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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.

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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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We need an urgent ROYAL COMMISSION INTO BANKING.  BFCSA Member files have over-represented presence of RAMS dirty loans - dating back to RHG and more recent WESTPAC.  The evidence is there.  We have presented compelling EVIDENCE to Parliament twice...hand delivered to ASIC......hand delivered proof to FOS.....hand delivered proof to Senators.  WE have posted dodgy loan apps on our website, also service calculators and over 200 emails between banks and brokers.  LENDERS HAVE BEEN rubber stamping APPROVALS for over 15 years whilst ASIC SNOOZED.  Fraudulent incomes, forged paperwork, over the top Loan to Value Ratio's - ie dodgy valuations - akin to American Sub Prime.  Our sub prime crisis indeed.  Why has our sub prime crisis taken so long to crack and unravel the truth?  Just ask the MFAA....they protect their members who are predominantly LENDERS (in terms of heavyweight and long lunches).  Why any broker would belong to the Lender interested...
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  • doyla66
    doyla66 says #
    It's in the same league as the old favourite "in good faith" which is trotted out every time a Banker or their staff (reading off
  • doyla66
    doyla66 says #
    Laughable to see where RAMS try to justify themselves by saying "they have extremely robust lending practices" . Prepared to exagg
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Hot topic of the week: Clawbacks Australian Broker News http://www.brokernews.com.au/news/breaking-news/clawbacks-not-okay-says-broker-185672.aspx#latest http://www.brokernews.com.au/news/breaking-news/hot-topic-of-the-week-clawbacks-185724.aspxby AB | 24 Mar 2014   Friday’s article on the unfairness of clawbacks attracted a huge amount of commentary from you in a short space of time, signalling intensity of broker feeling and highlighting the importance the industry should be placing on addressing the issue.Many interesting and constructive opinions were expressed; with the overwhelming response being clawbacks are unjust punishments on brokers for something they largely have no control over.“The banks simply eat brokers to the bones if they could,” said VIC Broker. “Of course it is UNFAIR! Brokers are only ones who suffer in the end.”Anne questioned what other professions apart from mortgage broking give a free marketing, sales and process operation. “It is manifestly unjust and would be deemed immoral for a large industry to expect unpaid workers to share the risk of what should be the cost of the lenders doing business.”Brett Perth said: “How professional...
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If ever you needed proof of why these NCCP is unworkable its this:  Consumers are left at the end of dangling wrangling ropes between the Brokers, Bankers and Dumb ASIC.  Medcraft is in charge of this dog's breakfast and NO CONSUMER PROTECTION has taken place before, since or during the NCCP discussion and inception meetings.  Now one knows what they are supposed to be doing.  Buyers contemplating asking for a mortgage or refiannce: DON'T, as the RISKS will leave you utterly unprotected.   Read why the Broker Industry says so..............................and we agree:   "NO ONE KNOWS THAT THEY ARE DOING."  SO ITS BACK TO BUYER BEWARE................................DANGER AHEAD.  Whatever you do as a consumers never ever sign a Low Doc Mortgage High Risk, High Cost Loan...............................ITS A KILLER LOAN. Government given the hurry-up by MFAA by Calida Smylie | 20 Mar 2014   While the Treasury recently announced the government does not intend to proceed...
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From: http://www.macrobusiness.com.au/2012/06/debelle-says-no-risk-of-housing-bust/ This report from Macro Business (26/6/2012) is short but the comments below it are well worth reading. They include references to the June 2012 articles by Anthony Klan and the court decisions against the Banks, plus opinion from brokers and others. The updated link to the Podcast of the MFAA Adelaide conference contains a recording of the Panel discussion and a transcript in slides.  Remarks by Guy Debelle, assistant governor of the RBA, were also reported in Property Observer: http://www.propertyobserver.com.au/news/housing-market-worries-not-keeping-me-up-at-night-rba-assistant-governor-guy-debelle/2012062655277 As jimbo (MB) commented:  "Why would the bubble keep him awake at night, with his recession proof job, $300K gig and borrowings at well below market rates (if he has any)?"    ...
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http://www.bfcsa.com.au/index.php/entry/sophisticated-nonsense-from-broker-industry-asic-s-latest-trick What a bunch of prize idiots ASIC are! - and their desperado lobby mates are sneaky and nasty to boot.  The NCCP protects all, not just the consumers. It's because the financial sector has exploited the consumers to the max and been caught red handed that the industry sees the NCCP as protecting consumers while all the dirty laundry is still being collected and attended to, one grotty piece at a time. This is another Bransgroves - blatant self interest for the "poor" accused perpetrators of large scale crime, fraud and sundry legal scams. I'll hold Greg while you hit him for me too, Denise.  Well there's no risk of my situation ever being termed "sophisticated" at any stage of the game - unless they've put the Loan Service Calculator over every source of income to try to turn me into a baby Packer! Just because people have acquired (e.g....
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10/5/2012 - Australian Broker Online The MFAA has called on the government to ditch some of the disclosure documentation required by the NCCP. In a submission to Treasury on the proposed NCCP amendments, the organisation has asked the government to dump the credit quote, credit guide and credit proposal required from brokers, and instead combine the forms into one finance broking contract. The plethora of documents currently required has caused inconvenience for both brokers and borrowers, the MFAA claimed. “Each of these documents is required at a different stage in the transaction. The need to do these things at different times is a significant additional cost to brokers, and inconvenience and confusion to broker and customer alike,” the organisation said. The MFAA called the requirement for the three separate documents an “unexpected and avoidable” cost to brokers. It claimed that the disclosure required by the NCCP could easily be satisfied by...
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Tagged in: brokers Lenders MFAA nccp
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  • doyla66
    doyla66 says #
    Well, let's see. Didn't the mortgage broker industry in Australia only come about when the banks embraced deregulation? Prior to t
  • doyla66
    doyla66 says #
    So true and so well put! They're used to bitching and getting their own way. Now according to the Banks and MFAA it's all the borr
  • doyla66
    doyla66 says #
    I'm taking my time to digest this post from Lisa. By the way, it's 12.57 here in Melbourne...where is your energy coming from Lisa
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Media Release: 24 August 2012How many Low Doc Loans are unethical?Attempts to deflect a Royal Commission into Australia's mortgage finance sector by the Mortgage and Finance Association of Australia are mistaken, hollow and shrill, the Australian Democrats said today.MFAA CEO Phil Naylor rejected the Royal Commission call and claims there is very limited evidence of fraudulent dealings by brokers in a 17 August statement that only came to light yesterday. ED:  Yes Naylor would say that...but he has yet to call me.....but like the banks who did not ring the borrowers to ask income details because they deliberately did not want to know yet continued to deny evidence!"I don't know whether to be appalled or bemused by Mr Naylor's caricature of my remarks," Democrats Housing spokesperson David Collyer said today. "He has me saying all sorts of things.""The evidence put before the Senate inquiry by Denise Brailey of the Banking and Finance Consumers...
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  • doyla66
    doyla66 says #
    One thing is for sure, Great Loans vary from Great Lenders. Anyway, thank you for sharing such a GREAT information here. Been find
  • doyla66
    doyla66 says #
    APRA invited to test BFCSA(inc)member assertions ASAP(ie:immediately) as precursor to ROYAL COMMISSION!!!
  • doyla66
    doyla66 says #
    I agree, David Collyer is very clear about his position on this. He really gets the total picture, the politics of truth and so ra
  • doyla66
    doyla66 says #
    A great piece of work Lisa. I think it's time to draft an email to Mr Collyer & thank him for his supportive stance.
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From MORTGAGE MIX - Thankyou to Tim Neary for this good article on the Royal Commission and Lo Doc Sub Prime Debate.    17 Aug 2012 Macrobusiness published an interesting article recently suggesting Australia’s claim to having a conservative (and safe) banking sector have ‘taken a bath’ recently, as evidence emerges of our own low doc driven sub-prime lending scandal.A video link from the article suggests in the run up to the GFC, Australian banks and other home-grown lenders abused the system of low doc loans; designed for small businesses but sold “by the thousands” to pensioners, single mums and people on welfare.It might sound shocking, but opinion on the subject is firmly divided.In response to the subprime scandal reference one reader left this pointed comment: “Sub-prime???? Pffffffft you guys are so 2007…”One of the industry’s leading low doc aficionados, Pepper’s Mario Rehayem, is also thumbing his nose at the notion. He has been ever...
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  • doyla66
    doyla66 says #
    Re; las laf: "claw back" provisions? some form of undertaking the loan book is purportedly "clean"??? Back room deals going on her
  • doyla66
    doyla66 says #
    EXACTLY Last-Laf "Loans prior to 2008 that were often 'fixed' by brokers and other agents, through the commission of forgery on th
  • doyla66
    doyla66 says #
    Regarding the book, 'Inside Job', Matt Damon made it into an excellent documentary as well, if people are interested. Some of the
  • doyla66
    doyla66 says #
    It's interesting to hear that Pepper's chap has thumbed his nose at the problem in consideration of the fact that his company purc
  • Denise
    Denise says #
    The "Inside Job" was a book which had a great impact on my in 1993 re white collar crime and the Savings and Loans Scandal in Amer
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