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

Posted by on in From My Window
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  • doyla66
    doyla66 says #
    Jean, Good find. I think your post could bumped to be a main thread, ask Admin to do this.............. TO BIG FOR TRIAL. It is e
  • doyla66
    doyla66 says #
    Elizabeth Warren EMBARRASSES Bank Regulators At First Hearing . http://youtu.be/2F6YkBa_Tig This is interesting, not so very diffe
  • doyla66
    doyla66 says #
    Jean, I'm wondering why the Banks are too big to take on. I've watched films of the heads of banking being spoken to by people in
  • doyla66
    doyla66 says #
    Thanks, Supadave. In the absence of correct practice in ASIC in effect they do their own thing. Self-regulation? Well over a tho
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In making requests to our Bank for LAF's (Loan Application Forms) including supporting documents and Serviceability Calculators, both by means of telephone conversations and more recently by registered letter and requests by personal visits we received:   1. Loan contract documents, NOT LAF's. 2. We wrote letters requesting the LAF's to the Bank's CEO and two other officers. 3. We didn't receive LAF's.  4. Three requests were then sent to FOS requesting LAF's. 5. We have not been provided with any LAF's from anyone. 6. The Bank after further personal communication with the Regional Office requesting LAF's has still not provided any documentation as requested.  The question remains is the Bank following a standard obfuscation procedure or are they hiding something they do not want us to know? After 12 months of frustration it stinks all the way to the Moon!!!  Ed:  Join BFCSA Today and we will show you how...
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  • doyla66
    doyla66 says #
    Trevor, have you enlisted for the future class action on lost homes? See tab top of bfcsa website or email Denise.
  • doyla66
    doyla66 says #
    My wife has attended to this matter. Thank you for your advice.
  • doyla66
    doyla66 says #
    Welcome Jolly Swagman. Without Denise and BFCSA I would be on the street. "Which bank" were eager to provide me a loan I could not
  • doyla66
    doyla66 says #
    Trevor, I wish you good luck with Nab. Nab concealed documents from me and the courts. The Supreme court allowed Nab to do this.
  • doyla66
    doyla66 says #
    FOS/Dec, 2012:"I note you have requested (copy of). .. loan application form. We consider that you are entitled to a copy of your
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Banks power
Big four banks under ASIC scrutiny for advertising claims   What scrutiny?? They survived the GFC, now are up there with the big boys. So all is good... Right??       “Requiring major banks to prominently display the ownership of their subsidiaries on all consumer-facing material will better inform consumers and enhance competition in retail banking,” http://www.adelaidenow.com.au/money/banking/big-four-banks-under-asic-scrutiny-for-advertising-claims/story-e6fredkl-1226664723793   This all adds to the Bank's attitude of "FORGET ETHICS" or "Social Responsibilities" anything goes,,, if they can get away with it.     MORT.        ...
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  • doyla66
    doyla66 says #
    Thanks, Mort. That's good news. But gosh they were slow getting around to it. Next I'd like to see full disclosure on all the bac
  • doyla66
    doyla66 says #
    But Lisa why disclose when you can 'rig markets'; ANZ & Macquarie implicated for trying to rig benchmark interest rates in Singapo
  • doyla66
    doyla66 says #
    Yes, Andy. And why bother poor underfed and fragile borrowers for their homes and anything else they can squeeze out of us when t
  • doyla66
    doyla66 says #
    Yes Lisa, and whether the bank$ters "see the writing on the (BFCSA) wall", or not, they're going down big time!
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bank of america forclosures
  Paul Kiel The Raw StorySat, 15 Jun 2013 00:27 CDT   Bank of America customers at a Bank of America machine.   Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees. The employee statements were filed late last week in federal court in Boston as part of a multi-state class action suit brought on behalf of homeowners who sought to avoid foreclosure through the government's Home Affordable Modification Program (HAMP) but say they had their cases botched by Bank of America. In a statement, a Bank of America spokesman said that each of the former employees' statements is "rife with factual inaccuracies" and that the bank will respond more fully in court next month. He said that Bank of America had modified more loans than any...
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  • doyla66
    doyla66 says #
    I AGREE TOO. And it is all coming out. Bank managers be warned.. "please explain coming your way" by Court order sooner rather th
  • doyla66
    doyla66 says #
    So ASIC adopted the US model where BFCSA "homeowners were simply denied en masse in a procedure called a "blitz", ..during a blitz
  • doyla66
    doyla66 says #
    I agree. And they'll do anything they can to keep in good with the Banks so they're assured of a well paid set up somewhere. Pret
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http://www.theage.com.au/business/the-soft-underbelly-of-the-regulator-20130614-2o8nd.html Michael West exposes conflict of interest and cronyism by many senior ASIC executives, looking after their mates and selves, while “the public is cheated by such a process, particularly when major claims of corporate fraud, detailed and corroborated by documentation, are passing without investigation”.   Read more: http://www.theage.com.au/business/the-soft-underbelly-of-the-regulator-20130614-2o8nd.html#ixzz2WA0LKgxt Michael had posted a version of this in the Brisbane Times on 08 June.    ...
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  • doyla66
    doyla66 says #
    Good work Michael West. Thankyou for posting this important article, John. ASIC should be ashamed of this ... but so should the b
  • doyla66
    doyla66 says #
    Compelling reading the articles from Michael West. The only option for the Government is a ROYAL COMMISSION with wide terms of ref
  • doyla66
    doyla66 says #
    They are a greasey lot, looking after their mates and bugger off to the long suffering public in need of good regulatory principle
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Tax Office's hands tied on insolvency warnings Date June 8, 2013  Chris Vedelago  Property reporter The Tax Office has warned that privacy laws prevent it from sounding early warnings about potentially insolvent companies such as National Buildplan Group before they collapse. The admission to the Senate estimates committee came after Nationals senator John Williams queried what the Tax Office could do to help prevent ''big hits to small business'' when construction groups with government contracts failed. ''If a company is behind in its GST payments, its PAYG payments and perhaps its superannuation payments, is there any way that the ATO can raise the red alert with ASIC [the Australian Securities and Investments Commission], if they are trading insolvent?'' Senator Williams asked. ''[National Buildplan] has fallen over owing $60 million. One plumber in Tamworth has been done for $481,000. They are big hits to small business. It is getting far too common.''...
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  • doyla66
    doyla66 says #
    Definitely Lisa .. 'How about the government have a long look at the government side of the equation: more industry experience nee
  • doyla66
    doyla66 says #
    I've read reports of building companies being placed in dreadful cashflow situations by the slowness of government agencies. Of co
  • doyla66
    doyla66 says #
    These company (and director) financial health checks should be carried out for each project undertaken by contracted building comp
  • doyla66
    doyla66 says #
    It's unlikely that ASIC would pick up the early warning signs at a prevention and remediation point. They're using conventional me
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Senator John Williams is expected to grill ASIC over why it took them so long to act over allegations of misconduct at the Commonwealth Bank.   http://media.theage.com.au/business/businessday/key-questions-as-corporate-regulator-faces-roasting-4462492.html...
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  • doyla66
    doyla66 says #
    ASIC's response is the usual..thanks for bringing it to our attention, we didn't know, we will definatley look into it. Then it ge
  • doyla66
    doyla66 says #
    Senator Williams rattles up ASIC. ASIC then have it in for Williams. None of that is achieving what is needed: Action. Government
  • Denise
    Denise says #
    ASIC will mislead Parliament as they have consistently done for over a decade. Expert at lying? Indeed. They ignored their own
  • doyla66
    doyla66 says #
    I wrote to Senator Williams and spoke with him and his staff about my being done over by my Commonwealth Bank Manager. BFSO ( that
  • doyla66
    doyla66 says #
    Tonight I got an email from my family lawyer (yep, we're up to that dreadful part of the mess my ex created with his midlife crisi
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Patricia Babbage: she says much of her wealth was wiped out.
June 4, 2013 - 2:21PM Read more: http://www.theage.com.au/business/banking-and-finance/hockeys-motherinlaw-stung-by-rogue-financial-planners-20130604-2nnhb.html#ixzz2VDySEjuU Patricia Babbage still gets emotional when she thinks about her horrific experience at the hands of a financial planner employed with the Commonwealth Bank. The 77-year-old mother-in-law of shadow treasurer Joe Hockey says the planner Chris Baker put her life savings into high risk products and wiped out much of her wealth. Patricia Babbage: she says much of her wealth was wiped out. Photo: Wolter Peeters “I thought I had been placed into conservative investments but when I saw my money falling from $200,000 to $184,000 in a week and then kept falling, I would call him and he would say ‘it’s the GFC, don’t change anything, it will come back’,” she recalls. Advertisement By June 2009 her retirement savings had fallen to $92,000 and Mrs Babbage was in a panic. She said her husband Terry had died in 2004 and in...
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  • doyla66
    doyla66 says #
    The banking and finance Corporations need to be controlled NOW - In light of what has been happening for years, the Government of
  • doyla66
    doyla66 says #
    So Mr Hockey, how about you and your other party members taking a good hard look not just at the rouge financial planners and mort
  • doyla66
    doyla66 says #
    Poor woman! What a dreadful experience for her. Wouldn't you think the CBA would have made the effort to get it right for Joe Hoc
  • doyla66
    doyla66 says #
    This is his mother-in-law which makes me think back to the article in The Weekend Australian Magazine about 2 - 3 weeks ago. Joe H
  • doyla66
    doyla66 says #
    "It was too hard to keep fighting" and "I needed the money" These are very telling statements and just what the CBA would be hop
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Posted by on in From My Window
MORATORIUM     I strongly suggest a call for a Moratorium on all Lo Doc Loans until this mess is sorted. It is a reasonable thing to do. In the mean time the Banks WILL continue their push to have struggling/defaulting victims evicted from their rightful homes. By the way who are clearly INNOCENT victims. Which in it self is unconscionable.   It is obvious the LO DOC LOANS were enticed onto people who did not need the money or were not fully informed or not in a position of requiring the loan. The APPLICATIONS were massaged/manipulated to get them over the line. AND as noted by the now PUBLIC emails between bank/brokers the applications did NOT need much manipulation.     A $2000 mobile phone contract required more diligent checking than what was required for a LO DOC LOAN. While all this media tennis is happening,,,, is it giving the banks time to...
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  • doyla66
    doyla66 says #
    Moratorium until Royal Commission would be sensible IMHO. So would moratorium for a period of time after Bank bailout - on every
  • doyla66
    doyla66 says #
    Nice plan Mort - a moratorium while we wait for the Royal Commission.
  • doyla66
    doyla66 says #
    Quite right, Mort. Ramp up the action and demand appropriate action from government or whomever is in charge of Australia these da
  • doyla66
    doyla66 says #
    I agree with you as my loan is ballooning out of control. I did get this response though back in April 1.The Bank will take posse
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Posted by on in From My Window
  THE LOW DOWN ON LO DOC LOANS  ABC 3.6.2013 "The corporate regulator has rejected claims it has neglected the victims of fraudulent, low-doc home loans.A consumer rights campaigner says brokers have tampered with thousands of loan applications, leaving borrowers with mortgages they can't afford."   http://www.abc.net.au/news/2013-06-03/the-low-down-on-low-doc-loans/4730780   MORT....
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  • doyla66
    doyla66 says #
    Mr Kellshould be a politician, always in denial. Doesn't he realise how stupid he sounds??
  • doyla66
    doyla66 says #
    Mr Kell must be a bit miffed he missed out on the free trip to Perth to meet with Denise in February so he claims no knowledge as
  • doyla66
    doyla66 says #
    This morning the Cluster Map showed the majority of visitors on this site were international Overseas readers are interested in o
  • doyla66
    doyla66 says #
    Going Viral now :-))) Denise's "Systemic Fraud" article went out to 1000's of news papers and websites http://www.google.com/sear
  • doyla66
    doyla66 says #
    Thankyou again
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Posted by on in From My Window
THE FIRST NUDGE
Profit above all else: how CBA lost savings and hid its tracksRead more: http://www.smh.com.au/business/profit-above-all-else-how-cba-lost-savings-and-hid-its-tracks-20130531-2nhde.html#ixzz2UyHzuTg7 Is it possible the Commonwealth bank is following a path trodden before.   http://en.wikipedia.org/wiki/Enron_scandal    "and poor financial reporting, were able to hide billions of dollars in debt from failed deals and projects" Must win at all cost. The customer/client is the lambs led to slaughter. Unethical practices  Cover ups. Whistle blowers. "It was either public glory or humiliation, depending where you ranked,"   All key words which can lead to this FINANCIAL EDIFICE unraveling.   AND THERE IS MORE!! From within the bank. “Yet the same bank expects the majority of its workforce to be satisfied with a pay increase of between 0 per cent and 3.5 per cent. What planet are these people on? Every single person working for the Commonwealth Bank has contributed to the bank’s success, and every employee deserves a fair share of that success,”...
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  • doyla66
    doyla66 says #
    Thanks for that information, Mort. This may not be the end, but I believe it is the beginning of the end. Eureka Stockade & th
  • doyla66
    doyla66 says #
    Historical note: In the 80s big advertising agencies offered "full service in house" so their clients would get everything done at
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Adele Ferguson
Comment: What has happened to Australia's Whistleblower Legislation? Are our political leaders so out of touch with community standards that they haven't caught on yet: Decent Australians do respect those with the courage to speak out, tell the truth and protect others. Australians are still being hurt by corporations in the absence of effective regulatory and judicial control of excessive greed. Being a whistle blower is very stressful and frightening. For too long it has been broadly culturally unacceptable to be a "dobber". This all depended on who was dobbing in whom and why. Australian's are quite pragmatic about this. But it is still a very isolating experience being a whistleblower and at times one doubts the evidence of ones own experience and documentation, especially when dealing with companies that tell us we're insane - from experience.  Keep encouraging whistleblowers to speak up, to the right people, (not ASIC, from experience)...
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  • doyla66
    doyla66 says #
    This is one very disheartening story to read. It shows in great detail how useless our toothless tiger in ASIC really is. It clear
  • doyla66
    doyla66 says #
    Looking forward to hearing more from Sen. John Williams on this case. Just imagining him asking CBA CEO and ASIC Chairman: "Why di
  • doyla66
    doyla66 says #
    CBAs conduct is a disgrace. Lodge a complaint and it's handled like you're trying to rob them! They're defensive as ... This is no
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I came across this news report today I thought worth sharing here. Seeing it has similarities to many fellow victims here. My opinion,  After the Banks frenzy loose lending practices for the last 10 or so years it is now starting to unravel. Bank share holders would be wise to keep an eye on this. Reversing shoddy lending practices will affect their dividends. Below is one case of over a $million. And more are waiting to be heard. Quote: "The loan was a bridge too far, at too late a stage of their fast-fading lives," Justice Pembroke said. "Its unsuitability was compounded by the bank's incompetence." The ruling said the couple should be restored to their previous position before the Bendigo and Adelaide Bank loan."  ----------------------------------------------------------------------------------------------------------------------------------- http://www.adelaidenow.com.au/money/banking/steve-and-iris-karamihoss-living-nightmare/story-e6fredkl-1226596424867   http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/nsw/NSWSC/2013/172.html?stem=0&synonyms=0&query=karamihos     MORT.      ...
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  • doyla66
    doyla66 says #
    Great story. Heart warming to read of this justice. Why is it that there is only 1 in a hundred judges that bite the bullet and c
  • doyla66
    doyla66 says #
    I agree, Neil. I'd also like to suggest Justice Rares as a candidate for the chair. How many bank "incompetency", bank errors, b
  • doyla66
    doyla66 says #
    Good report Mort. I wonder if Gadens are licking their wounds now that it has been shown they are not infallible.Its scary to see
  • doyla66
    doyla66 says #
    Thankyou for posting this story, Mort. What wonderful news. I remember seeing their story on TV. They were living in their car -
  • doyla66
    doyla66 says #
    Hi Mort, Great post...any bit of encouragement will goes a long way.
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Dear members As we are all victims of the insidious low doc, no doc, full doc loan scams it seems we were at the fore front of things to come. It appears that everything is geared  towards all Australians and parting us from our hard earned cash and assets.  The mass media exposure where we are constantly reminded our time on this earth is short so make sure we have enough funeral insurance to cover it and a little left over for a wake or the grandchildren. The insurance companies will cover everything from our lives, jobs and even vet bills.  Next the charities have been reduced to having call centre's now ring using a well rehearsed spiel to garner donations and even in our case with an unlisted phone number they still get you. Perhaps the worst one is we can't watch sport on t.v. without being bombarded with the latest odds and our kids...
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  • doyla66
    doyla66 says #
    Well said, Neil. It seems it's a big problem for our government to determine when to step in and when to step back. Australians
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Dear Members No one likes making hard or unpopular decisions but it is a fact of life that sometimes in life we have to grit our teeth and do it. Governments are no different but today it seems that's one bullet both parties try to avoid. This mornings news states that some public servants might face the axe, well Mr Swan, may I suggest you first look at ASIC  they rake in more than  $400 million per year and what for. Just one example:  One bfcsa member provided ASIC staffer evidence of fraud on her LAF, nothing here for ASIC states ASIC, she then forwards on multiple copies of LAF's from our investor group and guess what?   That's right, the standard ASIC response again "can't see any problem" but wait there's more, after Denise had her meeting with Warren Day she suggested we all resend our complaints in.   I...
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  • doyla66
    doyla66 says #
    It would appear that all Australian Banks have mandated the use of contactless technology on all credit cards? Many cardholders te
  • doyla66
    doyla66 says #
    Shimon I hear what you're saying and agree wholeheartedly that this technology should be a choice and not a mandate, but one of th
  • doyla66
    doyla66 says #
    My card is from a Credit Union. I miss the chip tap and pay convenience but I do feel safer with the old system again. Only one of
  • doyla66
    doyla66 says #
    hand over at least half of ASIC's budget to BFCSA, after all Denise is doing all of their investigative work for them
  • doyla66
    doyla66 says #
    Hard decisions are a part of being in a leadership position. Whether it be running a country or running an office or a home there
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Posted by on in From My Window
August 10, 2012, 6:18 pm Neil Doorley Today Tonight http://au.news.yahoo.com/today-tonight/money/banking/article/-/14519666/westpac-under-fire/ A loan scandal has embroiled Australia's second largest bank with revelations it lent money to elderly pensioners and dementia patients. The pensioners and nursing home residents were given huge loans to invest in a doomed money making venture. One of the victims, who was given a $440,000 loan and 30 years to pay it off, is 101-years-old. The lending scandal that’s ruined lives is raising so many questions that's it's now the subject of a Senate Inquiry.Westpac loans manager David St Pierre was so desperate for business he visited 98-year-old pensioner Heather Simmers in her Brisbane nursing home three years ago to finalise a loan.Del Black is Heather's daughter. She says her mum suffers from dementia and wouldn't have known what she was signing up for – a $440,000 loan over 30 years.St Pierre also convinced Del to take out...
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  • doyla66
    doyla66 says #
    Never mind that it may have been a computer bank scam designed to fudge figures on loans, the system still belongs to the banks,
  • doyla66
    doyla66 says #
    The question of legal capacity doesn't seem to be part of the Bank, lender or broker consideration in approving a loan. Nor does
  • Denise
    Denise says #
    Westpac Executive to me in conversation 2009: "oh Denise we have hundreds and hundreds of these (Low Docs/Imprudent Lend/ LAF Frau
  • doyla66
    doyla66 says #
    The home finance manager who facilitated entry into the loans is no longer employed by Westpac, left on his own accord did he? Fu
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COMMONWEALTH bank
John Dagge From:Herald Sun September 29, 201212:00AM   THE Commonwealth Bank and NAB have been forced to reclassify almost $13 billion in home and business loans after making a reporting blunder. Source: PerthNow THE Commonwealth Bank and National Australia Bank have been forced to reclassify almost $13 billion in home and business loans after making an embarrassing reporting blunder. The errors, declared to the Australian Prudential Regulation Authority, involved the pair incorrectly classifying household loans as business loans. CBA accounted for the bulk, incorrectly labelling $9 billion of loans made to households as business lending in the 14 months to July. It has also reclassified up to $1 billion in deposits that were listed as belonging to households. The funds are now classed as deposits from businesses. NAB has also run foul of APRA's rules, classifying $3.9 billion of business lending to 5000 customers as household lending in the two...
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  • doyla66
    doyla66 says #
    Thankyou for posting this story, Marianna. It was good to read the first time around. It takes on deeper meaning for me now. I h
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We have so much more to reveal and the next two weeks will be a revelation into the inside world of tricky toxic banking Australian style.  Our Members and previous RECA Members have spent ten years digging into this not so unusual cesspool of fraudulent mortgages. We urge all mortgagors to look into their file.  If there is no Loan Application Form, its almost certain you are part of a scam.  Hit the membership button and pay $50 and we will send you instructions on what to do next!  Remember that 10% of FULL Docs are TOXIC and arranged by internal bank staff. The Australian Securities and Investment Commission luminaries, admit the banks are the engineers, masters of the universe, wiseguys, but tell us "banks were just using marketing techniques."   Hmmmmmmm, all will be revealed very soon.  Our Bankers may find life in a cell a little different to life in the Penthouse Suite.  The food may...
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  • doyla66
    doyla66 says #
    Ii would love to see Mr. Clyne with egg on his face. I will say no more as my blood pressure sky rockets when I think of the disp
  • doyla66
    doyla66 says #
    Over ripe tomatoes and rotten eggs! The industry is awash with black money stolen from Australian workers, Mums and Dads, our Gra
  • doyla66
    doyla66 says #
    Over ripe tomatoes sounds good...where should we start?
  • Denise
    Denise says #
    Imploding Loans? Mushrooms no more as Members head to the TV & Radio Studios in each state to tell their story.......come on chap
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Dear Members Ken Henry, former treasury official has upset both sides of politics by comparing them to like watching a 24/7 reality t.v. show. Instead of concentrating on the long term management of the country they are to busy mired into short term policy and rhetoric at each others expense. This morning Christopher Pyne and  Bill Shorten dismissed this as absurd and started to spruik their individual party lines on all of the achievements and future plans each has . No matter how many qualified or individual people speak out declaring there are problems in our system that need to be addressed  both  sides refuse to take up the mantle and confront the issues. My local Federal M.P. a decent bloke but alas will be bound by party policy has just written to the Minister for Financial  Services Bill Shorten and the  Shadow Minister Mathias Cormann requesting the legalities of my wife and I having full...
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  • doyla66
    doyla66 says #
    I agree - it's theatre. Maybe if they stopped broadcasting parliament on TV more work might get done? Unfortunately parliament is
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Dear members On the radio the other day it stated that against expectations that Aussie mortgage holders, instead of spending the money saved from the two previous Reserve Bank of Australia cuts, have put the money towards their mortgages to build a bit of a buffer for the future. The government was hoping people would spend to stimulate the economy.  Once again the pollies are out of tune with the realities faced by the common man. The banks now get 60% of their funds from Australian deposits, thus rendering the old cost of borrowing money from overseas a bit mute and as such aren't as vulnerable as overseas banks.  A lot of the bank share holders are retired people.  How will these share holders act once the under handed tactics of Bankers targeting people who are "ARIP's..... asset rich cash poor" and frequenting nursing homes for vulnerable clients are made public.  You...
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  • Denise
    Denise says #
    Jettison the DEBT......its going to be a bumpy ride. Can't afford the city? Move to the country towns who are crying out for new
  • doyla66
    doyla66 says #
    Agree completely. Get out of debt asap. The vibe and the signs match ... and cities will not be the places to be ... Been see
  • doyla66
    doyla66 says #
    It sounds as if Aussies are keen to get out of debt. The RBA and government expected the rate cut to stimulate spending??? Not fo
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