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.
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.
Our Members have now amassed 1500 plus dirty Mortgage Liar Loans including UNVERIFIED FULL DOCS. ASIC culture permitted banks to continue as normal.....................knowing ARIPs (Pensioners who owned their own homes) were being maliciously targeted by criminals in the Australian Banking Sector. ASIC Former investigator tells us why ASIC developed sub-cultural problems. We know the turnover of staff down there is nauseating! ROYAL COMMISSION into Banking Sytem urgently required. This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.investordaily.com.au/36114-asic-public-service-culture-criticised
ASIC Public Service culture critiscised 22 August 2014
Friday 22nd August 2014
A former ASIC staffer has taken the corporate regulator to task for its “heads on sticks” approach that has prevented it from tackling major structural issues.
Stephan Kasanczuk is a director of the consultancy firm WolfThink and a former investigator at ASIC’s predecessor, the Australian Securities Commission.
Speaking to InvestorDaily, Mr Kasanczuk predicted ASIC’s current scrutiny of big institutions like the Commonwealth Bank and Macquarie will be short...
http://www.occupycorporatism.com/home/experts-forcing-banks-to-admit-
mortgage-fraud-hurts-economy/
Experts: Forcing Banks to Admit Mortgage Fraud Hurts Economy By Susanne
Posel – October 23, 2013
Dick Bove, bank analyst at Rafferty Capital Markets (RCM), warns banking institutions such as Wells Fargo, Bank of America (BoA), Wachovia and PNC Financial should be concerned about the Department of Justice (DoJ) suing JP Morgan & Chase Co (JPM) over mortgage-backed securities. Bove says that “the question that investors must ask is: ‘Will the government apply this set of precedents to JPMorgan Chase alone or will it now seek to extort funds from other banks involved in assisted mergers.
”Since “all of these banks are guilty of the same things as JPMorgan. Forget JPMorgan, the government is going to go after every major bank with the potential civil lawsuits for tens of billions of dollars.”The prediction is that “the supposed settlement between JPMorgan Chase and the government affects stockholders, job...
http://www.macrobusiness.com.au/2013/06/uncovering-australias-sub-prime-mortgage-lending/
3 June 2013 By Leith van Onselen
Last year, The Australian newspaper published some great articles questioning the commonly held view that Australia’s banking sector is conservative. In April 2012, The Australian uncovered how Australia’s largest banks were being forced to forgive mortgage debts of borrowers granted loans based on falsified or fraudulent information supplied by mortgage brokers. Then in June 2012, The Australian followed-up with further reports (here and here) of Australian sub-prime lending, and the battle playing-out between unscrupulous lenders and borrowers.
In August 2012, The Australian reported on instances where the banks had been enticing elderly Australians into Ponzi-like mortgages that they had no way of repaying, as well as provided detailed coverage on the Senate committee into banking, where evidence of widespread improper lending practices were revealed. The Australian also revealed that lenders had been refusing to provide low-doc borrowers with copies of their applications,...
Dirty campaigns to attract Asset Rich Income Poor pensioners was promoted by Major Banks in 2004..........its all coming home to roost. Three years prior to the GFC....so American investors have rang asking this obvious question: How did our banks keep the same deceitful LIAR Mortgage LOAN model rolling forward and riddled with fraud....for so long?
http://www.deloitte.com/assets/Dcom-Australia/Local%20Assets/Documents/Australian%20Mortgage%20Industry%20Report(1).pdf
The Australian Mortgage Industry At The Crossroad - 2005
Interesting times in the mortgage industry.
The dynamics between direct franchising and third party distribution loom large; consolidation choices in the increasingly influential brokers’ domain are yet to finalise. Regulation and risk management tighten the landscape. And overall the competition around retention and sales is as fierce as ever and continues to keep margins under pressure. All are key strategic factors for the industry. For these reasons we title this first in the series of Deloitte’s points of view on The Australian Mortgage Industry...
Changes to Penalties? It's more of Australian Securities and Investment Commission ("ASIC") Chief Medcraft's Muddle and his equally mind-blowing smoke screens: He wants parking ticket type fines increased for misdeameanors BUT DOES NOT MENTION immediate action AGAINST LENDERS. Lenders APPROVED these dodgy loans - every last one of them. Medcraft's Banker Mates set up the consumers to enable the Banks to steal ordinary Mums and Dads homes and his Banker Mates set up the Borrower agents to take the wrap!
Then there was the securitisation scandal re the Australian Office of Financial Management to buy the TOXIC products and and "profit from the fraud."
Medcraft says he wants stiffer penalties but only takes the annual obligatory handful of actions via DPP, and only against the little cases - brokers with foreign names...........did you notice that? Easy targets? Not too much hard yakka? Your bias is showing.
Greggie, What about the...
Another Reader - from Ali
Absolutely spot on Robert. You hit the nail right on. The need to come away from selfishness and greed is a must in order to amend the financial, physical, and mental damage and return to better times. I just hope it won't be too long before some media outlet picks up and leads the way to exposing the truth around this shocking injustice brought upon the innocent and unsuspecting public.
We the victims should have our fraudulent loans extinguished right away. We should not have to wait until someone in Government is willing to sort out the mess. This could take years and we just want to get on with our lives.
It is so unfair to keep us imprisoned in this way as if we were the guilty ones. Bring on our deserved freedom....
ED: One wonders why Bankers responsible for the dreaded SERVICE CALCULATOR are not IN...
There are some readers who can put into words better than I can, what is really going on here. You see readers, I am not a victim. I am just a lowly citizen who suddenly woke up to see a crime being committed on innocent people and said "what is going here with Australian Bankers?"
Roy W capably articulates the grass roots watching of lives being destroyed because of greed.
Torch the getaway car, throw the gun in the river, shoot the witnesses, burn the house down, all these classic cases of destroying evidence have made for two hours of great viewing at the cinema. Then there is the real life situation of shred the Loan Application Form, burn the service calculator and flush the Original Customer Contract, this has made for a lifetime of fun for Bank CEO's super driven by GREED.
The only ones not enjoying this ride are the customers affected...
ASIC admits scrutinising Senate Inquiry submissions
20 November, 2013 Mike Taylor 2 comments
http://www.moneymanagement.com.au/news/financial-services/2013/asic-admits-critical-senate-inquiry-submissions
The Australian Securities and Investments Commission (ASIC) has revealed that it has examined all the submissions lodged with a Senate Inquiry into its operations, many of which have been highly critical of the regulator.
ASIC chairman Greg Medcraft has told a Senate Estimates Committee hearing that the regulator had examined the submissions in a bid to understand any complaints about its performance and to identify “how we can do a better job”.
The Senate Inquiry into the operations and performance of ASIC has received close to 300 submissions, a number of which have been kept confidential and many of which have been highly critical of ASIC’s performance.
Medcraft told today’s Senate Estimates Committee that ASIC had provided the Senate Inquiry with three submissions, the most recent of which had included a proposal for a national financial adviser exam aimed at...
CBA to change lending policy from November 25
Tuesday, 19 November 2013
Property Observer
From November 25, the Commonwealth Bank of Australia will change aspects of its lending policy.
The new policies outline that rental income from a residential property used for servicing cannot exceed 8% of the owners estimated value or contract of sale amount.
This means the CBA will only accept a maximum gross rental yield of 8% for servicing.
Additionally, a new rental income referral rule will apply for applications in categories 3, 4, and 5, where the rental income is more than 50% of the total income used or servicing.
CBA spokesperson Steve Batten told Property Observer, “The rationale behind this change is that high rental yields in some areas of the country, particularly in mining towns, are not sustainable.
While this only will impact a very small number of customers, we would like...
Hi to all,
Please forgive me if I sound erratic because I cannot fathom the dribble. It is just beyond me!! The time frame may be out - FOS COSL etc but to be honest I couldn't be bothered entertaining any energy on these dingbats at the moment.
Received a letter from FOS after they re opened our case realizing that BNY Trust who apparently had our supposed account was under the FOS banner after all. Now mind you this account has gone from HLP to Pepper Home Loans to Mobius to Perpetual under the guise of JP Morgan Trust somewhere.. then somehow materialized under BNY trust.
I may have even missed someone out there, after harassing everyone for my LAF and other documents, which I might add are all doctored bollocks!! And I didn't get them all!
The complaint went from COSL to FOS then back to...
Hi Adam Thank you for taking the time to respond to my email.. There are so many Australians that have lost their homes to the banks. These people are victims of Bank Fraud and there is no authority in this country that will stand up for hardworking Australians to make the banks accountable for their predatory lending tactics. In years to come, historians will laugh at us and our economies for allowing this to happen without recourse. Shame on the banks for stealing the lives of honest hardworking people. I’m hoping the outcome of the ASIC review includes compensation for victims of bank fraud including members of the BFCSA who have provided indisputable evidence of the widespread fraud with yet no avail. To these victims, Australia is not the lucky country whilst the banks remain unaccountable for fraudulent documentation. Best of Luck Adam. Sincerely Rocco. On 5/8/13 3:00 PM, "Adam Bandt...
YOUR SUBMISSION TO THE SENATE INQUIRY is vital. If you ignore this Inquiry there will be no reason to hold a Royal Commission into the Banking Sector. Then the banks will move in with a united rush!
Please email This email address is being protected from spambots. You need JavaScript enabled to view it. “YES SENT Submission” in address bar and email to us. We are counting heads.
Rate ASIC’s Performance on what if they had investigated all those cases they did receive and as a result ASIC gave public warnings – would you have been aware of the dangers and not fallen into the mess you are all in right now? Senators want to know how you feel about that.
Eg: If you were travelling on a highway and the bridge had collapsed and there was no warning “Bridge Collapse – STOP IMMEDIATELY “ and you continued around the bend and over the cliff into 200m ravine…..would your family be upset?
If Government KNEW...
Gippsland mortgage fund frozen
14 min ago
Industries
Financial Services
About $150 million in savings from Victorian investors is in doubt after a Gippsland-based mortgage fund was frozen on an increase in impairments of loans.
Gippsland Secured Investment managing director Glenn Sanford said in a letter to investors on its website that the fund had been voluntarily suspended and there would be material increase in GSI's provisions for impairment of loans.
The Trust Company was "undertaking a review of certain loan assets and security properties and that the outcome of that review may impact on the value of GSI's total tangible assets".
"The directors have concluded that the result of recognising the impairments is that GSI may have a deficiency in its net tangible assets and may not have equity equal to the shortfall," GSI said.
On its website, GSI said it was "one of the largest finance companies of its...
US Senator Elizabeth Warren, the Massachusetts Democrat-Harvard law professor-proposed six years ago the creation of a US federal agency to protect consumers of financial products in this 2007 article asserting--
"If it’s good enough for microwaves, it’s good enough for mortgages. Why we need a Financial Product Safety Commission.. it could eliminate some of the most egregious tricks and traps in the credit industry.. and for every family who avoids a trap or doesn’t get caught by a trick, that’s regulation that works."
Yesterday, Richard Cordray was confirmed as chief of US Consumer Financial Protection Bureau. Ms Warren, told reporters before the vote..“It is a truly historic day.. there’s no doubt that the consumer agency will survive beyond the crib.. the American people will have a strong watchdog in Washington."
So, do we really come from a land down-under.. or simply upside-down when it comes to ensuring a roof over our heads protected from bank$ters greed & misery......
Mort, You are all the right track in regards to the Broker/Banker Relationship. Members and guests always bear in mind that Brokers are a created industry which really should not be necessary. If Banks/financial institutions were more efficient there would be no need for this industry. As such Brokers income is derived from on selling and very handsomely in most cases. While this industry helps keep employment figures on track it is at the expense of the Aussie mums and dads and families. With this in mind it seems to indicate that without the Brokers, loan/money would be available at a reduced interest rate for customers directly from the bank/lender. Remember Brokers do not have the ability to approve or make a decision of the money/loan approval. Brokers cannot provide the money for a loan, credit card etc. Brokers are under the instructions of a Financial Institution and cannot act...
Fudging Figures became a way of doing business for Australian Bankers. Bankers must think we all believe in the tooth fairy! This week the ABA suggested the Senate Inquiry into the Federal Regulator, the wickedly lazy Australian Securities and Investment Commission, means there is no reason to suspect Bankers bad habits are under any cloud of suspicions regarding mega-fraud capers. Do you believe the gall of these arrogant species of humanoids?
ASIC will now be on the nose for NOT LOOKING INTO THE BANKS and, their increasingly tarnished image will be a right royal headache for its defunct media department. Peter Kell, the master of attacks of the "will-bees" (we will be doing something later this century) admitted this week that one of the minor problems they have is a rampant loss of staff. He rationalised that just because a whistleblower blew a trumpet or two into the top floor windows...
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....
"Willbee" ASIC has lazily sat back and watched these BIG hitter liquidators ruin other people's lives for over a decade. ASIC has just had another attack of the WILLBEES......"we will be getting tough!" Yes Mr Medcraft and SO WILL WE. We will be getting tough with you. Expect a genuine letter of complaint to IOSCO about your neglect and why you need to be investigated for your role in our current and widespread secularization scams.
We have "genuine and comprehensive" plans to ensure ASIC BECOMES a dismantled beast over the next 12 months. It can no longer be trusted as a corporate regulator or a consumer protector. Too many long lunches and dastradly deald under desks behind closed doors. The media has seen through the ROT that is and inherent ASIC Corrupt Culture. Ordinary citizens of Australia have been road testing ASIC for years with extremely poor results all round....
Senators push to grill ASIC over failure to heed warnings
DateJune 11, 2013
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Adele Ferguson, Chris Vedelago
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Christine Milne
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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...