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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Australian bubble fears trigger mortgage rules JACOB GREBER AND CLANCY YEATES http://www.stuff.co.nz/business/world/10088594/Aus-bubble-fears-trigger-mortgage-rules Last updated 10:59 27/05/2014 The Australian bank regulator has intensified its crackdown on risky lending, pushing back against a potential property bubble and increasing the Reserve Bank of Australia's capacity to keep interest rates at a record low. Concerned fierce competition for customers is driving down lending standards, the Australian Prudential Regulation Authority (APRA) on Monday issued tough guidelines on how it expects banks to monitor and manage mortgage risks. This includes making banks consider geographic concentrations of risky loans; limits on loans relative to incomes; stress-testing borrowers; and avoiding giving managers financial incentives to make more loans. Analysts said the draft guidelines, which fall just short of the "macro-prudential" rules adopted by regulators in New Zealand and Canada, mean the pace of growth in the mortgage market and house prices may have peaked. RP Data reported on Monday...
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http://www.theguardian.com/business/2014/may/30/bnp-paribas-faces-10bn-fine-us-sanctions-investigation Friday 30 May 2014 BNP Paribas faces fine of more than $10bn in US sanctions investigation US justice department pushing France's biggest bank to plead guilty to charges it violated US sanctions against Iran. France's biggest bank, is reported to be facing a fine of more than $10bn (£6bn) to settle allegations that it violated US sanctions against Iran and other countries. The US justice department is pushing the bank to plead guilty to the charges and pay one of the biggest penalties ever imposed on a bank, according to the Wall Street Journal. A deal between the bank and the authorities is still weeks away and the final penalty could yet come in lower than $10bn. The Journal said BNP was seeking to pay less than $8bn, though a person familiar with the bank said its negotiators had not proposed that figure to the justice department.   The US...
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http://www.abc.net.au/4corners/stories/s72783.htm Australian Broadcasting Corporation FOUR CORNERS Investigative journalism at its very best TV PROGRAM TRANSCRIPT LOCATION: abc.net.au > Four Corners > Archives URL: http://www.abc.net.au/4corners/stories/s72783.htm Broadcast: 10/03/97 Banks Behaving Badly This program reveals why the banking industry has lost our trust and how some banks bend the rules and break the law. We reveal a bonus system which rewards bank officials for forcing businesses to the wall. Bank malpractices are revealed and the devastating effect that these have on the lives and businesses that are affected by them. --------- Reporter: Andrew Fowler Producer: Ashley Smith Research: Meena David Bob Allen, Accountant: It's the biggest bit of bastardry I've ever seen in all my commercial life Andrew Fowler: After more than a decade of free-market deregulation Australia's banks are out of control...............   Diane Felkin, Former Advanced Bank Customer: One of the gentlemen actually said f you don't do it my way you're...
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We need an urgent ROYAL COMMISSION INTO BANKING.  BFCSA Member files have over-represented presence of RAMS dirty loans - dating back to RHG and more recent WESTPAC.  The evidence is there.  We have presented compelling EVIDENCE to Parliament twice...hand delivered to ASIC......hand delivered proof to FOS.....hand delivered proof to Senators.  WE have posted dodgy loan apps on our website, also service calculators and over 200 emails between banks and brokers.  LENDERS HAVE BEEN rubber stamping APPROVALS for over 15 years whilst ASIC SNOOZED.  Fraudulent incomes, forged paperwork, over the top Loan to Value Ratio's - ie dodgy valuations - akin to American Sub Prime.  Our sub prime crisis indeed.  Why has our sub prime crisis taken so long to crack and unravel the truth?  Just ask the MFAA....they protect their members who are predominantly LENDERS (in terms of heavyweight and long lunches).  Why any broker would belong to the Lender interested...
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  • doyla66
    doyla66 says #
    It's in the same league as the old favourite "in good faith" which is trotted out every time a Banker or their staff (reading off
  • doyla66
    doyla66 says #
    Laughable to see where RAMS try to justify themselves by saying "they have extremely robust lending practices" . Prepared to exagg
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http://articles.latimes.com/1991-07-28/opinion/op-49_1_central-bank In International Banking, Don't Forget Regulation : Finance: The growing BCCI scandal involves politicians, drug smugglers and spies from all over the world. The bank had everything but regulation. July 28, 1991|Walter Russell Mead   PAWLEY'S ISLAND, S.C. — Crime has no fatherland; this is one of the lessons of the still-spreading BCCI scandal. The $20-billion bank was chartered in Luxembourg, headquartered in London, controlled by the ruler of an Arab oil sheikdom--and, until regulators in seven countries shut it down July 5, it was active in 70 countries.  The Bank of Credit and Commerce International was a friendly, full-service bank. It laundered money for clients like Manuel A. Noriega, while making contributions to Jimmy Carter's charitable foundation. Both Carter and U.N. Secretary General Javier Perez de Cuellar got free rides on the company jet.  BCCI was impartial. It worked with Mossad, the Israeli intelligence service, and with Abu Nidal,...
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http://www.smh.com.au/business/explosive-claims-on-jp-morgan-conduct-20140525-38wq6.html Explosive claims on JP Morgan conduct BusinessBanking and Finance Michael West Date May 26, 2014 A technical support person who worked for JP Morgan in Australia claims the bank regularly misled its New York parent and the US Federal Reserve by failing to report losing trades.  The explosive allegations are contained in a submission by the person to the Senate inquiry into the performance of the Australian Securities and Investments Commission. BusinessDay has met the person and agreed to allow him to remain anonymous. He appears to be credible.  The person complained to ASIC and later went to work for the regulator, but he said the regulator failed to investigate his claims.  A spokesman for JP Morgan denied the allegations. "The claims are false and misleading," he said.  In his submission, published by the inquiry, the person said he was employed at the Sydney office of JP Morgan between 2004...
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The bank which built a substantial business packaging sub-prime mortgages into securities and selling them to investors, paid $885m [2014] over charges that it had sold those sour mortgages "that fell short of agreed-upon standards", is now the first very large bank to be criminally convicted in decades! "Did not preserve evidence related to the wrongdoing. Did not take certain important steps, which later hindered the American investigation", the Justice Dept. said.  Senator Levin told Mr. Dougan, CEO of Credit Suisse, 'that the wrongdoing went beyond a small group of rogue bankers.'   After years of declining to charge big banks,  prosecutors are now seeking to criminally punish the banks without putting them out of business & wreaking havoc on the financial system. With a quiver in his voice, the bank's lawyer urged prosecutors to settle for a so-called deferred prosecution agreement. 'Please don’t do this! Please give us a D.P.A.' His entreaties fell flat. "This case shows that no financial institution,...
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  • doyla66
    doyla66 says #
    Wonders will never cease! Criminal prosecution? At last the punishment may yet fit the crime? But when are governments going to un
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http://www.occupycorporatism.com/home/experts-forcing-banks-to-admit- mortgage-fraud-hurts-economy/   Experts: Forcing Banks to Admit Mortgage Fraud Hurts Economy By Susanne Posel – October 23, 2013   Dick Bove, bank analyst at Rafferty Capital Markets (RCM), warns banking institutions such as Wells Fargo, Bank of America (BoA), Wachovia and PNC Financial should be concerned about the Department of Justice (DoJ) suing JP Morgan & Chase Co (JPM) over mortgage-backed securities. Bove says that “the question that investors must ask is: ‘Will the government apply this set of precedents to JPMorgan Chase alone or will it now seek to extort funds from other banks involved in assisted mergers. ”Since “all of these banks are guilty of the same things as JPMorgan. Forget JPMorgan, the government is going to go after every major bank with the potential civil lawsuits for tens of billions of dollars.”The prediction is that “the supposed settlement between JPMorgan Chase and the government affects stockholders, job...
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  • doyla66
    doyla66 says #
    There the financial industries go again - there won't be loans to help fix the US economy - bloodbath of cases - etc etc. Good to
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Inquiry to look at bank debt guarantee BY EVAN SCHWARTENMay 1, 2014, 8:59 pm Twitter G+ AAPAn inquiry will look at whether a debt guarantee for the big four banks has distorted the market.     The head of an inquiry into Australia's financial system says government backing of the big four banks during the global financial crisis may have given them an unfair advantage over smaller rivals. Small lenders and the Department of Treasury have argued the wholesale debt guarantee for major banks helped to create an unfair playing field and allowed the big four to access funds more cheaply. The chief of the federal government's financial system inquiry, David Murray, says there remains a perception Commonwealth Bank, ANZ, Westpac and National Australia Bank are too big to fail. "The perception of the government as a backstop may provide competitive advantages for some and can distort prices at the same...
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  • doyla66
    doyla66 says #
    I think it's designed to make us all shareholders in the Banking industry - voluntarily for those who can afford shares and don't
  • doyla66
    doyla66 says #
    What I can't work out is the banks pay out handsome dividends to shareholders and the government has the cheek to subsidise them.
  • doyla66
    doyla66 says #
    Don't the banks own the Government? Low interest for cover up of corruption, and don't forget the most important thing..... FREE L
  • doyla66
    doyla66 says #
    Is Joe's Bankster Love In going to look at the $11.1 billion in Bank subsidies funded by Aussie tax payers? Just like Senator Bis
  • doyla66
    doyla66 says #
    I'd like to know what the outcome was of Joe's mother in law being a bank victim. Does anyone know. Did the bank pay her out and h
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http://www.skynews.com.au/business/business/property/2014/05/20/iceland-households-get-debt-leg-up.html   Iceland households get debt leg-up Published: 5:03 am, Tuesday, 20 May 2014   Iceland says it's successfully launched a debt cancellation project for mortgage holders which should benefit around half of the country's households.The amount cancelled from each debt could be as much as 26,000 euros ($A39,000).On Sunday, the island nation's tax authorities inaugurated the site 'leidretting.is', where Icelanders can file their application.   In the first two hours, 5000 people registered on the site, according to a technical manager cited by Icelandic daily Frettabladid.The Icelandic parliament passed a bill on Friday allowing borrowers to request a debt cancellation, entirely financed by the state.....  - See more at: http://www.skynews.com.au/business/business/property/2014/05/20/iceland-households-get-debt-leg-up.html#sthash.CDVX0dcN.dpuf   http://guardianlv.com/2013/12/icelanders-overthrow-government-and-rewrite-constitution-after-banking-fraud-no-word-from-us-media/   Icelanders Overthrow Government and Rewrite Constitution After Banking Fraud-No Word From US Media Added by Rebecca Savastio on December 2, 2013. Can you imagine participating in a protest outside the White House and forcing the entire U.S. government...
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However Brisbane investor Frank Ainslie, who lost a $1.6 million investment portfolio funded through Macquarie and Bank of Queensland, said he was “totally disillusioned” with the financial system. He would survive as best he could on a pension, he said. Mr Ainslie said his Macquarie payout would not even cover the $144,000 in fees he paid to Storm Financial. “It’s all a complete and utter mess,” Mr Ainslie said. “Very few people in this case will be prosecuted.” He said the loopholes in financial laws remained. “ASIC have stuffed this up from the start,” he said. “It’s all been brushed aside five years down the track. “There’s another Storm Financial waiting in the wings. It will happen again.” http://www.townsvillebulletin.com.au/news/storm-payday-looms/story-fnjfzs4b-1226864946332...
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House price threat to bank credit James Eyers May 08, 2014 Moody's says Australia's housing market is "finely balanced" and could become a risk to bank credit within a year. Global ratings agency Moody’s has warned the appreciation of house prices at current rates could become a “credit negative” for Australian banks within a year. In a “special comment” released on Wednesday, Moody’s said the 13 per cent increase in Australian house prices over the past 12 months was “not yet a threat to the credit profiles of Australian banks” and had “not been fuelled by excessive credit growth or a broad-based loosening of lending standards”. Annualised housing credit growth was around 5.5 per cent in March this year. However, it added that housing ­market conditions were “finely ­balanced” and risks to the outlook were on the downside. Moody’s said it was concerned about an acceleration of house prices outside Sydney, and was watching for ­competition...
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Australian banks financing companies accused of land grabs, illegal logging and child labour: Oxfam BY THE NATIONAL REPORTING TEAM'S SAM CLARKUPDATED MON 28 APR 2014, 7:34 PM AEST   VIDEO 1:59  Australian banks accused of financing land grabs in poor nations ABC NEWS Leading Australian banks are financing companies accused of land grabbing, child labour and illegal logging, according to an Oxfam report released today. The report, Banking on Shaky Ground, identifies four cases in Cambodia, Papua New Guinea, Indonesia and Brazil where Australia's biggest banks have funded - directly or indirectly - companies accused of improperly or illegally acquiring land from local people. Oxfam chief executive Helen Szoke said the big four - National Australia Bank (NAB), Commonwealth (CBA), Westpac and ANZ - were not living up to their image as global leaders in sustainable banking. "There is a gap between what the big four banks say they do and what they...
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  • doyla66
    doyla66 says #
    Banks and bureaucrats, similar gene pools, strong on motherhood statements and empty rhetoric. Wonder what would happen if they a
  • doyla66
    doyla66 says #
    It doesn't shock the bfcsa members we already know how corrupt and how they have no morals. The rest of Australia is slowly coming
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Prime Minister Abbott and sidekick Treasurer Joe Hockey seemed preoccupied this week about robbing every pensioner of $800 per year.  Low Income struggling Mum has to drop $2500 on the budget table as her contribution.  Then Joe flies out to US Bankers to hold a $50,000 dinner and flies his fav. chef first class to cook for the elites and its "truffles splendido...no expense spared."  We hope the alcohol cost wont be as high as the truffles for everyone cost.  Sounds like we are all in for a double dissolution.  What a mess!  Meanwhile Joe tells us all we have to tighten the belt but not his.  Tony tells the low income family to fork out $2500 out of measly $45,000 income, because he took $6000 out of his caviar lifestyle money.  Bit of inequality there........................... How much do we "very poor, soon to be poorer" taxpayers pay you as PM...
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  • doyla66
    doyla66 says #
    Caught some of a live report this arvo. on the ABC news channel and the State Premiers are NOT happy chappies - held an emergency
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Adele Ferguson Opinion SMH 7 May 2014 Opinion   Illustration: Rocco Fazzari. The corporate regulator ASIC will face a grilling over its decision not to investigate a star financial planner who was operating at Meridien Wealth, a former authorised representative of Commonwealth Bank's Financial Wisdom arm.   Senator John Williams, who has spearheaded a Senate inquiry into the performance of ASIC, said he would raise Rollo Sherriff, Meridien Wealth and Financial Wisdom and its activities.   The Senate inquiry, which reports at the end of the month, will be under pressure to call for a reopening of the compensation payouts CBA made to clients of its other financial planning arm, Commonwealth Financial Planning.   It follows a joint investigation by Fairfax Media and Four Corners into the activities of former financial planner Sherriff, who operated out of Meridien Wealth, as well as the other financial planning division of the bank.   It comes...
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  • doyla66
    doyla66 says #
    First the borrowers were blamed for doing the fraud. Plenty of paperwork and man hours went into trying to make that stick. Then
  • doyla66
    doyla66 says #
    The banks Lending departments must be breathing a sigh of relief,you can just hear the sighs "ah we dodged a bullet there,heats of
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ASIC blasts Commonwealth FP on YouTube     Written by Aleks VickovichMonday, 05 May 2014 http://www.ifa.com.au/news/13171-asic-blasts-commonwealth-fp-on-youtube   ASIC has called for stronger powers to take action against executives and managers in the financial advice industry, amid allegations of further wrongdoing by former CBA-aligned advisers. In a YouTube video uploaded this morning, ASIC deputy chairman Peter Kell spoke directly to the Australian public about the Commonwealth Financial Planning scandal, pre-empting an ABC TV report scheduled to air this evening.“Tonight the ABC Four Corners is doing a story on Commonwealth Financial Planning, or CFP, and the conduct of that company’s financial planners six years ago,” Mr Kell said. “I wanted to tell you what ASIC has done about CFP and the financial planning industry more generally; what CFP did six years ago was simply unacceptable.  Pete it was FRAUD......“Commonwealth financial planners were giving very poor advice to clients, driven by conflicted commission payments. This was part of a...
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  • doyla66
    doyla66 says #
    Shoulda, woulda, coulda .... when are ASIC going to start speaking plain Aussie English about exactly what is going to be differen
  • doyla66
    doyla66 says #
    Well said waiting for justice, what gives ASIC the right to protect the banking system and hierarchy from criminal intent using fr
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One of the best Four Corners programs on Banks' bad attitude to customer relations as a result of ADELE FERGUSON's investigations into Commonwealth Bank and ASIC cover ups will be shown on ABC FOUR CORNERS TONIGHT 8.30pm. Please don't miss it.  Its a message to all Brokers YOU COULD BE NEXT as more of these activities are exposed.  BUT keep open mind................Banks were the MASTERMINDS of all this Mortgage Lending Chaos and the Bankers developed the strategies to fleece customers of assets. The Banks are operating as a CARTEL and BFCSA has amassed the evidence by gathering together 1200 people in similar circumstances. The reason that SENATOR BISHOP became justifiably angry at the CBA chief using the word to describe certain activities "as inappropriate behaviour," when discussing fraud and forgery and his anger followed in later questioning of ASIC Chief GREG MEDCRAFT and ex IOSCO sidekick Greg Tanzer. In appropriate is...
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  • doyla66
    doyla66 says #
    https://www.facebook.com/commonwealthbank (corrected post) Recent Facebook Posts recorded before they disapear Steve Vella J
  • doyla66
    doyla66 says #
    Sarah Jowett I go on your website, but your "locate us" page doesn't function on my iPad!! C'mon guys, you need to get that rig
  • doyla66
    doyla66 says #
    Last night's ABC Four Corners program Banking Bad shone a light on the pressure cooker working environment driven by the sales and
  • doyla66
    doyla66 says #
    Great investigation by Adele Ferguson. "Inappropriate" - good on you, Senator Bishop. About time Australians all dumped the rubbi
  • doyla66
    doyla66 says #
    They the pollies yet again take the big stick to students and education the pensioners and retirement age and lets apply another t
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http://www.theguardian.com/business/2012/may/20/wall-street-role-financial-crisis Heist of the century: Wall Street's role in the financial crisis Wall Street bankers could have averted the global financial crisis, so why didn't they?.......... Charles Ferguson  The Guardian, Monday 21 May 2012   Bernard L. Madoff ran the biggest Ponzi scheme in history, operating it for 30 years and causing cash losses of $19.5bn. Shortly after the scheme collapsed and Madoff confessed in 2008, evidence began to surface that for years, major banks had suspected he was a fraud. None of them reported their suspicions to the authorities, and several banks decided to make money from him without, of course, risking any of their own funds............ The Securities and Exchanges Commission has been deservedly criticised for not following up on years of complaints about Madoff, many of which came from a Boston investigator, Harry Markopolos, whom they treated as a crank. But suppose a senior executive at Goldman Sachs,...
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  • doyla66
    doyla66 says #
    FOS and COSL certainly are part of the problem in covering up forgery and fraud, listening to bank seconded lawyers is incomprehen
  • doyla66
    doyla66 says #
    So that means FOS and COSL are responsible for covering up crime as well. Not to mention their Determinations which so often enshr
  • doyla66
    doyla66 says #
    No one wants to burst the bubble in this country either. White collar crime is rampant in Australia,and those that are supposed to
  • doyla66
    doyla66 says #
    Does this mean that ASIC are responsible for aiding and abetting criminal activity by not reporting illegal and fraudulent activit
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Yes folks its going top be a bumpy ride as regulators and Governments turn their backs on ordinary hard working citizens:  Our dedicated researcher Gladys is hard at work finding all these links to keep our readers fully informed.  Thanks Gladys! http://www.mortgagestrategy.co.uk/news-and-features/sectors/products/products-news/post-office-to-distribute-through-brokers-for-first-time/2009779.article Post Office to distribute through brokers for first time 1 May 2014 | By Paul Thomas The Post Office is set to distribute through brokers for the first time after signing a deal with Legal & General.  From 7 May, the Post Office will offer products to the appointed representatives of L&G Network, before rolling out its distribution to L&G Mortgage Club’s Nouveau proposition and directly authorised brokers in the future.  Post Office head of mortgages John Willcock says: “Entering this relationship is a very important step for the Post Office as it shows we are continuing to challenge the mortgage market.  ”Our business has gone from strength to...
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This Group has been set up in the UK re SME complaints re NAB.  Someone needs to pay attention as to the misery these banks are causing globally  to ordinary hard working people.  Australian Banks are right in the thick of it..........................................we need a Royal Commission into Australian Banking System and its non active regulators.   He has similar problems:  "The banks here in England are in very weak condition at present and the government owns a stake in two of them. Unfortunately, the government controls the regulators." www.nabcustomersupportgroup.org  Perhaps you can offer your support or words of encouragement.......................... John has written to me re his support/campaign group for Clydesdale and Yorkshire Bank business customers over 18 months ago. He says: "We now have 102 members; 90 of which have been mis sold embedded swaps in their fixed rate loans which have crippled their businesses. Of these, 84 are customers of...
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