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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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Meeting new ASIC guidelines tough for brokers, says solicitor Share on facebook Share on twitter Share on linkedin Share on google_plusone_share   by | 23 Apr 2015   Brokers could face challenges to meet ASIC’s responsible lending guidelines in the wake of The Cash Store case, says a leading solicitor.In November 2014, ASIC updated its guidance for credit licensees following a Federal Court decision that saw a lender taken to task over verifying clients’ living expenses. The regulator updated RG 209 to reflect the Federal Court's ruling in ASIC's case against The Cash Store.The ruling found that payday lender The Cash Store and loan funder Assistive Finance Australia had failed to comply with responsible lending obligations. According to ASIC, many of the companies’ clients were on low incomes or in receipt of Centrelink benefits.ASIC said the updates to RG 209 reflect the findings of the Federal Court, as well as to make...
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  • setup
    setup says #
    Brokers are trained and paid by the banks to push and encourage clients to use their specific bank's products. The total blame for
  • TJ
    TJ says #
    Well, Whoopty Doo, poor Jon Denovan, you can tell he feels so much for those poor bankers who are now going to be faced with diffi
  • Aries
    Aries says #
    So it's back to the good old days when banks checked customers earnings and their capacity to repay thoroughly. Customers waited w
  • NABbed Nanna
    NABbed Nanna says #
    Brokers get over it. You have had it to easy for to long. Brokers and their buddy bankers have deceived and manipulated figures
  • Aries
    Aries says #
    Gadens would say that, they're the banks lawyers, making hundreds of thousands, they will lose business if rules are tightened.
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The Industry & Regulatory Maggots involved and profiting from Mortgage Low Doc  Loan Fraud & dastardly Reverse Mortgages would try and have you believe the key issue is:  that borrowers and brokers are in fact altering 2.7 million loan application forms. The key issue according to our courts is NOT presenting an application form to the banks.  The key issue is THE APPROVAL. THE TRUTH IS: The Courts have already ruled the BANKERS are the culprits and THEY ARE responsible for APPROVING the dud documents. Even if the borrowers and/ or broker agents exaggerated the income on the LAFs, (which they did not in most cases), 2.7 million fraudulent LAFS were approved by Major Banks (85% of the market share of Low Docs). These Bankers approved these toxic loans aided by a computer approval process and a service calculator, geared to fudge incoem figures to increase VOLUME in lending to benefit the Banks.   AND THAT...
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  • doyla66
    doyla66 says #
    One giant conspiracy committed by banks and their devious lawyers. I was always under the impression that lawyers were supposed to
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To catch a Fraudster you need to look no further than the Board room of the Major Four Banks and their 85% share of Low Doc FRAUD.   In reply to the article below:   No-one really takes anything ASIC, GADENS or the MFAA take seriously....brokers or borrowers..........................Peter KELL of ASIC believes a "crack down" is when BFCSA start throwing documents into Parliament.... Denovan and his crystal ball suggests  "number of mortgage fraud incidents drop".  Getting yer stories in sync guys? KELL was still saying "no systemic issues," and now changed to a "significant decline in fraud."  Well Mr Kell that's very comforting to the victims! Then Kell suggests: "In a majority of cases, these matters concern loan applications to ADIs which have been identified and reported by the industry."  Oh so only a few hundred thousand is not endemic?  For the uninformed ADI's means FOUR MAJOR BANKS have 85% ownership of...
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  • doyla66
    doyla66 says #
    If they're going to try to bury FRAUD like that they'd better get their stories in line. Apparently Jon Denovan had to reach for
  • doyla66
    doyla66 says #
    When you read these reports it's almost laughable, they will blame everyone but themselves. We are talking big money here and with
  • doyla66
    doyla66 says #
    As for fraudulent LAFS... I can (and FOS and RAMS) clearly see that in house fudging of my information was done after my signature
  • doyla66
    doyla66 says #
    So FOS is under the pump.... We knew this..... But so much that they have 2 administration positions advertised on seek......
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