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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 Westpac

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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  SENATE ECONOMICS REFERENCES COMMITTEE Inquiry into the post-GFC banking sector   QUESTIONS ON NOTICE http://www.aph.gov.au/Parliamentary_Business/Committees/Senate_Committees?url=economics_ctte/post_gfc_banking/submissions.htm Replies have been received from Bank West RBA Westpac Commonwealth Bank Treasury   Bankwest 10 August 2012   Question 1 (Hansard Ref: p. 57)   Senator WILLIAMS: Why has Bankwest registered the websites unhappybanking.com and unhappybanking.com.au?   The domain names in question were registered by Bankwest before the launch of the unhappybanking.net.au site. It is not unusual for an organisation to take steps to protect its brand through registering domain names that may have a likeness to the name or other aspects of the brand.       Question 2 (Hansard Ref: p. 64)   Senator WILLIAMS: You have given us the percentage of your customers who are impaired et cetera—a very good percentage. Do you know what percentage of your customers who were developers on the east coast became impaired?   Mr De Luca:...
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  • doyla66
    doyla66 says #
    Well, after reading those answers I doubt that this bank could ever be truthful. Re: the question regarding Geoff Shannon's unhapp
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Comment: Australian's put their lives and everything they value at risk everytime they deal with an Australian Bank or the Australian legal profession. Both are a disgrace "with notable execeptions". It is like Russian Roulette. The risks are too high, according to those whose eyes have been opened to the truth about Australian banking culture. Our politicians, once again, "with notable exceptions" should also be ashamed of themselves. Not only did they not want to listen, not want to act but they systematically attempted to gag our political representatives who wanted to raise such issues in parliament. Those who participated in this disgusting conduct are a total disgrace. We will name and shame them if this conduct EVER happens again in OUR Houses of Parliament. Stay away from the Australian Banking and Financial Sector until a committed and thorough investigation followed by a total overhaul of the regulatory systems and a...
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  • doyla66
    doyla66 says #
    "The legal professional has no such excuse, having seen the whites of the eyes of parties to unequal exchange."
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Posted by on in Bankers A Law Unto Themselves
Often when you tell people your story and plight with the banks or to the media- they comment - but you signed the papers. My next question to them is - so you think it is okay that fraud has been committed and that the Banks are profiting from it? Are you saying that the banks are above the law and should not be accountable to the rules set by the law of this country.  No matter which way you look at it - a crime has been commited and it needs to be investigated. Isn't that why we have laws for?  Crime is crime. No sugar coating of it or exceptions. When put that way to most people - they understand better and agree - if fraud has been committed - it needs to be investigated. So if you speak to the media - make sure you ask that question. Remain focused...
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  • doyla66
    doyla66 says #
    I am interested!
  • doyla66
    doyla66 says #
    Based on what I've read about the other political options this is probably a good time to kick off a new party. Who is the brillia
  • Denise
    Denise says #
    Hands up those who wish to be part of new party? We have a brilliant leader, an exciting name. I cannot be leader as it would de
  • doyla66
    doyla66 says #
    http://www.bfcsa.com.au/index.php/entry/bfcsa-demands-to-federal-government
  • doyla66
    doyla66 says #
    We should call for a Suspension of Normal Business in the House, and possibly a joint sitting to attend to the crime and corruptio
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Posted by on in BANKSTERS
  http://www.macrobusiness.com.au/2012/09/westpac-offshore-borrowing-to-risky/ "This is the first time that I have seen a major bank  take responsibility for Australian bank liability management. Since the GFC it has been ceaseless excuses about prudence, great regulation and most importantly, that the banks were blameless when global markets froze and they needed government guarantees. "This is a breakthrough in the public debate about banking.... "... any new Wallis Inquiry faces a tension between the needs of funding and stability, which are not sufficiently addressed by the vested interest campaign for a return to non-bank and mutual cowboy competition."   EDITOR:   CROWDED HOUSE:   Too much Competition in a Crowded Market Place  Creates Cheating!!!...
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  • doyla66
    doyla66 says #
    Deliberate without a doubt!!!
  • doyla66
    doyla66 says #
    The competition factor combined with the personalities involved does lead to cheating. For a de-regulated industry to function as
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Posted by on in BANKSTERS
  The Australian Financial Review recently mentioned Commonwealth Bank (which Nomura’s figures suggest might be most able to wear the dilution of a bid) as a possible contender for Stanchart. So why do we think there’s something to this? Read on..: http://www.macrobusiness.com.au/2012/08/cba-to-buy-standard-chartered/ The big 4 banks' home loan market maybe on the brink of a slowdown ... It's an opportunity for to expand beyond the home loan market ... Note: Fig 10 showing gross loans - geographic mix "You have to ask yourself what regulators would make of it, given they’ve said no big risks for Asian expansion are acceptable for Australian banks. Having said that, you can imagine the kind of pressure that would come to bear on APRA from all quarters if this deal became real. It would be enormous."    ...
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  • doyla66
    doyla66 says #
    If I were CBA or any of the Big 4 I'd be pulling in my horns and cleaning up my act - big time. There are going to be some signifi
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        I'm wondering how many of our political representatives, people in regulatory organisations, key personnel in industry representative groups and superannuation funds have invested in Residential Mortgage Backed Securities? Or banks?  How would most people know where their money was invested when they give it to a fund manager, MIS or superfund scheme?  It would stand to reason that people in powerful positions could be influenced by their investments and self-interest.  Is it possible that any of them received RMSB investments as 'gifts' from the banks? Is it possible that any of them have no idea, forgot to look or failed to declare their or their company's, family's, trust's investments in RMBS?   I understand there is a register of the assets and investments held by our parliamentarians. Does anyone know where to find it? Is this open for public viewing?  How does this essential area of transparency and...
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  • doyla66
    doyla66 says #
    I laughed quite a lot at that picture - it is simply terrific - says it all doesn't it
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  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...
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  • 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
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By Philip Soos  Tuesday, 21 August 2012 The level of sub-prime mortgages in Australia may be far in advance of what was previously assumed and provided for by banks. The story was broken on the ABC, and covered elsewhere. The revelations centred around two personalities: Kate Thompson and Denise Brailey. Kate Thompson was a licensed mortgage broker at Mortgage Miracles in Western Australia. A highly regarded and award-winning broker, Thompson disbursed a veritable torrent of credit from bank and non-banking lenders to clients wanting funds to buy property, making around $5 million a year from upfront and trailing commissions. She is now facing fraud charges for what amounts to predatory lending: providing credit to people with little to no expectation they will be able to repay the entirety of the loan. This fraud was achieved by fudging the income and assets of clients, making them appear much wealthier on paper than was...
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Posted by on in COURTS & LEGALS
  by: Andrew Burrell From: The Australian August 18, 2012 12:00AM   A GROUP of 20 banks, including Commonwealth Bank, National Australia Bank and Westpac, has been ordered to pay up to $3 billion after failing to overturn a landmark court ruling that they seized assets from Alan Bond's collapsing Bell Group in 1990. The West Australian Court of Appeal yesterday upheld a 2008 ruling that the banking syndicate must repay Bell Group creditors, in the latest chapter of Australia's most expensive and longest-running litigation. The appeal backfired on the financiers when two of the three Court of Appeal judges found the trial judge, Neville Owen, had under-calculated the amount the banks should hand over, finding he had used a "deflated multiplier" in assessing compound interest. Acting judges Malcolm Lee, Christopher Carr and Douglas Drummond, who all came out of retirement to hear the appeal, handed down their ruling after a...
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  • doyla66
    doyla66 says #
    I had to use the calculator to divide $3,000,000,000.00 by 20! It means each of the 20 will have to come up with $150,000,000.00 i
  • doyla66
    doyla66 says #
    Wonderful! lol - still laughing ... That would be the ethical BFO and Rothschild sponsored magician's hat with the green organic m
  • doyla66
    doyla66 says #
    The reality is that if they share that cost amongst them, you're right, it's a drop in the ocean. Being the kind of businesses tha
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  Still waiting to recover fire in the belly by: Peter Switzer From: The Australian August 18, 2012 12:00AM   Westpac chief economist Bill Evans says talk of interest rates rising may be spooking consumers. Source: Herald Sun   JUST when we thought we had an improving economy, consumers have failed to give the work of the Reserve Bank and the Gillard government the thumbs up. Ironically, the news of a 2.5 per cent fall in the Westpac consumer confidence index to a disappointing 96.6 in August coincides with a rise in the NAB business confidence index to 3.9 in July, from -2.9 in June. It is the first rise in business confidence in three months. The great entrepreneur and business builder Gerry Harvey is bewildered about how tough conditions are right now. The NAB business conditions index fell to -3.5 in July from -1.1 a month earlier, which would seem...
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Banker probed on loan to 98-year-old Front page headlines of Gold Coast Bulletin. http://www.goldcoast.com.au/article/2012/08/10/436432_gold-coast-news.html      ...
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  • doyla66
    doyla66 says #
    I am so glad that this case has come to the attention of the Senate Inquiry and that mother and daughter will get justice. To the
  • doyla66
    doyla66 says #
    What a wonderful result at this time! It puts a lie to anyone's idea that the Senate Inquiry doesn't have teeth I wonder what he
  • doyla66
    doyla66 says #
    Thanks Kevin for the weblink. Our voices are getting louder and louder! Keep on bloggin"
  • doyla66
    doyla66 says #
    Wel it is about time this poor dear pensioner was given her home as who in their right mind lends a 98 y.o pensioner (no disrespec
  • doyla66
    doyla66 says #
    Innocent until proven guilty but not looking too good is it Westpac? No doubt you'll enjoy serving up this broker as your sacrific
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Congratulations everyone!  I'll check my letter box tomorrow for a 'thank you' card from the banks.   http://www.smh.com.au/business/australias-bigbanks-bonanza-20120624-20wg2.html Bit of Trivia:  Westpac's annual report, released in November 2011, shows Ms Gail Kelly - CEO, was paid $3,100,000 cash for the year September 30, 2011.  The new home she recently purchased cost $9,000,000.  I wonder if that loan was securitised or if she had to pay Mortgage Insurance?  I punched Ms Kelly's numbers into their 'How MUch Can I Borrow' calculator:  With annual expenses of $250,000 (My guess), she can borrow $22M+ with monthly repayments of around $150k.  Thank goodness I'm not a mushroom any longer!  ...
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  • doyla66
    doyla66 says #
    I'll be expecting a bunches of roses and multiple letters of thanks for my contribution to the Commonwealth of Bankerdom! I wonde
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