GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
655607

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

BFCSA Blog

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
Subscribe to this list via RSS Blog posts tagged in Global Service Calculator Scam
I have just been interviewed by George and Paul on 2UE.  They ask if the borrowers are exaggerating incomes..............?  My answer: that is the entire point....people are honest, they trust the banks, if pensioner is asked do you want a $300,000 loan to buy a second home, they will mostly say "oh no dear I cannot afford that, I am on a pension."  People are also aware that you can be jailed for lying to a Bank.  But what if the Banker lies to you? Bankers have created a service calculator - a tool - a weapon and the managers and sellers use the calculator to key in the true income and the calculator will use tax advantages to "do the math" and out pops an exaggerated income "futuristic" figure.  This figure can only be used if the client of the bank is given a financial strategy used as a selling...
Last modified on
Hits: 1313 0 Comments
Rate this blog entry:
Continue reading
   ASIC’S FALSE AND MISLEADING RESPONSE TO PARLIAMENT contained in their supplementary submission #45.1.  BFCSA responded to these in our Supp Sub # 156.1   IN BRIEF AND KEY POINTS   Response to 85 & 86  (pg 23)  ASIC states: “there was no specific onus on lenders to ensure that borrowers could afford to repay loans.”  (see s 25.1 of the Bankers Code – now 27.1)   That is a false assertion and likely to mislead the Senators and the Inquiry.   Response to 95 (pg 24) “ASIC has been looking for evidence of breaches of the law.”   Response to 96 (pg 24) “It is difficult to establish that conduct is unconscionable”   Response to 97 (pg 25) ASIC states: “Context of earlier laws……the material provided by borrowers does not provide evidence of breaches of the law by the credit providers involved.  It does not establish:   a)Lenders had awareness...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Judging from the blogs,I have no faith in the system which is supposed to protect the consumers. Once screwed, twice shy. Banks, A
  • doyla66
    doyla66 says #
    I agree, Honesty. It may not be unconscionable to ASIC or their staff who have seen so much of this conduct. It would be fair a
  • doyla66
    doyla66 says #
    If altering a "direct debit request" ,and re-configuring a loan agreement to suit the brokers agenda of getting the loan approved,
Hits: 2102 3 Comments
Rate this blog entry:
Continue reading
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...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    One giant conspiracy committed by banks and their devious lawyers. I was always under the impression that lawyers were supposed to
Hits: 2360 1 Comment
Rate this blog entry:
Continue reading
 Housing bubble forming in London, warns Ernst and Young 3 February 2014                   http://www.bbc.co.uk/news/business-26006214 The London housing market is exhibiting "bubble-like" conditions, economic forecaster Ernst and Young has warned.  It says the average price in the capital is expected to reach around £600,000 by 2018, 3.3 times the price in the north-east of England.   Asset-price bubbles occur after swift price rises set values at unsustainable levels, which then collapse.  Meanwhile, the independent think tank Civitas says curbs should be placed on overseas buyers of London property. Civitas says these are needed to rein in "rampant" house price inflation.  Recent official figures from the Office for National Statistics showed average property prices rising strongly across the country. Continue reading the main story Prices were 5.4% higher across the UK in November, compared with a year earlier, but were increasing by more than twice that...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    Do I detect a few white lies in this article or did they just omit to include a few home truths re a few convenient loopholes? Gu
Hits: 1578 1 Comment
Rate this blog entry:
Continue reading
Lenders, including the Major Banks dreamed up a dastardly weapon against consumers known as THE SERVICEABILITY CALCULATOR.   The clever little lenders, on salaries and bonuses of $4 million per year, wanted 20,000 "agents" to use their tools to fudge income figures.  How did they manage to find 20,000 dishonest people to become brokers and earn commissions from a  grand scale fraud?  Truth is the possibility of finding 20,000 dishonest people was a little ambitious.  No, this plan was subtle: "how to have 000's of Bank Officers (BDM's) and 000's of brokers, use the Service Calculator Tool, and allow the tool to create futuristic income, yet at the same time convince bank staff and its agencies that "all of the above was within the law." Brokers ask: "what is your income please?"  Little old lady ("ARIP") - that's bank jargon for Asset Rich Income Poor......the bank taught TARGET MARKET.....she quietly answers...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    It seems to be that there is not one honest person in either the political arena or regulatory authority or for that matter the on
Hits: 2594 1 Comment
Rate this blog entry:
Continue reading
Well, well, boys and girls it looks like after many tireless years of Denise's and BFCSA persistence we have struck a raw nerve at ASIC. To rate a supplement to ASIC's submission to the Senate means they are finally hearing what we are all saying. To start compiling a list of counter claims to all our evidence reeks of desperation to save their own sorry skins. To use time as an excuse is preposterous by stating the falsehood that a lot of our members were PRE all these new regulations so that must deem them to be not appropriate, you do not put time limitations on a crime as if the passing of time wipes the slate clean. One of the most obvious pontificating ASIC statements is the complete onus on the brokers for the loans and LAF's, they are completely exonerating the banks and show where their allegiance lies. To...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Fancy ASIC singling BFCSA out for such special attention! All those other complaints and we get the ASIC red carpet treatment? Wh
  • doyla66
    doyla66 says #
    Yes Neil it's going to be a day of entertainment, a day when the truth will prevail and a day of history making. We are nothing to
  • doyla66
    doyla66 says #
    Well said Neil. Like you I will be ready, willing and able to attend the Senate enquiry to support Denise and other BFCSA members
Hits: 2139 3 Comments
Rate this blog entry:
Continue reading
Low Doc loans were created as a smoke screen for a massive criminal operation: widespread global looting of people's assets and financial security.  The entire structure continues to be run by a powerful Cabal of Banksters.  No relief is in sight in the immediate future, due to the reluctance of elected Governments to deal with the turmoil and chaos within.  Therefore, the game plays on. The official version in the late 1980's began with a Low Doc Mortgage product, supposedly for marketing to small business people, who owned or had large equity in their own homes.  The loans could be for business purposes (to boost small businesses) or for investment purposes (to boost property/building industry sectors).  The rules were simple enough: proposed mortgagors had to demonstrate minimum two years strong business figures and you had to supply a current Business Number.  In Australia its called an ABN number.  Other countries have...
Last modified on
Hits: 1874 0 Comments
Rate this blog entry:
Continue reading
The hits keep on coming from around the world and guess what we have now discovered?  United Kingdom, New Zealand, Indonesia, Ireland, whole of Europe including Italy, Spain, Iceland, France and Greece, South Africa, the United States and so many many other countries.  No doubt China and Russia are included.  We have yet to make contact with those people all though they are watching (see cluster map).   BFCSA has now alerted other nations that NO ONE RECEIVED COPY OF LOAN APPLICATION FORM at point of signing.  Bank Fraud is everywhere - Global problem, exposing the obvious corruption inside Governments that all our over-bloated and overpaid moron regulators were "unable to find any systemic issues!!!!   The proof of widespread raping and pillaging of bank accounts, savings and assets by EVIL BANKSTERS is a Global Crisis is contained in the hidden documents.   The clue is to KNOW WHAT DOCS TO...
Last modified on
Hits: 1601 0 Comments
Rate this blog entry:
Continue reading