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BFCSA
MORTGAGE
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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 burification
ABA - Advocating the Divine Right of Banks to return us all to the Dark Ages & debtors dungeons? In response to the ABA submission to ASIC EDR review, March 2012. BTW I noticed it took from 2009 to 2012 for ASIC to do undertake this review lol! And that this unenlightened effort to distort and corrupt the Australian justice system was pieced together prior to the wake up call given to the ABA and some Banks during the Senate Inquiry into post-GFC Banking. Not to mention the ongoing "bath" given to ASIC. I wonder if anything has changed now in the ASIC - ABA - Bank relationship and if this has changed the way in which FOS and COSL are managing borrower complaints? "The ABA understands that it is a natural response by a customer to the possibility of losing his or her residence to want to ward off...
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  • doyla66
    doyla66 says #
    ....great article LisaMartin to my ABA exposé Newtering FOS!!!----- Action now underway by---- Australian Bankers Association
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I’m extremely worried ...the dodgy spruiker is back, in fine form, and investors, many with memories too short to recall the bad old days of rip-offs and questionable deals, are just begging for their money to be taken, and I am seeing more people being taken advantage of, and a return to a situation we saw in the early 90s. How can you tell if a deal is dodgy? You can’t, but here are some clues to protect yourself with the following guidelines:: ~ 1) Become educated [then] you will know how to spot a dodgy deal at 10 paces: ~ 2) Beware of property being marketed by a seminar or telemarketer as these people are paid big commissions: ~ 3) Never sign a deal on the day you see it ['caveat emptor', "buyer beware"]: ~ 4) Always confirm the value of a property through recent sales to determine actual value ['comparative sales']:...
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  • doyla66
    doyla66 says #
    Well, Ali, that's part of their spiritual thinking: giving back to others, sharing the opportunity, helping others to do what they
  • doyla66
    doyla66 says #
    I agree. I always thought, "if these promoters have the knowledge on how to make plenty of money, then why on earth would they wan
  • doyla66
    doyla66 says #
    Very good idea to right stay away. The purpose of all 'WEALTH CREATION' events is to make you spend your money before you get out
  • Denise
    Denise says #
    Best advice is to stay out of the "Creating Wealth" Industry FULL STOP. Only ones becoming wealthy are promoters. Do not attend
  • doyla66
    doyla66 says #
    Very sage advice. Wish we'd heard it before making those very mistakes Ms Lomas talks about here.
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"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." Mark Twain (1835 - 1910): “It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford "This country, with its institutions, belongs to the people who inhabit it. Whenever they shall grow weary of the existing government, they can exercise their Constitutional right of amending it or their revolutionary right to dismember it or overthrow it." Abraham Lincoln: “Let me issue and control a nation’s money and I care not who writes the laws.” Mayer Amschel Rothschild (1744-1812), founder of the House of Rothschild.             "The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens...
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  • doyla66
    doyla66 says #
    Great find, Andy! Thanks. I agree Arree. Urgent rethink is right. We can see it - can anyone in Canberra see this as well?
  • doyla66
    doyla66 says #
    Governments have given away the power of "money" to private bankers and is now borrowing, with interest, money [b]it could create
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Kostas Vaxevanis
Greece: The list, includes politicians, businessmen, shipping magnates, doctors, lawyers – a far cry from those who have borne the brunt of relentless austerity measures on the margins of society. "Journalism is printing what someone else does not want printed; everything else is public relations" said Greek editor Kostas Vaxevanis, citing George Orwell. “My job is simply to tell the news and tell it straight. My job is to tell the truth -- before observers packed into the crammed courtroom broke into applause -- as such it was my duty to reveal this list. It is quite clear the political system did everything not to publish this list. If you look at the names, or the offshore companies linked to certain individuals, you see that these are all friends of those in power. Phoney lists had also begun to circulate. It was time for the truth," he told the Guardian during a recess. "We live...
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Be prepared for a NEW PAGE on our website for all the Bankwest Customers who have been badly done by over the CBA purchase of Bankwest.  Family businesses have been ripped apart by downgrading of Valuations to force all such loans into default!  In most of these cases, the payment commitment had been made on time, yet suddenly the fine print in the contracts suggested if the property is devalued, the LVR rises upward, causing the loan facility to be "deemed" in default.  And why did this phenomena occur at a very specific point in time?  CBA wanted to pay less for the bank and therefore some creative accounting has allegedly come into play.   We have had a number of people contact us regarding this disgraceful chapter in the history of the CBA, Bankwest and HBSC. We are working through a number of options and will refer to these people as being part of...
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  • doyla66
    doyla66 says #
    Agree with all comments. People go join BFCSA and AVP TODAY and be empowered! We have.
  • doyla66
    doyla66 says #
    Just watched all of the videos you sent through. So difficult to believe it happened and no regulatory body acted to prevent or re
  • doyla66
    doyla66 says #
    If you are smart, never bank with this mob. Fraudulent crooks - grrrr . . .
  • Denise
    Denise says #
    The co-ordinators are working on the Copy as we speak....Its a Bankwest Fry Day!
  • doyla66
    doyla66 says #
    Why isn't this MAINSTREAM news? Yes, there is safety and strength in numbers.. JOIN BFCSA TODAY
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Posted by on in Lawyer Lies
An article produced by an "independent" legal expert which stated that not one lawyer has ever lodged a professional misconduct complaint against a fellow lawyer --lest they be ostracised: Whistleblocked! Whistleblowing lawyer faces lifetime ban for exposing legal, judicial and government corruption...prominent Australian journalist, lawyer and political activist Mr James Johnson will be sentenced on two charges of “professional misconduct” and faces being banned from practising law for at least 5 years (possibly for life) as payback for blowing the whistle on widespread corruption and misconduct in Australia’s legal system.     Earlier this month, the Victorian government (in its Victorian Civil Administrative Tribunal) ruled that despite a distinguished two decade career amongst the elite of the legal profession, Mr Johnson’s crime? Making comprehensive whistleblower complaints about corruption and misconduct by a number of Australian barristers, solicitors and judges – complaints that, despite their seriousness and the weight of evidence behind them,...
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  • doyla66
    doyla66 says #
    Thanks for the tip off, Andy and James. No point complaining - no one's home, no one cares. Lawyers are the root of our corporate
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  12-97MR ASIC chief elected chair of IOSCO board Thursday 17 May 2012 ASIC chairman Greg Medcraft was today elected chairman of the board of the International Organization of Securities Commissions (IOSCO), following a vote of board members at IOSCO’s annual conference in Beijing. Mr Medcraft’s IOSCO term will begin when the current chairman, Masamichi Kono, steps down in March 2013 and will continue to September 2014. The IOSCO role will be held concurrently with Mr Medcraft’s ASIC responsibilities. ‘I am honoured to be elected chairman of IOSCO. This is an organisation that does important work, and as we face ongoing economic uncertainty in the Eurozone, that work is even more crucial,’ Mr Medcraft said. ‘My vision is for IOSCO to be seen by regulators and policy makers globally as effective, pro-active and forward looking. I want to make IOSCO the key global reference body for securities regulation, in much the...
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  • doyla66
    doyla66 says #
    OMG! Greg Medcraft, regulatory wonder horse! He can't even do the job here to the satisfaction of his stakeholders (including mil
  • doyla66
    doyla66 says #
    Unequivocal: "The IOSCO role will be held 'concurrently' with Mr Medcraft’s ASIC responsibilities"--Mar 2013 to Sept 2014.
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Posted by on in Corrupt Regulators
Greg Medcraft gets his better ideas from the BFCSA site and all the letters that BFCSA, Storm, Westpoint and other "victims" of ASIC's blatant neglect, extended incompetency and reluctance to act. But the whole world knows now that ASIC will "protect" CBA and other banks in preference to doing their jobs. How do we know? Because Mr Turner, Chairman of the Board of the Commonwealth Bank of Australia announced that at the AGM. Unless I misread what he was talking about .... ASIC of course is supposed to be the impartial corporate regulator. ASIC seem to have missed the concept of impartial - Corporate regulations apply equally to banks and microbusinesses. ASIC also had the conflicting role of consumer protection and complaints against corporations. That, clearly, wasn't going to work. So ASIC opted for sticking with the strength e.g. banks of whom there were fewer and much easier to cope with...
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Corporate cop flags derivatives crackdown:  As the old adage says, "there's never a cop around, when you need one". --Now ASIC chairman Greg Medcraft says he's "very worried" about derivatives. He's chairing a global taskforce with the French regulator in a bid to get ahead of certain banks which are "skirting" regulations. GREG MEDCRAFT:"They are basically manufactured on a global basis by banks etc. So perhaps there should be some guidance or standards established, for the way that the products are actually basically regulated" --STOP PRESS, Greg Medcraft, is understood to have overseen Societe Generale' mortgage securities business during the time it allegedly engaged in misconduct, and subject of a 2008 class action in the US brought by former employees alleging the bank's securitisation business engaged in fraudulent conduct between 2005 & 2008. "You know, one of the things you are trying to do is make sure you have consistent global rules. So, you...
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  • doyla66
    doyla66 says #
    "You know, one of the things you are trying to do is make sure you have consistent global rules. So, you know, that's what we're l
  • doyla66
    doyla66 says #
    Medcraft is chairing the global taskforce to police the banks? Oh my God. Isn't that like asking a serial bank robber to look afte
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ASIC warning to self-funded retirees: *Beware, any consumers showing symptoms of "self belief" in ASIC -- that it's function is truly representative of a Government Legislated Consumer "Watchdog" -- is grievously mistaken, as such, is extremely hazardous to your financial well-being and you risk losing everything. ASIC's Greg Medcraft was asked in Senate Estimates last night what he was doing about "the sharks in that safety net". And he confirmed that"self managed investors were out on their own" and that they needed to sign a declaration acknowledging that there is "no protection". MATHIAS CORMANN [to ASIC]: What is your timetable?  So you're waiting for the Government to make a response and then ASIC decides how it fits into that? So ASIC doesn't have its own timetable yet? TONY EASTLEY: The corporate regulator has suggested that self funded retirees be required to acknowledge that they're not covered by guarantees for theft or fraud.It comes after investors in...
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  • doyla66
    doyla66 says #
    the parliamentary report highlighted concerns that the two regulators ASIC and APRA failed to share information about Trio. If tha
  • doyla66
    doyla66 says #
    So, basically, ASIC is admitting that there is NO REGULATION AT ALL! Everybody should immediately withdraw ALL their cash from the
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KGB: NAB's Cameron Clyne

Kohler, Gottliebsen & Bartholomeusz

Published 1 Nov 2012
 
http://www.businessspectator.com.au/bs.nsf/Article/NAB-Cameron-Clyne-Clydesdale-pd20121031-ZL8QM?opendocument&src=idp&utm_source=exact&utm_medium=email&utm_content=125952&utm_campaign=kgb&modapt=commentary
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  In the Australian Senate - Corporations Legislation Amendment (Derivative Transactions) Bill 2012 This is from the Australian Senate listing for today. It appears that the Senate debate on this Bill has been adjourned. http://www.aph.gov.au/Parliamentary_Business/Dynamic_Red   Summary Amends the: Corporations Act 2001 to: enable the minister to prescribe a certain class of derivatives (in relation to a mandatory obligation); require the Australian Securities and Investments Commission to then issue a derivatives transaction rule for participants transacting in the prescribed class of derivatives; require any such rule to be consented to by the minister; and introduce a licensing regime for trade repositories; and Australian Prudential Regulation Authority Act 1998, Australian Securities and Investments Commission Act 2001, Mutual Assistance in Business Regulation Act 1992 and Reserve Bank Act 1959 to make consequential amendments. http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:%22legislation/billhome/r4879%22   Transcripts of the speeches by each member in both houses can be found as well. Are our politicians...
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  • doyla66
    doyla66 says #
    agree. scrap the current system and start all over again.
  • doyla66
    doyla66 says #
    Agree with Lisa, great info Lee. It's a long heady read but a fascinating discourse on how these markets work. Most of the opinion
  • doyla66
    doyla66 says #
    Wow, Lee, thanks. Great information too.
  • doyla66
    doyla66 says #
    Derivatives: The $600 Trillion Time Bomb That's Set to Explode. Derivatives played a crucial role in bringing down the global e
  • doyla66
    doyla66 says #
    Can anyone suggest a better header for this please?
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Unsecured creditors to receive nothing from Provident [13 Oct 2012]  Sub-prime mortgage lender Provident Capital's unsecured creditors will receive nothing following the firm's collapse, while other investors will only begin to receive some capital after some $100 million worth of homes and other properties are slowly repossessed, according to The Australian.  The newspaper also reported that Provident had told investors only three months before it collapsed in July that it was confident the $220 million lender could stay afloat. That pledge came despite the fact that 90 per cent of the loans it had made using investors' money were many months in arrears. The firm used investors' money or their self-managed superannuation funds to in turn lend to sub-prime borrowers buying residential property or to property developers. News that unsecured creditors would receive nothing surfaced after one Provident borrower received a letter from the Financial Ombudsman Service. “The receiver has informed FOS that there will be no...
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  • doyla66
    doyla66 says #
    It appears they are only good at following paper trails when it is the money trail that will show where those funds have ended up
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Pacific First Mortgage Fund [CP] by Andrew Griffin: "I say the returns were “illusory” because the distributions that resulted from the ‘accounting income’ were largely funded not by income earned from the loans but from new money invested in your fund by new investors and this is the very definition of a Ponzi, or pyramid, scheme --funding existing investor’s distributions with new investor’s money.  Why was it hidden? Why did they not stop it? Because once this became known there would be no more new investment in the Fund the cash flow would stop and it would collapse --the unitholders were not important, your only role was to be it's ‘iron lung’, you unknowingly kept them alive. As a thank-you CP stripped the last remaining cash out of the Fund with a $50m loan to itself in March 2009. I cannot imagine what would have happened if they were still the manager of your Fund....
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  • doyla66
    doyla66 says #
    Now we have another issue uncovered, fraudulent valuations! Which valuers would come up with such a valuation for that rural prope
  • doyla66
    doyla66 says #
    Good one, Andy. I wonder if ASIC knows what a Ponzi is?
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Chairman: "If history is any guide, we have some time before this [financial crisis] is over...these financial crises occur regularly & follow consistent patterns, as such, we should expect this one to last at least another 5yrs, maybe longer." ”CEO: "that poor business & consumer confidence continues." The banks clearly have some ugly stuff in their loan books & while it seems odd that the banks could still be expecting a rise in unrecoverable loans so long after the GFC [not odd says BFCSA] it suggests many businesses that have held on are now running out of options. Bendigo’s warning is supported by the fact that BoQ & ANZ have both recently warned that bad debt levels could increase as the tail of the GFC washes through. _______________________________ Bendigo Bank delivers a warning 30 Oct 2012   The annual general meeting season is in full swing and yesterday’s big event saw Bendigo and...
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  • doyla66
    doyla66 says #
    BANK MANAGERS ARE TELLING LIES ABOUT FORECASTS. ANY CORRUPT ORGANIZATION IS GOING TO FEAR HYPER-REGULATION BECAUSE IT MAY MEAN A L
  • doyla66
    doyla66 says #
    THE ORGANIZERS OF THIS WEBSITE HAVE BEEN GIVEN THE TRUE REASONS WHY THE WORLD'S ECONOMIES HAVE BEEN UNSTABLE SINCE THE FALL OF THE
  • doyla66
    doyla66 says #
    the rest of the banking sector, is also facing the challenge of meeting new regulatory requirements that flow from global changes
  • doyla66
    doyla66 says #
    Yoda, banks are yelling "call-it-in" [low-docs] before the masses discover "the truth" about the tainted loan application process
  • doyla66
    doyla66 says #
    The sheeple/pew warmers are HOPING (and praying?) that the second coming will be PRE Tribulation. There are 3 theories about the s
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The information is "freely" available online for public discourse , so maybe they should go talk to Julian Assange? --and since we're not retail clients!.--   Global Credit Research - 28 Sep 2012 --Approximately $4.3 billion of debt affected New York, September 28, 2012 -- Moody's Investors Service continues to review for downgrade the ratings of Genworth Financial, Inc. ("Genworth"; NYSE: GNW, senior debt at Baa3) and the insurance financial strength (IFS) ratings of its US Mortgage Insurance (MI) operating companies. Moody's initially placed the ratings on review for downgrade on June 27, 2012.   RATINGS RATIONALE Holding Company   Commenting on the continuation of the review for downgrade of Genworth, Senior Vice President Scott Robinson said: "Moody's will continue to focus on the evaluation of holding company financial flexibility over the near to medium term. We will consider management actions and plans to enhance financial flexibility, limit the potential downside...
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It’s all perfectly sensible in theory. But in practice, it’s ripe for abuse, especially when the servicer owns the insurer. But Everbank allegedly let that insurance policy lapse, allowing it to replace the policy with a different policy, this one costing more than $33,000. The insurer, a subsidiary of Assurant, then paid Everbank a $7,100 kickback for giving it such a lucrative policy --and, “left the door open to further compensation” down the road. $7,100 is an insanely enormous amount of money for a loan servicer to make on a single property: And of course it’s not the servicer paying that $33,000 insurance premium --that money is ultimately paid by the investors who bought the loan. Those investors are, understandably, not happy.  The force-placed insurance scandal --By Felix Salmon  in   NOV 9, 2010 HOUSING American Banker’s Jeff Horwitz has a spectacular piece of reporting today about goings on in an obscure corner of the mortgage-servicing...
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  • doyla66
    doyla66 says #
    The newly formed [US] Consumer Financial Protection Bureau[CFPB] is proposing new rules to crack down on mortgage servicers' use o
  • doyla66
    doyla66 says #
    Isn't that typical? Nice law/reg - but who enforces it? Maybe that should be included in every piece of legislation, every reg and
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  “Continued improvement in bank customers’ perception will depend largely on the big four avoiding any further negative publicity, as we have seen that Westpac, the CBA and most recently ANZ have all suffered major setbacks in customer satisfaction following negative market announcements,” says Norman Morris, industry communications director at Roy Morgan Research." --NAB customer satisfaction rating reaches record high but home loan customers not any happier: Roy Morgan NAB’s customer satisfaction rating lifted 0.7 percentage points to 80.3% in September to reach the highest score for a big four bank since Roy Morgan began researching customer attitudes to the banks in 1996. The bank’s customer satisfaction rating has improved by 3.8 percentage points over the past 12 months to be the “clear market leader” among the big four banks. However, NAB’s rating is due to the satisfaction of its non-home loan customers ( up 5.2 percentage points over the past 12 months), whereas...
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  • doyla66
    doyla66 says #
    "Negative market announcements" impacting customer satisfaction? Don't they mean "adverse media reports" and "increasing awarenes
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Watch this video and see how badly the banking system has unraveled around the world in 2012. An "ECOSYSTEM OF BANKER CORRUPTION" is now beginning to feed on itself in the banking industry around the globe. It's spreading like a virulent disease from country to country. Recently some bankers have committed suicide and others have deserted their homes and jobs and are going into hiding apparently unable to face the consequences of their actions. Bankers appearing before Parliamentary and Senate hearings in other countries are admitting complicity in causing the financial meltdown. Some bankers with a conscience want us to believe they are truly SORRY for the disaster that they have visited on millions of people around the world. See what's happening for yourself here ... http://www.youtube.com/watch?v=VcOUe0e8WKo  ...
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  • doyla66
    doyla66 says #
    Excellent video. Thankyou for posting it LennyM. Has Julian Assange done the expose on bank execs yet?
  • doyla66
    doyla66 says #
    Can't wait for this one Lisa!
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ASIC boasted of a conviction in September 2012 against Daniel Nguyen.....relating to pay slips and bank statements.  ASIC used the new provisions of the NCCP Act, the ultimate SHAM ACT which place the onus of everything dodgy at the feet of the Brokers and not the Banksters. Yes ASIC pick off the little guys to show "we are doing something"  Remember ASIC stated: "we do not handle consumer complaints."   So this was the bank tipping off someone they wanted rid of?  Perhaps Daniel ought to have demanded the bank's copy of the LAF and the bank's copy of the service calculator.  Sounds like one of ASIC's rare moments of looking as if they are "getting tough!"  Oh please!!!  What about the IMPRUDENT LEND whereby the bank APPROVED the loans.  Hmmmmm Notice how there was no mention of the bank????  So did ASIC assist the customers by suggesting the bank's negate...
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  • doyla66
    doyla66 says #
    Greg "Securities" Medcraft corrupted the complaints system Govt corrupted truth with whitewash Reactive NCCP Law corrupted justice
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