BFCSA Blog

Hello to all,              Just had to add a blog about the weirdness that evolves around FOS and their constant need not to know their own job? They have closed my case again 3rd time?!! And said it is a COSL dispute now as the debt was sold ?? How can the debt be sold when it was under investigation number 1? Then number 2 when I enquire, I'm told the debt has never been sold and is just being managed by another company?? How do they not know this? To make it more interesting FOS have stated that there is an issue and the lender has something to answer for?!! Ok so in my favor....then bam... It is passed on before anything is done!! Tsk tsk tsk will be adding onto the Senate inquiry asap if someone doesn't get their act together, I have it all in black...

I saw this title in my inbox this morning so went to have a read of the story, "Watchdog dodges real issue of complex products". Firstly, there is no surprises about the toothless "watchdog" missing real issues, especially the complex ones. We've all seen how they miss even the most simplest of issues like those foundational documents, the LAF's or the supporting documents like the service calculators. Simple, basic documents that someone without bookkeeping or accounting knowledge understands are required. Yet the likes of ASIC, FOS & COSL are afraid to request or demand these. We all know why. It upsets their merry-go-round of free bankster lunches! After all, they do have to keep their pals on-side. This report has me wondering what the heck they really do? Is it an educational report to teach you how to understand these particular complex products? Is it a warning document? What is ASIC...

Time to write second letter to Ms Julia Gillard The Hon Julia Gillard, Prime Minister, Suite MG 8, Canberra ACT 2600, CC: The Treasurer Hon Wayne Swan  Dear Prime Minister, Hon. Julia  Gillard, URGENT Call for a Royal Commission into the Australian Banking Sector:  I belong to the Banking and Finance Consumers Support Association (BFCSA).  It is now obvious, from Member generated collective efforts that there are now over 1100 families who have discovered not only fraud with the loan application forms, but also realise that much of this fraud was engineered and carried out by the banks, most of whom used the broker channel.  Over 10% of us have FULL DOCS generated by Bank Managers and no brokers are involved. As a citizen of Australia, I am one of your constituents and am gravely concerned that there is an emerging pattern of computer generated loan approvals that strikes at the very heart of prudent...

Thatcher is being buried today - a $14 million dollar extravaganza....to "celebrate" the misery she left behind to thousands of Brits and Europeans.  Yes, she will never be forgotten by those who suffered loss of homes.  Ding Dong Song has hit the number 2 spot on downloads in past three days...such is the intensity of anger, and fury at the catastrophes she caused.  For those who find the anger of Thatcherism and Reaganomics too hard to understand..........just ask today's family members:  "are you about to lose your home?"  If the answer is YES, then you know who to blame.   After 53 years of stable banking, it only took Thatcher less than 20 years to unleash the misery.: the repeat of the Great Depression and Goldman Sachs is there somewhere, shorting the market in the name of GREED IS GOOD. When will the TOXIC LOW DOC Loans and FULL DOC Loans unravel?  A planned and brilliantly...

One of our Members writes: Thanks Denise, I remember my father giving us quite a few Commonwealth Bank money boxes. You see, he was an old school bank manager. He enabled a sense of pride in those money boxes we worked hard to fill.  He taught us that working hard, saving hard and not living beyond your means were great strengths to have. He used to say with pride that he knew every customer by name and joined many socially via the tennis or cricket clubs in our town. He says the bank started to lose its soul when the decision to centralise operations through the 70's and 80's, so he decided to hang up his pen and pad (he never used a calculator and at 80, still relishes mental arithmetic) and laments that the bank let things 'get out of hand' He reckons the big bonuses to execs should stop, besides...

Now we all need a good LAF.  Last year on the 16th April,  Mike (GM of Group Finance of CBA) chaired the Annual Australasian CFO Forum.  You all know this is where the overpaid set gather to pat themselves on the back and enjoy lunches that we plebs can only dream about in our "democratic" system. We have written a speech for Mike for this year's Forum:  "the RISK OF GETTING CAUGHT FOR FRAUD is negligible in the banking sector as our Australian Securities buddies from ASIC love our free lunches.  No-one is investigating our files and has not done so since 1986.  NO RISK FOR US and we banks are free to do whatever we want.  It is indeed the lucky country FOR US." "The REWARDS are fantasmaglorical..........our gouging rates are minimum $80,000 on average mortgage of $300,000.  Our Low Docs usually last a magical 6 years and then collapse under the weight of...

Each week we receive what we call a "classic" stuff up with criminal overtones.  Consider this: A $2.4 million loan approved by ANZ for Centrelink recipient.  The woman concerned had experienced three major traumas in her life one on top of the other. 1. Breakup of marriage 2. Injury of a child 3. shocking injuries in an accident, depression etc. Mrs C was the perfect target for an agent of ANZ.  The agent of ANZ suggested she borrow funds to pay out the husband and mortgage the home and to borrow further funds to refinance existing mortgage.  She could not see what could happen if she trundled down this path but she trusted the banking sector to "do the right thing."  Ah yes...............easy prey for the ANZers. Still under medication and trauma, "the nice man" was going to rearrange her finances..........well he certainly did that.  Mrs C like so many others thought that if the bank did the wrong...

The FBI has written that any discussion of the crisis that ignores the role of mortgage fraud is “irresponsible.”  But instead of prosecuting fraud, the government just continues to cover it up.”     Partly sourced from www.dailyreckoning.com.au   “The FBI estimates 80% of all Mortgage Fraud Involves Collaboration or Collusion By Industry Insiders."  Here in Australia its run by the Bankster Cartel of the Major Four Banks plus Mortgage Mackers. BFCSA can confirm that it was fraud by the big banks world wide –  which caused the global financial crisis  and, at the expense of the ordinary Mums and Dads trying to get enough nest egg to retire on, or  a few extra dollars for those on a pension. Here in Australia, the same fraud exists on a massive scale. Macquarie Bank  Allan Moss told 1000 Planners in Sydney in 2005: “Target Asset Rich and Income Poor.”  Then all Planners went out with the target...

BFCSA Members have been road testing the Financial Ombudsman's Service (FOS) and the Credit Ombudsman's Service ("COSL") for the past 4 years.  Lenny M has revealed in the previous BLOG what we users of FOS and COSL - the regulatory complaints handling system involving Banks and Lenders gravely influenced by Banksters. Banksters are given 28 days to respond to FOS and COSL.  Consumers are given 7 days.  Too bad if you were away!  Banks Advantage. Banksters are profiting from the fraud with zero investigations by FOS or COSL.  Banks Advantage. Lately the EDR's are closing files at Case Management stage and do not advise consumers to "ask for" as investigation.  Banks Advantage. FOS is telling consumers :"because you did not ask for Maladministration in Lending case is closed. Banks Advantage. FOS is telling pensioners to investigate their own cases................. Banks Advantage. ASIC, FOS and COSL are aware that the $280,000 compensation limit is woefully inadequate as the average scam loan is now $600,000. Banks Advantage. The problem is this:  Banks pay...

Our Australian Federal Police need lessons from the FBI.  Look at the difference in websites!.  AFP are the perfect example how not to handle mortgage fraud by treating victims with contempt and failing to investigate the Banksters.  Its all too hard for ASIC. These scams hit us right where we live. From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. We have developed new ways to detect and combat mortgage fraud, including collecting and analyzing data to spot emerging trends and patterns. And we are using the full array of investigative techniques to find and stop criminals before the fact, rather than after the damage has been done. General Information- Overview- Mortgage Fraud Reports: 2010 | 2009 | 2008 | 2007 | 2006- Response to Article on Mortgage Crisis Key Mortgage Fraud Scams- Emerging Schemes- House Stealing- Reverse Mortgages Distressed HomeownersYearlong law enforcement effort charges 530 and finds more than 73,000 victims.Details More News & Features http://www.fbi.gov/about-us/investigate/white_collar/mortgage-fraud/mortgage_fraud Just the Facts:...

The problem for British victims of Mortgage Fraud is their needs are being "looked after" by the Bankster Mates at the FSA.   A conflict of Interest going back to Guy Fawkes.  Perhaps Guy had the right idea.    Regulators in the UK discovered widespread  mortgage fraud by checking tax returns with Loan Applications.  Yet no-one it seems has worked out its the Banksters as the Engineers.  No UK Politician wanted to discover that fact.  Brits need to wake up: This was reported in 2009, the first time around.  Unfortunately, the UK does not have a BFCSA nor any consumer support agency.  Online forms were tampered with - of course they were!  You have all been fried like fish and chips! Mortgage Fraud on the Rise in the UK Posted on December 2, 2012 by carlyfie — Mortgage fraud in the United Kingdom has increased steadily over the last few years, possibly in response to tighter lending criteria and a troubled economy....

Whatever country you live in, if you have a mortgage loan....look in your file and see if there is a copy of THE LOAN APPLICATION FORM.  This is the form you would have signed but most likely were not given a copy of that document.  It is universally 8 - 12 pages.  I suspect the answer is NO.  There is no copy in your loan file.  WHY?  NO COPY OF THE LOAN APPLICATION Form ("LAF") is a  key indicator of fraud.  This is a systemic issue. If you signed up online application - did you print off a copy?  YES?  Good One!  Now ring your bank and ask for the bank's copy of that form.  Most likely the actual document has been tampered with after you clicked SUBMIT.  Compare the Bank's copy with yours.  Most likely there will be discrepancies you had no idea existed.  You are part of a MASSIVE WORLD WIDE BANKSTER FRAUD....

Dear Ms Kelly   A disabled man we shall call Adam, is wondering who will look after him.  His Mother is a 72 year old pensioner and his carer.  Mum owned her own home.  Then the Kelly Gang came calling.  You Madam are attempting to steal their home.  Who does that to fellow citizens and gets away with it?   Ah yes, seasoned Banksters of course.  We warned Australians in 2003, that Reverse Mortgages are a death trap.  Same as the UK disaster.  So Many UK Mums and Dads thrown out of homes they had worked 30 years to achieve ownership.......then as now the Banksters came knocking, offering wonderful "opportunities in financial products."  In less than five years a the victims had gone from owning their own home to having their homes stolen and no money in the bank for them to fight the Banks. Adam's Mum is now having to fight YOU for the family home....

A little FACT reporting today comes from repeat offender FIRSTMAC: Firstmac told FOS this week: "Firstmac had no duty to advise the applicant and was entitled to rely on the figures provided in the LAF." As part of its approval process, all loans are subject to its debt servicing calculator which assess assets and liabilities etc....." I hate to say we told you so, since 2002.  One by one, Australian Banks are now admitting  Our COMPUTER fudged all our FIGURES....... Aha: Skippy the Computerised Loan Fudger         No humans, but Android Bank fraud!  Onya Firstmackers....nice attempt to excuse your own magical mystery tours into debt and financial ruin for all your customers   You employed a COMPUTER to APPROVE LOANS? really?  You admit that now?  Why did you mislead the Judges of the High Court on that little point? Anything else you would like to fess up to before we call in the Australian Federal Police...............

Now why are we NOT surprised?  Aussie Homes Loans was the first of the Originators to tell authorized rep Brokers to "shred the original Loan Application Forms containing the victims' signatures.  And it must be done within seven days of approval."  Remember?  Now I wonder why that happened?  Aussie predictably denied this but we printed the truth according to those whistle blowers who had the goods and gumption. So now Commbank is purchasing all those loans that we are reporting to the External Disputes Services.  This is part of the latest soft shoe shuffle.  Bankster Barracks "B" is changing dirty underwear with Bankster Barracks "A."   This is like ING and St George and Challenger and Advantege and a host of others jumping ship.  You chaps are soooooo OBVIOUS!  You want to confuse the already confused FOS and COSL: The Ombudsmen of the World of Banksterism. Like Rats Up a Drainpipe!  So to all our "Aussie" Members of BFCSA, you should be writing very...