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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Shorten confirms push on trusts, four-year terms Australian Financial ReviewJul 23 2017 6:34 PM Laura Tingle   Opposition Leader Bill Shorten will detail a Labor clampdown on trusts and other tax minimisation vehicles available to high-income earners next weekend as part of a wider bid to set the political agenda. Mr Shorten confirmed the push against trusts on Sunday as he also signalled he would push for a referendum on four-year terms for Parliament to be held at the next election as he sought to regain the policy initiative lost to the government with the federal budget. Asked if family trusts – estimated to hold about $3 trillion – were in Labor's sights for reform, Mr Shorten said trusts had sound legal protection. "But I've made it very clear that I do have a principle and that is we should have one tax system for all," he said on the ABC's...
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Foreign new apartment buyers to more than halve, Master Builders forecasts show Australian Financial Review Jul 23 2017 8:00 PM Michael Bleby   Foreign buyer-funded new apartments will more than halve in the three years from their peak last year to 2019, latest forecasts by MBA show. While foreign investment in detached housing is also likely to take a hit as local banks cut back funding to overseas buyers, and the effect of higher surcharges and taxes levied by state governments take effect, the biggest effect will be on apartments, where commencements of new units supported by foreign purchases will fall from the rolling 12-monthly peak of 48,251 in June last year to 23,304 in June 2019, the building lobby group's latest Industry Forecasts Australia June 2017 report shows. "Foreign investor activity is expected to fall considerably in the next two years as recent moves by the commonwealth government and by...
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CHARLES PONZI WOULD BE SMILING AT AUSTRALIA WITH ITS PUMP AND DUMP BANKERS   In Australia they are called RMBS Residential Mortgage Backed Securities. (USA calls them MBS). In 2012 8th August (2pm) I asked Senators "what percentage of the Tranches were Low Docs (ie Toxic Interest Only)?" Banks suggested 10% which I knew was false. More like 60% as Adelaide Bank chief admitted in 2004. In 2012 Banking Post GFC Inquiry, I warned the Government "Govt cannot ought not to profit from a fraud." It is not the mortgage that is securtised in Australia it is the INCOME STREAM.   This means the fraud is affecting the INVESTORS in the RMBS packs, who are unaware that many of the borrowers are on low incomes and pensions. The payments are being paid from more DEBT: LOCs Top Ups, Buffer's, Personal and Split Loans (ie not from income). Borrowers are paying...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    The difference between convictions and conditionings is the degree of scrutiny to which either will hold up.
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Very few people (with extremely strong minds) have really been able to come to grips with the reality which we all face. Nobody i
  • Consent_Withdrawn
    Consent_Withdrawn says #
    We punish victimless crimes, and tempt corrupt politicians into drafting legislation which removes protections for the vulnerable.
  • Consent_Withdrawn
    Consent_Withdrawn says #
    I firmly believe that we are all in this mess because we keep declaring certain questions too difficult (and the more difficult th
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Prime Minister quietly issues warning on house prices!!!     Jason Murphy THE Prime Minister has issued a quiet warning to Australians investing in housing that they cannot continue to assume house prices will only go up. “Clearly you need to remember that asset price movements go in two directions,” Prime Minister Malcolm Turnbull said after a speech to an economics conference this week. In particular, this is relevant to housing. “It has been a pretty good one-way bet for a long time — but it is going to be important for people to be prudent.” Mr Turnbull made the comments alongside an observation that interest rates have risen for many borrowers. Interest rates are a big factor in the housing market. The lower the interest rate, the more you can borrow from the bank and the more you can pay for a house. Australians have borrowed a lot, and for...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Come everybody put your security and your sanity on the line in Mal's Casino! The house always wins so you know they're blokes yo
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Super reform package will increase APRA's enforcement powers Australian Financial ReviewJul 20 2017 11:45 PM Tony Boyd   EXCLUSIVE  The prudential regulator will be given sweeping new powers to intervene in the governance of the $460 billion default superannuation sector as part of a package of reforms that will increase the scrutiny of fund trustees. The reforms, being released by the federal government next week, include a new "outcomes test" forcing the trustees of MySuper default funds to make an annual written determination as to whether the financial interests of members are being promoted by their trustees. The Australian Prudential Regulation Authority will be given new powers to refuse or cancel the authority of a regulated MySuper entity if APRA determines it has failed to comply with its obligations. This new test will allow APRA to more closely scrutinise the performance of MySuper funds against their stated investment objectives. It should...
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Why 60 Minutes stitched up the Commonwealth Bank Australian Financial Review Jul 20 2017 8:13 PM Aaron Patrick   Ross Coulthart couldn't have been more scathing. The Commonwealth Bank of Australia's "breathtaking arrogance" had reached a new low, the 60 Minutes reporter told one million viewers last Sunday.  In an authoritative but pained baritone, Coulthart laid out his case: Australia's biggest bank shoved money at a family-loving, job-creating battler from Cairns, Roy Lavis. When faceless city executives ditched him - on a dime with no fair reason - Lavis was forced into a fire sale that broke his company, CEC Group. "Roy's business was so prosperous the Commonwealth Bank threw money at him and encouraged him to expand," Coulthart said on the show. "Everyone was a winner. Until the bank changed its mind." There is one problem with Coulthart's tale: it doesn't seem to be true. The stakes are far higher...
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APRA lifts bank equity target to 10.5pc for 'unquestionably strong' benchmark Australian Financial Review Jul 19 2017 11:44 AM James Eyers, James Frost   The prudential regulator has lifted the target for major Australian banks' equity capital ratio to "at least 10.5 per cent" - up from the level of common equity tier 1 capital (CET1) of around 9.5 per cent as of December - in order to meet the "unquestionably strong" benchmark set down by the financial system inquiry. This will require the banks to raise billions of dollars of additional equity, although this may be able to be achieved by building more equity organically via retained earnings rather than conducting equity capital market raisings. Bank stocks rallied hard on the news. APRA will also consult with the market later in the year on new prudential standards including potential changes to the framework for risk weightings for mortgages that will...
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OPENING STATEMENT –  Senate Inquiry into Lending for Primary Production Customers.   DENISE L BRAILEY, President of the Banking and Finance Consumers Support Association (Inc) 19th July, 2017  Perth WA. My Research into Australian Mortgage Fraud during the past 17 years has led me to conclude:   the Frauds and manipulated data, found on thousands of Loan Applications forms are a key indicator of the existence of a CONTROL FRAUD, engineered by well-known Lenders.   Australia is now recorded as having the second highest HOUSEHOLD DEBT in the World.  The amount of Subprime Interest Only loans being sold per annum (85% by our Major Banks) has grown to more than $139 billion per annum.  The total mortgage loan books are reported as being $1.7 Trillion and rising.  The collective evidence of our members who include Farmers and “asset rich and income poor” ARIPs, are described by Banks as “The Target Market,” those...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    All low doc subprime fake loan claim actions should be frozen as well, and all homes repossessed because of them should be returne
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Farm lending wounds to be exposed in Perth   farmonline.com.au18 Jul 2017, 8:35 p.m. Colin Bettles   FARMERS and farm representatives from diverse backgrounds are set to deliver potentially contentious evidence at the Senate Select Committee’s inquiry into bank lending practices, at tomorrow’s hearing in Perth. Former One Nation Senator and WA farmer Rod Culleton, who was disqualified from federal parliament earlier this year after being elected last July, is listed to give what could be explosive testimony at the public forum. His inquiry submission has now been published, highlighting debt issues experienced through his farm business at Williams, which he and his family were forced off in 2013, which he alleges was due to the sale of the Landmark rural loans book to ANZ Bank. The inquiry was formalised in February by the Senate and is being chaired by One Nation Queensland Senator Malcolm Roberts. Senator Roberts will lock horns...
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RBA sets 3.5pc as new normal for official cash rate Australian Financial ReviewJul 18 2017 7:59 PM Jacob Greber   The Reserve Bank of Australia looks to be shifting tentatively towards ending more than four years of emergency monetary policy support, putting households on notice it has pegged 3.5 per cent as the new normal for the cash rate, equivalent to eight rate hikes above today's level. The move, which sent the dollar rocketing above US79¢ for the first time in more than two years, crunched bank stocks and triggered a bond market sell-off, implies mortgage rates would hit 7.25 per cent, adding close to $5000 in annual repayments to a $300,000 loan. It brings the central bank closer to echoing the more hawkish stance of policy makers in the US, Canada, Britain and Europe in recent weeks. Minutes of the July meeting, published on Tuesday, noted falling unemployment, increased government...
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Malcolm Turnbull clashes with corporate Australia Australian Financial Review Jul 18 2017 11:30 PM Phillip Coorey   EXCLUSIVE  The Turnbull government's strained relationship with corporate Australia has come under more duress following some heated exchanges between the Prime Minister and the nation's leading chief executives at a private dinner in Sydney on Monday night. Multiple sources, all speaking on the condition of anonymity, have told The Australian Financial Review that while there was mutual recognition that both sides needed each other and a genuine desire to be constructive, Malcolm Turnbull upbraided the business leaders for not helping out more with donations and generally not being more vocal in advocating the government's agenda. This invited complaints from the corporate leaders that much of the government's agenda was not friendly to them. One CEO listed as examples the imposition of the bank tax, the implementation of changes to section 46 of the Competition...
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DENISE BRAILEY to give evidence to Senators Inquiry re Lending to Primary Production Customers.   10.55 - 11.40am Weds 19th July at Mecure Hotel, 10 Irwin Street, Perth.   Rodney Culleton on at 11.50am.   See WITNESS schedule here starting at 8.15am: http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Lending_to_Primary_Production_Customers/LendingPrimaryProducion/Public_Hearings   The sessions will be an audio broadcast. ...
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    Consent_Withdrawn says #
    Let's hope this is the beginning of the turning of the tide.
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Roy Lavis is a decent hardworking Aussie bloke and a real life hero. Why? He stood up to the Thieves who inhabit the upper floors of the Commonwealth Bank. "Narev Nofriends" sits in his luxurious tower, busy counting his bonuses and running his PONZI Financing Empire. His only visitors and adoring fans are Turnbull and ScoMo. All three masters of the universe care not one jot for the people in the streets below, who innocently enter his Bank to be screwed..........Then along comes ROY. Roy Lavis decided to tell his own story of Bank Bastardry on 60 Minutes last night. As a provider of significant numbers of jobs he made his mark in running his significant businesses. Narev would ensure he was a prime target for offering more and more debt to ensure he eventually toppled over from the sheer weight of bank "asset-stripping" practices. Then came the STING: the devaluing...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Law is founded upon MAXIMS OF EQUITY.
  • Consent_Withdrawn
    Consent_Withdrawn says #
    It's not just the banks, but EVERY level of government is accountable for the carnage being inflicted on honest people!! It's tim
  • Consent_Withdrawn
    Consent_Withdrawn says #
    If I ever get my hands on one of you slimy mongrels, I am going to turn you inside out. LITERALLY.
  • Consent_Withdrawn
    Consent_Withdrawn says #
    ...and you bank bastards, WE ARE COMING TO RIP YOUR HEADS OFF.
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Everyone else involved in this bullshit needs to learn a basic lesson about common decency. I don't care how important you want t
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Banks told to sign up to forex deal or be shunned The Australian 12:00am July 17, 2017 David Rogers, Andrew White   Banks that fail to sign up to a new global code of conduct for the $6.6-trillion-a-day foreign exchange market will be barred from dealing with central banks as well as with other signatories to the voluntary code, according to the man who spearheaded its development, Reserve Bank deputy governor Guy Debelle. In an exclusive interview with The Australian, Mr Debelle said he was confident banks had begun improving their behaviour, even before the code came into effect, and that the dark days since the global financial crisis were over. “The main message is ... that the code is out there now and we expect people in the market to start adhering to it pretty shortly and sign up to the statement of commitment,” he said. “But I would say...
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Spotlight shines on shadow banking The Australian 12:00am July 17, 2017 Michael Roddan   Tough new powers for the prudential regulator to target the shadow finance sector will allow it to slap new rules on individual non-banks, the entire industry, or “specified” classes of lenders, as part of a crackdown on potential sources of instability in the financial system. The Turnbull government will today release draft legislation for consultation on its budget commitment to give the Australian Prudential Regulation Authority new powers over the activities of non-bank lenders. Currently APRA only has powers to regulate authorised deposit-taking institutions, which look after customer money that has been deposited with a lender. The shadow banking sector has remained outside the scope of the regulator, even in cases where the sector may be materially undermining the strength of the financial system. APRA has launched several new measures aimed at limiting excessive lending in the...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Can't lose the plot if you never had it in the first place. Morriscum and co are A Grade MORONS.
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The Senate Select Committee on Lending to Primary Production Customers will be holding a public hearing in Perth on Wednesday, 19 July 2017. The committee wishes to invite you to give evidence at the hearing from 10.55am to 11.45am.   The PUBLIC hearing will be held at Mercure Perth, WA located on 10 Irwin Street.   Let’s go after these Banks once again…………..re Farmers re Agricultural or domestic loans – so many toxic loans.     NO MORE SECRETS:  We will have an opportunity to at least expose "the mechanics" of this evil style of lending.   Like you, I am sick of  “yet another Inquiry”, yet I feel the Roberts Inquiry is an opportunity to bring out the full mechanics of the fraud. We need  ROYAL COMMISSION INTO BANKING SECTOR. My appearance and being questioned by the Senators means: you can then a few days later read the transcripts in Hansard.  Denise...
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    Consent_Withdrawn says #
    GO BFCSA! Rip Up the currrent Banking system...needs the shredder
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Turnbull’s meetings ‘should be classed as secret Lib business’ The Australian 12:00am July 15, 2017 Sean Parnell   Meetings that Malcolm Turnbull held with cabinet ministers should be deemed Liberal Party business and therefore out of reach of ­freedom-of-information laws, his advisers have argued. In an extraordinary escalation of the government’s campaign to keep official diaries secret, the Prime Minister’s lawyers­ have asked the Administrative Appeals Tribunal to depart­ from 35 years of FOI practice and declare such meetings purely political. The Weekend Australian applied­ for Mr Turnbull’s diary of September 16, 2015, his first full day as Prime Minister after successfully­ challenging Tony Abbott. It was also a sitting day, so the Prime Minister — the head of cabinet, responsible for setting the government’s priorit­ies — was in Parliament House. While some jurisdictions ­routinely release official diaries, such as those for the NSW and Queensland premiers, the federal government is...
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APRA could get powers to fire bankers without court process The Australian 12:00am July 14, 2017 Michael Roddan MESSAGE TO MINISTER IN A MUDDLE O'DWYER:  This issue is NOT about "Bad Bank Behaviour – The Big Issue is clearly about Criminal Asset-Stripping by Banks, and using a stolen war chest against Consumers.  STOP pussy-footing around this issue.  You are the Minister, start by calling in the AFP and then ask Brandis to brief CDPP.  Bankers urgently need BIG Jail Time.   The federal government has proposed giving the prudential regulator the power to fire banking executives without going through the Federal Court as part of new rules to hold bankers to account. In a Treasury consultation paper for the new Banking Executive Accountability Regime, released yesterday, the government floated plans to give the Australian Prudential Regulation Authority the power to establish “new expectations” for banking executives and their remuneration. The measures were...
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  ANZ: Australia “place of choice” for property money laundering By Unconventional Economist in Australian Property at 12:15 am on July 13, 2017 | 3 comments https://www.macrobusiness.com.au/2017/07/anz-australia-place-choice-property-money-laundering/   By Leith van Onselen After Australia was last month placed on a watch list by the global regulator – the Financial Action Taskforce (FATF) – for failing to comply with money laundering and terrorism financing reforms, ANZ Bank has blamed a lack of political will by successive Australian governments for failing to extend anti-money laundering (AML) laws to cover real estate gate keepers like realtors, lawyers and accountants. From The ABC: Australia’s hot property market is an attractive haven for criminals, with estimates that billions of dollars of dirty money is being laundered through residential property. Australia’s anti-money laundering law does not cover real estate agents, lawyers and accountants, despite promises when the law was enacted in 2006 that the legislation would be widened. ANZ’s...
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Bank staff ‘overlook criminal activity to keep clients’ business’ The Australian 12:00am July 13, 2017 Sam Buckingham-Jones   Traders and advisers from Australian banks and other financial institutions are willing to overlook suspected cases of money-laundering and terror financing to keep a client’s business, the ­financial intelligence agency says. In an assessment of why Australia’s financial system has a high-medium risk of facilitating criminal activities, a new report by the Australian Transaction Reports and Analysis Centre — AUSTRAC — found financial institutions must improve their reporting systems and work on the “vulnerability” posed by front-­office staff. “There is considerable scope for entities operating in these markets to improve their anti-money-laundering/counter-terrorism financing systems and controls to be able to identify and submit suspicious matter reports,” the AUSTRAC Money Laundering and Terrorism Fin­ancing Risk Assessment report found. “Front office staff, such as traders and advisers, can represent a vulnerability. Some reporting entities observed...
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