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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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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.

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https://www.businessspectator.com.au/article/2014/6/30/property/apras-inaction-brings-housing-crisis-closer APRA's inaction brings a housing crisis closer Callam Pickering 7 hours ago 30 June 2014   Is it time Australia took the plunge and introduced measures to slow household lending?   Given our similarity to both New Zealand and the United Kingdom -- from heritage, institutions and yes, housing -- it is time that we stopped being complacent and took steps to limit the potential fallout from a housing downturn.  Last week the Bank of England followed the lead of a range of other countries -- such as New Zealand and Canada -- and introduced measures which intervene in mortgage lending markets. Under the new rules, only 15 per cent of new home loans will be allowed to have loan-to-income ratios of more than 4.5 times (Will APRA follow in the BoE’s footsteps to reduce mortgage risk? June 27). This followed the Reserve Bank of New Zealand, which has already introduced...
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  http://actuaries.asn.au/Library/1400%20Langton-Wickham.pdf     5th Financial Services Forum  Renovating the Financial System  13 and 14 May 2010 Sydney   Current Issues:Super Benefit Projections,Web-calculators and Fee Disclosure Benefit Projections Working Group  (printed) Benefit projections Web calculators Fees and costs Olden days ISC circulars 2003ish FSR advice / Calculators withdrawn 2004 IAAust Guidance 2005 Web calculator class order 05/1122 July 2008 ASIC consultation paper 101 April 2009 IAAust GN revised 2009 July 2009 Intra fund advice class order (09/210) Oct 2009  ASIC consultation paper 122 / Draft RegulatoryGuide Jan 2010 Australian Govt Actuary consultation April 2010 Cooper –suggested compulsory projections as part of MySuper     Benefit Projections -proposed ASIC rules (CP122)   • Printed Statements (not calculators) • Voluntary not mandatory • Relief from advice requirements Corp Law • Once a year with Benefit statements • Doesn’t apply to DB(?), SMSFs, ERFs • Prescribed assumptions • Some standard disclosure eg: • today’sdollars...
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  • doyla66
    doyla66 says #
    Denise, I think rigging the game is the equivalent of Bank risk management. Certainly in investing, which includes property buying
  • Denise
    Denise says #
    Yes Transformer. Exactly like rigging the horse race - setting the outcome prior to race finish and then running home with the pr
  • doyla66
    doyla66 says #
    These could be questions for the Financial Inquiry, if anyone there gave a hoot about consumers .... If Banks can predict the perf
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You Can Bank on Another Crisis Written on 25 September 2013 by Vern Gowdie  MONEY MORNING The GFC brought into stark contrast just how vital the banking system is to the functioning of an economy. At the height of the GFC banks did not trust each other. And people did not trust the banks. Banks viewed each other with suspicion. Letters of credit were no longer accepted on face value. The shipping industry, which relies heavily on letters of credit, ground to a standstill. Customers lined up outside banks (some with suitcases) to withdraw their savings. Such was the demand for cash, the Reserve Bank of Australia came close to running out of physical notes. Modern commerce is a function of faith. When faith in the financial system is lost, chaos follows.  Banks are the Heart of the Financial System Money pumps in and money pumps out. The flow of money through the system is as vital to economic health...
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  Total Housing Lending Now at $1.33 Trillion – RBA By Martin North | February 28, 2014 - 12:40 pm The RBA released their Financial Aggregates to January 2014 today. It shows that Investment and Housing Lending reached $1.33 Trillion. Investment loans account for 32.9% of all loans, the highest ever recorded.   This is a different view from APRA’s because it accounts for all lending, not just ADI’s (Banks) which APRA reported recently at $1.17 trillion against the RBA’s 1.33 to December 2013. The gap relates to non banks and “other” ADIs and includes securitisation.   It shows that non-banks overall are writing less business today, in fact it has been falling steadily since the GFC. Mind you, there are some important deficiencies in the non-bank sector as we highlighted previously. The data I would like to see is the LVR ratios for the non-banks, but this data is not collected.   The other interesting observation is that if you take a long trend...
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  • doyla66
    doyla66 says #
    Chinese buyers are expected to purchase $44 billion worth of Australian residential property over the next seven years, according
  • doyla66
    doyla66 says #
    The Asia crisis repeating itself all over again along with a different slant! This time in wide screen and technicolour of the mo
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In response to comment on SMH 24 October, 2013  I felt I should explain the "warranted panic, for our Banking Industry."  The fraudulent loans are only a sample of the overall market of $57 Billion worth of Lo Doc loans.  The average loans with buffers and top ups by greedy banks now average out at $600K per loan.  But let us lower it to say half a million dollars per loan.  It means we have uncovered $400 million dollar fraud cases so far and not one clean loan amongst them.  These loans were all processed by Skippy the Computer with credit assessors ticking boxes, phoning no-one, verifying nothing other than an A1 credit rating (ie mostly pensioners and low income families enjoy an A1).  In fact insiders tell us that no loan was rejected as long as the hapless victims had an asset - their only asset - their home: ARIPs.......asset rich and...
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  • doyla66
    doyla66 says #
    I can't find anywhere that states the Securitisation process is legal in Australia. It's not regulated either as far as I can see
  • doyla66
    doyla66 says #
    Just started on this journey - latest info from GE Money (lender), speak to AFIG (broker) - nothing to do with the Mortgage Manag
  • doyla66
    doyla66 says #
    If as in the SMH article at the weekend there is only 800 toxic loans a total of only around $320M wouldn't the Banks just pay the
  • doyla66
    doyla66 says #
    "The 800 loans mentioned represent a total of about $320M and even if they all defaulted they are not going to bring down the bank
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Our growth rate as a support group – the peak and only support group doing this work – is gathering momentum in number of new members at around 30 per month and that will escalate as the main stream see the bigger picture.  We now know that a third of loans are via banks and no broker involved. We also know that our latest surveys have revealed 18% are full docs…….arranged by bank managers from a pool of  $1.28 Trillion mortgages.  What concerns me is that RBA have continued to trot out $1.28 Trillion for the past few years.  RBA suggest this figure has not changed in that past 5 years, yet the MFAA suggest their members are writing X number of these new mortgages per annum.  There is of course a contraction in the settling of mortgages each year, yet the low docs we know intentionally implode within 7 years.   The...
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  • doyla66
    doyla66 says #
    By my way of seeing all of this mess if the Banks wont hand over the correct figures then the only ones that would have a true ide
  • doyla66
    doyla66 says #
    Thankyou for that information. There had to be some sort of "check and balances" system ... surely. Freedom of Information may b
  • doyla66
    doyla66 says #
    Denise, as I see it, if our statistical analysis says 75% Low Doc and 25% Full Doc and there are no stats produced using the same
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What a great day for all consumers of mortgages across Australia. No wonder Steven Munchenberg is "confident the banks are not involved in the Inquiry"  The ABA has been obviously given assurances........  it's the bank influenced uplifting Terms of Reference that could be a worry for consumers.  However BFCSA members will send a record number of submissions ever received by Parliament in the past. The performance of the Australian Securities and Investments Commission Terms of Reference The performance of the Australian Securities and Investments Commission (ASIC), with particular reference to: (a) ASIC's enabling legislation, and whether there are any barriers preventing ASIC from fulfilling its legislative responsibilities and obligations; (b) the accountability framework to which ASIC is subject, and whether this needs to be strengthened; (c) the workings of ASIC's collaboration, and working relationships, with other regulators and law enforcement bodies; (d) ASIC's complaints management policies and practices; (e) the protections afforded by ASIC to corporate...
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  • doyla66
    doyla66 says #
    WOW 999 HITS on this blog as at 11 am EST... and counting
  • doyla66
    doyla66 says #
    ASIC doesn't really care about the consumer they just refer complaints onto FOS and COSL who in turn just side with the banks and
  • doyla66
    doyla66 says #
    That's the impression I have as well. ASIC FOS and COSL are just a formality. Like the judge will say "did you try to resolve the
  • doyla66
    doyla66 says #
    I would love to have been a fly on the wall in the offices of ASIC after the grilling by Senator Williams. Wonder what will happen
  • doyla66
    doyla66 says #
    I was thinking the same thing, Jean. As mad as it sounds it would not surprise me if Kell said to his staff "that went well" and a
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For the Head of the Australian Bankers Association to suggest the Senate Inquiry into Australian Securities and Investment Commission is not about the BANKS is a key indicator that the ABA is corrupted or stupid.  He cannot have an each way bet on this appallingly gross Australian Mortgage Low Doc Scandal. If there were "only" 1,200 victims of the LOW DOC FULL DOC scams in Australia, the 30 Banks and Non Banks would have immediately moved to use their petty cash reserves to discharge everyone of the LIAR LOAN Mortgages and defuse the public scrutiny.  The truth is there are possibly 200,000 of these hideous loans out there and 18% of these toxic loans are FULL DOCS arranged by Bank Managers and internal staffers.  The ABA simply just sits there and GULPS! Of course the Inquiry into ASIC is only the first step in releasing long hidden information as to why...
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  • doyla66
    doyla66 says #
    Pity Mr. M. isn't like Pinocchio and every time he told a lie his nose grew longer. He would be tripping over the wretched thing b
  • doyla66
    doyla66 says #
    I doubt that Munchinberg in his high position is ignorant of banks repossessing homes. i think he is well informed but chooses to
  • doyla66
    doyla66 says #
    Sent today to ABC TV re ABA Munchenberg interview on ABC Breakfast Show. *** If you would like to comment on this you can do so
  • doyla66
    doyla66 says #
    I also put the link to BFCSA on the bottom of the email. Fingers crossed ABC will get onto Munchenberg, NAB and give us a fair go
  • doyla66
    doyla66 says #
    I remember emails and phone calls with the ABA. Didn't want to know me.
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