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
688901

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 securitisation
This tag contain 1 private blog which isn't listed here.
Treasury Letter to Denise Brailey Nov 2012
Received this response from Treasury related to the truth behind securitisation and it's potential impact on the investment the AOFM has made. 
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Dear Sir What about those loans that were written prior to the NCCP?no one wants to know about those and as the NCCP didn't come
  • doyla66
    doyla66 says #
    Royal commission into all of this. Peter Costello one of the main players helped get the securitization policies up and running i
  • doyla66
    doyla66 says #
    What a waste of paper. Reminds me of the old Peter Sellers skit where the punch line was the summary of what was said in a politi
Hits: 1872 3 Comments
Rate this blog entry:

Posted by on in From My Window
Hi All, I thought I'd put these important definitions up for all members because, after reading a lot of older posts, I notice that there is a range of knowledge levels amongst our group and I feel that it's important to help all members to come to understand what has happened in their particular situation. To do this, certain concepts need to be understood. The following links include a definition of the term, an explanation of the term and, in some instances, a video to further explain the term. It's definitely a good starting point for anyone who needs to improve their knowledge on this complex topic. If this post gets a good response, I'll continue to add to it over time. Apologies to any members that already know this stuff. Maybe you can chime in with some further useful terms and definitions? Contract: http://en.wikipedia.org/wiki/Contract Debt: http://en.wikipedia.org/wiki/Debt Equity: http://www.investopedia.com/terms/e/equity.asp Equity Stripping:...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    FOS and COSL are supposed to be independent dispute resolution schemes, a part of the ridiculously conceived concept of self-regul
  • doyla66
    doyla66 says #
    Good info, but the problem is : most of these corrupt Banks & corrupt regulators deliberately choose to ignore the Laws, their own
  • doyla66
    doyla66 says #
    Apart from legislation, there are also things such as ASIC Regulatory Guidelines (which are interpretations of the actual legislat
  • doyla66
    doyla66 says #
    Good post, lee. I'm personally all for this kind of information being shared but I don't make the rules so... If people want it
  • doyla66
    doyla66 says #
    Add one more CRIMINAL CODE - SECT 408C 408C Fraud (1) A person who dishonestly— (a) applies to his or her own use or to the u
Hits: 3548 5 Comments
Rate this blog entry:
Continue reading
  A really excellent video on the topic explaining what happens with your loan and mortgage after it is signed and registered... http://www.investopedia.com/video/play/credit-default-swaps/#axzz2ATETiAKM  ...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Definition of 'ABX index' A financial benchmark that measures the overall value of mortgages made to borrowers with subprime or
  • doyla66
    doyla66 says #
    Definition of 'Asset Backed Credit Default Swap - ABCDS' A credit default swap wherein the reference asset is an asset-backed se
Hits: 2073 2 Comments
Rate this blog entry:
Continue reading
New document explaining more about Securitisation http://www.nber.org/chapters/c9619.pdf By:  Gary B. Gorton and Nicholas S. Souleles     12.1 Introduction This paper analyzes securitization and, more generally, “special purpose vehicles” (SPVs), which are now pervasive in corporate finance.1 What is the source of value to organizing corporate activity using SPVs? We argue that SPVs exist in large part to reduce bankruptcy costs, and we find evi- dence consistent with this view, using unique data on credit card securitiza- tions. The way in which the reduction in costs is accomplished sheds some light on how bank risk should be assessed. By financing the firm in pieces, some on–balance sheet and some off– balance sheet, control rights to business decisions are separated from fi- nancing decisions. The SPV-sponsoring firm maintains control over busi- ness decisions, whereas the financing is done in SPVs, which are passive; they cannot make business decisions. Furthermore, the SPVs are...
Last modified on
Hits: 1531 0 Comments
Rate this blog entry:
Continue reading
07 May 2012 Issuers of over-the-counter derivatives relating to the wholesale price of electricity could have easier financial requirements if the proposals in ASIC's new Consultation Paper 177 Electricity derivative market participants: Financial requirements are adopted. This new consultation paper, which is part of ASIC's revisiting of financial requirements for the financial services industry generally, proposes to simplify financial requirements of AFS licensees by moving to a test of net tangible asset measure of 10% of revenue. On the other hand, ASIC is proposing longer cash flow projections for electricity derivative market participants – these would be rolling 12-month cash flow projections prepared quarterly. But the proposal only applies to AFS licensees who only trade electricity derivatives. If you trade gas, weather or oil derivatives as well as electricity, then the standard derivatives financial obligations will still apply. As a result, this change would be of benefit really only to traders...
Last modified on
Hits: 1531 0 Comments
Rate this blog entry:
Continue reading
Thanks for the info on Securitisation and RMBS at the link in RMBS's Explained, above. It is amazing how this has be allowed to grow since way back in 1988 with the RBA.  Also loved the definitions :-)  ...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    Assignment:“Trustee must not communicate;disclose;perfect-title;give notice;communicate with Mortgagor;disseminate;disclose any in
Hits: 1938 1 Comment
Rate this blog entry:
Continue reading
For years Gadens have had the lion's share of the action in the Australian Mortgage Fraud. It is a matter of public record that they have defended the perpetrators of Fraud, orchestrated the bullying and repeated efforts to intimidate blameless and innocent home owners and witnesses to the Court hearings all in the name of "Justice" - and been allowed to get away with it by some of the "bank blinded" Australian judiciary! If you'd like a few samples of Gadens' handiwork on behalf of NAB, Bank West, Ing and others use the BFCSA blog search engine or see austlii.edu.au Gadens aren't the only lawyers willing to do this type of work.  After all this BANK SCAM has been going on for years under the watchful eye of both major Australian Political Parties. All borrowers and BFCSA members should check their documentation and report in with a list of all legal...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Sorry Gaby - I worded that wrong. I was just actually was refering to our case only and the issues that have arose from it. As exp
  • doyla66
    doyla66 says #
    We have now two law firms. (There is five in the group- so have spilt it up). One barrister via one firm use to represent the bank
  • doyla66
    doyla66 says #
    You can add HWL Ebsworth Lawyers and Leonard Legal, both from Melbourne to the list
  • doyla66
    doyla66 says #
    Gadens execs are very short sighted. Once the massive fraud, theft and corruption of Australia's banking sector really hits the fa
  • doyla66
    doyla66 says #
    Ah! but Cooper's Grace and Ward were Hunt and Hunt's franchisee in Brisbane,in 2006 Hunt and Hunt dropped them,one has to wonder w
Hits: 3185 5 Comments
Rate this blog entry:
Continue reading
David Collyer was right. Denise's evidence and assertions are based in many years' research. There is no room for speculation in the black and white of her evidence. It's FRAUD. What is more it is intentional, premeditated and well organised systemic fraud. How can the regulators and the politicians deny the facts and keep their credibility? They can't. Further evidence has been revealed since the initial hearing at the Senate Inquiry. It underlines the even greater need for a Royal Commission. The Australian public want the truth. Investors want the truth. Borrowers want the truth. Our international reputation is also under scrutiny. Surely it is part of the job description of any chief regulator or parliamentary representative to supply informed, well-researched answers not off the cuff comments based on assumptions and their own opinion in order to protect their jobs! They are paid handsomely to supervise and ensure the stability our...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Thankyou Carol, Andy and Peter. Our parliament is handicapped by the past and by their party political histories. Those days are
  • doyla66
    doyla66 says #
    What an Increditable post Lisa, every one of our weak and gutless politicians,heads of APRA, ASIC,COSL, FOS and Federal Police sho
  • doyla66
    doyla66 says #
    Watch this Space: Vote[1]LisaMartin Vote[1]DeniseBrailey - perhaps sit opposing sides "broom the middle"(save the worthy/repentant
  • doyla66
    doyla66 says #
    Politicians and bank executives take note: KNOWING & FAILING TO ACT IS A FAR GREATER CRIME. If you work in a bank and can provide
Hits: 3113 4 Comments
Rate this blog entry:
Continue reading
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)?"    ...
Last modified on
Hits: 1587 0 Comments
Rate this blog entry:
Continue reading
  This is an interesting historical article on perceptions about Australian RMBS. It certainly pays to be informed about risk in the marketplace.   by Hardeep Dhillon     In terms of collateral, the Australian residential mortgage-backed securities market has performed better than its peers for several years, thanks mainly to its blemishless default history. After a post-crisis slump, a revival of domestic issuance is under way; but it could take much longer for cross-border transactions to follow.   The peak came in February 2007 with the A$7 billion ($5.5 billion at time of issue) multi-currency transaction by Commonwealth Bank of Australia, via its Medallion programme. As well as being the largest RMBS by an Aussie borrower, the deal set a new pricing benchmark, with the most senior US dollar-denominated notes offering a pick-up of just 4 basis points over Libor. Around that time, spreads on deals from the three other banks...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    This bank has publicly issued over $9.5 billion of RMBS since 2003. Through our RMBS program we currently manage the collections
  • doyla66
    doyla66 says #
    "Australian Banks have full recourse to the borrowers" yep they sure do,they can take our houses,this is unconscionable,and they h
  • doyla66
    doyla66 says #
    I'm looking forward to seeing the list. There is no excuse for politicians who might think they can avoid the issue. There are c
  • Denise
    Denise says #
    Brilliant find LISA Yes we are all receiving an amazing education over all these banking products and skull-duggery. We are also
Hits: 3438 4 Comments
Rate this blog entry:
Continue reading
Dissecting RMBS Fraud in Action This information is courtesy of Thomas Anderson of www.theclassifiedfiles.com. This notice from WESTPAC Australia might seem innocent enough. It’s just a public notice...right?  Let’s dissect the fraud that is happening right in front of your eyes. [Color variations and bolding are the author's to show several named companies.]  ~~~~~~~ PUBLIC NOTICE WESTPAC MORTGAGE SECURITISATION DISCLOSURE In the interest of public awareness and to ensure that Mortgage Holders with Westpac are given full disclosure of the details of their loans, please be advised of the following announcement: Westpac Banking Corporation in association with JP Morgan (Australia) Limited, Perpetual Trustees, Waratah Receivables Corporation and Westpac Securitisation Management Pty Limited have been involved with a number of Residential Mortgage Securitisation programs including: Series 2002-1 G WST Trust Series 2007 - 1G WST Trust Progress 2010-1 Trust (AMP Bank) REDS Trust Series 2010-1 (Bank of Queensland) Torrens Series 2010-1 (Bendigo and...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Good one STM. I think that the CBA have just sent me confirmation that my loan has also been securitised. It was just a single 1 p
  • doyla66
    doyla66 says #
    Sounds like the plot of the movie "Too big to Fail movie" - but this time - the Australian version
  • doyla66
    doyla66 says #
    I'm glad STM explained it. What Westpac wrote was a bit rough on any mortgage holder that was starting from ground zero in RMBS 10
  • doyla66
    doyla66 says #
    Reading it twice, this is a real class find by STM. I hope one of my fellow bloggers will follow this one (I would if I didn't hav
  • doyla66
    doyla66 says #
    Another good one STM
Hits: 3507 6 Comments
Rate this blog entry:
Continue reading
The other day, as a matter of my own interest, I began to list incentives for Predatory Lending that are built into the Securitisation process.  I finished it today, then decided to post it for anyone interested.   I've made little change to my notes, so hope it makes sense.  If anyone knows any other incentives, let's add them to the list.

 We know that the banks wanted more securitisation profits. To achieve that they wanted more loans secured with mortgages.   This lead to the 'Originate to Distribute' model.   Enter Lo Doc and No Doc loans. 

Incentives 

The banks preferred to securitise at risk loans secured by mortgages, so created incentives for brokers to promote Lo Doc loans over traditional loans by making the Lo Doc loans more profitable for brokers. The original mortgagee was NOT at risk if there was a failure to pay so didn't care how risky the...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
  • doyla66
    doyla66 says #
    Thanks for your fantastic information. Can you advise on how we, the people, can check out our mortgages and how they have been se
Hits: 3044 18 Comments
Rate this blog entry:
Continue reading

Posted by on in RMBS SECURITISATION
How can ONE mortgage be backing MULTIPLE securities derived from it? It can't.  Typically, multiple securities are derived from the one mortgage.  I've spoken to a person, with excellent credentials, in the USA, who told me that the worst case he personally investigated was where 30 securities were made from one mortgage - each claiming to be backed by that one mortgage.  I understand that even more have been created at times. That's why, as another expert has told me, the securities are NOT backed by the mortgages.  They are back by the INSURANCE that is taken out on the securities.  It protects the Trust.  The Borrowers lose.  The End Investors lose. So, the term 'Residential MORTGAGE backed Securities' is misleading. They should be called 'Residential INSURANCE backed Securities'....
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    That's how it sounded to me too. RIBS. With plum sauce ASIC warns about derivatives while the government is dabbling in RMBS w
  • doyla66
    doyla66 says #
    The insurers have been the hidden beneficiaries of this scheme.
Hits: 1866 2 Comments
Rate this blog entry:
Continue reading

Posted by on in RMBS SECURITISATION
How can ONE mortgage be backing MULTIPLE securities derived from it? It can't.  Typically, multiple securities are derived from the one mortgage.  I've spoken to a person, with excellent credentials, in the USA, who told me that the worst case he personally investigated was where 30 securities were made from one mortgage - each claiming to be backed by that one mortgage.  I understand that even more have been created at times. That's why, as another expert has told me, the securities are NOT backed by the mortgages.  They are back by the INSURANCE that is taken out on the securities.  It protects the Trust.  The Borrowers lose.  The End Investors lose. So, the term 'Residential MORTGAGE backed Securities' is misleading. They should be called 'Residential INSURANCE backed Securities'....
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    That's how it sounded to me too. RIBS. With plum sauce ASIC warns about derivatives while the government is dabbling in RMBS w
  • doyla66
    doyla66 says #
    The insurers have been the hidden beneficiaries of this scheme.
Hits: 1866 2 Comments
Rate this blog entry:
Continue reading