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BFCSA
MORTGAGE
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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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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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Subscribe to this list via RSS Blog posts tagged in Toxic Lending Global Infestation
 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...
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  • 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
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Monday 3 February 2014 by John McManus   IRISH TIMES  "Scale of Irish Mortgage Defaults Unprecedented." The revelation that five years into the downturn three-quarters of the people behind on their mortgage payments actually have jobs comes as a surprise. It shouldn’t, but it does. It is also quite scary as most of us soldier on under the assumption that if we can hang on to our jobs we will keep a roof over our heads.  It is a further reminder of a fact we have perhaps lost sight of: the scale of the Irish mortgage default is unprecedented. Nothing really like it has happened anywhere before. It is a lot of people. Roughly speaking, about one in five of the 800,000 residential mortgages in the Irish market is in default. That is 160,000 mortgages and even when you allow for buy-to-let mortgages and multiple mortgages it’s still hard to avoid the...
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A salutary lesson for all Politicians, no matter the political colour.   Members of Parliament better start waking up to constituency unrest as unemployment rises, mortgages default, victims start demanding LOAN APPLICATION FORM copies ("LAFs")  because the rest of the world started to figure this out in 2008.   Fall out in Australia, will be huge.  Everyone with a mortgage will start asking for their faxed copy of the original LAF……………………….then say (as in the United States sub prime debacle) "if you Mr Banker, were dumb enough to shred the original files then how can you prove what is going on internal to your Bank and how can you prove this was a prudent lend?   Ooops. Banks for a decade have told Brokers:  "do not keep the wet ink originals and do not send to us!!!   SHRED THEM under Privacy Act da da da………………."  Oh very messy!.  Intention to deceive had many faces!  Now banks are telling FOS...
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  • doyla66
    doyla66 says #
    Once upon a time there was a Chinese emperor who wanted to send valuable presents to his cousins who lived in far-off lands. Howev
  • doyla66
    doyla66 says #
    Despite all the security measures these systems are not immune to tampering. There is real concern over the digital loan applicat
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The Housing Bubble Isn’t Finished with You Yet By Nick Hubble • November 27th, 2013 •  The American property market is surging. House prices are on the move once more, with one big city index up 13% year on year. Even building permits hit a five year high. And this time interest rates are so low that people don't just buy houses they won't be able to afford when interest rates go up; they are also buying $1000 taps to put into their unaffordable houses, reports Bloomberg. Banks are forecasting next year's house price gains will only be around half as good. Just 6%. But Reuters reports that it's not all rosy behind the scenes. Home equity lines of credit are seeing increasing defaults. What's a 'home equity line of credit'? It's money you borrow against the equity in your home. So a second mortgage on the same house It turns out that many Americans used these loans...
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ASIC chief's overseas trips draw criticism Adele Ferguson, Ben Butler and Ruth Williams November 23, 2013   The AGE Globetrotting... Greg Medcraft's travel this year. Scrutinising ASIC: Watchdog or toothless tiger? Paris, New York, London and St Petersburg are among cities visited by Australia's top corporate regulator, Greg Medcraft, during extensive taxpayer-funded travel that has caused him to miss crucial parliamentary hearings into the Australian Securities and Investments Commission. A Fairfax Media investigation reveals Mr Medcraft has spent at least 51 days overseas in the first 10 months of this year, not including the time spent travelling to and from Australia. He flies business class, funded from ASIC's budget. Mr Medcraft, who has already drawn fire from Finance Minister Mathias Cormann and Defence Minister David Johnston, was in the Russian city of St Petersburg during a Senate hearing on June 5 that sparked an inquiry into the performance of ASIC. ASIC is...
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  • doyla66
    doyla66 says #
    Greggy has to go overseas to get his glory because he is a laughing stock in his home country Australia.ASIC is still dysfunctiona
  • doyla66
    doyla66 says #
    It just so happened that i mentioned to a media manager this week, that Greggie's US Securitisation Program cost US citizens $11.9
  • doyla66
    doyla66 says #
    Wow! Not a bad job.!!!! Guess it doesn't matter really, he has a lot of UNSKILLED workers within ASIC who can hold the fort. prob
  • doyla66
    doyla66 says #
    When the going gets tough, Greggy goes globetrotting! Tell him not to bother coming back. I'm sure we can manage without him. ASI
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CBA to change lending policy from November 25 Tuesday, 19 November 2013   Property Observer     From November 25, the Commonwealth Bank of Australia will change aspects of its lending policy. The new policies outline that rental income from a residential property used for servicing cannot exceed 8% of the owners estimated value or contract of sale amount.  This means the CBA will only accept a maximum gross rental yield of 8% for servicing.  Additionally, a new rental income referral rule will apply for applications in categories 3, 4, and 5, where the rental income is more than 50% of the total income used or servicing. CBA spokesperson Steve Batten told Property Observer, “The rationale behind this change is that high rental yields in some areas of the country, particularly in mining towns, are not sustainable. While this only will impact a very small number of customers, we would like...
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  • doyla66
    doyla66 says #
    If JPM and Jamie Dimon have been hit hard by the US Govt over investor fraud, I wonder if JPM as a major Australian Bank sharehold
  • doyla66
    doyla66 says #
    Do not believe a word of CBA's propaganda. You can bet your bottom dollar that CBA will have something sneaky up their sleeve. CB
  • doyla66
    doyla66 says #
    I think they mean new loans. Are the Loan Service Calculators still set to silly estimates of asset growth? Denise is onto it - CB
  • doyla66
    doyla66 says #
    While this only will impact a small number of customers.... Who are they specifically??.. New or existing ones?? If existing on
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For too long, World Leaders have been pussy footing around Banksters.  Fraud is a crime in anyone's language!  Altering people's financial documents, after they have signed and without their knowledge or consent IS A FELONY.  The result of this global activity has left millions of families homeless.  Bankers deliberately targeted the poor and defenseless, pensioners, low income families, with one objective.....for the banks to steal homes.   Teaching millions of bank staff around the globe, to assist with the crime, explaining that banks are immune from prosecution, that its OK to tweak bank documents to "make the deal fit" is legal according to bank lawyers: THAT IS GRAND LARCENY Not one of the 180 plus members of IOSCO (the global corporate chiefs) found the evidence to piece this together.  NOT ONE!!!!  Our own Greg Medcraft is Chairman of this tin-pot outfit!  Check them out:  www.iosco.org    International Org of "Ww have...
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  • doyla66
    doyla66 says #
    Remember folks the G20 and the worlds media converge on Brisbane next year, a few large well placed placards and some ordinary Au
  • doyla66
    doyla66 says #
    I wish the rest of the world were taking this scamming and ripping off of consumers as seriously as we are! This is Grand Larceny
  • doyla66
    doyla66 says #
    I dare say that if us ordinary mums and dads tweaked our loan applications and filled the application with lies, inflating our inc
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Bankers created the loans that are now the thorn in the side of ASIC regulators.  Banks were the engineers of the Products (Lo Docs and FULL Docs)  that became the catalyst for widespread lending.  I had one banker saying to me this morning "the fraud and forgery are irrelevant!"  Really?  I am afraid our members do not see it that way.  ASIC is trying to mumble it had no laws with which to prosecute banks pre 2010.  That is false - hence the High Court and six other similar cases were won by consumers (albeit with funding) against THE BANKS>  The Brokers were irrelevant in the fraud and forgery as the fact remained according to Judges that the Banks had a duty to reject unaffordable loans.  They had that obligation under the Banking Code of Practice.  Non Bank Lenders who are not members of the code (but ASIC does not warn the public of that minor problem) must...
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  • doyla66
    doyla66 says #
    Thankyou, Denise. Blow them away with the truth of their own words. It's looking more like a conspiracy now. ASIC supervises and
  • doyla66
    doyla66 says #
    I dont care how many times ASIC try to fob the blame off on someone else apart from their Bankster Mates, its the Banks and no one
  • doyla66
    doyla66 says #
    Robert, go with BDM. It's ALL just one GIANT sham. In my case, 2 distinct "episodes" of bank-fraud took place. The 1st, a 'garden
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At last the secret of TOXIC Time Bomb Loans can be revealed.   Worldwide bad bank practice:   NO victim of Mortgage Fraud and Unaffordable Loans  received a copy of their Loan Application Form whether they were granted a FULL Doc or LOW Doc loan.  36% of loans in our recent sample are written by bank managers and NO Broker involved.  18% of all loans are TOXIC FULL DOCS. Every victims of this scandal should immediately phone their bank and demand a copy of the LOAN APPLCIATION FORM (11 pages not 3 pages) in all countries and nations affected by this Bankster driven fraud.  Our overseas callers are astounded when we ask the key question:  Do you have a copy of your LOAN APPLICATION FORM that you signed when you applied for the loan in question.  Australia is a good five years behind the GFC caused by toxicity in lending.  Yet, we are the...
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  • doyla66
    doyla66 says #
    Woohoo, Nanna! NAB were fools indeed from beginning to end. You've got the last laugh on them. Well done! Taking homes is pure vin
  • doyla66
    doyla66 says #
    The LAF is an integral part of the loan application scenario and must be signed by all applicants if the case is multiple applican
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