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
675976

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 brokers

Posted by on in Lawyer Lies
Gadens Solution 2007
See more emails here in the BFCSA Library
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    Hahaha - " . . Gadens in conjunction with MFAA . . . " Who paid to stitch up who there????
Hits: 1735 1 Comment
Rate this blog entry:

Posted by on in BANKSTERS
RAMS Letter to Brokers 2006
If any of you are in any doubt that Banksters considered the Broker to be their Agent to fulfill the Bank’s statutory obligations under the Privacy Act 1988, take a look at this letter from RAMS Legal Counsel.  Circa 2006.   RAMS "A Better Way?"  Not from where I am sitting!  My basket is full to the brim with dodgy RAMS' loans.   This email address is being protected from spambots. You need JavaScript enabled to view it.  ...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Our broker said recently that he went into liquidation through Korda Mentha and the lenders told him to destroy all his files as t
  • doyla66
    doyla66 says #
    If they act even remotely similar to the ones who Bankwest appointed to take over our small family business, they will be as disho
  • doyla66
    doyla66 says #
    This spells out very, very clearly who "owns" the client & who has the ultimate duty of care. Black & white, plain as day.
  • Denise
    Denise says #
    Perhaps this will take the wind out of RAMS/RHG sales (sic). But wait there is more.......coming soon! [email protected]
Hits: 1943 4 Comments
Rate this blog entry:
Continue reading
Gadens Email Header
Get ready for some classic statements in this email From Gadens Lawyers (see Hall Of Shame) .  Here's one to get you started:  "Moreover, the court held that "provided the formalities were observed... the lender was.... indifferent to the underlying factual situation".   You can't miss it !  Enjoy! ~~~~~ From:  Gadens Lawyers E-Update [This email address is being protected from spambots. You need JavaScript enabled to view it.]  OCT 2006      ...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Denise, thank you so much. I was wondering, do you know what level of expertise/experience must the EDR Case Manager have to enabl
  • doyla66
    doyla66 says #
    Gadens shown up to be exactly what they are -- lower than the snake's belly! In the process they have shown up the rest of the leg
  • doyla66
    doyla66 says #
    Re Gadens & FOS, --is it not the case that FOS terms of reference are there to protect the Applicant from crooked bank$ters, Gaden
  • doyla66
    doyla66 says #
    Andy, give me a call. I can put you onto the AFP & CIB that WILL investigate your complaint of FRAUD against the bank. The CRIMINA
  • doyla66
    doyla66 says #
    Thanks Wayne, appreciated...looks like it's the time.. denise has my consent to pass on my email...or perhaps please pass on your
Hits: 2663 7 Comments
Rate this blog entry:
Continue reading

Posted by on in BANKSTERS
Struggling to find Happiness? I've got your answer.  Found it yesterday in the carpark at Officeworks. Emblazoned along the side of an orange car: "Happiness is a Bankwest Home Loan.  Talk to your broker today". There.  You didn't know it was so easy did you? Who would have thought that a quick trip to Officeworks would have solved so many people's problems!...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    It should say: " HAPPINESS IS SEING A BANKER JAILED. REPORT ONE TO YOUR POLICE FRAUD SQUAD TODAY "
  • doyla66
    doyla66 says #
    Artwork on bank facades? Jazz them up a bit?
  • doyla66
    doyla66 says #
    No...but happy to "load the shot"...!!!
  • doyla66
    doyla66 says #
    My idea of happiness is..instead of duck season we could have Bankster season! SICK OF ALL THE GLOOM LETS HAVE A DAY OF FUN.....CA
Hits: 1958 4 Comments
Rate this blog entry:
Continue reading

Posted by on in BANKSTERS
It is lovely to see the Brokers and BDMs having a good time.  It might be their last for a long time...  Watch this video to see them all congratulating themselves    As seen on Brokernews.com.au...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    It's pretty clear that the relationship between the successful broker and the lender is all about a close relationship between bro
Hits: 1835 1 Comment
Rate this blog entry:
Continue reading
20 September 2012 Page 1 of 11 SENATE ECONOMICS REFERENCES COMMITTEEInquiry into the post-GFC banking sector Questions on Notice taken by ASIC at the public hearing on 8 August 2012 Question 1 (Hansard Ref: p. 55) Senator CAMERON: When you say ASIC will act on issues if they are raised, theevidence we had from the previous witness [Denise Brailey] was thatcorrespondence had gone to ASIC seeking some support on the FirstMac andStreetwise issues and no support was forthcoming. Is that correct? Mr Kell: I am not in a position to comment on individual matters. What I can sayis that ASIC had some complaints brought to it about low doc loans. Theseinstances have almost exclusively, from my understanding, all concerned loansmade prior to the GFC and prior to the introduction of the national consumercredit protection regime in July 2010. In some cases they involve matters where afinance broker has been charged by...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    If the bank or broker was part of this false bankurptcy this is jailable offence. Jail those corrupt bankers & brokers.
  • doyla66
    doyla66 says #
    Lying to Parliament is a CRIMINAL OFFENCE. The liars must be prosecuted. Justice must be upheld
  • doyla66
    doyla66 says #
    ASIC just keep on being the "Willbees" who will wait until someone else gets the ball rolling before they issue any statements tha
  • doyla66
    doyla66 says #
    I have had two rejects of action from ASIC over fraud considering the fact of the statement made by the chairman of ASIC: Mr. Gre
Hits: 3866 4 Comments
Rate this blog entry:
Continue reading
  By Caroline Dann | 12/10/2012 6:00:00 AM |  ME Bank claims a recent spike in broker loan applications is a direct result of it slashing fixed rates. Loan applications from brokers more than doubled from August to September, from 9% to 20% respectively. The bank has one of the lowest three-year fixed rates in the industry, at 5.39% for its SMHL Standard Loan. Stewart Saunders, ME Bank’s national manager brokers, also attributed the successes in the broker channel to an increased presence across aggregator panels. “We’ve now joined the panels of 11 aggregators in the last 11 months, including three new aggregators in August – Connective, Choice and Plan – bringing the total number of accredited brokers to nearly 2,000,” said Mr Saunders. Saunders hinted that the bank was in “discussions” with more aggregators.   Comment: Watch for the crumbling effect……  ...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    "It is not necessary to bury the truth. It is sufficient merely to delay it until nobody cares -- Napoleon Bonaparte"
  • doyla66
    doyla66 says #
    That's been the motto of the Australian Public "Masters" for years!
  • doyla66
    doyla66 says #
    Any more whistle blowers from the APS or the union want to speak up?
  • doyla66
    doyla66 says #
    Yes Lisa, we'll keep watch.
  • doyla66
    doyla66 says #
    Thankyou, John.
Hits: 2178 5 Comments
Rate this blog entry:
Continue reading
  By Caroline Dann | 12/10/2012 6:30:00 AM | In an unprecedented move, the Irish government will pass laws encouraging banks to substantially cut homeowners' debts. The move, aimed to reduce foreclosures and help thousands who are struggling, is being closely watched by the US to see if it is a viable preventative to a housing crash. Critics argue unscrupulous borrowers will simply take advantage of the bailout and stop making payments altogether. Before we get too excited, the government is merely making a suggestion: paying off or substantially reducing the debt will not be 'enforced' according to Ireland's justice minister Alan Shatter. Too bad.   ...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    I agree, Arree. With the Aussie Dollar over priced and interest rates falling Steve Keen's Jubilee is timely. His ideas would pr
  • doyla66
    doyla66 says #
    As i have commented here before.. try Professor Steve Keen's idea for a Modern debt jubilee Personally I too am inspired by his v
Hits: 1879 2 Comments
Rate this blog entry:
Continue reading

Posted by on in BANKSTERS
By MortgageMix August 22, 2012 The RBA might have lowered the cash rate to just 3.5% earlier this year, but it has done little to alleviate concerns for homeowners that job loss or rising living costs will cause them to lose their homes. A survey about Australian homeowners' greatest fear has found more than 25% are worried about becoming unemployed, and another 18% listed rising livings costs as their top reason to worry.   Mortgage broker network 1300HomeLoan said the results revealed the responsible nature of Australian borrowers. This is also reflected in our very low default rates on loans, it said. MD John Kolenda suggested that anyone who thinks borrowers are rushing in to take advantage of easy credit is mistaken. "Australian borrowers are very prudent and cautious about taking on debt they can't repay," he added. "These results show that homebuyers are very preoccupied with their ability to make...
Last modified on
Hits: 1577 0 Comments
Rate this blog entry:
Continue reading
    By Caroline Dann | 9/07/2012   Experts believe Japan’s Sony Bank is unlikely to pose a threat to mortgage brokers, following last week’s announcement of its plans to launch in Australia.   Sony Bank is an online business which, in theory, cuts out the need for brokers with its direct-to-lender approach.   Speaking to Australian Broker Online, SAKS Consulting’s principal, Steve Patterson, was sceptical of its impact on intermediaries.   “If brokers do their jobs properly, and are there to help people through the biggest financial decision of their lives, there will always be a need for them,” he said.   “It’s a complicated process, and most people welcome someone on the other side of the kitchen table to explain everything.”   Patterson believes the Big Four have too much of a stronghold on the market to be sidelined by a foreign bank.   “Firstly, new and foreign...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Wow Andy, you've got some interesting evidence on your LAF - 20 so far! Clearly not intended for you to ever see. What a mess they
  • doyla66
    doyla66 says #
    Were they "ING Direct" doing competitive 'hand-holding' when they employed/applied 'white-out' on my LAF twice (mum picked-up that
  • doyla66
    doyla66 says #
    Weren't online mortgages one of the issues in the US subprime crisis? Didn't we get into enough strife even with brokers as interm
Hits: 2757 3 Comments
Rate this blog entry:
Continue reading
This information comes from the nMB Intell magazine. http://www.nmb.com.au/nmb/intell/aug12.html It seems that someone in the lending industry has been playing with words, like "financial counselling".  When the going gets tough, the industry gets creative? We're not immune from users of misleading statements, especially where there's a dollar to be made.  The highlights are my own.    The House of Representatives on Tuesday 26 June 2012 passed the Consumer Credit and Consumer Protection Legislation Amendment (Enhancements) Bill. The majority of the provisions are expected to commence in March 2013. Changes will affect all credit providers, however key provisions have been introduced for Small/Medium Account Credit Contracts (SACC & MACC), lenders.The bill is yet to be passed by the Senate, however it is anticipated this will occur during the Spring Parliamentary sitting (Aug- Sept 12). Changes affecting lenders: Changes to hardship provisions will make it easier for borrowers to make application. The changes will see the...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    "It seems that someone in the lending industry has been playing with words, like "financial counselling". When the going gets toug
Hits: 2170 1 Comment
Rate this blog entry:
Continue reading
http://www.bfcsa.com.au/index.php/entry/sophisticated-nonsense-from-broker-industry-asic-s-latest-trick What a bunch of prize idiots ASIC are! - and their desperado lobby mates are sneaky and nasty to boot.  The NCCP protects all, not just the consumers. It's because the financial sector has exploited the consumers to the max and been caught red handed that the industry sees the NCCP as protecting consumers while all the dirty laundry is still being collected and attended to, one grotty piece at a time. This is another Bransgroves - blatant self interest for the "poor" accused perpetrators of large scale crime, fraud and sundry legal scams. I'll hold Greg while you hit him for me too, Denise.  Well there's no risk of my situation ever being termed "sophisticated" at any stage of the game - unless they've put the Loan Service Calculator over every source of income to try to turn me into a baby Packer! Just because people have acquired (e.g....
Last modified on
Hits: 1913 0 Comments
Rate this blog entry:
Continue reading
10/5/2012 - Australian Broker Online The MFAA has called on the government to ditch some of the disclosure documentation required by the NCCP. In a submission to Treasury on the proposed NCCP amendments, the organisation has asked the government to dump the credit quote, credit guide and credit proposal required from brokers, and instead combine the forms into one finance broking contract. The plethora of documents currently required has caused inconvenience for both brokers and borrowers, the MFAA claimed. “Each of these documents is required at a different stage in the transaction. The need to do these things at different times is a significant additional cost to brokers, and inconvenience and confusion to broker and customer alike,” the organisation said. The MFAA called the requirement for the three separate documents an “unexpected and avoidable” cost to brokers. It claimed that the disclosure required by the NCCP could easily be satisfied by...
Last modified on
Tagged in: brokers Lenders MFAA nccp
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Well, let's see. Didn't the mortgage broker industry in Australia only come about when the banks embraced deregulation? Prior to t
  • doyla66
    doyla66 says #
    So true and so well put! They're used to bitching and getting their own way. Now according to the Banks and MFAA it's all the borr
  • doyla66
    doyla66 says #
    I'm taking my time to digest this post from Lisa. By the way, it's 12.57 here in Melbourne...where is your energy coming from Lisa
Hits: 2116 3 Comments
Rate this blog entry:
Continue reading
http://www.mortgagesettlements.com.au/downloads/Mortgage%20Fraud%20Article.pdf With lax lending compliances and checking systems, such as exist with No Doc and Lo Doc loans, there maybe borrowers who were taught to take advantage of the opportunity to tell the Bank exaggerated detail, or so it seems.  This opportunity was created by the banks themselves, by offering a product that didn't involve the prudent checks and balances that any reasonable person would expect from a Bank or Lender in Australia.  Then there are the borrowers in our situation: we told the truth and even offered our documentation for checking, only to discover later that our honestly declared financial facts had been changed by bank staff or brokers. Without Lo Doc and No Doc loans it would be well nigh impossible to create a fraud loan... unless I've missed something?  Strict enforcement of all codes, regs and Laws should eliminate 99% of loan fraud. Banning of Lo Doc and...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    It’s good that there are such institutions which help to identify and prevent fraud. We live in times when lots of people become v
  • doyla66
    doyla66 says #
    I'm gonna hate those fraud loan providers forever, they make me their victim a while ago when I was applying for a loan online. I
  • doyla66
    doyla66 says #
    and the longer they drag it out the more money they have to pay out....so to all concerned - ASIC, FOS, ALL GOVERNMENTS - stop pre
  • doyla66
    doyla66 says #
    MrASIC"Wake UP">Fiduciary Duty(care)=banks knowingly not placing consumer'in harms way'-Stop taking sleeping pills.SURELY!!!
  • Denise
    Denise says #
    The big issue: Banks are not permitted to profit from a fraud and will have to forgive (and pay back) all interest, fees and charg
Hits: 2825 7 Comments
Rate this blog entry:
Continue reading

Posted by on in BANKSTERS
Denise says we need the services of a hand writing expert......most LAFs in her experience and a recent survey have revealed three people's hand-writing on the documents:  the Broker and two others.  She has the proof that one of these is the credit assessor.....identified via the notes. Lenders don't bother checking loan application income or in fact any detail other than a  credit check Surely lenders can tell from the Loan Application Form who committed the Fraud? Message to Bankers: check the hand writing and compare with that of your staff...but of course you know that as higher up Managers taught you...."you can even resurrect credit impaired and rejected loans....make the deal fit by maximising loan amounts borrowed."    ...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    Interesting thanks for sharing a good find.
Hits: 1905 1 Comment
Rate this blog entry:
Continue reading
Media Release: 24 August 2012How many Low Doc Loans are unethical?Attempts to deflect a Royal Commission into Australia's mortgage finance sector by the Mortgage and Finance Association of Australia are mistaken, hollow and shrill, the Australian Democrats said today.MFAA CEO Phil Naylor rejected the Royal Commission call and claims there is very limited evidence of fraudulent dealings by brokers in a 17 August statement that only came to light yesterday. ED:  Yes Naylor would say that...but he has yet to call me.....but like the banks who did not ring the borrowers to ask income details because they deliberately did not want to know yet continued to deny evidence!"I don't know whether to be appalled or bemused by Mr Naylor's caricature of my remarks," Democrats Housing spokesperson David Collyer said today. "He has me saying all sorts of things.""The evidence put before the Senate inquiry by Denise Brailey of the Banking and Finance Consumers...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    One thing is for sure, Great Loans vary from Great Lenders. Anyway, thank you for sharing such a GREAT information here. Been find
  • doyla66
    doyla66 says #
    APRA invited to test BFCSA(inc)member assertions ASAP(ie:immediately) as precursor to ROYAL COMMISSION!!!
  • doyla66
    doyla66 says #
    I agree, David Collyer is very clear about his position on this. He really gets the total picture, the politics of truth and so ra
  • doyla66
    doyla66 says #
    A great piece of work Lisa. I think it's time to draft an email to Mr Collyer & thank him for his supportive stance.
Hits: 2816 4 Comments
Rate this blog entry:
Continue reading
By Larry Schlesinger  Monday, 20 August 2012 http://www.propertyobserver.com.au/mortgages/banks-negligent-and-reckless-with-low-doc-loans-denise-brailey-in-senate-testimony   Most of the low-doc loans banks provided to borrowers would have been rejected if they had made a "simple phone call to the borrowers”, banking consumer advocate Denise Brailey has testified before a Senate inquiry into behaviour of the banking sector post-GFC. But she says banks chose “in a corporate decision” not to make this phone call to ascertain the true financial circumstances of the borrower. Brailey, who runs the Banking and Consumers Finance Support Association (BCFSA), brought with her to the inquiry a “small bundle” of 4,000 “falsified loan applications", which she said includes applications to every bank in Australia. “The four majors are in there. “They are all responsible, through a series of emails from banks to brokers, instructing the brokers how to get their deals across the line — 'make the deal fit' was their usual interpretation." Brailey’s views...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    They must realize by now the 'people' are coming to get them. Best they put their hands up!!! EDITOR: We have the numbers - so m
Hits: 2840 1 Comment
Rate this blog entry:
Continue reading
By Philip Soos  Tuesday, 21 August 2012 The level of sub-prime mortgages in Australia may be far in advance of what was previously assumed and provided for by banks. The story was broken on the ABC, and covered elsewhere. The revelations centred around two personalities: Kate Thompson and Denise Brailey. Kate Thompson was a licensed mortgage broker at Mortgage Miracles in Western Australia. A highly regarded and award-winning broker, Thompson disbursed a veritable torrent of credit from bank and non-banking lenders to clients wanting funds to buy property, making around $5 million a year from upfront and trailing commissions. She is now facing fraud charges for what amounts to predatory lending: providing credit to people with little to no expectation they will be able to repay the entirety of the loan. This fraud was achieved by fudging the income and assets of clients, making them appear much wealthier on paper than was...
Last modified on
Hits: 2788 0 Comments
Rate this blog entry:
Continue reading
From MORTGAGE MIX - Thankyou to Tim Neary for this good article on the Royal Commission and Lo Doc Sub Prime Debate.    17 Aug 2012 Macrobusiness published an interesting article recently suggesting Australia’s claim to having a conservative (and safe) banking sector have ‘taken a bath’ recently, as evidence emerges of our own low doc driven sub-prime lending scandal.A video link from the article suggests in the run up to the GFC, Australian banks and other home-grown lenders abused the system of low doc loans; designed for small businesses but sold “by the thousands” to pensioners, single mums and people on welfare.It might sound shocking, but opinion on the subject is firmly divided.In response to the subprime scandal reference one reader left this pointed comment: “Sub-prime???? Pffffffft you guys are so 2007…”One of the industry’s leading low doc aficionados, Pepper’s Mario Rehayem, is also thumbing his nose at the notion. He has been ever...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Re; las laf: "claw back" provisions? some form of undertaking the loan book is purportedly "clean"??? Back room deals going on her
  • doyla66
    doyla66 says #
    EXACTLY Last-Laf "Loans prior to 2008 that were often 'fixed' by brokers and other agents, through the commission of forgery on th
  • doyla66
    doyla66 says #
    Regarding the book, 'Inside Job', Matt Damon made it into an excellent documentary as well, if people are interested. Some of the
  • doyla66
    doyla66 says #
    It's interesting to hear that Pepper's chap has thumbed his nose at the problem in consideration of the fact that his company purc
  • Denise
    Denise says #
    The "Inside Job" was a book which had a great impact on my in 1993 re white collar crime and the Savings and Loans Scandal in Amer
Hits: 2908 9 Comments
Rate this blog entry:
Continue reading
It's good to see Australian Broker Online tackling the big concern sending shivers through the entire Industry. Thankyou to their writers, editor and the brokers for providing valuable feedback and information about what was going on from their perspective. Here are the links to the articles and comments related to the BFCSA allegations of Lo Doc Loan Fraud.   Poll: Did banks encourage fraud during boom times? A WA broker – herself facing fraud charges – has accused the nation’s lenders of being complicit, by encouraging brokers to commit fraud to get low-doc loans approved during credit boom times. Australian Broker is asking our readers to cast their vote. Did you see evidence of banks encouraging fraud? Yes or no? Have your say here! http://www.brokernews.com.au/article/poll-did-banks-encourage-fraud-during-boom-times-142522.aspx   TV: 'Overkill' evident in bank low-doc backdown Brokers have labeled bank reticence to write low-docs as an example of a knee-jerk reaction in an exclusive...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    I emailed the editor of Broker news last night with a summary of our story..
  • doyla66
    doyla66 says #
    Thanks for giving me the lead for this post, Arree. I wonder what Broker News would think now. I would also like Phil Naylor to
  • doyla66
    doyla66 says #
    Or more like Gladstone the dog ...
  • doyla66
    doyla66 says #
    It follows logically that every Lo Doc and No Doc loan in the world is potentially affected the same way. It also follows, logica
  • doyla66
    doyla66 says #
    Absolutely! The banks have blood all over their hands! They know what they do and they don't care. They set it up so that the br
Hits: 2737 5 Comments
Rate this blog entry:
Continue reading