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

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Subcategories from this category: Time to Relax, COURTS & LEGALS
What a hoot.......read the comments   Sullied McGrath lectures empty auditorium   By Houses and Holes in Australian Property at 10:44 am on May 25, 2016 | 13 comments   http://www.macrobusiness.com.au/2016/05/sullied-mcgrath-lectures-empty-auditorium/   Just occasionally some anti-propertocracy anarchist sneaks through the Domainfax brainwashers to deliver a bowel-shaking truth: It’s that time of the year again when our highly-paid corporate PR professionals get together for Australia’s most pointless conference, the Corporate Affairs Summit. There, delegates pontificate on the vagaries of reputation management without the input of a single journalist, politician, bureaucrat or regulator – mainly for the benefit of circling headhunters desperate for a mandate. But we found another one almost as bad: the Australian Real Estate Conference, an event owned by property agent John McGrath, held this week in Surfer’s Philistine. McGrath, whose own stock has tanked in the four months since its December IPO, interviewed REA Group chief Tracey Fellows (just...
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Apartment settlement risk soaring as overseas buyers restricted By business reporter Michael Janda Updated Fri at 12:42pm  13th May 2016 PHOTO: Melbourne and Brisbane are both forecast to have large apartment gluts. (774 ABC Melbourne: Simon Leo Brown) RELATED STORY: NAB tightens foreign home loan borrower rules MAP: Australia There is a growing risk that new apartment buyers will not complete their purchases due to a high-rise glut, falling prices and a drop-off in foreign buyers. Key points: Forecast of 231,129 unit completions over next two years Sydney, Melbourne and Brisbane dominate unit build - 206,710 between them Foreign buyers either banned from getting loans or required to have 30pc-plus deposit Australia's apartment building boom is yet to pass its peak, with analysts at CoreLogic RP Data predicting that the peak of apartment completion will not be reached until next year. Over the next 24 months, CoreLogic expects 231,129 units to be completed, which compares with average...
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Election 2016: Bill Shorten wins against Malcolm Turnbull in first leadership debate after heated discussion about housing   Malcolm Turnbull and Bill Shorten faced off at the debate in west Sydney Post-debate votes by the audience scored Mr Shorten as the winner  Mr Shorten gained 42 votes compared to 29 for Mr Turnbull  It is the first leader's debate of the campaign    By STEVEN TRASK FOR DAILY MAIL AUSTRALIA PUBLISHED: 19:01 EST, 13 May 2016 | UPDATED: 06:48 EST, 14 May 2016   Bill Shorten has scored a slim victory in an evenly-fought first leader’s debate where neither participant landed a knockout blow. Opposition leader Mr Shorten was the victor according to post-debate votes cast by the 100-strong live audience – gaining 42 votes compared with 29 for Prime Minister Malcolm Turnbull. Twenty nine audience members could not pick a winner.  Mr Turnbull and Mr Shorten squared off in the wide-ranging debate in Windsor, western...
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The EVIL PLAN by Bankers, acting as a powerful CARTEL is to target all those who own their homes and have no debt (known as ARIPs). Banks hold seminars to teach newbee sellers how to target ARIPs. In 2003, I was sitting front row to witness the launching of the Grand Evil Plan. The target market was suggested as $50 BILLION and has now grown to $300 Billion and will double every three years as it gains speed. That's a lot of LOST homes and homelessness!!!!! The obscene profits from theft is pouring into the pockets of the Elites who are the Engineers. The punishable crime is called "asset-stripping" and is a criminal offence. Why are those in their IVORY TOWERS given political immunity from prosecution in exchange for massive injections of donations? The Bankers have been running the greatest PONZI FINANCING scheme this nation has ever seen. Just read LF...
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Fraud rife in banking system, with lending practices threatening financial system stability, economists say Posted Thu 21 Apr 2016, 11:46pm Fraud is rife in the banking system as banks systematically fudge the numbers on loan applications to make borrowers look more creditworthy than they really are, according to an explosive submission to a Senate inquiry on white collar crime. The economists Lindsay David and Philip Soos argue that the practice, together with a dramatic lowering of lending standards, is responsible for a massive housing bubble and threatens the stability of the entire financial system. "The banks have trashed their lending standards over a prolonged period of time with significant evidence of banks massaging people's incomes in their loan application forms to make them look a lot more creditworthy than what they really are, which is essentially fraud," Lindsay David of LF Economics told the ABC's Lateline program. "The banks would do...
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  • douglen46
    douglen46 says #
    If it weren't for the wonderful Denise Brailey we would not have all been made aware of the scale of fraud the banks have been up
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We cannot believe one word of what Fed Treasurer Scott Morrison says. ASIC, financial planners and nightmare-based regulation   Politics Editor 11 April 2014 http://www.crikey.com.au/2014/04/11/asic-financial-planners-and-nightmare-based-regulation/   When it came to Commonwealth Bank financial planners ripping off clients, regulation was all a bit too hard for the corporate regulator ASIC. (we know the planners would have then blown the whistle on the Banks 2014) It’s hard to know whether to laugh or cry at the performance of Australian Securities and Investment Commission officials yesterday at the Senate Economics Committee inquiry into ASIC. Laughter is the only sensible response to the extraordinary way ASIC dealt with malpractice and outright fraud by financial planners at the Commonwealth Bank’s Commonwealth Financial Planning arm, but the joke is on us, and most particularly on the victims of  some of CFP’s planners. It was a long day, stretching into the night when the committee eventually went in camera to discuss confidential...
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No royal commission as Turnbull's Liberals in deep with the banks MIKE SECCOMBE Conservatives against a banks royal commission argue it would damage the economy – because of the criminality it would reveal. AAP Image / Dean Lewins Prime Minister Malcolm Turnbull at Westpac’s 199th birthday lunch in Sydney last week.       If you believe the conservative line, Australia’s banks are not only too big to fail but too fragile to be openly investigated. The argument goes like this: yes, the financial sector has behaved very badly, even criminally; but the establishment of a royal commission to examine the seemingly endless stream of scandals could lead to a devastating loss of confidence. It’s an odd line to run, not least because it clearly presupposes such a commission would turn up evidence of behaviour that would shock us even more than we have been shocked by the serial revelations...
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  • Geoff
    Geoff says #
    Well it's time to get everyone motivated as we are going to the Polls. The Double Dissolution is on : Senate refused to pass the l
  • Aries
    Aries says #
    Labor has my vote as well... why vote for Turnbull after he sticks his middle finger up at us.
  • Denise
    Denise says #
    Yes indeed ARIES. NO RC then BUGGER OFF and NO VOTE for those who would treat all Australians as sub moronic. The public are s
  • organza
    organza says #
    What does one expect from a PM who was a banker.
  • Aries
    Aries says #
    Turnbull is all out to protect the criminals........he is aiding and abetting these criminals who are defrauding the borrowers wi
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We need a Royal Commission and we need it now   7 April 2016   http://www.crikey.com.au/?p=541974   Malcolm Turnbull has a political and a policy problem with misbehaviour and outright criminality in Australia’s financial system.   His political problem is that he desperately wants voters to focus on what is normally, for the electorate, a lower-order issue — trade union scandals, and Labor’s links with unions like the CFMEU. The business sector and his own party, however, persist in producing far greater scandals, usually with several more zeroes on the end of the sums involved than anything produced by the trade union royal commission.   His policy problem is that the succession of banking scandals will, like the ongoing problem of corporate tax- dodging, further undermine voter support for any economic reform that looks like it will benefit corporations. Voters will wonder why they are being asked to support more economic reform when...
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  • organza
    organza says #
    And mortgage fraud of course!
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Sometimes you have to go back to the past to see the future- especially with Bankers! Unfair clauses in home loan contracts   From Money Magazine, March 2007 By Effie Zahos http://finance.ninemsn.com.au/pfproperty/homeloans/8123509/unfair-clauses-in-home-loan-contracts Home loan contracts may now be simpler, but they're still full of one-sided, abrasive terms and conditions. Unfair clauses in home loan contracts like "we the bank, can introduce a new fee, increase a fee or change the method of calculation, frequency and manner of payment any time we like" have been a gripe with Money for some time now. We first reported on these home truths back in 2002 and, as one reader Vanessa recently found out, little has changed. "I have read through my terms and conditions of my CBA (Commonwealth) home loan [and] it states that the credit cards are secured against my mortgage (property). So why do I pay such a high interest rate of...
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  • organza
    organza says #
    One has to wonder how many people have been defaulted on through getting behind with credit card payments releasing the trigger fo
  • organza
    organza says #
    As far back as 2002? Well look who was in charge of credit cards at ANZ. It's all so incestuous with bankers... http://www.info
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Malaysia scandal snares Australian banks The Australian March 31, 2016 12:00am Ben Butler   Two of Australia’s biggest banks, ANZ and NAB, have been drawn into a Singaporean money laundering investigation into the 1MDB scandal, in which the Prime Minister of neighbouring Malaysia, Najib Razak, has been accused of stealing $US1bn from the country’s sovereign wealth fund. ANZ already has a starring role in the 1MDB saga, which has sparked investigations in three countries and has been linked to three murders, thanks to its quarter stake in Malaysian bank AmBank, where Mr Najib held an account swelled by allegedly unexplained wealth. The Prime Minister’s office said yesterday there had been “exhaustive investigations” into $US680 mil¬lion transferred into his account from Singapore and the British Virgin Islands just before¬ the country’s elections in 2013, and “the funds were a donatio¬n from the royal family of Saudi Arabia”. It is believed that the...
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  • organza
    organza says #
    Now why would ANZ and NAB decline to comment? It all happens with the click of a mouse and ends up in King Rat pockets.
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Posted by on in From My Window
HOW PATHETIC IS IT TO READ THAT ONLY 20 - 30  SUBMISSIONS HAVE SO FAR BEEN SENT IN TO THE INQUIRY ON WHITE COLLAR CRIME....WE DESPERATELY NEED TO GET A ROYAL COMMISSION TO INVESTIGATE THESE CRIMINALS  THEN  BORROWERS WILL NEED TO FIGHT FOR COMPENSATION..... BLAME THE BANKS!!!!! WRITE LETTERS....SEND EMAILS.... EVEN HALF A PAGE ON HOW YOU WERE DONE OVER BY THE CORRUPTION  WILL DO...BFCSA MEMBERS CAN ALL DO THIS THANKS DENISE FOR ALL YOUR HARD WORK ON OUR BEHALF AND TIME TO SUGGEST CEO's OF MAJOR BANKS GET 25 YEARS AND NO PAROLE FOR THEIR HIDEOUS DISGUSTING CRIMES!........... WHO WOULD TRUST THE BANKERS THESE DAYS!!!!!...
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  • Aries
    Aries says #
    ASIC should be given all the submission from defrauded borrowers by the Senators...they then can contact us and come and see us to
  • PreySOS
    PreySOS says #
    We have no money for lawyers or no one fight for us as lawyers say it conflicts with their interest to fight with bankers for us.
  • PreySOS
    PreySOS says #
    The bankers are raising their knives over our heads.
  • PreySOS
    PreySOS says #
    We are bleeding and suffering right now!
  • PreySOS
    PreySOS says #
    Is is our fate to be vulnerable and helpless and just lying down to let bankers mass killing while FOS and some other regulators e
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It's taken them 60 years to figure this out??? by Tony Boyd 3 March 2016 http://www.afr.com/brand/chanticleer/anzs-flirtation-with-wealth-management-ends-in-disgrace-20160302-gn90pr ANZ Banking Group's 60 year flirtation with wealth management has ended in ignominy.  The bank set up ANZ Funds Management in 1957.   The bank started to take the business seriously in the late 1980s and early 1990s.  By that time the bank had expanded into a range of different wealth management product lines including life insurance, trustee services, unit trusts and funds management. But this hotch-potch of entities were never properly consolidated or given a common purpose.  The bank's wealth management division never actually figured out the answer to one simple question: Why do we exist?  The result was that the bank stumbled from one failed strategy to another. This was compounded by failures in execution.  If there is a pecking order of notable mistakes made by ANZ in wealth management the one involving Frank...
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Predatory Lending Scandal Exposed this coming Sunday on 60 Minutes. Our friend Kate Moloney was given millions of dollars by ‪#‎NAB‬ and ‪#‎CBA‬- when she was in her early 20's. She was set up and taken down. The banks didn't seem to worry about responsible lending practices ..... when there were bonuses to be made. An article about her was featured  the other day - Kate has been through a lot and now she wants to expose the racket and help others learn fro... See More           0:00             10,550 Views     ...
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  • Louie2U
    Louie2U says #
    It was a true version of a rubbish scandal. A very poor effort by C9. Kate Maloney's website and blog shows she has owned up to he
  • organza
    organza says #
    One could say viewers were well and truly "short changed".
  • Aries
    Aries says #
    Tepper didn't ask vital question.....like did you check you Loan application forms....did you receive phone call from lender to ve
  • organza
    organza says #
    Did I miss something? Not the story I was expecting to be aired nor who I expected to feature as the "real expert" with all the k
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Sam Dastyari says despite being a product of the ALP machine, he only really gained an understanding of how power ...
Labor senator Sam Dastyari has warned there is something "fundamentally wrong and rotten" with Australia's entire political system, claiming there are 10 huge companies with so much power and influence they have killed proper democratic process at the federal level in this country. In a firebrand speech in Canberra this week, delivered with the enthusiasm of someone with their eye on the party leadership, Mr Dastyari told a Politics in the Pub audience that he thought he understood power before coming to Canberra as a senator. But his time in Parliament House has opened his eyes to the realities of the political-business nexus in Australia in a way he could not have anticipated. Sam Dastyari says despite being a product of the ALP machine, he only really gained an understanding of how power dominates Australia's political system after becoming a senator. Photo: Dominic Lorrimer "You will not find somebody who came more from...
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  • Louie2U
    Louie2U says #
    Does he want the electoral voting system changed or not is more the question? The way it presently is simply permits the group vot
  • Duped
    Duped says #
    It seems to me that Sen. Sam Dastyari is the only politician with the guts and knowledge to understand that for one the banking sy
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Making investors pay for banks’ failures is sensible, fair and legal according to the regulator - and is not an unreasonable infringement on property rights 18 Sep 2015 http://www.telegraph.co.uk/finance/bank-of-england/11874155/Its-right-for-investors-not-the-taxpayer-to-pay-for-bank-failures-says-Bank.html Regulators have lashed out at investors who claim they will be robbed under new rules aimed at protecting taxpayers when banks go bust. Bondholders complain the new 'bail-in' regime, which ensures that they and other investors take the financial hit when a bank collapses, rather than the taxpayer, are unfair and argue they interfere with their property rights as creditors. The idea behind the bail-in policy is that when a bank gets into financial trouble, investors who have bought the bank's bonds could either have that debt converted into shares in the bank - which is unpopular given that shares in a failing bank tend to lose their value - or write off the debt completely, which would mean that they lose all of their...
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Court moves to liquidate ex-ASIC lawyer and adviser's businesses   22 October 2015 http://www.ifa.com.au/news/15263-federal-court-liquidates-asic-lawyer-and-adviser-businesses   The Federal Court has made moves to wind up a variety of financial services companies owned by a former ASIC lawyer and her financial adviser husband, after an ASIC investigation found instances of "unauthorised withdrawals of clients' funds". Following an application by ASIC, the Federal Court in Melbourne has made orders appointing a provisional liquidator to the following companies: Ostrava Equities Pty Ltd, Ostrava Wealth Management Pty Ltd, Ostrava Asset Management Pty Ltd, Ostrava Securities Pty Ltd, Prometheus Capital Pty Ltd, Beta Pharmacology Pty Ltd, Thrive Lending Pty Ltd and Trade BTC Pty Ltd. The directors of the various companies, Bradley Grimm, a financial adviser, and his wife Vanessa Ash, a lawyer and director of Ostrava Equities Pty Ltd, consented to the orders. Leanne Chesser and Craig Shepard of KordaMentha have been appointed by the Federal Court...
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SMACKS TO ME THAT BANKERS INTENDED TO "BLAME THE COMPUTER" Once again anyone or thing other than themselves and was most likely an excuse raised in the early planning stages;  "and if and WHEN all goes belly up we can always blame EXCEL" Bankers have admitted they were the engineers of toxic loans and then BLAME EVERYONE for CEO;s earning $10 million per year in commissions. Borrowers, Bank Managers and Customer Borrowers have all been blamed by the Banker Cartel.   MF Global woes reach Australia http://www.smh.com.au/business/mf-global-woes-reach-australia-20111031-1ms5k.html   ........With an Australian trading book of more than $400 million, MF Global is the biggest of the CFD brokers that have hit financial problems.  ASIC head Greg Medcraft has long been a critic of CFDs given that small movements in share prices can balloon into large losses.  ''We are aware of the situation and we are monitoring it closely,'' an ASIC spokesman said. ...
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Who is their right mind could have any confidence in ASIC after trawling through this?   Page 14 Senator O'NEILL: In the interim, though, the requirement for people to be able to practice as financial advisers remains the RG146—is that correct? Mr Medcraft: That is correct. Senator O'NEILL: It is as long ago as a year that we had evidence to say that the RG146 is an extremely inadequate tool to properly prepare people. We had evidence in our Sydney hearing that people were able to get this online in eight hours, and with that qualification they have remained for a whole year since. When did we table our report? Was it December? For a whole year, they have been able to continue to get in and work in the financial services industry on the back of an extremely flawed tool for right of entry to the profession. Mr Medcraft: That is...
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U.S. makes its first convictions in Libor scandal   November 6, 2015, 4:36 AM EST http://fortune.com/2015/11/06/u-s-makes-its-first-convictions-in-libor-scandal/ Two former traders with the Dutch cooperative bank Rabobank have become the first people to be convicted in the U.S. for rigging Libor, the global benchmark interest rate. The Financial Times reported that Anthony Allen and Anthony Conti, both U.K. citizens, will be sentenced in March next year and could face up to 30 years in prison, in what could be a landmark event in the wake of the Department of Justice’s newly-announced determination to get tough on individuals involved in white-collar crime. Three other Rabobank staff had entered guilty please to a Manhattan district court earlier this year. They are not due to be sentenced until 2017. In August, Tom Hayes, a former trader with UBS AG UBS 2.28% had become the first to be convicted of rigging Libor in the U.K., and was sentenced to 14 years in...
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Just starting trawling through FOS circulars...looks like they add a variety in each circular...9% increase in disputes lodged for the quarter is interesting Since the NAB Rice case one can bet serious stuff is being discussed on teleconference calls...oh to be a fly on the wall!   https://www.fos.org.au/the-circular-23-home/   October 2015 Statistics Statistics report We received 8,401 disputes during the quarter ending 30 September 2015. Compared with last quarter, this is a 9% increase; compared with same quarter last year, this is a 4% increase. The increase from last quarter is attributed to credit (up 9%) and insurance (up 14%) disputes...READ MORE   Other key engagement activities for the past quarter included: FOS Code’s quarterly bank liaison teleconference on 26 August, where 10 banks discussed Code compliance issues with the FOS Code team in an open forum. ...
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