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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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Recent blog posts
NAB, ANZ under fire in BBSW case  27 June 2016 "We have already produced over 10 million documents so far," NAB barrister David Thomas told the judge.  "The other banks didn't have to provide it ... it travels beyond the issues in dispute [and] these are complex and difficult issues", he said.  In an affidavit of King & Wood Mallesons partner Alexander Morris on behalf of NAB, the bank further argue that providing addition documents will slow down the case.  "NAB produced over 10 million documents in response to ASIC in response to over 45 compulsory notices issued to it. Part of that production included complete email boxes for nominated traders and managers extending from 2008 to 2013 ...   ASIC want ANZ and CEO Shayne Elliott to be the test case for BBSW.    "The number of current and former NAB employees examined by ASIC was approximately 30 ... it...
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37 REASONS why Banks cannot be trusted and neither can PM Malcolm TURNBULL.  Why the ROYAL COMMISSION into Banks and Bankers is critical to the Australian people. Start JOINING THE DOTS Banking - Bill Shorten says: "TOO MANY PEOPLE GETTING HURT Banking - Mortgage Fraud $300 Billion Banking - Low Docs ramped up again targeting Pensioners Banking - Shares falling due to lack of confidence Banking - RBA criticises Banks two decades too late. Banking - APRA and ASIC ordering Banks to behave. Ha ha. Banking - Rate Rigging Scandals Banking - Financial Advice Scandals targeting retirees Banking - Valuation Scandals Banking - Mortgage Insurance Scandals Banking - Interest Only Loan Low Doc Scandals Banking - Asset Stripping Scandals _ (inc Farms and Farmers) Banking - Bankers controlling what Libs say and do. Banking - David Murray: a Hockey plan to deceive the PUBLIC Banking - Subject of over a dozen Parliamentary...
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  • douglen46
    douglen46 says #
    After losing our house to Low Doc scam we have no trust in the banking system or Mr Turnbull, these elitist bankers have no intere
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Dealing with a Financial Crisis under cover of Brexit Chaos 26 June 2016 http://wolfstreet.com/2016/06/26/ecb-spends-400-billion-on-brexit-black-friday-bank-bailout/ Remember TARP, the Troubled Asset Relief Program that the US Congress approved to bail out banks and other companies during the Financial Crisis? $700 billion were authorized, later reduced to $475 billion. The Treasury eventually dispersed $432 billion. I bring this up because the ECB bailed out the European banks with more than TARP, in just one day: on Brexit Black Friday.  The ECB saw what was happening to the shares of the largest banks on that propitious day. It saw a blooming financial crisis: Top UK Banks: HSBC, the apparent winner in this fiasco, perhaps because of its exposure to Asia, -1.4% Barclays: -17.7% Royal Bank of Scotland: -18.0% Lloyds Banking Group: -21.0% Top German Banks: Deutsche Bank: -15.9% to €13.25, down 59% from April last year, possibly on the way to zero. Commerzbank: -13.6%, to...
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From Dale McCahon   Only a Royal Commission will do and only the ALP will make this a reality. Please use your vote wisely it is your democratic right to get justice. As we saw today democracy is alive and well unfortunately it isn't in Australia. Well done the Pommys they defied the polls and voted against all the surveys and their results, they showed that people really do care about issues that will change their lives. We Aussies need to take a leaf from their book and really thoroughly assess if what we are being sold in election mode is for real. The Ecconomic future of our country is very much in the balance of one very important issue. Our greatest issue in this country are surely our health and our children's educational futures but the one thing that will affect every single Australian is using our democracy to demand...
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    douglen46 says #
    We will be voting for Bill Shorten as he is the only one willing to take on this banking disaster while Malcolm muddler says their
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BusinessDay Economic Survey: Cut negative gearing, not company tax, economists say The Age June 25, 2016 - 7:26AM Peter Martin Economics Editor   If Australia's top economists were deciding the election, they'd vote for Labor's cuts to negative gearing and against the Coalition's cuts to company tax. Of the 23 leading economists polled for the Scope BusinessDay Economic Survey, those that answered the questions about tax backed Labor's plan 10 to three and opposed the Coalition's plan 10 to six. The key objection to the Coalition's company tax cuts was that they would have to be funded, most likely from bracket creep, higher taxes, or cuts to government spending. Estimates of the ongoing cost range from $9 billion to $13 billion per year. "The money should come from reducing superannuation tax breaks, negative gearing tax breaks and other forms of upper class welfare," said BIS Shrapnel chief forecaster Richard Robinson. "On...
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Subprime lending returns to fill funding gap The Australian 12:00am June 25, 2016 Turi Condon   Rich-listers and wealthy private investors are setting up funds aimed at lending to foreign apartment buyers left stranded by the banks’ lending bans, in a move that will create a new tier of subprime lending. Property developer and high-wealth investor Kevin Seymour told The Weekend Australian he had looked at establishing a fund that would lend to foreign apartment buyers, but only on a first-mortgage basis. Daniel Farquhar, associate director of Mr Seymour’s private company Seymour Group, said: “We expect some high levels of angst among the developers going through their settlements with high ­exposure to foreign buyers. “We would only look at first-mortgage lending — for any form of property — where the risks are low.” The apartment market faces the perfect storm of a wave of new development, banks pulling back lending to...
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Brexit: Australia will be hit as world will become more fragmented, less safe, say experts Sydney Morning Herald June 24, 2016 - 5:11PM David Wroe   Defence and foreign affairs experts have reacted with dismay to the shock Brexit vote, warning it will lead to a more fragmented West and make the world a less secure place. Britain's exit from the European Union will distract the country from its usually reliable role as a security player for years to come, embolden Russia and possibly diminish Washington's "pivot" to Asia, with consequences for Australia's region, experts have said. It would sever one of Australia's natural connections with continental Europe and could lead to the further break up of the European Union while also prompting another independence push by Scotland, they said. "Brexit is a great setback for the security of the Western world," said Stephan Fruehling, an adviser on the government's recent...
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Federal election 2016: Pork by Coalition ‘unprecedented’ The Australian 12:00am June 25, 2016 David Uren   The Coalition is undertaking ­unprecedented “pork-barrelling” in an effort to shore up votes in its electorates and lure voters in marginal Labor seats. While the Coalition has ­avoided big spending promises such as Labor’s commitments to schools and hospitals, it is outspending Labor by more than four-to-one in individual electorates. The Coalition has promised to support 134 projects costing ­almost $2 billion across 68 federal electorates since the election campaign was called on May 8. The overwhelming majority of the funding has gone to Coalition-held seats, with 54 of its 90 seats winning local commitments totalling $1.6bn. Marginal electorates have received the most funding while frontbenchers, including Deputy Prime Minister Barnaby Joyce, ­Industry Minister Christopher Pyne, Health Minister Sussan Lee, Social Services Minister Christian Porter, Trade Minister Steve Ciobo and Assistant Treasurer Kelly O’Dwyer, have...
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APRA set to lift big bank capital requirements again Australian Financial Review Jun 24 2016 12:48 PM Christopher Joye   In grim news for equity investors chasing returns, NAB's senior credit analyst Simon Fletcher has concluded that "more capital [or less leverage] is coming" for the big banks in what will be an integrity test for the insular regulator. The new NAB report also argues that the Australian Prudential Regulation Authority (APRA) will implement the government's directive to minimise implicit taxpayer guarantees of the major banks by explicitly exposing their highest-ranking bonds to the risk of loss. The Reserve Bank of Australia suggests these guarantees furnish banks with funding subsidies worth up to $3.7 billion annually. "We expect the big four banks to operate with core common equity tier one (CET1) ratios of 10 per cent in the foreseeable future," Fletcher wrote in the June Credit Bulletin. This is directionally consistent...
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The election contest is coming to the crunch right now and I’m excited by what’s unfolding. You can tell that Bill and his team are right in the contest. Bill Shorten is campaigning on a great Labor plan for jobs, a great Labor plan for Medicare and a great Labor plan for my passion — better education in every school. We’re all doing everything we can to support Bill's campaign and I know you want to do your bit too. Can you donate $54 so we can keep pushing our message out in the last 5 days?   Bill’s not just campaigning magnificently, he’s showing he’s ready to govern. He’s putting people first because that’s the best approach for the nation’s future. And he is taking up the fight to Mr Turnbull and the Liberals. They are already cutting millions from every school and they will go much further if they get...
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NSW now officially a police state.........   Government regulation will terminate redundancy entitlements of public servants June 23, 2016 Anna Patty   http://www.smh.com.au/business/workplace-relations/government-regulation-will-terminate-redundancy-entitlements-of-public-servants-20160621-gpoc0z.html   Premier Mike Baird has introduced a regulation that terminates the redundancy entitlements of public servants who are transferred to the non-government sector.   NSW Labor has moved to block the regulation and unions have vowed to fight the plan they say will treat public servants "like serfs".   "Clearly, this regulation has been put through so the government can privatise public services and do it cheaply," Public Service Association general secretary Anne Gardiner said. "It's appalling that the biggest employer in the country would treat their workers like they are property and hand them over to the private sector without the employee having any say in the matter.   These people are public servants, not public serfs, and the government should be the gold standard for employers."...
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NZ Treasury warns on Auckland housing risks By Unconventional Economist in New Zealand Economy   at 1:01 pm on June 22, 2016 | 5 comments http://www.macrobusiness.com.au/2016/06/nz-treasury-warns-auckland-housing-risks/   By Leith van Onselen Following the RBNZ’s warning on Auckland housing last month, the New Zealand Treasury Secretary, Gabriel Makhlouf, has entered the fray in a speech delivered yesterday:   Infrastructure – in particular infrastructure investment – is another issue where Auckland is experiencing growing pains. There is no doubt that Auckland’s growth has created pressure on infrastructure. And it’s clear that the current system across planning, governance and funding is not optimising the delivery of infrastructure to enable this growth.   We all know that growth costs, and that we all face constraints…   The impact of high housing costs That brings me to arguably the biggest, most complex issue of all, housing. Let me say a few things up front. Auckland has...
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http:/www.abc.net.au/news/2016-06-22/extended-interview-with-brian-johnson/7534676 CLSA's banking analyst Brian Johnson, who was judged as the best analyst stockpicker for 2015 by Thompson Reuters Starmine speaks to Ticky....
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From Greg - Qld At last people are telling their Bank Horror stories:  'The issue of bank "vertical integration", which refers to them operating across a broad range of financial services including insurance and financial advice, would be investigated by a royal commission because Mr Shorten said he is concerned about the pressure on bank staff to cross-sell products.' It's unbelievable that one side of politics wants vertical integration outlawed while the other side is doing everything in its power to ensure there is no change. Vertical integration is inflating the wages of bank employees. Bank employees receive commissions for introducing potential customers to financial advisers who are working for the bank. My wife and I certainly did not expect a bank employee to introduce us to a financial adviser when we asked for nothing other than the best term deposit rate. Although the financial adviser was aware that we were...
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    douglen46 says #
    It just goes to show what lengths banks will go to they are making their employees do criminal acts just to make more money and Ma
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Maybe this should be carried out on Australian Bank CEO's who insist on Quotas being met for toxic lending?       http://www.abc.net.au/news/2016-06-21/outcry-after-chinese-bank-staff-publicly-spanked/7530964   Executives at a bank in China are in hot water after a video showing employees being spanked for poor performance was posted online. The employees from the city of Changzhi were taking part in a performance training session with more than 200 of their peers. Eight employees stand on a stage in the video, and are then asked by a man with a microphone why they ranked last in the day's training, People's Daily reported.   The man then struck each employee on the buttocks multiple times with a stick, as their co-workers watched on. One employee jumped out of the line after being struck twice in quick succession, and the man raised his voice at her when she tried to protect herself with her hands.   Local...
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Fitch says car loan delinquencies reach five-year high Australian Financial Review Jun 20 2016 11:45 PM Jonathan Shapiro   Late payments on vehicle loans have reached their highest level since 2010, triggering concerns that stresses among overextended car owners are beginning to build.   The delinquency rate is measured by credit rating agency Fitch and is based on about $12 billion of Australian auto loans that have been packaged and sold to investors in the form of asset-backed securities. While the percentage of loans overdue by more than 30 days appears low at 1.46 per cent, that is the highest level in more than five years, since Fitch began tracking the arrears via its Dinkum Index. The 29 basis point increase since the fourth quarter of 2015 is also above the historical average of 17 basis points, despite strong "economic fundamentals" prevailing during the period. Lender losses on auto loans tend...
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Corruption has become a free for all...$98 million in over payments to kickbacks   Former Commonwealth Bank IT exec changes plea in bribe case Keith Hunter pleads guilty; will be sentenced in December 17 June 2016 http://www.computerworld.com.au/article/601949/former-cba-it-exec-changes-plea-servicemesh-case/ Keith Hunter, a former IT executive at the Commonwealth Bank, has pleaded guilty in a case linked to allegations of accepting kickbacks in return for software contracts. Hunter and his co-accused, fellow former CBA IT exec Jon Waldron, were charged with accepting kickbacks in exchange for awarding contracts to US company ServiceMesh (now owned by CSC). NSW Police laid charges against the pair in early 2015.  The duo originally pleaded not guilty. However, Hunter has since changed his plea to guilty and he appeared in court this morning before Judge L Flannery for a sentencing date to be set. Hunter will appear again in Sydney District Court on 5 December for sentencing.  In addition...
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Anglo trial: The role of the regulators   9 June 2016 http://www.rte.ie/news/2016/0609/794431-anglo-ilp-financial-regulator-central-bank/   During the trial of four former executives of Anglo Irish Bank and Irish Life and Permanent for conspiracy to defraud, Judge Martin Nolan made a ruling about the admissibility of evidence relating to the Central Bank and the financial regulator.  The prosecution wanted matters relating to the regulator and the Central Bank excluded from the jury, saying they were irrelevant. During the legal argument on this issue, Denis Casey, the former chief executive of Irish Life and Permanent, gave evidence.  Judge Nolan said if pushed he would believe his evidence.  Casey said he had been brought in by the authorities in early 2008 and told IL&P’s borrowings were too high.  He said the “green jersey agenda” was mentioned at around this time - this was how Irish banks could help each other in their hour of need while...
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Banks feel the pressure on capital levels The Australian 12:00am June 20, 2016 Michael Bennet   A lull in the regulatory capital storm engulfing the major banks is set to end, refocusing attention on potential equity raisings as their surcharge for being a risk to the economy may be doubled and global rules are set in stone. Ahead of a range of regulatory headwinds in the second half of the year, National Australia Bank’s own credit analysts last week told clients the banking regulator would probably double the capital charge on domestic systemically important banks, known as D-SIBs, to 2 per cent. Analyst Simon Fletcher added the global push for so-called “total loss absorbing capital” (TLAC) on big banks could lead to the ¬creation of a new “tier three” debt class for the domestic major ¬lenders. “An increase to the D-SIB surcharge to 2 per cent (from the current 1 per...
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Must be Mad Monk Monday for Bankers   Bank capital strength understated: Fitch Australian Financial Review Jun 19 2016 3:57 PM Jonathan Shapiro   The strength of Australia's banks is being understated relative to their global peers because of the local regulator's tougher application of global banking rules, says  credit rating agency Fitch Ratings. In a brief report, Fitch said the Australian Prudential Regulation Authority's "conservative implementation" of the Basel capital framework meant the "extent of improvement" in banks capital ratios is understated. The ratings agency said that the main differences in comparing Australian banks to its global peers arises because APRA counts many factors, such as interest rate hedging, towards its "Pillar I charge", which determines minimal capital ratings, rather than a lower ranking Pillar II assessment.  Fitch also said that an increase in the minimum assumed loss from a mortgage default to 20 per cent in bank's internal models...
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Why breaking up the banks is 'not in the national interest' Australian Financial Review Jun 20 2016 12:15 AM David Murray   The idea that the major banks should be broken up should be considered in the context of the unique features of the Australian economy. It must be evaluated by reference to competition, prudential soundness and the national interest. With a small population and large land mass, Australia has been an importer of capital to fund development for all of its modern history. Our high relative wealth evidences the value of the use of foreign savings. But it is not without risks, as we found out in the depressions of the 1890s and 1930s. Funding risks in the GFC required the Commonwealth to guarantee the obligations of all banks. Funding of the Australian economy was the key differentiating feature of the Financial System Inquiry (FSI) completed in 2014. Earlier inquiries...
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Parental loans spike as house prices soar     http://www.brokernews.com.au/news/breaking-news/parental-loans-spike-as-house-prices-soar-218107.aspx   The Mortgage and Finance Brokers Association of Australia (MFAA) has reported a spike in parental loans through brokers as house prices continue to rise across the country.Parental guarantee loans now represent over 15% of loans written for some of its members, the MFAAhas reported. The association said it has witnessed a trend in requests for these types of loans over the past three years.Melissa Gielnik, a director of theMFAA and managing director of Smart Lending said the MFAAexpects this trend to continue.“The housing affordability issue gripping the nation for first home buyers is not improving. Many parents who have built up equity in their home are ideally placed to help their child or children move onto the housing ladder sooner,” she said. “In recent months the banking industry has announced significant changes to tighten lending policies for borrowers. There is no longer an...
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  • organza
    organza says #
    Wasn't it President Hoover who stated ‘Blessed are the young, for they shall inherit the national debt’?
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Firstmac up for sale in $500 million auction http://www.brokernews.com.au/news/breaking-news/firstmac-up-for-sale-in-500-million-auction-218111.aspx Non-bank lender Firstmac will be put under the hammer with Goldman Sachs hired to find a strategic investor or buyer for the company, it has been revealed. According to a report in theAustralian Financial Review (AFR), managing director and owner, Kim Cannon, is willing to consider selling a 30% to 40% stake in the business, or even the whole company.Goldman has approached potential buyers including banks, private equity firms and offshore strategic players the AFR has reported, ahead of a two-part auction.The non-bank lender has about $8 billion in mortgages under management and makes about $20 million in annual profit. The AFR estimates the business could be worth up to $500 million.According to reports, Cannon has been approached several times about selling Firstmac, which includes online lender loans.com.au, including interest from big Australian banks. Buyers expect Firstmac's auction to be up and running within a fortnight, the AFR has reported. First-round...
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NAB using Veda to track disloyal business customers going to rival banks   June 20, 2016 – 5:AM Esther Han http://www.smh.com.au/business/consumer-affairs/nab-using-veda-to-track-disloyal-business-customers-going-to-rival-banks-20160617-gplh6h.html   Why NAB chair Ken Henry is worried (video) Former Treasury Secretary Ken Henry says the banks are exposed to future GFCs, and the government needs to do its part.  Big-four bank NAB is being tipped off each time a business banking customer goes to a rival for a loan, sparking fears about privacy breaches and unfair competition.   For years Sarah* did her personal and business banking with NAB. But, in April, dissatisfied with the bank, she applied for a car loan with ANZ, which offered better rates. She was shocked when NAB emailed her saying its "smarter" systems alerted it to the fact she was "seeking or inquiring for finance elsewhere" and it could whip up "multiple quotes". "I felt violated," she said. "I felt there was an...
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Labor Campaign Launch: 'You Ain't Seen Nothing Yet,' Shorten Declares Labor defiant, confident as election campaign nears end. 19/06/2016 1:05 PM AEST | Updated 5 minutes ago   http://www.huffingtonpost.com.au/2016/06/18/labor-campaign-launch-you-ain-t-seen-nothing-yet-shorten-dec/?ncid=edlinkauhpmg00000004   As they attempted to kickstart a stalling campaign in which many pundits and pollsters are already calling for the Liberal government, Labor made their campaign launch about two words; choice, and understanding.  "This election is a battle of our generation for true believers," Bill Shorten said, flanked by benches of his shadow cabinet team.  "It's our time. Our chance to be more than a face in the crowd... In the end, the choice for Australians is simple."  Chris Bowen, aspiring treasurer, painted himself and his party as the compassionate managers of the nation's purse strings, in contrast to unpopular cuts overseen by the government.  "We understand," he repeated.  "Bill Shorten understands." It was a relatively intimate theatre setting in Penrith, deep...
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