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
Michael West
  March 31, 2014 Michael West Business columnist Raymond Tatnell's financial adviser told him the investment was ''a no-brainer''. He was right. Tatnell lost money and has now brought a case before the NSW Supreme Court against his advisers from Westpac and Macquarie Bank, which made the product. There is rich irony in the ''no-brainer'' recommendation because MQ Gateway, which Macquarie marketed to Westpac and which Westpac in turn sold to its clients, took considerable brains to concoct - perhaps too many brains. MQ is one of those ludicrously complicated products that entails taking out a large loan to buy units in a derivative and then another loan to meet the interest payments on the first loan. Tatnell's case goes to the heart of the debate over the Future of Financial Advice reforms that the government sought to wind back until the Sinodinos affair put the amendments on hold last week. Macquarie's...
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 April 2, 2014 - 1:09PM   Michael West Business columnist   In the firing line: The testimony from James Wheeldon contradicted statements by ASIC chief Greg Medcraft (pictured) last week. Photo: Michel O'Sullivan A lawyer who worked for the Australian Securities & Investments Commission has told the Senate how he was under pressure to amend laws in favour of the giants of the financial services industry, laws which were against the interests of investors and consumers. In explosive evidence before the Senate Inquiry into the Performance of ASIC, the lawyer James Wheeldon described the corporate regulator as tainted by corruption. He left in disgust in 2005 after his advice on fee disclosure was abandoned and he was asked to work under the instruction of a lawyer on secondment from the National Australia Bank's wealth management operation, MLC. Mr Wheeldon said the MLC lawyer Grant Jones was lobbying within ASIC to grant...
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   NOTES TO INTRODUCTION TO PARLIAMENT by Denise Brailey 20th February 2014   Regulatory neglect has caused financial losses for ordinary citizens from a recorded $1.5 billion in 2001, to $80 billion by 2007 and today, those figures have risen yet again.   In 2013 The Chairman asked that I meet with his Commissioner. I advised the lawyer I was preparing to lightly redact some copies of 2000 emails I had received. The internal emails were written by Bank Officers known as BDM’s, and sent to all brokers. BDM’s were offering to write up applications to save time. I prepared 200 for ASIC and presented them to the Commissioner.   There are six emails and letter of instructions between ASIC and me. ASIC main focus was stated as “the emails” not the Loan Application Forms. ASIC had many copies of LAFs. I had loaded many of the LAFs onto my website...
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  • doyla66
    doyla66 says #
    ASIC "admit they have been “monitoring” most of the details provided by RECA and BFCSA since 1998".. this is shocking how much the
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    A New Approach to Homelessness   On any given night 100,000 Australians are homeless. Half are under 24 years old. 10,000 are children. After 17 years of economic growth this is unacceptable. To reduce homelessness we need a new approach that focuses more strongly on early intervention and prevention. We must provide people with access to stable and affordable housing and make sure that crisis services, hospitals, schools, employers and business work better together. Reducing homelessness is everyone’s responsibility. The Australian Government released its Green Paper on Homelessness on 22 May 2008 to promote discussion and draw out bold ideas and strategies to reduce homelessness. We want to know what you think. To find out about the consultation forums, make a submission, or to get a copy of the Green Paper or Summary Green Paper, visit www.fahcsia.gov.au or call 1800 774 055. The closing date for submissions is close...
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  • doyla66
    doyla66 says #
    Those figures are dreadful - how has this happened in a first world country? Concern by Government should also be extended to tho
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Bank bashing culture unfair: Lending manager Australian Broker News http://www.brokernews.com.au/news/breaking-news/bank-bashing-culture-unfair-lending-manager-182455.aspx by Amy Rosenfeld | 17 Dec 2013   A bank employee has hit back at the Australian "culture of bank bashing” following accusations ASIC is not doing enough to stamp out fraud in lending institutions.Last week, Australian Brokerreported ASIC has vowed to crack down on fraudulent brokers, and is currently investigating 20 cases of mortgage fraud.Many readers strongly supported the move from ASIC to take down the “rogues” in the industry, but highlighted an apparent disparity between ASIC’s stance regarding fraud in lending institutions compared to fraud in brokerages.The lending manager, who wished to remain anonymous, toldAustralian Broker banks have become an easy target for brokers.“I think Australia has a culture of bank bashing, we’re kind of like a favourite target – it’s politicians and bankers. Brokers have their own culture and will say ‘don’t deal with the bank, deal with us’, but at the end of...
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  • doyla66
    doyla66 says #
    What about borrower bashing? God knows borrowers have had enough of that for years. They've been the scapegoats for all the Bank i
  • doyla66
    doyla66 says #
    Bash away everyone. The Lenders/Banks deserve everything they get. Get into them Brokers, you have all been used up and are now
  • doyla66
    doyla66 says #
    I think all the good brokers woke up to what was going on a long time ago and do not trust ASIC or those evil Banks any more than
  • doyla66
    doyla66 says #
    great to see brokers finally waking up after reading those comments... who would be a broker these days??
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Another devastating loss- Because I lost my family home to an illegal ANZ BANK loan & have the evidence to prove it. also dealing with FOS is a total joke, however I now have obtained an email from ANZ own staff member in writing to me some time after FOS closed my case & who couldn't obtain the info ANZ STATING "WE DO NOT HOLD A LOAN APPLICATION FORM FOR YOUR LOAN IN 07" Well To Late FOS why didn't you get this from ANZ Like I asked. now after losing my home the Question Still Remains WHERE IS MY LAF & MY FIGURES FOR THIS NEW LOAN DONE OVER THE PHONE - in short my first home loan owners grant somehow got turned into a 2 year interest only Business loan, HOW? & with payments I never could afford & my very LOW LOW Tax Figures will back this...
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  • doyla66
    doyla66 says #
    These Low Life lenders are getting worse. Every time I read a new story I am absolutely disgusted. So many things are so like my
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Emails are coming through.  Same story in England, Ireland and Europe.  This is a Global problem that has escalated since the GFC.  Our world has been flooded with mortgage loans that are toxic, unaffordable and applications that were tampered with after people signed and without their knowledge or consent AND all used the dreaded income fudging SERVICE CALCULATOR.  Australians are the first country to understand and expose the exact nature of these fraudulent processes.  The fall-out has only been a trickle to date, but the dam has been breached.  No lender executive has been jailed as yet - in any country, yet already the suicides have started..................................  Stay tuned for more details  This email address is being protected from spambots. You need JavaScript enabled to view it. Over 200,000 readers have tuned into this site from over 100 nations.  26,000 in the past 5 months.  Please join us and fight back....
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  • doyla66
    doyla66 says #
    Do not throw away any of your old docs re your loans... Class actions here we come!
  • doyla66
    doyla66 says #
    Well what a big surprise! We all now know, thanks to Denise, that nobody was given a copy and how difficult (if not impossible) i
  • doyla66
    doyla66 says #
    Clearly we are not alone. World wide..... I think we all need to email PM AGAIN Its a disgrace we never get an email back from his
  • doyla66
    doyla66 says #
    this from Ireland - New wave of families seek debt deals http://www.independent.ie/business/personal-finance/new-wave-of-families-
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Dear members Paul Christenson has just emailed me and asked can we stop sending any more emails as they now have quite a few. As stated before all Denise's contact details have been passed on to Paul for further contact.To all those who emailed 2GB thankyou for your effort. NT....
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  • doyla66
    doyla66 says #
    For all the farmer members..... Alan Jones comes from a farming family. His father was a farmer.... There is hope
  • doyla66
    doyla66 says #
    No more emails from us, but i bet they'll be receiving a lot more emails. 2GB have thousands and thousands of listeners, intersta
  • doyla66
    doyla66 says #
    I vote we email Tony Abbott! I have previously but with no reply. Also tweeted him. But will keep writing to Dear Prime Minister.
  • doyla66
    doyla66 says #
    Boy did that work alright. I agree.... Who do we email tomorro?
  • doyla66
    doyla66 says #
    So that worked! Who's next? Now that the email is written, just give us a target a day. Tony Abbott?
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Posted by on in From My Window
Well no surprises hear!  COSL have sent me an email saying they will not be opening a complaint against PERPETUAL TRUSTEES VICTORIA LTD. They continue to tell me I should deal with ADVANTEDGE FINANCIAL SERVICES who are my Mortgage Managers and that case of Fraud is closed because they (COSL) do not handle Fraud! ADVANTEDGE have already sent you paperwork! MY reply:I wish to make my complaint against PERPETUAL TRUSTEES VICTORIA (which clearly states on my contract and statements are my LENDER) for not supplying me the documents I have asked for.ADVANTEDGE  have not supplied me with the COMPLETE LAF for both loans nor have they provided me with the Service Calculator Sheet .They have also sent me someone elses loan contract and a copy of her title to her property all of which were in my VAULT! COSL Reply: no case will be  opened against PERPETUAL TRUSTEES and if you...
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  • doyla66
    doyla66 says #
    With the EDR'S a lot of snakes ( some bearded some not) not too many ladders
  • doyla66
    doyla66 says #
    Hi Grandma, a friend of mine was working on a case that was suddenly closed based on an incorrect assumption and information from
  • doyla66
    doyla66 says #
    OMG it's the unleashing of a horror story! Wrong title in wrong name in your vault? That's a very big clue re what they have bee
  • doyla66
    doyla66 says #
    This is so disgraceful Grandma- I know it is daunting but phone your local paper and radio station- you need to get your story out
  • doyla66
    doyla66 says #
    None I don't think grandma, that's how biased they are and completely in favour of corrupt banking system. There is a women on the
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Alan Jones absolutely livid with the new credit rules effective as of today, 5 days late and black mark against you. Also, he stated as to how this will effect mortgage borrowers because of improper lending practices by the banks. Borrowers loaned up to 100%, borrowers who have been lent beyond their capacity to repay, banks lending without any prior checks on customers. This segment started approx 8.25am Sydney time 12/3/14, he said he will continue with it tomorrow. Show recorded. Very interesting!  ...
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  • Marilyn   Reynolds
    Marilyn Reynolds says #
    Dearest Alan ,So sorry to take up your valuable time ,but I heard on your show recently about how the Taxation Office can just ch
  • doyla66
    doyla66 says #
    Hi Transformation, Denise posted it .......ASIC PETER KELL etc.
  • doyla66
    doyla66 says #
    Not just credit card Ali, any bill you have, except for utilities (they are trying to include those as well). Mind you the Gover
  • doyla66
    doyla66 says #
    Hi Ali, I know where you are coming from. Its hard for my dad to get his head around it but slowly he is understanding it. and dos
  • doyla66
    doyla66 says #
    Is this where Aussies are heading?........ The recession ravaged many Americans’ credit scores to the point that now 56% percent
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‘A senior National Australia Bank executive expressed grave concerns about the credit market in an obscenity-laden email sent in February 2008, two months before the bank officially recognised a portfolio of sub-prime loans were damaged goods.’ – Age, 17 September 2012 ‘Home loans classed as “sub-prime” accounted for about one in 10 of the nation’s mortgages when the global financial crisis hit, with those loans now more than six times as likely to be in arrears as normal loans. ‘The figures reveal that claims Australia was insulated from the worst of the GFC due to vastly superior lending standards, a notion encouraged by many of the biggest banks, are exaggerated.’ – Australian, 27 September 2012 ‘America’s subprime mortgage scandal triggered the Global Financial Crisis and the world’s still recovering from it. What’s less known is that Australia too had its own subprime loans scam, the full extent of which is only...
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--The back story is even more ridiculous. The state guaranteed Alcoa 'mates rates' on power and then sold its power infrastructure. The difference between the market rate and Alcoa's is footed by the taxpayer. Of course, just to make things more absurd, the government also decided to levy large power users. --You can't make this stuff up. --If you're wondering how this is going to trigger a global financial crisis, you haven't been reading about Australia's secret subprime scandal. In short, the loss of jobs in Geelong is beginning to get serious. The government is in crisis talks. The worsening situation poses a serious risk to house prices in the area. --If house prices take a hit in Geelong, that could prove to be the canary in the coalmine for the rest of Australia. It has the potential to trigger pretty much the same subprime crisis here in Australia as in...
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  • doyla66
    doyla66 says #
    Betcha Nab won't give a rats. They will just dismiss these facts. How much do you want? We will make the application fit our cri
  • doyla66
    doyla66 says #
    Article in todays Sydney Telegraph by Alex Malley - A MISSED PAYMENT COULD BE A BLACK MARK FOREVER. All about how under this reva
  • doyla66
    doyla66 says #
    The country has fallen apart. The banks are fraudsters. People are loosing homes every week Depression statistic are through the r
  • doyla66
    doyla66 says #
    And here go more jobs - today's news - Telstra slashes 800 jobs in Sensis overhaul
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Dear members As a consequence of life I get quite a lot of down time but the upsiide is I get exposed to lots of media broadcasts and the information within. This morning on ABC breakfast there was an interview about super funds and the guest represented industry super which is cheaper because they don't pay commissions. The big banks have a big slice of super funds and want more and as a result that when ex-CBA bos David Murray does his roots and branch investigation into the banks he is also going to look into the super aspect and SMSF funds, what recommendations will he make to parliament over that? Also the rules regarding brokers and advisers are to be relaxed as well. Tonight on Peter Van Onseline on Sky he pointed out that Tony Abbott has only one woman on the front bench Julia Bishop but whenever the camera...
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  • doyla66
    doyla66 says #
    In case anybody missed ACA tonight Tracey Grimshaw did a story about a government bill I had never heard of which might be good fo
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MoneySuper & Funds  SMSF alert on property John Collett  Date December 5 2012  SMH Trustees investing in real estate must keep an eye on the details or could find themselves in serious trouble. Read more: http://www.smh.com.au/money/super-and-funds/smsf-alert-on-property-20121204-2as1l.html#ixzz2ssVgsJ7y The Australian Taxation Office (ATO) is warning trustees of the rapidly growing self-managed superannuation funds (SMSF) sector to be cautious when investing in property.  The acting commissioner of the ATO, Bruce Quigley, says some trustees are using their superannuation funds to invest in property without fully understanding their legal obligations, or are deliberately trying to skirt the law.  Breaches of the law can result in a fund's trustees being disqualified, civil penalties or even criminal charges. Fines of up to $220,000 can be applied to trustees entering into arrangements that are not properly structured. Over the past five years, the rules have been progressively relaxed. Trustees can now borrow to invest in property through their...
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  • doyla66
    doyla66 says #
    Huh? I'm becoming so very confused I'm not even sure if to read across or down is now the status quo. Can somebody tell me pleas
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My Story concerns FOS and its limitations.   They can only assist in a very narrow sense, only arbitrating a position between both parties.  They only adjudicate additional lending between lender and borrower.  There is no subpoena of documents, instruction of bank , enforcement of criminal proceedings.  Borrowers are entrapped into a legally binding Determination which prevents any other actions.   My low doc loan of 2007 with Perpetual/ Macquarie was transferred to St George without my knowledge by a broker who added $26,000 to the loan. He received $6,000 (which I am repaying) and was later charged and discredited by ASIC.   I have been involved with FOS for several years as my Loan Application Form was substantially falsified, unknown to me, and the loan repayments were untenable from the beginning. The Bank NEVER CHECKED WITH ME not even a phone call.   I have persevered with FOS, although they tried...
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  • doyla66
    doyla66 says #
    Probably they are all such misguided dopes they really believe all that spin re medical technology now so advanced we are all goin
  • doyla66
    doyla66 says #
    What? They admit maladministration and the outcome is they capitalize outstanding interest meaning you get MORE DEBT!!!!!!!!! St.
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Posted by on in From My Window
St George Bank and the Ghost again! FOS had made recommendations in November 2013:  St George Bank has broken the law, St George Bank has breached the Code of Banking Conduct, the bank must take my name off the fraudulent mortgage and they must pay me $2,000 for the stress they have caused me.  St George Bank have disputed the recommendations, and one of the points suggested is a previous case, quoted as Case No241597, where the findings had been different.  Having no expertise in this field, I made the decision to ask for expensive help from my lawyer, who dutifully researched the issue at hand. He couldn’t find the case anywhere!  Another St George Ghost! (The previous one took many of the important papers held by the bank on the fraudulent mortgage, SMH Lenders haunted by the Ghost of St George, Oct 19-20, Weekend Business, p.2) The moral of...
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  • doyla66
    doyla66 says #
    Probably haunted by their own fear of what is hidden in the en crypt ion.
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  Our favourite Banksters are getting more and more desperate to avoid the consequences of their dishonest asset lends and LAF fudges, that not only have got their EDR schemes limited to 500k, they are telling the poor folk at Financial Ombudsman’s Service (“FOS”) that are trying clean up the carnage of irresponsible lending.  Surely FOS is not falling for that one?   Lenders are also suggesting that: “we Banksters do not have the LAF the borrower signed; (before the Bankster Chain fudged it), we only have an electronic reproduction that our clerical staff typed up after the loan had been settled.      If BFCSA Members and Readers look at that closely, it only includes what the Bankster lot want to show us, now we have turned up the blow torch.   But if FOS takes the lead from the courts and precedence, then if the borrower says: “that’s definitely not...
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  • doyla66
    doyla66 says #
    CBA definitely did a number on me with the help of a mortgage lender, HOMELOANS Pty Ltd. Never use them.. they are disgraceful. B
  • doyla66
    doyla66 says #
    Torch the getaway car, throw the gun in the river, shoot the witnesses, burn the house down, all these classic cases of destroying
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Posted by on in From My Window
 Australia's HOUSING BUBBLE STARTED a decade ago......................Where has Australian Prudential Regulatory Authority ("APRA") been? --But it's actually the Australian housing bubble we wanted to tell you about today. One specific part of the Australian housing bubble that makes it different from every other housing bubble around the world.   --Here are two quotes. The first is from the Sydney Morning Herald, talking about the quality of Australian lending standards:   'Australian banks should not forget the lessons of the housing market collapses in economies such as Spain, Ireland or the United States, the nation's banking regulator says. The chairman of the Australian Prudential Regulation Authority, John Laker, last night said the regulator had been engaging "quite assertively" with banks to ensure credit standards did not slip.'   --Luckily, they haven't slipped yet according to APRA. But what information is APRA relying on when it says that? The banks' lending statistics. And...
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  • doyla66
    doyla66 says #
    I can remember we all sent letters into John Laker (APRA) advising him of the banks systemic mortgage fraud and receiving basicall
  • doyla66
    doyla66 says #
    Yes, Duped. When are these know it all, there there little consumer, etc blah flaming experts going to get it through their heads:
  • doyla66
    doyla66 says #
    Yes! Were the Banks good? - well look at their profits! After the GFC the biggest concern at APRA would have been: are the Austr
  • doyla66
    doyla66 says #
    Correction: Did any of them ever ask how Australian Banks managed to be "fine"? Of course not.... until really obvious cracks wer
  • doyla66
    doyla66 says #
    It would be logical to expect that the figures APRA spruke are coming directly from the Banksters and highly unlikely and as a mat
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  Westpac digests Lloyds deal As the global crisis peaked in October 2008, CBA paid $2.5 billion or 0.8 times net asset value for HBOS' Australian operation, Bankwest, a fire-sale deal that became only marginally less lucrative when CBA subsequently injected $400 million to cover bad debts in the Bankwest portfolio. ANZ agreed to pay Royal Bank of Scotland $US550 million ($583 million) or 1.1 times book value for an Asian banking franchise in 2009, and Westpac has now agreed to pay British-based Lloyds $1.45 billion or 1.22 times book value for three businesses - an equipment finance unit that is split two-thirds-one-third between small business and larger companies, a motor vehicle finance book that is dominated by consumer vehicle loans, and a corporate loan portfolio that has already been cleaned up by Lloyds to make it more attractive. To put those prices in perspective, Westpac trades about three times book...
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Malcolm Maiden
  Regulator hamstrung by lack of funding   October 12, 2013 Malcolm Maiden Australian Securities and Investments Commission chairman Greg Medcraft has failed to allay concerns the regulator is off the pace with his speech on Friday addressing the back-stage role the regulator has played in separate bribery investigations that have embroiled the Reserve Bank and one of Australia's biggest listed groups, Leighton. Bribery of foreign officials was an offence under the Commonwealth criminal code and was always investigated by the Australian Federal Police, he said, and a parallel investigation by ASIC into civil breaches would ''ordinarily'' only occur after the AFP's case was closed, to ensure it was not contaminated. Parallel investigations were possible, but ASIC would want to see strong prospects of a win, he said, adding that the six-year statute of limitations on civil actions was also a factor. ASIC has run joint investigations with the AFP in...
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  • doyla66
    doyla66 says #
    Underfunded!!! Top heavy would be more like it. How many employees of ASIC can really justify being there shining their seats. W
  • doyla66
    doyla66 says #
    Well said Maria! Give all that money to Denise and watch the sparks fly off their corrupt backsides !
  • doyla66
    doyla66 says #
    ASIC pursue cases where lots of people have lost lots of money? Who Is Medcraft kidding ! Lots of people have been defrauded by y
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