and starts having nightmares knowing he for whatever reason has been t
  • doyla66
    doyla66 says #
    tidal wave of complaints.. exactly. Now banks telling us they have shredded our loan documents, or they are missing or that they
  • doyla66
    doyla66 says #
    Heavens, Denise, how many times do we have to tell them: The Banks approve the Loans. Talk to any broker who did these loans - e
Hits: 2523 3 Comments
Rate this blog entry:
Continue reading
Will Australian Banking Scandals Rock the Economy in 2013? Written on 26 November 2012 by Dr. Alex Cowie Port Philip Publishing  http://www.moneymorning.com.au/20121126/will-australian-banking-scandals-rock-the-economy-in-2013.html 2012 has seen an impressive list of global banking scandals. The problem is that even as they get more outrageous, the market becomes more desensitised.   Apathy reigns. The real bombshell this year was the LIBOR scandal.  Some of the world’s biggest banks got caught with their pants down,manipulating the LIBOR rate. If you think that sounds boring, then know that it underpins derivatives worth over $300 TRILLION. Tweaking LIBOR a few basis points here and there can pay for more than lunch. This was a scandal so huge that it involved some of the biggest names in the banking game: Barclays, HSBC, Deutsche Bank, UBS, Credit Suisse, Soc Gen, Citibank, JP Morgan, and Bank of America, amongst many others. So global banking titans formed a cartel to deceive the...
Last modified on
Hits: 2488 0 Comments
Rate this blog entry:
Continue reading