BFCSA Blog

Ireland to Prosecute Top Banker Who Destroyed Their Economy — Guess Where He Was Hiding http://www.ewao.com/a/ireland-to-prosecute-top-banker-who-destroyed-their-economy-guess-where-he-was-hiding/ United States citizens feel helpless against both the 100 year old wall street banking cartel and easily bought political elections.  Juxtapose Ireland… where their countrymen are taking down those who are responsible for destroying their lives and livelihood.   Shocking! … Former Irish Bank leader, David Drumm, has been extradited from the U.S. and brought in front of a Dublin District Court Magistrate to face charges for his part in the 2008 financial crisis felt round the world. The former chief executive of Irish Anglo Bank was found in Boston in late 2015 and arrested.     Held in Federal Custody, Drumm originally fought extradition to Ireland but recently withdrew his plea and returned to his home country on March 15, 2016. The People vs. The Bankers Iceland’s move to hold the bankers criminally accountable has...

Australian bubble fears trigger mortgage rules JACOB GREBER AND CLANCY YEATES http://www.stuff.co.nz/business/world/10088594/Aus-bubble-fears-trigger-mortgage-rules Last updated 10:59 27/05/2014 The Australian bank regulator has intensified its crackdown on risky lending, pushing back against a potential property bubble and increasing the Reserve Bank of Australia's capacity to keep interest rates at a record low. Concerned fierce competition for customers is driving down lending standards, the Australian Prudential Regulation Authority (APRA) on Monday issued tough guidelines on how it expects banks to monitor and manage mortgage risks. This includes making banks consider geographic concentrations of risky loans; limits on loans relative to incomes; stress-testing borrowers; and avoiding giving managers financial incentives to make more loans. Analysts said the draft guidelines, which fall just short of the "macro-prudential" rules adopted by regulators in New Zealand and Canada, mean the pace of growth in the mortgage market and house prices may have peaked. RP Data reported on Monday...

Michael West gives a very good summation of the current situation in the Australian financial marketplace. It's heartening to see somebody in mainstream media doing a proper job of chronicling this unfolding saga...  http://www.smh.com.au/business/a-ban-is-no-deterrent-for-bad-behaviour-20140411-36ih9.htmlUltimately, ASIC should realise, as more and more of this comes out in the Senate Inquiry about its reluctance to exercise authority, that the very thing ASIC has been trying to maintain, confidence in the marketplace, will be badly damaged through revelations that ASIC has allowed all of this fraud to occur on its watch and has willfully turned a blind eye to it all. ASIC has worked on the philosophy that by keeping quiet on all this white collar crime, only a few old retirees will be hurt and, hey, what are they going to do about it?   But, in the end, it is the entire Australian financial marketplace that will pay, as consumers of all kinds begin to lose...

Readers know the difference between truth and spin.  Gadens looks after its own clients - the Banks. Jon is also on the COSL Board.  Nice one Jon. To catch a fraudster   07 March 2013 | Staff Reporter The number of incidences of mortgage fraud may be on the decline, but fraud remains a significant concern – both to the industry and to ASIC – as The Adviser discovers http://www.theadviser.com.au/features/cover-stories/8401-to-catch-a-fraudst-er FROM SOPHISTICATED, organised criminal activity to the seemingly ‘softer’ falsification of income by individual borrowers, fraud is a major concern for mortgage brokers and lenders alike. According to a recent study by Galaxy, as many as 2.7 million Australians have deliberately falsified details on their loan applications by either exaggerating or underestimating figures. But while 2.7 million borrowers may have admitted to falsifying their loan documents in one way or another, few make it through to settlement. According to Veda, there were just over 6,500...