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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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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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Posted by on in Consumers Fight Back
Dear Mr Denovan  (copy to Senators Economics Committee of Inquiry: : Banking POST GFC You say there is no legal requirement for loan assessment. Wrong answer Jon….and you are on the Board of COSL? And Gadens do the lion’s share of the mortgages our Members are attempting to extinguish? Our advice is that the Bankers Code says the rights under the Code are additional to law. So the assessment under reg A25 is an additional warranty the bank gives you. In laymen’s terms the Bank is happy you can afford to repay. To assess, these Bankers/Lenders must look at the LAF. If they do assess on EVERY occasion in Low Doc Loans, like us, they will SEE a mix of handwriting. The Banker/Lenders MUST also vet the details with the borrower. A phone call would have been appropriate, yet banks chose NOT to phone customers to check income as a “standard industry...
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  • doyla66
    doyla66 says #
    Given the fact that he is on the board of COSL and has such a biased opinion - shouldn't he be made to step down due to conflict o
  • doyla66
    doyla66 says #
    After reading his publication - one is left questioning his integrity, morals, ethics and character.
  • doyla66
    doyla66 says #
    My ING Bank scanned LAF copy clearly presents 3peoples handwriting & unauthorised "white-out" altering it's true construction!!!
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From a Members:  ASIC (A SIC Joke) complained that people made complaints, but were not forthcoming with the evidence. (Liar liar - pants on fire). ASIC received 400 specific complaints from BFCSA Members four weeks ago.  Senator Williams referred to BFCSA Members and Denise and, ASIC said they had asked Denise for some evidence and she has not given it to them.  And just why should Denise Brailey be doing your job? I have said that very thing to an ASIC Commissioner in a face to face meeting in 2001:  “why am I doing ASIC's job?” “This is not my job to go out and find evidence for ASIC……….you have the powers and the corporate databases to research…..I do not have the powers to go down to the bank and conduct a raid and seize documents.”   In fact ASIC charge me $30 a time to search every document.  ASIC officers must...
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  • doyla66
    doyla66 says #
    Is is not the case that NO federal agency is permitted to make profit? Has this policy changed? Or, is it only applicable to other
  • doyla66
    doyla66 says #
    What chance of ASIC acting on BFCSA 'substantive' complaints when, ASIC tell AFP "take a running-jump" on RBA bribery scandal. An
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The Broker was the Agent of the Lender:   THE ARGUMENT OF AGENCY  Denise L Brailey   Ostensible Authority:  1.       There existed strong Ostensible Authority links directly between Introducers and Lenders.   The links are as follows: a.       Introducer’s were provided with database access to track their approvals. b.      Introducer’s were provided with stationary bearing the Lender Logo’s. c.       Introducers were provided with Lender material to enhance sales. d.      Emails between Loan Processing Officers and Introducer ensured direct communication between the Lender and its own agent: the Introducer. e.      Lenders employed BDM’s to teach Introducers the system and how to maximise loan approvals....driven by a very high commission structure provided by the Lenders. f.        Emails between BDMs and Introducers paint a clear picture of loan acceptance practices. g.       ABN ‘for a day” became standard industry practice and accepted by the Lenders h.      The Lenders were at all times the creators of the system and at all times “in control” of operations retaining the power...
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  • doyla66
    doyla66 says #
    Thankyou, Denise. I agree, Blackedout - every pollie needs an education, and a few judges, FOS, COSL, ASIC, ACCC, APRA, AFP, PM a
  • doyla66
    doyla66 says #
    THAT, ABOUT SUMS IT UP. COPY WHAT DENISE HAS WRITTEN RESEND TO ALL POLY`S.
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Pay up every last $ of your debt to our community - hand back every home that you have stolen by trickery and deceit. Just as you systematically raped pillaged and plundered vulnerable people's bank accounts and deliberately set up a plan to steal their houses and wipe out every bit of their financial security, I decided to come after each one of you.  It may have taken me over a decade to discover the mechanics of the fraud and the plan to blame brokers, and the plan to walk away scot free with $100 million bonus packs........but your plans are now unravelling. People ask me why I do what I do?  Why I continue to assist people and listen to cries for help and respond.  The answer is simple:  I was blessed with  decent parents who taught me right from wrong.  Your Banker Plots were more than EVIL.   The CARTEL grew as regulators became used to accepting lavish...
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  • doyla66
    doyla66 says #
    So saddened to hear the news. We all need each other to be strong. Blessings and Prayers.
  • Denise
    Denise says #
    Thank you to everyone who has expressed condolences. I will find out progress and hope she is back blogging again better than eve
  • doyla66
    doyla66 says #
    Bank executives must go to JAIL. Take back THEIR HOUSES, take back their bonuses, take back their paypackets. They cannot profit
  • doyla66
    doyla66 says #
    I'm so sorry to hear another one has reached the bottom and felt there was nowhere else to go. I bet there are a lot of us out the
  • doyla66
    doyla66 says #
    I feel phsically sick to know that one of our members has reached such a low ebb that taking their own life seems like the only wa
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Posted by on in Corrupt Regulators
Cassimatis may have another story to tell - think outside the square. Do you really trust ASIC????? Why aren't ASIC prosecuting CBA, for approving the loans????  Did the bank officers pump up income on LAFs even higher???? We think so.   So we are now seeking the truth.    Why is ASIC taking the adviser to court?  What about the Bank secret weapon - the engineered Service Calculator?  Which BDM's taught brokers to target "older persons?  ARIP's?  ASIC could have prosecuted all banks involved in 2008........why now? You want the truth?  Follow this saga carefully........... This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    ASIC are "big" on the contractual issues (Contract Law). Is this the extent of their capabilities or an ASIC policy? I have anothe
  • doyla66
    doyla66 says #
    Thank God you understand what we are up against it trying to get justice jaycee
  • doyla66
    doyla66 says #
    That is right ASIC - expose them only for MIS and not for LAF fraud. If you did that then AOFM would have to check unregulated RBM
  • doyla66
    doyla66 says #
    Did ASIC do inventory of bankster 'used' white-out bottles or criminal audit of 1000's of full-doc LAF fraud committed by 'real' b
  • doyla66
    doyla66 says #
    Thanks for the insight. Can understand now.
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Posted by on in Consumers Fight Back
Dear Mr Abbott Your response to Mr Styles is grossly inadequate given what is occurring in the Senate.  I can only assume the Minders have not briefed you on this issue.  Quite simply you are either on the side of the Constituents or on the side of the Banksters.  You are on the side of looking for truth or you are on the side of those who would corrupt our political system.  You are on the side of 100,000 families caught up in the greatest banking scandal in our Nation's 232 year history, or on the side of regulators who blatantly lie to the Senate.  Please ask your colleagues in the Senate to brief you on what is going on up there and take a stand.  Someone has to be on the side of the people, surely? Two of the Families who went through 8 years of agony to win in the recent High Court decision, are your constituents.  I think Johnno...
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  • doyla66
    doyla66 says #
    Excellent Wayne, i agree we need the response to come from him - so just need to keep hounding him and the pressure will ultimatel
  • doyla66
    doyla66 says #
    Well done Wayne, fantastic reply - did you send it to him??
  • doyla66
    doyla66 says #
    Hi Ali - yes - I sent the reply to Tony Abbott on Sunday 23rd Sept. I am looking forward to a proper response from the man himsel
  • doyla66
    doyla66 says #
    Dear Mr Abbott, Is your reply a joke ? If it is, then we can assure you that it is not in the slightest bit funny. We are aski
  • Denise
    Denise says #
    LIST of questions we think the Opposition needs to be asking the Federal Government. Opposition Major Party's job is to ask quest
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