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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

From My Window

These are blogs which are not specific to any other categories

Subcategories from this category: Time to Relax, COURTS & LEGALS
Bit of historical value from Gladys.  We like our readers to be fully informed  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.fxweek.com/fx-week/news/1546707/lehman-gains-cba-split Lehman gains from CBA split Source: FX Week | 17 Dec 2007 Categories: Accounting, People SYDNEY - The Commonwealth Bank of Australia's (CBA) decision to split its global markets and treasury business is playing into the hands of local competitors Lehman Brothers and the National Australia Bank. Marten Touw, previously head of global markets and treasury at CBA in Sydney, began a new role as head of fixed income at Lehman Brothers Australia on December 3. He reports to Ben Harding, chief operating officer in Sydney, and Hyung Lee, head of fixed income for Asia-Pacific in Tokyo. Vincent Hau, previously Sydney-based general manager of products and training in CBA's global markets and treasury division, also jumped ship to Lehman in the first week of December. Hau is now Lehman's head of liquid markets, Australia, which...
Last modified on
Hits: 3005 0 Comments
Rate this blog entry:
Continue reading
This mob is fighting with us against the corruption of the banks. They are fighting to change the whole of the banking culture They will be getting my vote at the next election. Here is the link http://cecaust.com.au/main.asp?sub=info&id=contact.htm Both the major political parties Libs and Labs are supporting banks. This has got to change. Now we know why all the thousands of letter we have written to the Senators gets thrown into the bin. Joe Hockey and the rest of the mob, you are allowing the banks to get away with criminal activity. This is why the Aust. Federal Police won't help us.  ...
Last modified on
Hits: 1335 0 Comments
Rate this blog entry:
Continue reading
http://www.smh.com.au/business/banking-and-finance/too-big-to-fail-hands-big-banks-45-billion-subsidy-20140827-108xta.html 'Too big to fail' hands big banks $4.5 billion subsidy Banking and FinanceBusiness Date August 27, 2014 The big four banks receive an annual subsidy of up to $4.5 billion from being perceived as "too big to fail" which should be paid for by a levy or increased capital charge, the Customer Owned Banking Association said in its second submission to the financial system inquiry.  The issue of how to reduce moral hazard when failing banks receive government support has been a hot-button issue for David Murray's inquiry. Ending the perception of "too big to fail" is also a key agenda item for the Brisbane G20 leaders summit in November. COBA's submission attached analysis from modelling firm Macroeconomics quantifying the annual average value of the subsidy to the big four from being seen as too big to fail as between $2.9 billion and $4.5 billion, as funding costs were reduced...
Last modified on
Recent comment in this post - Show all comments
  • Aries
    Aries says #
    Jail the crooks, confiscate their assets and throw them into jail where they belong.
Hits: 1744 1 Comment
Rate this blog entry:
Continue reading
There should be over 500 submission sent in to the Murray Inquiry for there to be any impact. If you haven't sent one in here's the email address  This email address is being protected from spambots. You need JavaScript enabled to view it. or Financial System Inquiry GPO Box 89 NSW  2001. THIS HAS TO BE IN BY 26TH AUGUST SO PLEASE HURRY. PLEASE DON'T LET DENISE AND ALL THE VICTIMS DOWN. MAKE SURE YOU MENTION A ROYAL COMMISSION REQUIRED URGENTLY INTO ALL BANKS WE HAVE ALL BEEN WORKING REAL HARD TO HELP EACH OTHER. FOR ALL THE NEW VICTIMS WHO HAVE RECENTLY JOINED DENISE, THE OLD VICTIMS HAVE BEEN AT THIS FOR MANY MANY MONTHS AND PLEASE DON'T THINK THE OTHERS WILL SEND ONE IN SO WHY SHOULD I. IF EVERYONE IS THINKING LIKE THAT THERE WILL BE NO SUBMISSIONS SENT IN....
Last modified on
Recent Comments - Show all comments
  • Time 4 Justice
    Time 4 Justice says #
    Thanks for the reminder, I've just submitted mine by email to [email protected] Please follow the lead here and submit your request
  • stryker
    stryker says #
    I have just lodged my submission everyone please do the same and get it out there.
Hits: 1566 2 Comments
Rate this blog entry:
Continue reading
Bank of America has agrees to a record $18 Billion deal to settle claims it sold risky mortgage securities as safe investments ahead of the 2008 financial crisis. The bank said it would pay out US$9.65 billion (A$10.37 million) in cash and provide US$7 billion (A$7.5 billion) in relief to consumers affected by losses tied to those securities. The settlement, with the US Department of Justice, the Securities and Exchange Commission, and other authorities including individual states, resolves a number of civil investigations against the bank and subsidiaries Countrywide Financial and Merrill Lynch, which it took over during the crisis. But it does not resolve potential criminal cases, especially involving Countrywide, once the country's largest home-loan issuer, and Countrywide officials. "We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future," the bank's chief...
Last modified on
Recent Comments - Show all comments
  • brett@sctelco.net.au
    Here it comes, the Banks have got away with this for too long already but now the tide is turning and there is a light beginning t
  • setup
    setup says #
    Their Political leaders would have put the pressure on and i guess it's a start in the right direction but it doesn't state clearl
  • Duped
    Duped says #
    We here in Australia know that banks used fraud against ordinary people borrowers which is one of the reasons they make these obsc
Hits: 2241 3 Comments
Rate this blog entry:
Continue reading
http://www.crikey.com.au/2008/07/31/briefly-business-john-stewart-john-mcfarlane-gerry-harvey/?wpmp_switcher=mobile Thursday, 31 July 2008 Briefly Business: John Stewart by Crikey BUSINESS Stewart bids adieu, leaving his own “legacy issues” . A couple of weeks ago, this column opined that NAB boss, John Stewart, had one of the cushiest jobs in corporate Australia. As it turns out, the Scot’s gravy train was derailed last Friday when NAB would write down its interest in US mortgages by $830 million. In explaining the loss, Stewart told Sky News that:  At the time we decided to invest, all the investments were rated AAA… so there is no fault in the initial investment. What actually happened is that no one believed that the US housing/mortgage market would melt down in the way that it has. We have to accept that credit agencies could not have predicted what happened… it is unprecedented. “No fault in the initial investment”? That’s a bit like standing over a body,...
Last modified on
Recent comment in this post - Show all comments
  • setup
    setup says #
    The bankers will say that they did not see it coming but in truth subprime lending was deliberately created for the sole purpose o
Hits: 1886 1 Comment
Rate this blog entry:
Continue reading
Often I get emails re American title scams.   WE call these theorists the "Magna Carta set."  OK here is what the differences are: The laws in America relating to title systems are entirely different.  In America it’s a flawed system In Australia its the Torrens Title system.  The Originals are held by the Titles Office.  The certified copies are held by the Trustees of the Banks...biggest are Perpetuals and Permanent - all making money from Low Doc scandal. In Australia you cannot securitise the Title...... so the Aussie Banks securitised the Income Stream and sold the Income Stream RMBS Packages to Australian Office of Financial Management ("AOFM") - $24 billion of toxic loans with tax payers dollars.  I complained this activity to Parliament - to the Senators in the Senate Economics Review Committee into Banking Post GFC Inquiry 8/8/12 at 2PM (in Hansard).  Its an historical reference. I warned that "The Government, cannot,  ought...
Last modified on
Recent comment in this post - Show all comments
  • brett@sctelco.net.au
    Here in lies the problem, the politicians are as always covering their own backsides whilst stuffing their pockets with cash.
Hits: 1907 1 Comment
Rate this blog entry:
Continue reading
  http://wallstreetonparade.com/2014/06/profiteering-on-banker-deaths-regulator-says-public-has-no-right-to-details/ Profiteering on Banker Deaths:  Regulator says Public has no right to Details By Pam Martens and Russ Martens: June 30, 2014 A man with a long history of keeping big bank secrets safe from the public’s prying eyes has denied the appeal filed by Wall Street On Parade to obtain specifics about the worker deaths upon which JPMorgan Chase pockets the life insurance money each year. According to its financial filings, as of December 31, 2013, JPMorgan held $17.9 billion in Bank-Owned Life Insurance (BOLI) assets, a dark corner of the insurance market that allows banks to take out life insurance policies on their workers, secretly pocket the death benefits, and receive generous tax perks subsidized by the U.S. taxpayer. According to experts, JPMorgan could potentially hold upwards of $179 billion of life insurance in force on its current and former workers, based on the size of its BOLI...
Last modified on
Hits: 1803 0 Comments
Rate this blog entry:
Continue reading
Australian Broadcasting Corporation FOUR CORNERS Investigative TV journalism at its best. Home | Archive | Opinion | Forums | Web Specials | About Us | Subscribe TRANSCRIPT Program Transcript Read the program transcript from Stephen Long's "Debtland", broadcast 31st March 2008. Reporter: Stephen Long Date: 31/03/2008 STEPHEN LONG: In a bathroom in their home in Sydney's north-west, a mother and her two children are cleaning against the clock. DIANNE DAVIES: We've got two days to get out and have this house clean and tidy and get out. And I've got nowhere to go. So we're not sure, not sure what to do. STEPHEN LONG: They're among the tens of thousands of families in Australia being dragged under by unsustainable debt. DIANNE DAVIES: It's really scary, really scary and nervy. And it's just ludicrous, it's, there's nothing there to help, nothing at all. STEPHEN LONG: Before this story is over, they'll find themselves living in a garage; the house they cherished sold out from under...
Last modified on
Hits: 2544 0 Comments
Rate this blog entry:
Continue reading
https://www.commbroker.com.au/Net/Documentum/accreditation/mortgagebrokerCoC-280909.pdf   Mortgage Broker Code of Conduct   We are committed to the highest standards of ethical behaviour at all times.  The Commonwealth Bank’s Code of Conduct clarifies the standards of behaviour that are expected of our accredited mortgage brokers in the performance of their duties. It gives guidance in areas where mortgage brokers need to make personal and ethical decisions.   1. I will always act in a consistent, honest and ethical manner, using fair and reasonable judgement in my actions. I will ensure that customers are fully aware of all interest rates and fees applicable to their loan. 2. I will always obtain a good understanding of the customer’s financial position, sufficient for me to be comfortable that products I recommend meet their financial needs and situation. 3. I will always discuss with my customers the importance of protecting themselves, their income and their assets.   4. I will...
Last modified on
Hits: 1888 0 Comments
Rate this blog entry:
Continue reading
Does this means Peter Kell is at last on side of decency and the responsible care of consumers of banking products?  Has ASIC really turned a corner?  Medcraft is unrepentant....loves free market thinking and protecting banker mates.  Time for disgraceful Greggie to be told to walk the plank.  Pete, what we want is a few Bankers in handcuffs and dragged into criminal courts thank you.  The sooner the better.    This issue is 85% involving the Big Four Major Banks acting as a Cartel.   We have deleievred the proof.  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.theage.com.au/business/asic-in-attack-on-planners-20140627-3az4l.html ASIC in attack on planners   June 28, 2014 Georgia Wilkins and Ben Butler Adele Ferguson: Rebuilding ASIC, the toothless tiger Malcolm Maiden: Case not closed yet following inquiry into CBA scandal CBA under pressure over payouts The corporate watchdog says it will take action on problems across the entire financial planning industry and is calling for greater powers...
Last modified on
Hits: 1930 0 Comments
Rate this blog entry:
Continue reading
http://www.crikey.com.au/2014/03/07/for-farmers-drought-not-the-most-dangerous-predator-on-the-horizon/?wpmp_switcher=mobile&wpmp_tp=1   For farmers, drought not the most dangerous predator on the horizon Amanda Gearing|Mar 07, 2014   Unfair lending practices and a system that favours bankers over farmers is threatening rural Australia’s livelihoods, says a Queensland farmer and grazier. Freelance journalist Amanda Gearing hears his story. Lack of water can be the least of a farmer’s worries in times of drought. Predatory banks can be just as deadly to a farmer’s livelihood.  Former Queensland farmer and grazier Lynton Freeman has become increasingly anxious about the financial tightrope being walked by Australian farmers as the record floods of 2011 have given way in only three years to savage drought. He fears for hundreds of family farmers at risk — not from lack of water, but from lack of knowledge in how to manage their businesses through the drought and keep their heads above the financial water that will threaten many before this drought...
Last modified on
Hits: 2295 0 Comments
Rate this blog entry:
Continue reading
Interest rate rises may leave banks exposed Shaun Drummond April 29, 2014 Exposed: Interest rate risk has jumped from 30th in 2012 to 6th on a list of concerns for banks, according to a PwC survey. Photo: Nic Walker Australian lenders are growing more fearful of how rising interest rates could reduce their customers' ability to repay their loans, a comprehensive survey of global banks by PwC has shown. The high exposure of Australian banks to mortgages – around half of their lending is made to residential housing – has seen interest rate risk jump from 30th in 2012 to 6th on a list of concerns for banks, according to a PwC biennial survey, which follows several analysts and fund managers raising the high indebtedness of Australian households as being an increasing risk for bank valuations. The impact of tougher regulation since the crisis on growth is now the top worry in Australia...
Last modified on
Hits: 1557 0 Comments
Rate this blog entry:
Continue reading

Posted by on in From My Window
Hi Rob Hunter hear, just had a phone call from "NIcole" from FOS, she said that she was going to be in charge of my case against the CBA and the Adelaide Banks, conversation was to discuss my compliants with both banks and how I thought they have (the Banks) responded so far. Not sure but I think she was letting me know that if this a broker issue that this was going to have to take this up COSL . She is sending out via email some forms for further information. We could be loosing how home very soon I dont know what to do anymore , I have had enough ...
Last modified on
Recent Comments - Show all comments
  • Denise
    Denise says #
    HI Rob, Never ever agree to switch to COSL.....its an EDR, ASIC invented trick. COSL have never issued a finding in favour of th
  • doyla66
    doyla66 says #
    That's great, you're a member. Denise knows what to do with FOS. Sometimes it's hard to tell whether it's FOS who is trying to pa
  • doyla66
    doyla66 says #
    Yes Maria I am a member 10578 but about to renew my membership. Suggest we all do that to help out.
  • doyla66
    doyla66 says #
    Are you a member of BFCSA, if not join. I believe all banks/lender are members of FOS or COSL. If CBA and Adelaide bank are member
  • doyla66
    doyla66 says #
    You'll stay with FOS, doesn't matter if a broker was used. I used a broker, the loans were provided by Adelaide Bank, Westpac and
Hits: 2728 7 Comments
Rate this blog entry:
Continue reading
Dirty campaigns to attract Asset Rich Income Poor pensioners was promoted by Major Banks in 2004..........its all coming home to roost.  Three years prior to the GFC....so American investors have rang asking this obvious question: How did our banks keep the same deceitful LIAR Mortgage LOAN model rolling forward and riddled with fraud....for so long? http://www.deloitte.com/assets/Dcom-Australia/Local%20Assets/Documents/Australian%20Mortgage%20Industry%20Report(1).pdf  The Australian Mortgage Industry At The Crossroad - 2005    Interesting times in the mortgage industry.   The dynamics between direct franchising and third party distribution loom large; consolidation choices in the increasingly influential brokers’ domain are yet to finalise.  Regulation and risk management tighten the landscape. And overall the competition around retention and sales is as fierce as ever and continues to keep margins under pressure. All are key strategic factors for the industry.  For these reasons we title this first in the series of Deloitte’s points of view on The Australian Mortgage Industry...
Last modified on
Hits: 2097 0 Comments
Rate this blog entry:
Continue reading
Last night's ABC Four Corners program Banking Bad shone a light on the pressure cooker working environment driven by the sales and targets-driven culture in the Australian finance sector. It is a culture that pits workers against one another and creates incredible stress for the people who work in the industry. It is a culture that puts the interests of most finance workers and customers last. Most finance workers genuinely care about providing excellent and professional service to customers and providing advice and products that are in their best interests. Finance workers want to work in an industry that they can be proud of. They want to be able to earn enough to live a decent life and stay out of financial distress, without working hours and hours of unpaid overtime or missing out on time with family and friends because they're working back to make another sale. They want to...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Good to see the FSU getting involved. I often wonder how the staff are faring after reading the Bank pressure horror stories in th
  • doyla66
    doyla66 says #
    The more exposure re what has going on within the finance industry the higher the stench. I know ANZ have had a spot and refer re
Hits: 3627 2 Comments
Rate this blog entry:
Continue reading
Our leased property is now and still being trashed by the neighbours. Started from the beginning 15th November and still goes on.   Upon inspection on Sunday 27th April I found further blatant disregard for the law and us. These ferals had thrown rubbish all over the property, coke cans, papers, bags etc.  A dead piglet was lying out in the open next to one of our small sheds. More stuff missing!!!!! Our small dam (paddock drainage) is filled to the max with 20 litre used chemical drums and an array of other rubbish.  It smells something frightful. I have photos of this disgusting mess and the piglet. Looks like their next project is to destroy and take apart one of our sheds. They have been inside the shed so have been trespassing and moved articles around. They have partially dismantled some of the inside fittings and just thrown them outside...
Last modified on
Hits: 1616 0 Comments
Rate this blog entry:
Continue reading
For the benefit of readers:  The SECRET SERVICE CALCULATOR (only banks, brokers and insurance companies have access passwords) had its existence made known to members by BFCSA in late 2012 and for 12 months, members have all been asking for their one page copies.   A few of these documents emerged, but sadly, our banking world is a Cartel governed Industry.  Suddenly, their dirty secret was out and they could not put the Genie back in the Bottle!  The FACT that no client of banks were ever told of this secret calculator's existence and never disclosed that it was used to skew their income to say $50k up to $180k.  Bankers never intended for this one pager to see the light of day.  The SCF and the ICW was actually ATTACHED by bank command, to the Loan "Application Form."  Banks had denied the LAF discovery for some years before and we won that battle.   Discovery of the SCF and its...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    The bank's internal service calculator is very different to ones provided online. I have a copy of one. Also David Liddy gave a g
  • Denise
    Denise says #
    Senators have copies of the ICW and Service Calculator and so do ASIC - delivered in person. All have been fulled briefed. I wil
  • Denise
    Denise says #
    Dear Noemail, If you wish to view copy of service calculator (we have written many blogs on this and will be more) and ICW, just
  • doyla66
    doyla66 says #
    Denise, You have maintained the secret calculator's existence; The SCF and its second page ICW (Income Work Sheet - massaging in
  • Denise
    Denise says #
    Low Doc and Full Doc loans were developed to provide people with lifetime of debt. Loans you could never escape from, no matter if
Hits: 2752 11 Comments
Rate this blog entry:
Continue reading
'Financial success is so easy'   canada.com     A suspected Australian con man who's made headlines for allegedly fleecing mom-and-pop investors out of an estimated $20 million has set up shop in Kelowna after fleeing Australian authorities.   BY THE VANCOUVER PROVINCEJANUARY 1, 2006         A suspected Australian con man who's made headlines for allegedly fleecing mom-and-pop investors out of an estimated $20 million has set up shop in Kelowna after fleeing Australian authorities. Gabrial Pennicott, a Tasmanian businessman now known as "Gabe Pennycott," is being investigated by the Australian Securities and Investments Commission for allegations he defrauded up to 200 Melbourne and Queensland residents in property investment schemes. Now he's operating in B.C. and is believed to have recently married Cynthia Cowie, the daughter of an Abbotsford couple who run a Christian church in the community. Cowie's mom, Betty Rubinak, told The Province she was...
Last modified on
Recent comment in this post - Show all comments
  • test
    test says #
    https://twitter.com/mrpennicott?lang=en
Hits: 4192 1 Comment
Rate this blog entry:
Continue reading
Debt-plagued lender gets another reprieve       inShare by Calida Smylie | 08 Apr 2014  http://www.brokernews.com.au/news/breaking-news/debtplagued-lender-gets-another-reprieve-186256.aspx   Troubled non-bank lender Firstfolio has received yet another extension on the maturity date of its $30.3 million Commonwealth Bank senior debt facility.CBA had given the company until 7 April to comply with its loan covenants but has extended the deadline to 7 July, according to an ASX announcement.The company said it was considering alternative proposals from a number of parties.“CBA’s extension of the maturity date of its senior debt facility will allow Firstfolio time to progress these alternative transaction opportunities,” company secretary Dustine Pang said.Firstfolio reported a heavy loss of $300,000 for the six months to December, compared with a net profit of $1.8 million in the previous corresponding period.Revenue was down 3% to $37.5 million and the value of the loan book fell by 2% to $18.5 billion.Firstfolio has had trouble paying its $30.3...
Last modified on
Recent comment in this post - Show all comments
  • doyla66
    doyla66 says #
    It's definitely time to get out of the credit industry, if possible. Much safer watching the cannibalisation of companies and the
Hits: 2261 1 Comment
Rate this blog entry:
Continue reading