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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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Subscribe to this list via RSS Blog posts tagged in Australian Housing Bubble
What Lurks in Bonds Tied to Subprime Autos Anyone’s Guess  By Matt Robinson, Sarah Mulholland and Jody Shenn    3 October 2014    http://www.bloomberg.com/news/2014-10-01/what-lurks-in-bonds-tied-to-subprime-autos-anyone-s-guess.html    The U.S. housing crisis laid bare an epidemic of fraud and sloppy paperwork on loans made to home buyers with spotty credit. For those who bought bonds backed by the mortgages, it fueled at least $250 billion of losses. Six years later, investors are snapping up a new crop of subprime bonds, this one backed by auto loans. Ratings companies are awarding top grades to the securities, and buyers have almost no way to determine the accuracy of the information they get about them. Now, the market’s drawing scrutiny as the U.S. Justice Department probes underwriting and disclosure practices and the U.S. Securities and Exchange Commission seeks to ensure investors get adequate information. “Investors are basically taking the issuer’s word that they follow certain procedures, and...
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RBA governor Glenn Stevens warns of housing bubble risk DateSeptember 3, 2014 - 3:07PM 22 reading now Read later Mark Mulligan     inShare submit to reddit Email article Print Reprints & permissions Aware that "monetary policy does work initially by affecting financial risk-taking behaviour:" RBA governor Glenn Stevens. Photo: Robert Shakespeare House price boom must end, says David Gonski Stevens calls for more business investment Reserve Bank of Australia governor Glenn Stevens has warned about the creation of asset bubbles in the current low-interest rate environment. Addressing members of the Committee for Economic Development of Australia (CEDA) lunch in Adelaide, he said monetary policy aimed at encouraging business investment and generating employment amid global economic weakness was in danger of creating a housing bubble in Australia. Despite assurances from the country's big banks and a range of economists that current house prices and levels of household debt are sustainable, a growing group...
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from http://www.whocrashedtheeconomy.com.au/blog/category/australian-economy/ Australia's subprime mortgage crisis 12 August 2014 , 10:37 AM by Gabrielle Burke Do you remember the subprime mortgage crisis in the United States that left so many people in trouble a few years ago? Think it could never happen here? Well, it is. Many Australians are now facing financial difficulties after signing contracts for low-doc loans. Denise Brailey has warned against such loans. She is from the Banking and Finance Consumers Support Association. » Pensioner represents tip of $100bn sub-prime iceberg: advocate – The Australian, 12th August 2014. » Australia’s subprime mortgage crisis – The ABC, 12th August 2014.   » The Investors Club, renamed as Property Club, sued by couple claiming they were misled into taking out $1 million in loans – The ABC, 12th August 2014.   Yes many more TIC victims coming in from the cold  This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • setup
    setup says #
    Stay clear of low doc loans. They are dangerous and can ruin lives to the point of total financial destruction. Knowing what i kn
  • PreySOS
    PreySOS says #
    More effective government strategy and action and is essential to stop further dangerous development.
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You also need to read Bubble Economics 2014: Philip Soos and Paul D Egan  and Pages 621 - 660 Bubble Economics: Australian Land Speculation 1830 – 2013, has been published through the World Economics Association website, at http://www.worldeconomicsassociation.org/books http://www.whocrashedtheeconomy.com.au/blog/2014/04/rp-data-shows-australian-housing-bubble-out-of-control-rba-house-prices-can-fall-and-have-fallen/ RP Data shows Australian housing bubble out of control – RBA warns house prices ‘can fall and have fallen’ Written by admin on April 1, 2014 – 8:06 pm As widely feared, Chinese appetite for Sydney and Melbourne real estate has caused house prices to surge in Australia at the fastest pace since records started 18 years ago. According to data released today from RP Data, Sydney house prices have increased at an unsustainable 15.6 per cent year on year, followed by Melbourne at 11.6 per cent. Both Sydney and Melbourne left the rest of the country for dead and together, helped push up the combined capitals by 10.6 per cent. On...
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Bubble Economics: Australian Land Speculation 1830 – 2013, has been published through the World Economics Association website, at http://www.worldeconomicsassociation.org/books Just click on the link.............. You need to read this AMAZING REPORT by Philip Soos & Paul Egan and in particular: The chapter on fraud “3.6 The Emergence of Fraudulent Mortgage Lending” can be found on page 621 - 660 If you are a victim of Mortgage Fraud by Bankers, professional academics are writing books on Australian Mortgage Fraud - the one that ASIC has been in denial over for fifteen years!   Remember the porkie pie that ASIC told the Australian Parliament  8 August 2012 and again in Feb 19, 2014:  "No systemic issues in Mortgage Fraud", weeks after receiving the EDR reports to say complaints against the Four Major Banks had increased dramatically the previous five years!   Bubble Economics is a sound historical look at bubbles and land speculation over the past 180 years.  A...
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An important read from Prosper Australia, which was submitted to the Senate Inquiry.  Lot of work is evident here and we need unbiased analysis on the subject of Australia's Land Bubble This powerful document demonstrates its point by including nine metrics illustrating the RESIDENTIAL PROPERTY BUBBLE.  The very same bubble the Government is in denial about. Every one of our BFCSA members in every State has reported their current property they are trying to save, is now valued BACK TO 2007 PRICES.  Any reader disagree?   Here are some powerful warnings:  Senate sub to the housing affordability inquiry can be found here: http://www.prosper.org.au/wp-content/uploads/2014/02/Prosper-Australia-Senate-Housing-Submission.pdf    ...
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  • doyla66
    doyla66 says #
    More interesting is I had 5 offers pre accepting what I did in the end when ANZ forced my hand (all declined - all 1/3 less than e
  • doyla66
    doyla66 says #
    Mine sold last year for exactly double of what it had been purchased for in 1994 (2 decades ago) and for little more than an offer
  • doyla66
    doyla66 says #
    In 2007 Nab's valuation of our property was what they were reliant on for the escape route if we fell on our faces. In 2013 the pr
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