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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.

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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.

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Yes folks, its another ugly twist and the lengths our Greedy Bankers will go to gain an extra dollars profit.  Shareholders could be in for a huge falls in dividends when truth finally oozes out onto the footpath.   Bankers were not looking after shareholders, but looking after "selfie" monkey business. Parental guarantees on mortgages were approved without the legal requirements being met.....independent letters from lawyers to say they had been fully briefed on risk of losing one's home.  Even if the parents understood the risks – that even signing a document to this effect was still a breach of law, if the parents were to receive no benefit.....etc   Banks have defrauded guarantors in some cases by making them actual co-borrowers on paper… What a shocking state of affairs that is?   FOS had no idea until BFCSA pointed out these issues......wonder what happened to earlier cases that need to be re-opened and independently examined?...
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  • doyla66
    doyla66 says #
    It is absolutely disgusting that nobody in authority has the balls to put up the big stop sign and say enough is enough. I have s
  • doyla66
    doyla66 says #
    Were our Government irresponsible or just plain lazy when they allowed our filthy Bankster Industry to regulate themselves?. That
  • doyla66
    doyla66 says #
    What a joke It needs to be reopened and dealt with...... Keep going nanna FREEZE all TOXIC loans
  • doyla66
    doyla66 says #
    We are one of the earlier cases dismissed by FOS. My son was added as a guarantor and a loan applicant. He did not apply for a l
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FROM THE CONVERSATION  5 February 2014 Authors Rachel Ong: Associate Professor at Curtin University   Gavin Wood: Professor of Housing at RMIT University  Australians of all ages are lining up to tap the equity in their home, but as a policy solution for welfare it comes with many risks. Julian Smith/AAP   Perceptions of the family home have changed dramatically in recent years.  Once viewed as a tool to ensure low housing costs in old age, a more complex and wide-ranging welfare role for home ownership has emerged. A suite of mortgage products are transforming the family home from “bricks and mortar” into a liquid resource that owners can dip into to meet spending needs when required. The scale of equity borrowing activity has been immense in Australia, with the total value amounting to over two-thirds of the total flow of funds from housing into the cash economy during 2001-2008. One in...
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A Royal Commission into the Banking Sector is long over due.  The last one occurred in 1986 and immediately after, the banking and finance market became de-regulated.  If there was a semi regulated uneven playing field prior to 1986, to ensure 1929 never happened again, protections for consumers were intentionally vaporized in 1986.   During the eighties and nineties, ordinary Mums and Dads lost over $2.2 billion dollars.  Notoriously, the Estate Mortgage collapse 1989 rocked Australia as "the big one." Retirees had ploughed masses of dollars into worthless developments, whereby any cream had been milked by promoters.  At the bottom of these dung heaps, bankers, lawyers, accountants, friendly valuers and developers (elite customers of our banking system)  featured in the rape of ordinary citizen's  modest nest-eggs.   Many other investment companies collapsed soon after and the old Corporate Affairs Commission ("CAC") felt the hot air of public wrath breathing down their...
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  • doyla66
    doyla66 says #
    Organza , No need to change the rules FOS just say they will use their discretion (which they don't have ) and with the use of le
  • doyla66
    doyla66 says #
    I feel like I discarded reading a book in 1989 and have only just picked it up again to finish reading it. Bet not much work is d
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Dear members It really disturbs me to see how many younger people with families are coming to the site. I know there was no age barrier as long as you had a mortgage and a bit of equity in the home for the banksters agents to target us. Our dodgy broker( A former bankster employee) went it alone once he realised how much money could be made by being the bankster front man. In hindsight the thing that annoys me is a large proportion of the borrowers worked menial jobs in a poultry processing plant on base wages and never entertained the thought of investing because they thought it was beyond their means. Our broker had an ace up his sleeve, he had an insider who knew everybody inside the plant and she did the initial spruiking to convince people they could invest. Of course she was getting commission on everyone...
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Members and Readers have been asking us about successes.  BFCSA Has done more for victims of Low Doc and Full Doc victims than any other organisation and we are not supported by Government.  Quiet simply we have never applied for funds.  Yes Mr Terry, we may have time to produce some statistics depending upon our people responding to surveys. 36% of TOXIC LOANS were written up by Bank Managers/Officers and NO BROKER involved....yet all are toxic loans.  18% of all loans are FULL DOCS. Many of the complainants are still with FOS as their staff are on overload and cases are now taking up to 18 months to process and conclude.  ASIC do nothing about consumer complaints.  COSL charge their own Lender members $5000 per investigation and throw all victims out into the street by closing files.  ASIC needs to ban COSL from handling consumer complaints.  In our experience Members say...
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  • doyla66
    doyla66 says #
    Must say that BFCSA has done a great work.Keep it up and continue your great service.
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