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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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 Members sent in 400 letters and evidence of fraud to CORRUPT ASIC re 2012 Mortgage Fraud.

    Posted by Denise - 0 Comments
    BFCSA Members sent in 400 letters and evidence of fraud to CORRUPT ASIC re 2012 Mortgage Fraud.  ASIC told Parliament in evidence: NO SYSTEMIC issues in banking and mortgages.................................................. BFCSA Members AGREE that ASIC cannot be trusted to handle consumer complaints.  Collectively we have amassed mountains of evidence of the corruption if ASIC, sustained over 8 - 10 years.  ASIC protected the Bankers and demonised Consumers and Borrowers.  I personally had over 30 meetings with ASIC executives for over 19 years.  The Commissioners have been fully briefed.  ASIC should have been asking BFCSA/RECA discover the Australian Bankers Control Fraud and Mortgage Fraud.   BREAKING NEWS.....TODAY! ASIC have told the Senate committee on Wednesday that it's finally decided to 'look into' mortgage fraud and see for themsleves "how wide spread it really is!!!"  This is despite ASIC's blatant lies to the Senate, time and again: "we can see no evidence of systemic issues!" CORRUPT ASIC have sat on a mass...
    Jun 02 Tags: Array
  • FBAA defends commission model to Senate inquiry

    Posted by organza - 0 Comments
    FBAA defends commission model to Senate inquiry   1 May 2017   Annie Kane   https://www.theadviser.com.au/breaking-news/36012-flat-fee-model-could-lead-to-poor-consumer-outcomes-fbaa   The industry association has defended the current broker commission model to the Senate economics references committee and warned that switching to a flat fee model could lead to “extremely poor consumer outcomes”.   At a public hearing in Sydney last week, the executive director of the Finance Brokers Association of Australia (FBAA), Peter White, was questioned on the Australian Securities & Investments Commission (ASIC) report into remuneration and whether there were any poor consumer outcomes happening in the broker sector.   Touching on the ASIC recommendation that lenders “change their standard commission arrangements so that brokers are not incentivised purely on the size of the loan”, the senate questioned whether fees for service, rather than commissions, would be a suitable alternative.  However, Mr White told the senators that this would not be in the best interest of the...
    May 01 Tags: Array
  • Record numbers under mortgage stress

    Posted by organza - 0 Comments
    Record numbers under mortgage stress   1 May 2017 Duncan Hughes http://www.afr.com/personal-finance/record-numbers-under-mortgage-stress-20170501-gvw2vt Record numbers of Australian households face mortgage stress as large loans and rising interest rates start to bite, according to detailed analysis of lending, repayments and household incomes. Affluent suburban postcodes feature among an estimated 1000 households a week expected to face mortgage default over the next 12 months, the analysis reveals. "Debt stress momentum is unprecedented," according to Martin North, principal of research firm Digital Finance Analytics, who has been doing the survey for more than 15 years.  "This is not just about mortgage battlers. It is also hitting the households with bigger incomes and more leverage. It is worrisome," Mr North said. Numbers of borrowers in severe distress has increased by about one-third to about 32,000 in the past 12 months, he said.  Concern that 767,000 households – or one-in-four across the nation – are facing financial distress...
    May 01 Tags: Array
  • ASIC admits product manufacturers try to shift blame

    Posted by organza - 0 Comments
    ASIC admits product manufacturers try to shift blame   1 May 2017   Mike Taylor   http://www.moneymanagement.com.au/news/financial-planning/asic-admits-product-manufacturers-try-shift-blame   The Australian Securities and Investments Commission (ASIC) has acknowledged that product manufacturers have too often blamed distributors such as financial planners when product failures have occurred.   ASIC deputy chairman, Peter Kell has told the Senate Economics Committee inquiry into consumer protection in the banking, insurance and financial sector that such instances have occurred over many years.   Explaining why ASIC was pursuing a product intervention power, Kell said there had been an unwillingness on the part of product manufacturers to take responsibility.   Related News:   ·         Investment leaders need to transform their business   ·         Average 3.8 days for approval to go off APL   “… one of the problems we have typically encountered over many years in this sector is that if something goes wrong you often have the product...
    May 01 Tags: Array
  • 300,000 Victorian households struggling to meet repayments

    Posted by organza - 0 Comments
    300,000 Victorian households struggling to meet repayments Michael Mata 28 April 2017 http://www.yourmortgage.com.au/article/300000-victorian-households-struggling-to-meet-repayments-235555.aspx   Hundreds of thousands of Victorian households are under mortgage stress, and many more would be pushed to the brink of defaulting on their loans if banks continue to hike their interest rates, warns consulting firm Digital Finance Analytics (DFA).  Some 300,000 Victorian homeowners are struggling to meet their mortgage repayments – a figure that would nearly double if interest rates were to rise by 2%. As the Turnbull government scrambles to tackle the housing affordability crisis in the upcoming May budget, economists warn that rising interest rates would hurt those who’re barely holding onto the property ladder.  Modelling produced by the DFA shows that property-owning, working-class families in Narre Warren, Craigieburn, Endeavour Hills, and Berwick are facing the most acute mortgage stress. Even a mere 0.5% interest-rate rise would put an additional 50,000 owner-occupiers and investors...
    May 01 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    http://wolfstreet.com/2017/02/07/what-would-it-cost-a-country-to-leave-the-euro-thats-what-everyone-suddenly-wants-to-know/   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 http://www.telegraph.co.uk/money/consumer-affairs/hope-for-bank-fraud-victims-we-were-robbed-of-47000--but-the-omb/   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   https://www.washingtonpost.com/news/wonk/wp/2013/09/12/this-is-a-complete-list-of-wall-street-ceos-prosecuted-for-their-role-in-the-financial-crisis/   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 https://peopleriskmanagement.com/2015/02/16/does-the-sp-settlement-change-everything/ 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   https://www.rt.com/usa/362564-wells-fargo-ceo-john-stumpf-resigns/   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: Derivatives are still unregulated yet played BIG part in the 1987 stockmarket crash! 1994 global warnings IGNORED

    Posted by Denise - 0 Comments
    I cannot believe derivatives are still unregulated when they played such a big part in the 1987 stockmarket crash! "Responsibilities for these fall on the Banks' Boards."   The risk that won't go away ...Like alligators in a swamp, derivatives lurk in the global economy. Even the CEOs of companies that use them, don't understand them. By Carol J. Loomis (Fortune magazine) -- This story originally ran on March 7, 1994   ... They are ''off balance-sheet'' instruments whose mere existence, leaving aside their complexities, obscures what's going on at the store.  ....... ....Concocted in unstoppable variation by rocket scientists who rattle on about delta, gamma, rho, theta, and vega, they make total hash out of existing accounting rules and even laws. ........Tellingly, the laws of many countries have considered some derivative contracts to be gambling bets,..... ..........regulators have circled derivatives uneasily, not sure of what to do about them, except to worry. .......In...
    Dec 11 Tags: Array
  • BFCSA: The Clayton’s Banking Royal Commission - Evan Jones

    Posted by Denise - 0 Comments
    No holds barred here........   The Clayton’s Banking Royal Commission Evan Jones 9 December 2017 https://independentaustralia.net/politics/politics-display/the-claytons-banking-royal-commission,11011 When it comes to Turnbull's reluctant Banking Royal Commission, the fix is in, writes banking corruption investigator Dr Evan Jones. You couldn’t make it up. It’s the Royal Commission follies. And this is just early days. Those fronting for the banks, the Liberal Party front bench to the fore, have been denying the necessity for a banking Royal Commission for yonks. Overnight, the Big Four decide to OK a Royal Commission, so we are going to have a Royal Commission. On the banks’ terms. Brilliant! The much desired Royal Commission is decapitated from the start. Check out Turnbull’s draft Terms of Reference. The first paragraph is a giveaway: 'Australian has one of the strongest and most stable banking, superannuation and financial services industries in the world, performing a critical role in underpinning the Australian economy....
    Dec 11 Tags: Array
  • BFCSA: Regulators ask lenders to reveal how lending crackdown has impacted new business; ITS A JOKE, Right?

    Posted by Denise - 0 Comments
    Regulators ask lenders to reveal how lending crackdown has impacted new business Australian Financial Review Dec 10 2017 7:40 PM Duncan Hughes   Lenders are being quizzed by the nation's financial regulators about the impact of recent rule changes on their credit policies, lending volumes, marketing strategies, distribution and communication with mortgage brokers and clients. In addition to seeking internal information about credit changes regulators are also requesting external communications with lenders and mortgage brokers through emails, websites, call centre scripts and press releases. It comes as another big four bank, National Australia Bank, prepares to tighten its credit policies by updating borrowers' living expenses used in assessing customers' serviceability. APRA and ASIC are taking the deep dive into lenders' data following the so-called "macro-prudential" changes intended to slow borrowing, particularly by investors, and ease pressure on property prices. The regulators have sent detailed questions to lenders seeking responses to how...
    Dec 10 Tags: Array
  • BFCSA: Australia’s dodgiest CEOs whine about “trust deficit”: Shameless, out-of-touch and delusional. NAREV et al BANKERS THE WORST

    Posted by Denise - 0 Comments
    Australia’s dodgiest CEOs whine about “trust deficit” CBA IS THE WORST BANK in terms of understanding trust and confidence of consumers.  Just ask any of the CBA Mortgage Victims.  They are the largest bank and have from the evidence, the smelliest mortgage fraud loans in Australia.  Narev on the evidence of “dumb responses”, has been the worst CEO ever!!  Ho Ho Ho Ian, Consumers are gearing up for the New Year.  You could run away long before July?  The CBA Board better not recommend the RBS boss as the successor!     By Houses and Holes in Australian Economy at 10:20 am on December 8, 2017 | 2 comments https://www.macrobusiness.com.au/2017/12/australias-dodgiest-ceos-whine-trust-deficit/ Shameless, out-of-touch and delusional: “Many Australians believe neither government nor big business are listening to them,” Origin Energy chief executive Frank Calabria told the annual survey of 52 top chief executives compiled by The Australian Financial Review’s Chanticleer columnists. …Outgoing Commonwealth Bank...
    Dec 08 Tags: Array
  • BFCSA: APRA must reach for the lash: Banks taking on too much RISKY BUSINESS

    Posted by Denise - 0 Comments
    APRA must reach for the lash By Deep T. in Miscellaneous at 10:42 am on August 3, 2011 | 29 comments https://www.macrobusiness.com.au/2011/08/apra-must-reach-for-the-lash/   This morning the Unconventional Economist posted an excellent article which points out that both credit rating agencies and our ADI regulator, APRA, are concerned about Australian banks’ lending practices for residential mortgages. In short, in the banks’ drive for both mortgage market share and to keep the credit machine churning there is concern that banks are or may be taking on too much risk.   For this commentator, the actions of APRA and even the credit rating agencies are extraordinary. Never, in the history of the Australian financial system since deregulation has the public and private regulators warned the industry as a whole about lending standards on a single asset class ie residential mortgages.But what I find equally extraordinary about these public stick raising exercises, is that nothing...
    Dec 08 Tags: Array
  • Show all entries from ROYAL COMMISSION URGENT

Recent posts from this category

  • 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
    Homeless
    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