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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 CBA Secrets hidden
Commonwealth Bank compensation bill may run to multi millions DateJune 14, 2014 Read later Adele Ferguson and Ruth Williams   inShare submit to reddit Email article Print Reprints & permissions   EXCLUSIVE Illustration: Simon Bosch Misconduct claims widen in CBA's planning scandal The Commonwealth Bank could be forced to pay hundreds of millions of dollars in additional compensation to customers who claim they were victims of misconduct including fraud and forgery in its financial planning business. A powerful Senate inquiry into the Commonwealth Bank's financial planning scandal is set to hand down a report later this month. Fairfax Media understands that it will call for a broadening of the compensation being offered to thousands of customers. The chairman of the Senate inquiry, Senator Mark Bishop, told Fairfax Media he was not satisfied that adequate compensation had been paid to affected customers of the bank, some of whom lost their life savings...
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http://www.brokernews.com.au/news/breaking-news/breaking-third-arrest-in-100m-home-loan-scandal-188203.aspx   BREAKING: Third arrest in $100m home loan scandal by Calida Smylie | 30 May 2014   Victorian detectives have just arrested a third man in a $100 million home loan fraud scandal which involves six banks. Detectives from the Fraud and Extortion Squad announced this morning that a 43-year-old Rowville man has been taken into custody as part of an ongoing investigation into a $100 million fraud. The man, who has not yet been named, has been interviewed by police and charged with more than 140 fraud related offences. He will appear at the Melbourne Magistrates’ Court shortly. The complex and decade-long scam relates to fraudulent loans secured by an accounting firm and involves five men. Two have been named so far.   The alleged fraud also involved ANZ, Westpac, Bankwest, St George and Bank of Queensland.  CBA is said to have foreclosed on the homes of victims despite...
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  • doyla66
    doyla66 says #
    Just shows the lenders total ruthlessness and disregard for APRA etc Transformation, and their total flouting on any legalities wh
  • doyla66
    doyla66 says #
    CBA is said to have foreclosed on the homes of victims despite the bank being alerted to the alleged scam for more than four years
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http://www.yourmortgage.com.au/article/understanding-your-loan-contract-79411.aspx Mortgage misconceptions Even if you go through the contract with a fine-tooth comb and understand all the fees, charges, and conditions, it doesn’t mean you are fully protected. This is because of a feature known as the “unilateral variation clause”. Check the terms and conditions of your loan and you are very likely to find this clause in the fine print.  Basically this clause states that banks and finance companies can change any of the terms and conditions at any time without giving you any notice. Some of the things they are able to do is to increase the interest rate charged on your loan or even call in the loan at any time.  Experts say you really can’t do much about this clause which is basically standard in every credit contract. However, you should make sure your lender is part of an industry dispute resolution scheme as if you...
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The fisherman caught out by the low-doc loan DateMarch 13, 2014 - 1:29PM 43 reading now Read later Su-Lin Tan and Michael West   inShare submit to reddit "I am in a desperate situation now": Graham Filmer has fielded four letters from the Commonwealth Bank, which is trying to repossess his home. Photo: Supplied Graham Filmer used to earn a living 30 kilometres off the coast of Corny Point in South Australia long-line fishing for sharks – mostly bronze whalers, gummies and schoolies – and catching snapper. It was a hard life. Things had been better years before when he still had a licence to catch rock lobsters. The deep sea fishing took its toll on Filmer, physically. Five years ago, he developed rheumatoid arthritis in both wrists. Now he can't even reel in a hand-line. The boat Graham Filmer was forced to sell. Photo: Supplied Around the same time he was inveigled into...
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  • doyla66
    doyla66 says #
    Do you know that the fraudsters will have the cheek to say by giving you all this extra money. "We were helping you" Thats a good
  • doyla66
    doyla66 says #
    Yes we know the broker is the agent, we get that bit ..but at the final hour the banks approved 100's of 1000's of dollars to peop
  • doyla66
    doyla66 says #
    Yes indeed it is still happening. My loans are 2011 and 2012 And I defaulted in 2013 And $40k run up on credit cars to stop the s
  • doyla66
    doyla66 says #
    The customer/borrower relies on the bank to do the right thing... what CBA is telling Graham is exactly what all the banks are tel
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The dark heart of Australian banking Posted by Deep T. in Australian banksat 12:15am on March 4, 2014 | 22 comments Sighhhh. I’ve written about this in detail a few years ago but nothing has changed and the deceit continues. All of the Mega Bank’s divisions continue to present to the market deceptive figures about the strength of their balance sheets and the amount of capital Mega Bank holds compared to banks in other parts of the world.   Mega Bank asserts that because APRA has harsher rules in some capital calculations under Basel requirements that its capital ratios when compared to banks in other jurisdictions should be higher, thereby representing greater balance sheet strength. Whilst this claim is based on an Australian Banker’s Association report of 6 or 7 years ago, is not only dubious, IMHO its down right deceptive. In order to substantiate my claims, I refer you to CBA’s latest result...
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Housing price bubble headed for unemployment ‘pop’ Citizens Electoral Council of Australia Australia’s property bubble is coming to land on a very sharp pin—the sharp increase in national unemployment. Although the Australian Bureau of Statistics reported official unemployment held steady for the month of December, at 5.8 per cent, it recorded a plunge in the participation rate to 64.6 per cent. That is, only 64.6 per cent of people of working age are active in the workforce, either working or looking for work. When the participation rate falls, it is usually because job-seekers give up looking for work, at which time they are no longer counted in the unemployment statistics. If the participation rate today was the same as the average in 2011—65.5 per cent—the official unemployment rate would already be 7.1 per cent. And that’s just official unemployment, not real unemployment. For example, the ABS counts people who work as...
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