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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From My Window

These are blogs which are not specific to any other categories

Subcategories from this category: Time to Relax, COURTS & LEGALS

Recent posts from this category

  • BFCSA: Retail funds dominate in 50 worst-performing super investments Anthony Klan

    Posted by Denise - 0 Comments
    Retail funds dominate in 50 worst-performing super investments The Australian 12:00am January 19, 2019 Anthony Klan   EXCLUSIVE  Every one of the 50 worst-performing balanced superannuation investments over seven years has been operated by retail funds such as ANZ, Westpac and IOOF, with just one product offered by the for-profit sector making it onto the list of the top 135 performers. In revelations that categorically bring to an end the fierce three-decade dispute between retail and industry funds over which is superior, secretive and highly detailed industry data obtained by The Weekend Australian shows that regardless of the investment timeframe or level of risk involved, retail funds are unquestionably consistently at the bottom and industry funds are consistently at the top. Despite every worker being forced to divert a portion of every pay packet into compulsory super since it was introduced in 1992 — and the key choice most people face...
    Jan 19 Tags: Array
  • BFCSA: 7.30 Report’s “House of Cards” (Part 2) does the credit crackdown

    Posted by Denise - 0 Comments
    7.30 Report’s “House of Cards” (Part 2) does the credit crackdown Macro Business11:15 am on December 12, 2018 Leith van Onselen ABC 7.30 Report last night aired the second of a three part special on Australia’s budding housing bust, which is well worth watching. The episode focussed on how the credit crackdown is putting heat on buyers and developers. The episode first features several quotes about systemic mortgage fraud and loose lending: MS ROWENA ORR, QC, SENIOR COUNSEL ASSISTING: Multiple bank employees across multiple branches in the Greater Western Sydney area were accepting false documents in support of loan applications. ANTHONY WALDRON, NATIONAL AUSTRALIA BANK LIMITED: People did step outside their responsible lending guidelines. ROWENA ORR: There were unsuitable loans. There was false documentation. KAREN COX, FINANCIAL RIGHTS LEGAL CENTRE: Just really inappropriate lending. We don’t resile from anything that the royal commission has identified… It then featured a short discussion...
    Dec 14 Tags: Array
  • BFCSA: Beware Shadow banks grab market share with big borrowing savings for property buyers

    Posted by Denise - 0 Comments
    Shadow banks grab market share with big borrowing savings for property buyers Australian Financial Review 12 Dec 2018 3:19 PM Duncan Hughes   Shadow banks are grabbing property market share from the majors with rates nearly 80 basis points cheaper and faster loan approval, analysis of rates and conditions shows. The banks, which are not authorised as deposit-taking institutions, are growing at 2½ times than their rivals but still account for only 9.5 per cent of the mortgage market, according to analysis. The regulation-light sector has avoided most of the consumer fall-out from the banking royal commission and restrictions imposed on the majors by prudential regulators, such as caps on lending and pressure to intensify scrutiny of borrowers' income and spending. They have also shown a greater risk appetite by continuing to target low-documentation borrowers, who are typically self-employed or small business owners that do not have access to pay slip...
    Dec 14 Tags: Array
  • BFCSA: NAB chief tells inquiry banks started ‘drifting’ from customers 20 years ago

    Posted by Denise - 0 Comments
    NAB chief tells inquiry banks started ‘drifting’ from customers 20 years ago Andrew Thorburn says he is ashamed of how National Australia Bank has behaved in recent years The National Australia Bank chief executive, Andrew Thorburn, has conceded that problems began seeping into the country’s banking industry two decades ago. He says that when he entered banking 30 years ago, he was taught that banks existed to serve customers, but the industry started to “drift” in the late 1990s and he was ashamed of how NAB had behaved in recent years. It means two-thirds of his banking career has been spent in an industry drifting away from customers. “When I started in banking, it was serving customers, [that] was what was drilled into us [about] why we existed,” Thorburn said on Friday.  It is greed that has led Australian banks to steal from dead people Richard Denniss     Read...
    Oct 23 Tags: Array
  • BFCSA: CBA mulled warning dead customers about fees in product disclosure statement

    Posted by Denise - 0 Comments
    CBA mulled warning dead customers about fees in product disclosure statement Australian Financial Review Aug 15 2018 4:14 PM James Frost   The Commonwealth Bank's superannuation trustee, Avanteos Investments Limited, considered covering its tracks over the charging of dead people for financial advice by updating its product disclosure statement (PDS), the Hayne royal commission heard. Counsel assisting Michael Hodge, QC, was questioning Colonial First State's executive general manager Linda Elkins about a range of conflicts within the bank's superannuation trustee business, including the charging of dead customers for financial advice. Ms Elkins explained that following revelations that the bank's financial advisers had been charging dead customers for financial advice back in April, a review of the bank's superannuation arm took place which revealed it was charging dead superannuation customers as far back as 2015. Ms Elkins said that in a review conducted this year, it was found that a way to...
    Aug 17 Tags: Array
  • Show all entries from From My Window

Recent posts from this category

  • BFCSA: What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know

    Posted by Denise - 0 Comments
    You wouldn’t want to have your money tied up in Australian bank's   shonky hydrid bonds!    No wonder it’s back to re-financing and securitisation!    What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know by Wolf Richter • Feb 7, 2017   It’s the closest the Eurozone has come to falling apart. Marine Le Pen, the leader of the National Front, will get enough votes in April during the first round of the French presidential election but will be defeated in the second-round runoff in May, according to the polls. So at least hopes the French political class, and by extension the European establishment. They’re hoping Le Pen would be defeated because she is campaigning on taking France out of the euro (after holding a referendum) and re-denominating the entire €2.4 trillion pile of French government debt into new franc....
    Feb 09 Tags: Array
  • BFCSA: UK Bank fraud victims - Banks pick and choose which victims to compensate via FOS

    Posted by Denise - 0 Comments
    Sound familiar In Australia?  Doesn’t take much to know why our banks now all have internal customer advocates to control what suits them to investigate internally and what suits them to be investigated by the FOS!   Hope for bank fraud victims: 'We were robbed of £47,000 – but the ombudsman took our side' 3 September 2016   In what could be a breakthrough ruling for victims of banking fraud, the financial ombudsman is to order a high street bank to repay an elderly couple who lost tens of thousands of pounds in a conveyancing scam. The ombudsman, which settles disputes between customers and financial services firms, will tell Lloyds Bank to repay £47,508 plus interest to Donald Kelly, a retired professor, and his wife, Patricia. Its decision was based on what Lloyds knew about the fraudsters. Banks are supposed to check the credentials of all customers when they open an...
    Dec 05 Tags: Array
  • BFCSA: Complete list of Wall Street CEOs prosecuted for their role in the financial crisis

    Posted by Denise - 0 Comments
    Bad business decisions are not a criminal offence but selling stolen goods off the back of a truck is...i.e. the real crime is securitisation...   This is a complete list of Wall Street CEOs prosecuted for their role in the financial crisis   By Neil Irwin Wonkblog September 12, 2013   Five years after Lehman fell, taking the global economy along with it, a roll call of Wall Street CEOs serving time for their role in the crisis looks something like this: Thanks, Dangerz0ne.   So, yeah. Zero Wall Street CEOs are in jail. But we did promise you a list:   1. No one. 2. LOL. 3. Wall Street's lawyers are amazing. 4. Etc. Etc. It's not that federal government tried to prosecute a bunch of them but lost the cases. There were no serious efforts at criminal prosecutions at all. Which isn't to say nobody is in jail....
    Nov 22 Tags: Array
  • BFCSA: Standards and Poor admit: pursuit of profits to bias its ratings. People Risk ignored

    Posted by Denise - 0 Comments
    Does the S&P Settlement change EVERYTHING? 16 February 2015 The S& P saga rumbles on. Having been hammered by the US Securities and Exchange Commission (SEC) in January [1], S&P has received a knock-out blow, and a $1.375 billion fine, from the US Department of Justice and 20 State governments [2]. And in what might the first of many private actions, S&P also reached a separate $125 million settlement with the huge pension fund California Public Employees’ Retirement System (CALPERS) [3]. What has received little publicity, however, are the implications of the S&P settlement with regard to Corporate Governance, in general, and Codes of Conduct in particular. In justifying the huge fine, the Justice Department said that “as part of the resolution, S&P admitted facts demonstrating that it misrepresented itself to investors and the public, allowing the pursuit of profits to bias its ratings”. In the many fines against banks,...
    Oct 31 Tags: Array
  • BFCSA: Wells Fargo CEO resigns amid "a “criminal enterprise” while dodging any accountability.

    Posted by organza - 0 Comments
    Wells Fargo CEO resigns, bank president succeeds   Published time: 12 Oct, 2016 21:59 Edited time: 12 Oct, 2016 22:06   Chairman and CEO of Wells Fargo & Co. John Stumpf has retired under pressure amid a scandal involving fraudulent sales tactics. Some two million accounts were created without customers’ permission. President and COO Timothy J. Sloan will replace him.   Stumpf stepped down from both of his leadership posts Wednesday, the Wall Street Journal reported, citing a person close to the situation.   Wells Fargo, which until recently had been the most valuable big bank in the US for years, settled a lawsuit with regulators and a city official last month for $185 million.   To meet sales quotas, the bank created accounts for unwitting customers, some of whom paid fines and fees on them. It is estimated that millions of customers were impacted. More than 5,000 Wells...
    Oct 13 Tags: Array
  • Show all entries from BANKSTERS

Recent posts from this category

  • BFCSA: PALADIN SCANDAL $423 million taxpayer $$$s. Dutton happy for Beach Shack Coy

    Posted by Denise - 0 Comments
    Paladin cut deal with family of PNG powerbroker Australian Financial Review Feb 17, 2019 11.00pm Angus Grigg, Jonathan Shapiro, Lisa Murray   EXCLUSIVE  The family of one of PNG's most powerful politicians is directly benefiting from Paladin's $423 million worth of security contracts on Manus Island, awarded by the federal government in a closed tender. Documents released under Freedom of Information show in January last year Paladin Solutions PNG entered into an agreement with Peren Investment, a company controlled by the brothers of PNG's parliamentary speaker, Job Pomat. Mr Pomat is the local member for Manus, a key ally of Prime Minister Peter O'Neill and deputy leader of the ruling People's National Congress. His family are among those who claim traditional ownership of the land where the refugees are being housed. The agreement, for local employment and the provision of other services, came just a month after landowners blockaded the refugee...
    Feb 18 Tags: Array
  • BFCSA: 'Deep-rooted problems': PwC, KPMG, EY, Deloitte face 'serious' audit market review

    Posted by Denise - 0 Comments
    'Deep-rooted problems': PwC, KPMG, EY, Deloitte face 'serious' audit market review Australian Financial ReviewFeb 17, 2019 11.00pm Edmund Tadros   The audit work of the big four consulting firms PwC, KPMG, EY and Deloitte faces renewed scrutiny after a parliamentary committee expressed "ongoing concern" about the "deep-rooted problems in the audit market" and flagged a "serious review". The joint committee on corporations and financial services wrote that it has been "concerned for some years about audit quality" and asked the Australian Securities and Investments Commission to develop a new way to measure audit quality that produced results that are comparable over time. The committee, in an oversight report published late Friday, also concluded there should be a "serious review" of the audit market that explored issues such as the "market dominance and conflicts of interest arising from the range of other activities also conducted" by the consulting arms of the big...
    Feb 18 Tags: Array
  • BFCSA: Apartments casting a shadow over the Australian economy

    Posted by Denise - 0 Comments
    Apartments casting a shadow over the Australian economy The Australian 7:16am February 18, 2019 Alan Kohler   According to the ABS there are 225,221 apartments under construction in Australia, or at least there were last September, which is the most recent data available. Going by the building approvals data it looks the average value of those dwellings is around $400,000, which sounds about right, so there is a bit less than $100 billion worth of apartments in total being built. More than half of them — 135,000 — are in Sydney and Melbourne. Most, if not all of them, were sold off the plan. Not many developers can afford to fund a block of apartments on spec, and financiers want deposits to have been paid before lending the money. Deposits are typically 10 per cent. Sydney dwelling prices, on average, have now fallen 11.1 per cent; some places more, some less....
    Feb 18 Tags: Array
  • BFCSA: Interest-only loans worth $230 billion 'trap' 650,000, warns Morgan Stanley

    Posted by Denise - 0 Comments
    Interest-only loans worth $230 billion 'trap' 650,000, warns Morgan Stanley Australian Financial Review Feb 15, 2019 6.00pm Duncan Hughes   About 650,000 borrowers with loans totalling around $230 billion are 'trapped' in their interest-only loans and could struggle to refinance, forcing many to sell into already deteriorating property markets, according to investment bank Morgan Stanley. Borrowers will need to extend the interest-only period, switch to a principal and interest loan or find a buyer for their property as their low rate terms expire, warns the analysis, which was done in conjunction with AlphaWise, a customised researcher for hedge funds and finance companies. "Almost half of interest-only borrowers are 'trapped'," the analysis warns. "These households appear high risk on a variety of metrics, and we expect added selling pressure on the housing market when their interest-only periods expire in the next two years." The warning came as ratings agency Standard & Poors...
    Feb 18 Tags: Array
  • BFCSA: S&P says housing biggest risk for banks as Fitch downgrades NAB

    Posted by Denise - 0 Comments
    S&P says housing biggest risk for banks as Fitch downgrades NAB Australian Financial Review Feb 15, 2019 4.45pm James Eyers   The main risk facing banks is the housing downturn and not the banking royal commission, which will make lenders cautious but have no lasting impact on reputations or funding costs, credit experts say. "We see a scenario where the rapid unwind [of housing] is the most plausible scenario for what can go wrong for banks in Australia," S&P's director of financial institutions ratings, Sharad Jain, said. "We think house prices will continue to slide down, which is partly about momentum, and partly a realisation as it gets played out in media repeatedly that house prices are overvalued and in a correction phase. "But at the same time, we think that the risk of a harsh correction ... remains relatively low even though it is elevated by historical standards." S&P Global...
    Feb 18 Tags: Array
  • Show all entries from ROYAL COMMISSION URGENT

Recent posts from this category


    Posted by Denise - 0 Comments
    I hope you managed to purchase a copy of this very important magazine article. A five page feature on MORTGAGE FRAUD.  Bank Rolled AUSTRALIAN MAGAZINE Greg Bearup & Anthony Klan Saturday 30/6/2018 The most FAQ:  HAVE YOU EVER WONDERED HOW and WHY HAYNE WAS PREVENTED FROM CALLING DENISE BRAILEY TO THE STAND?  Given my extensive background into the Mortgage Fraud complaints during the past 18 years people ask why I have not been called to the Royal Commission which started with my pleading to Tony Abbott to call a RC in 2013.  Instead we were given a "Hockey Roots and Branch Fiasco" run by the head of the CARTEL David Murray who ha zero integrity in taking that position. In March 2016, I wrote 8 page letter on why consumers are desperate for a Royal Commission. Unlike Abbott, Shorten responded immediately.  His 2IC called me on a Sunday night (2nd April) and...
    Jul 02 Tags: Array
  • BFCSA: A little laugh for all whistleblowers

    Posted by doyla66 - 0 Comments
    YES FOLKS  Its illegal to expose the things that public servants and their puppet masters have been illegally engaging in.  If you are a public servant whistleblower and you try and expose your Mindless Masters for corruption and illegal activity, you will be the one hanged...................Should we bring back the STOCKS in Martin Place?  No not the ASX stocks..........................old fashioned naming and shaming in public square!...
    Dec 14 Tags: Array
  • BFCSA: Cartoon - Suspend Bank Licenses

    Posted by Denise - 4 Comments
    Suspend Bank Licenses
    If the Australian public's demands for a Royal Commission into the Australian banking sector are going to be ignored, the power to demand the truth will be felt at the coming election.   As the old saying goes, give them enough rope.... ...
    Mar 11 Tags: Array
  • BFCSA: Homeless People or Peopleless Homes?

    Posted by Denise - 3 Comments
    Is this really what we want to see across Australia? Royal Commission into the Australian Banking sector, with broad terms of reference!  
    Mar 08 Tags: Array
  • BFCSA: Cartoon #1

    Posted by Denise - 1 Comment
    3 Wise Monkeys
    We now have a resident cartoonist and will be sharing cartoons with you on a regular basis.  We all need a good LAF from time to time. "3 Wise Monkey" ...
    Mar 07 Tags: Array
  • Show all entries from PROPERTY MARKETS

Recent posts from this category

  • BFCSA; Brokers cry fowl after being caught out by PETTY CASH scammer.

    Posted by doyla66 - 5 Comments
    Dear members For once the shoe is on the other foot, in the online magazine 'The Advisor" ( just google it) brokers and advisors are whinging and bleating poor me after being caught out by a former financial industry person turned scammer. When I first started reading the article I assumed it must of  been large sums of money but no it sums of a thousand dollars or less. These poor souls are calling on everyone from ASIC to the police to act to bring this known fraudster to account, they are victims of fraud and want the courts to act. Well, well welcome to our world and we aren't talking little piddling amounts of less than a thousand dollars, we're talking in excess of a million dollars in some cases. The irony of this story is a lot of these people are the very people we trusted and yet they...
    Sep 27 Tags: Array
  • Show all entries from BROKERS & PLANNERS