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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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Subscribe to this list via RSS Blog posts tagged in burification
The final lesson is that the big showdowns between democracy and Big Bank$ters are still to come – in Aust; US and Europe. On the 'surface', the banks remain powerful --yet their legitimacy continues to crumble. Banks and politics are deeply intertwined in all advanced economies. Diamond, a UK bank$ter, discovered that ultimately --politicians trump bankers. In 2009, Obama told Wall Street bank$sters, Jamie Dimon, CEO of JP Morgan Chase et al --during a summit; “My administration[&Denise] is the only thing between you and the pitchforks." It appears Dimon chose not to heed the president's 'shot across the bow'; presided over reckless risk-taking to the tune of $6billion, yet his job apparently remains secure; even remains on the board of the Fed Reserve Bank of NY despite the Fed's investigation into JP's trading losses & Libor scandal involvement. Archive for the ‘Fraud’ Category:   Beware of Squids and Sharks Wednesday, September 5th, 2012 BR’s ten commandments for dealing with banksters ends with: The never...
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  What's important here is "fractional reserve banking" (FRB) and who creates the 'real money' -v- who issues money? It might seem odd, but through much of history money was created by banks not governments and this practice of privately issued money, especially once combined with FRB made bank$ters immensely powerful. They [bank$ters] got 'free spending power' each time they created a "bank$ter note", without any gold to back it up --just another fraud bank$ters pulled off as a core part of their everyday business. If normal laws had been enforced on bank$ters, FRB wouldn't have existed --because you can't lend out money that someone has given you for 'safekeeping' ; the bank$ters quickly figured out that people never redeemed the gold; realised they could issue far more bank$ter' notes than they had gold --and nobody would notice. " But it is remarkable that a criticism of FRB is published by [IMF] a mainstream institution. We've been ridiculed for making this argument for years....
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  • doyla66
    doyla66 says #
    " . . it requires you to assume something that is far more important and revolutionary than the idea itself. But the assumption ba
  • doyla66
    doyla66 says #
    Good explanation of Fractional Reserve Banking. How are they going to ever get the bank/lending/credit situation back from the ed
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Frustrated Provident Capital debenture holders to vote on fairer distribution policy at December 13 meeting --By Larry Schlesinger [19 Nov 2012] --A meeting of Provident Capital ["PC"] debenture holders has been called for December 13 with the aim of voting on a new arrangement, which receivers PPB Advisory -- who have recovered funds from just two of the 49 loans -- believe will result in a more efficient and fairer distribution of money following the non-bank lender and mortgage fund manager being declared insolvent. PC -- a lender of last resort -- collapsed in July leaving around 3,500 small investors who placed their savings in Provident’s fixed interest debenture fund out of pocket with an average investment size of $30,000. The fund was frozen when Provident collapsed and investors have not received any payments in the past five months. Since their appointment PPB Advisory have recovered funds from just two of the 49 loans...
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  • doyla66
    doyla66 says #
    The properties to be liquidated: these were from PC loans? Classic scenario that we've all been dreading? "Planning issues" - mor
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CEDA -- the Committee for the Economic Development of Australia-- says; that the family segment of the energy market contains the real power battlers because they have limited disposable income and high use, and has called for energy hardship concessions for families to go to the top of agenda. It is a “yawning gap” and wants an urgent review of concessions. In NSW, for example, where there is a high proportion of such families in the community, average household power bills have shot up from $1,100 a year in 2007 to $2,230 this financial year. Gillard, in August talked-up how determined she is that “in December we get action to make a difference for power price rises for families...this is hitting family budgets..it's hitting people hard --and I want to see action.”” 'Don’t promise want you can’t deliver' is one of the oldest maxims in politics when the time frame for delivery is months not years or decades. Yup,...
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  • doyla66
    doyla66 says #
    Interesting post, Andy. Do all these people have solar power on their roofs?? Maybe they finished the alternate energy subsidy to
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AOFM's $25 billion Papier mache binding program -- the securitisation of YOUR mortgage or "promissory note" without notice given, nor "tranche" specific identity being lawfully furnished to the home-owner --has now employed an information "censorship regime". Australian Office of Financial Management ["AOFM"]--the  designated responsible-entity as "gate-keeper" of AOFM public records and/or program details, purports transparency thru it's "website" --created for the specific purpose of timely informing the tax-payer of AOFM's "massive" Residential-Mortgage-Backed-Securities ["RMBS"] purchasing program--folly. However, nothing could be further from the truth, as relevant AOFM material "downloads" present fully "white-outed". Ummm...does this have a familiar tone, ala fraudulently "white-outed/manipulated" bankster loan application forms [LAF] --the genesis of the RMBS fraudulent process? The AOFM's Website states the following: " A summary of AOFM participation in RMBS transactions is available via the following link:~  AOFM participation in RMBS transactions " Go figure???? Furthermore AOFM intends to "frustrate" the user of it's website by allowing some files to be "downloaded" whilst hindering "others"  For example: AOFM implemented "measures" put in...
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John Symond’s Aussie mortgage brokers rise to the top as industry resurgence gathers pace among Top 100:~ [By Larry Schlesinger Friday, 16 November 2012] --The resurgence of mortgage brokers after the GFC has been confirmed in the latest Mortgage Professional Australia (MPA) Top 100, which ranks the brokers that have written the highest value of loans over the past financial year. In 2012 the combined sales of loans arranged by Australia’s Top 100 brokers was a cumulative $6.7 billion, compared with three years of sub-$6 billion sales following the GFC in 2008. While Aussie brokers did not place in the top 10, a remarkable one out of every four brokers (26) on this year’s Top 100 list operate under the John Symond-founded brand, compared with just 15 in 2009, the year following the GFC. This was also the second year in a row that Aussie placed more brokers in the Top 100 than...
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  • doyla66
    doyla66 says #
    FBAA has no idea of who their brokers really are. One of their Accredited Members ran his Predatory fund for years using the FBAA
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Notes on a scandal:       Global inequality-- " In my view perhaps the greatest indictment of recent times has been the failure to seek out and punish those responsible for the GFC. ...There appears to have been many who knew of the illegal activities but for various reasons kept quiet. Those who spoke out were ostracised, ignored or worse – intimidated. Most of the “perps” as the Americans like to call them, appear to be psychopaths... to some they are 'charismatic' or 'electrifying'. Unfortunately they are inveterate liars and cheats who are cruel, exploitative, destructive, irritable and aggressive.  Many financiers describe the GFC as a “speed bump”. With a shrug of their shoulders they mutter “shit happens”. But most in the industry know “bad shit was going on, ...but no one has been convicted.   Was the 'establishment' complicit in these crimes and protected its own? ...whether the game is rigged? ... Is there one rule for commoners and a different set...
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Bank Fees Class Action
  Unfair Bank Charges - 271,288 accounts registered already with Financial Redress Class Action - Funded by IMF Australia   Scam Alert: This is a free to enter process and bank account numbers are not needed to register. Be careful of anyone suggesting otherwise.       Until recently, some banks charged you up to $60 if you became overdrawn, went beyond an agreed limit, or made a late payment. The true cost might only have been a few dollars at most on each transaction. Banks have made billions from these unfair charges. The team at Financial Redress have campaigned hard for customers to receive compensation. We have joined forces with IMF, Australia's largest and most successful litigation funder. We are launching large scale class actions, to make these banks repay all the exception fees they have deducted over the last six years, plus interest. We have secured the services of...
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ANZ annual review.pdf
ANZ chief "takes home" over $10m:~   "Mr Smith's --$10.1 million -- is likely to be the highest-paid bank chief executive in the 2011/12 fiscal year. Preamble..."know thy bankster" --- ANZ poached Mike Smith in 2007, then head of HSBC's Asian business, --Smith's departure from HSBC was unexpected, and was a contender for HSBC's group chief executive position [note: concurrent to 6yr period of systemic issues concerning HSBC's admitted 'executive' mis-deeds; Did HSBC "executives" knowingly break the law concurrent to Smith's "time" as a HSBC "executive". Answer: "YES" ...and such activities were carried out with "wilful negligence" --driven by greed, which underpinned the behaviour; however --"it will apologise, and insists --it wont happen again".  HSBC chief executive officer Irene Dorner testifies before the US Senate about allegations of money laundering within HSBC, concurred --HSBC executives, in 2012, admitted to allowing Iran, terrorists and drug dealers to launder nearly USD$16 billion over a six-year period. Hearing such testimony would ordinarily make the "earth underneath...
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  • doyla66
    doyla66 says #
    “there will always be nasty types .... but good institutions are designed to punish them and to reward decent behaviour”. Unfortun
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Clancy Yeates
  November 17, 2012 Clancy Yeates Business correspondent, Canberra       Photo: Karl Hilzinger The big four held 80 per cent of bank assets and 88 per cent of residential mortgages, the IMF said, making the banks vulnerable to any slump in house prices. THE International Monetary Fund says the big four banks should be forced to hold more capital because their market dominance and the implicit guarantee of taxpayer support could threaten the economy. As figures showed a $398 million worsening in the budget, the fund also said the government could abandon its plans for an early return to budget surplus if the economy deteriorated sharply. In a review of the financial system published on Friday, IMF officials judged the sector to be ''sound, resilient, and well managed'' and said the economy was performing well. But while the IMF was broadly supportive of the government's economic management, it...
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"The valuers employed by the smaller banks are not discounting the values and the smaller banks have lowered their lending standards (or synchronised them with houses)." --Fred Nurd wrote: The race to the bottom:~  The veiled threats facing Australian banks --by Robert Gottliebsen   [Published 16 Nov 2012]   Strange things are happening in the banking industry and I am not sure the big banks are fully prepared for the new environment. As I yarn to large prosperous companies they tell me that in recent times big overseas banks, particularly those from Europe, are suddenly knocking on their doors, offering loans at lower costs than Australian banks. The overseas banks want a presence in Australia and have plentiful access to the low cost funds in Europe and the US. It’s a long time since we have seen active overseas banks. The big Australian companies know that overseas banks have a history of being...
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  • doyla66
    doyla66 says #
    Have smaller lenders lowered their lending standards wrt to their credit conduct or have they shifted their attitude to apartment
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  Posted by Unconventional Economist in Australian Property, Featured Article on November 14, 2012 | 48 comments By Leith van Onselen Last month, I wrote an article in MacroInvestor entitled Beware the house and land value trap, which examined the pitfalls of buying new house and land packages on the fringes of Australia’s capital cities. The article was particularly critical of measures adopted by Australia’s property developers aimed at reinvigorating new home sales by offering generous incentives to new buyers, such as giving away new cars, offering large cash-backs, free landscaping, or paying a buyer’s energy bills for three years when they buy a new house and land package (see below examples). Read on .... http://www.macrobusiness.com.au/2012/11/the-house-and-land-value-trap/   Recommend checking this this one out ... the video .... First home buyers turning grey http://www.macrobusiness.com.au/2012/11/first-home-buyers-turning-grey/  ...
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  • doyla66
    doyla66 says #
    Be sure to check out the video of the Westpac ad.
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Posted by on in BANKSTERS
  on November 14, 2012 | 14 comments Find below Genworth’s latest mortgage industry survey which shows very depressed lenders combined with a very enthusiastic brokers, among other discussion worthy factoids: http://www.macrobusiness.com.au/2012/11/genworth-diagnoses-bipolar-disorder-for-mortgage-industry/   COMMENT Two very different perceptions - why? ...
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Local councils drain Lehman’s zombie coffers:~ All the institutions were sold "high risk" investments by Lehman Bros, camouflaged as triple "A" rated securities, that turned toxic when the American housing market collapsed. The $250m settlement offer, on what is known as the "Dante Notes", represents 100 cents in the dollar and follows a previous settlement on another set of investments, the "Federation Notes" that delivered $125 million, or 103 cents in the dollar; refer to the 'Rares' Judgement, which amongst other scathing remarks, stated...  "By preying on an arm of government, the deception to society itself was rendered complete.": Wingecarribee Shire Council v Lehman Brothers Australia (in liq) [2012] FCA 1028 at 14]  As complex as "synthetic derivatives" were to build and impenetrable to understand, winding up the organisation that created them has proven to be a Herculean effort that escalated into a conflict between US law, international insurance law and Australian law The liquidator was also...
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  • doyla66
    doyla66 says #
    I agree, Lindy. When I look at the pattern of liability 'lumbering' in all these events and products, what looks like slackness
  • doyla66
    doyla66 says #
    The BFCSA Consumer Watchdog is springing new terminology! You better believe it white collar corporates; you ain't the only ones w
  • doyla66
    doyla66 says #
    This article still makes me think that those RMBS are another camouflaged debt instrument. No matter what the prollies, press or o
  • doyla66
    doyla66 says #
    Yes, RMBS Really Massive Bankster Scam: -- "camouflaged~widespread~toxic~waste~dump~bankster~fraud"
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Australian Office of Financial Management [AOFM] or simply a "RMBS ~Toxic Waste Dump": AOFM's Opening Statement ["the statement"]:- mischievously re-labels clear & present fraud as "low-doc PRIME loans"; ignores credibility voided Ratings Agencies' fudged RMBS "AAA" purported status; No loan application form and/or process "integrity" checks necessary --as there's simply NO EVIDENCE OF FRAUD; and asserts..."is 'clearly' a matter for the financial industry ["the perpetrators"] to organise, practise and 'monitor' [and]..it would simply not be practical [or reasonable] for the AOFM to employ the substantial resources required to 'vet the detail' of every mortgage behind every RMBS transaction." Being practicable, --a good [indeed reasonable] start would be to "rifle-shot" target the low lying "fruit from the poison tree" [vis a vis "shotgun" approach 129,000 "unsafe/unclean" loans] a measly basket full of only 2000 "low-doc PRIME loans", declared present & counted on AOFM's books, begging for a "reprieve" --in God's mercy".   Such gross mis-diection employed craftily by AOFM's ill-conceived Statement, is simply incomprehensible given...
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  • doyla66
    doyla66 says #
    The loose low-doc lending practices of the property boom are coming back to haunt the market. According to Fitch, low-doc loans ar
  • doyla66
    doyla66 says #
    AOFM--obfuscates/misleads Senators: issue re 2000-lowdocs [1.8%/loan-pool]--AOFM morphs/argues vetting 129,000 "not practical" !!!
  • doyla66
    doyla66 says #
    I know what you mean, Wayne. They trot out standard phrases that everyone seems to have taken to be true for years. Now we're sayi
  • doyla66
    doyla66 says #
    AOFM spouts pure 'meaningless waffle' trying to dodge any responsibility. "WILLFULL BLINDNESS" is he term. Hear no evil, see no ev
  • doyla66
    doyla66 says #
    Indeed Wayne--S&P: Aust could follow Spain's credit descent--risks losing its AAA credit rating if it is unable to get its federal
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The Italian Job:~ S&P and Fitch accused of market manipulation in Italy --   allseemsfine commented: 11/12/2012:-   "Amazed you lot are defending the companies that helped pack-out your pension pots with junk. Finally a country has had enough of paying inflated bond rates, manipulated in unison by the ratings agencies. It was so obvious, in a few years this manipulation by the rating agencies will be in A level text books, you lot should get out more." --Italian prosecutors have filed chargesagainst Deven Sharma, the former president of Standard & Poor’s, and six other credit rating officials for issuing downgrades that destablised the country and fuelled the debt crisis. Prosecutor Michele Ruggierohas asked a court in Trani, Italy to indict five S&P employees and two from Fitch Ratings for market manipulation, in a move that could trigger a raft of similar claims against rating setters around the world, and --accused them of;“aggravated and...
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  • doyla66
    doyla66 says #
    Good to see other countries getting the hang of "smacking" ratings agencies for their suspect and at times totally irresponsible n
  • doyla66
    doyla66 says #
    I'm still waiting on that answer. I posed it a long, long time ago. Not one of those agencies that the banksters, the federal & st
  • doyla66
    doyla66 says #
    Agree all pillocks indeed: Origin: mid 16th century: variant of archaic pillicock 'penis', the early sense of pillock in northern
  • doyla66
    doyla66 says #
    I didn't know that bit - might have to revise my english
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"Such was the belief in the 'magic of the market' that the rating agencies, in carrying out this key role, were largely self-regulated. The assumption was that the need to maintain their reputation would provide powerful self-discipline." The GFC revealed..the rating agencies had become alchemists, turning dross into gold by --endorsing shonky financial products for a fat fee paid by the financial institutions which produced these products. Self-discipline proved illusory.Yet despite the huge losses made on certified-safe financial instruments which turned out to be very dicey, the rating agencies seemed to be Teflon-coated,..under the confident assumption that in the US they are protected by the constitutional right to free speech: their ratings are just an opinion and therefore not subject to complaint.They not only avoided any penalties for their profit-driven mis-ratings, but they also dodged fundamental reform. As well, they had the usual fine-print disclaimers REGULATORY DISCLOSURES: --Recent "Amendments" to Disclaimer attempting to limit future liability [Example: Moody's as...
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  • doyla66
    doyla66 says #
    There are other "expert services" that I have my doubts about. They trot out statistics and most people don't know how to look be
  • doyla66
    doyla66 says #
    These pillocks missed the mark big time on Bankwest. How much were they being paid to look the other way? And by whom?
  • doyla66
    doyla66 says #
    AOFM, time they checked their "Ratings" system : "Complicit in Defrauding Australians of their cherished "HOME"
  • doyla66
    doyla66 says #
    Great finds, Andy. There have been many in the Australian financial industries that seemed Teflon coated. Here's hoping some of t
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--14 Nov, 2012: ASIC is undertaking "limited surveillance" of financial advisers and accountants over concerns that property spruikers are encouraging investors to set up self-managed super funds purely as vehicles for "dodgy"  property investments,--"it will be a target for fraudsters". Forever "researching", ASIC hopes to release research into this aspect of SMSF investing in 2013.   Dale Gillham commented 1 hour ago What is the old saying? Same S... Different Day. Regardless of the vehicle property spruikers are still doing the same thing they did last year, last decade and probably and the decade before.  For the biggest single investment a person will generally make, I find it hard to understand why there is such a lack of proper accountability and regulation within the property industry as a whole. In my opinion the whole building and property marketing/sales industry needs Government to give it a very clean sweep with a view to dramatically increasing protection for consumers.  Dale Gillham:~...
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  • doyla66
    doyla66 says #
    I agree with Dale. Property industry and real estate would both benefit from a real going through. This is why they have dodgy rep
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''It looks bad --when ASIC issues an unusual exemption in the early days of the company's administration, the company subsequently loses its financial records and then releases an annual financial report that is not true and fair and not in accordance with accounting standards,''  "While there might be no mischief in the ASIC chairman acquiring an asset from a listed company in financial distress, the deal raised issues about independence, said Jeffrey Knapp, a University of NSW accounting academic.   ASIC boss in 'secret' winery buy:~ Date[March 31, 2011] Read later   Scott Rochfort, Michael West Social Investment News Blog.csi.edu.au     The D'Aloisio winery mystery ASIC chairman Tony D'Aloisio's denies a conflict of interest in purchasing the Oakridge winery from a company in financial distress. Ian Verrender reports. Autoplay ONOFF Video feedback Video settings CORPORATE regulator Tony D'Aloisio bought a Yarra Valley winery from a distressed public company seven months after his appointment...
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  • doyla66
    doyla66 says #
    LURKS AND PERKS OF THE GAME - JOBS FOR THE BOYS - CRONYISM ROYAL COMMISSION INTO BANKING - WIDE TERMS OF REFERENCE
  • doyla66
    doyla66 says #
    There is an old but wise saying : "If it looks like $#!t, if it smells like $#!t, then chances are it probably is $#!t ! Oh my God
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Dear Mr Bouris, referring to YBR’s two-page announcement to the Australian Securities Exchange, BFCSA(inc) have some simple questions concerning 'pretender' wealth management company Yellow Brick Road and Macquarie Bank. 1.) How is YOUR base rate determined? --as any purported 'real' discount on a base rate that might "exceed" the standard rates offered by other lenders, would be deemed a “Clayton’s" discount by nature, hence, false & misleading to 'trusting' consumers. 2.) Was it just a drafting error, or otherwise? --when you asserted,"All successful applicants will get the discounted rate of up to 0.86% irrespective of their status, guaranteed for the life of the home loan after Yellow Brick Road’s first 12mths initial 1.15% discount off the [floating] "base rate". 3.) Who is the 'real' apprentice, Mr Bouris?--sorry, trick question(?) ..you see by asserting a rate discount ... “up to 0.86%” is not the same as affirming a rate discount “of 0.86%” -- as the term “Up to” may indeed denote "zero" application and/or adjustment. 4.) Does the 'up...
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  • doyla66
    doyla66 says #
    Well done, Andy. Australian borrowers weren't born yesterday. And who owns Macquarie? Who are the dominant shareholders? Com
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