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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When Kinghorn floated the failing RAMS in 2007, an offshoot company was created called RHG Mortgage Corporation. It is alleged that his bunch of colourful characters are illegally repossessing homes in every state of our nation with whatever means they can. The RHG portfolio is over 80% in loans that are identically modelled as the US Low Docs loans were which caused the subprime scandal and subsequent crash.  We kept all the files!!!  So Kinghorn faces the ATO on Fraud charges in Feb 6th.  That will make thousands of people appy if convicted. Millionaire businessman John Kinghorn charged with fraud over $30m tax debt Kate McClymont, Ruth Williams, Sarah Danckert, Georgina Mitchell   31 October 2017 http://www.smh.com.au/nsw/millionaire-businessman-john-kinghorn-charged-with-fraud-over-30m-tax-debt-20171031-gzc07j.html Controversial Sydney businessman and philanthropist John Kinghorn is facing a maximum 10-year jail term after he was charged with defrauding the tax office of $30 million. The fraud offences follow a "complex" eight-year investigation...
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Senior public servants shouldn't be allowed to go work for the big banks By Mark Melatos Updated Thu at 8:37pm Thu 2 Nov 2017, 8:37pm http://www.abc.net.au/news/2017-11-02/public-servants-shouldnt-enter-private-finance/9111416       Photo: Former RBA Governor Glenn Stevens, pictured in 2015, has joined the boards of Macquarie Group and Macquarie Bank (AAP: Dean Lewins) Related Story: Former RBA governor Stevens joins Macquarie board   For the fourth time in recent years, a recently retired Treasury Secretary or RBA Governor has accepted a directorship at a private bank. Glenn Stevens, who only last year completed his 10-year tenure as the Reserve Bank of Australia's governor, has joined the boards of Macquarie Group and Macquarie Bank. Before him, Ian McFarlane joined the board of the ANZ Bank in 2007, less than a year after completing his own 10-year tenure heading Australia's central bank. And two recent secretaries of the Treasury — Ken Henry and Ted Evans...
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This is insanity...now it’s Josh Frydenforeigner and mutiny on the bounty...   Do-nothing Malcolm does nothing once too often By Houses and Holes in Australian Politics at 5:56 am on November 3, 2017 | 41 comments https://www.macrobusiness.com.au/2017/11/nothing-malcolm-nothing-often/ The media has shifted from objectively critical to open contempt for the Do-nothing government today. It begins with Josh Frydenforeigner, via The Australian: Cabinet minister Josh Frydenberg yesterday sought urgent advice ­regarding the possibility he holds Hungarian citizenship as Victorian Liberal president Michael Kroger broke ranks with Malcolm Turnbull by calling for an audit of all MPs. The Australian can reveal other cabinet ministers have also been forced to clarify their citizenship status during the fiasco, which has claimed six victims including former deputy prime minister Barnaby Joyce and now Liberal former Senate president Stephen Parry, who resigned from parliament yesterday. It was revealed last night government ministers had known about Mr Parry’s citizenship...
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Possible criminal?....Global authorities need to get a  move on and figure out this Bankers Fraud    HSBC accused of ‘possible criminal complicity’ in South Africa money laundering scandal Thursday, 02 November, 2017 http://www.scmp.com/news/world/europe/article/2118042/hsbc-accused-possible-criminal-complicity-south-africa-money  HSBC has been accused of “possible criminal complicity” in a money laundering scandal involving South Africa’s wealthy Gupta family. Speaking in the House of Lords on Wednesday, two weeks after he first voiced concerns about UK links to the probe, Lord Hain said he had handed new evidence about the alleged involvement of a British bank in the “flagrant robbery” of South Africa to the chancellor. Hain did not mention the bank’s name in the Lords but named HSBC as the institution in question in a letter to the chancellor, where he said the bank should be investigated over “possible criminal complicity” in corruption. Hain, a former anti-apartheid activist, had earlier written to Philip Hammond, attaching printouts of...
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Disgraceful......every MP and Minister in the Turnbull Government should hang their head in shame for allowing this to happen....soon there won’t be a blade of grass left labelled Australian owned....all pledged to cover derivative gambling debts. Evidence shows the Banks have been running a massive $1.9 Trillion CASINO. Unaffordable, Unsustainable Unverified Lending!   Australian Banks running a GIANT CASINO - gambling on MORTGAGE DEFAULTS.....the Big Short!!!!    Approval of loans to those who can NEVER pay back these loans and then JUMBO the loans skyward to 140% LVR. 15 years of Creating and selling Jumbo Mortgages doomed to fail, and also the RMBS BONDS which BFCSA warned Parliament about in 2012 - 2017.  There are also the CDO's, and the CDS derivatives = JUNK BONDS. The Banks will now be betting SHORT.  David Murray, Mike Smith, Ralph Norris and Gail Kelly and all the Gang, know whats coming as the engineers.  That's why ABBOTT...
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RAMS founder John Kinghorn charged with $30m tax fraud after eight-year investigation Updated Tue at 1:46pm PHOTO: The charges against John Kinghorn come after an eight-year investigation by the AFP. (AAP) MAP: Sydney 2000 The founder of RAMS Home Loans, John Kinghorn, 76, has been charged with fraud offences after allegedly avoiding taxes worth more than $30 million. Key points: RAMS Home Loans is one of the country's biggest non-bank lenders Kinghorn is a prominent Australian businessman The AFP worked with international agencies in their investigation   Mr Kinghorn did not enter a plea as he faced Sydney's Downing Centre Court this morning. The Australian Federal Police (AFP) alleges he fraudulently concealed his beneficial ownership of two companies from the tax office between 2004 and 2007. He has been charged with dishonestly influencing a Commonwealth public official and defrauding the Commonwealth, after an eight-year investigation. The maximum penalty for the offences is 10 years' imprisonment....
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Banks plan new ethics council to engage with APRA Australian Financial Review Oct 29 2017 11:00 PM James Eyers   The major banks and Finsia are in discussions about forming the Professional Banking Council, which would oversee ethical standards for individual bankers and engage on their behalf with the prudential regulator. The Professional Banking Council will be based on a similar body in Britain, which is overseen by Chartered Banker, a not-for-profit that is working with Finsia to develop the local version. The council has been endorsed in principle by the big four bank chief executives. Work is underway in each of the major banks to determine how the board and Finsia's new professional certification program can be integrated with existing learning and development programs. It understood that Australian Prudential Regulation Authority chairman Wayne Byres also supports the council. One of its key roles will be to work closely with APRA...
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Westpac, ASIC BBSW battle narrows to four key claims Australian Financial Review Oct 30 2017 11:00 PM James Frost, Patrick Durkin   Westpac Banking Corp is expected to tell the Federal Court on Tuesday that 12 of the 16 contraventions alleged by the corporate regulator for rigging the bank bill swap rate have no merit whatsoever and the corporate regulator has taken the rest of their traders' conversations out of context. ANZ Banking Group and National Australia Banking Group confirmed their settlements with the regulator to the court on Monday but Westpac is fighting on alone in a trial to begin on Tuesday and expected to run until Christmas. Based on NAB's $50 million settlement confirmed on Friday evening – where NAB agreed it "attempted to engage in unconscionable conduct" on 12 occasions from ASIC's original claim of 50 contraventions – Westpac faces just 16 alleged contraventions and could potentially settle...
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We need a Royal Commission into the Banking system.  Is this the Westpac reaction to the fact that 55% of SUB PRIME LOANS APPROVED were written by BANK MANAGERS????  Were the bank officers LIARS too?  Really?     So, with 80% INTEREST ONLY SUB PRIME loans sloshing around in the $1.9 Trillion finance system, it is because Consumers are all LIARS?  Seriously???? OK so let me get this straight?  Brokers did not APPROVE the DODGY loans, the BANK ROBO computers did.  We know that as FACT.  The BIG BANKS need to understand there are more aggrieved consumers thank there are big buildings.  The LIARS are the BANKS and its time they became used to that condition.  Banks are blaming EVERYONE but themselves for TOXIC lending practices.  Consumers will fight back against every injustice. Westpac Group crackdown on borrowers and brokers set to blitz 'liar loans' 31 October 2017  by Duncan Hughes   http://www.afr.com/real-estate/westpac-group-crackdown-on-borrowers-and-brokers-set-to-blitz-liar-loans-20171030-gzbgb8...
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Tracker scandal could open door to laws allowing for class actions Borrowers 'treated disgracefully' – Donohoe Kevin Doyle and Cormac McQuinn October 25 2017 2:30 AM https://www.independent.ie/irish-news/politics/tracker-scandal-could-open-door-to-laws-allowing-for-class-actions-36259491.html New laws to allow for 'class actions' are under consideration on the back of the tracker mortgage scandal. Fianna Fáil is examining what it has described as a "sea change" for the legal system. It comes ahead of a much-hyped statement from Finance Minister Paschal Donohoe in the Dáil tonight. Mr Donohoe yesterday said the Government was "not satisfied with the progress lenders have made to date". Speaking after his meetings with Bank of Ireland, KBC, Ulster Bank, AIB and Permanent TSB, the minister said he believed tracker mortgage borrowers had been "treated disgracefully". "We should be clear that it was the mortgage lenders that caused this harm to their customers and that the primary responsibility for rectifying the problem rests with them. "Therefore,...
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The lone ranger........   Westpac to fight rate-rigging case alone, ANZ and NAB settle   By business reporter David Chau Updated 8 minutes agoMon 30 Oct 2017, 1:27pm http://www.abc.net.au/news/2017-10-30/westpac-to-fight-bbsw-rate-rigging-case-in-court-nab-anz-settle/9083848     Related Story: ANZ and NAB settlement talks delay trial, Westpac 'ready to go' Related Story: ANZ settles interest rate rigging case just before trial begins.   Westpac will be the only bank to fight rate-rigging allegations brought by the corporate watchdog ASIC in court. Lawyers for Westpac, ANZ, and NAB fronted the Federal Court this morning to discuss the next steps in the case. Westpac continues to maintain it did not manipulate the bank bill swap rate (BBSW) for economic gain, and will defend its case tomorrow before Justice Jonathan Beach. NAB and ANZ have settled their cases with ASIC, and will return to court on November 10 to obtain judicial approval for their settlement. More to come....
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Chinese money seeps through the cracks into the world – and Australia’s – housing markets   Bloomberg NewsSep 29, 2017 https://www.domain.com.au/news/chinese-money-seeps-through-the-cracks-into-the-world--and-australias--housing-markets-20170929-gyr3wf/?utm_source=facebook&utm_medium=cpc&utm_content=link-newsfeed&utm_campaign=c-all-autopromo-prospecting Shanghai restaurateur David Hu said he’s nervous about wiring money to Australia for a home purchase because of China’s crackdown on currency outflows. Instead, he plans to carry the cash in a suitcase.  The 61-year-old intended to move about $85,000 to Melbourne this month, the last part of his financing for a deal struck last year.  “Buying a property abroad was and is still workable,” said Hu, though he described the process as a “lot more troublesome” nowadays. Tighter capital controls have done little to dent the appetite of Chinese buyers who already helped drive prices higher across the globe. While definitive data are hard to come by, real estate brokers including Knight Frank LLP, Savills Plc and domestic firm Shiju report rising purchases of overseas property this year. What’s...
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Investors say they are victims of alleged $120 million Pilbara Ponzi scheme 7.30 By Claire Moodie 30 October 2017 Posted 25 minutes agoMon 30 Oct 2017, 3:43pm http://www.abc.net.au/news/2017-10-30/investors-shattered-by-$120-million-alleged-pilbara-ponzi-scheme/9055224 Mum-and-dad investors caught up in an alleged Ponzi scheme in Western Australia say they are "absolutely crushed" and "broken" by the experience. Key points: Thousands of people invested $120 million in the Newman Estate project run by Macro Allegations that investor signatures were forged on a key document Macro's Veronica MacPherson says government decisions negatively affected the project She denies any signatures were forged As an ASIC investigation continues into collapsed property developments of Perth businesswoman Veronica MacPherson, investors are anxious for clarity on whether they will ever see their money again. Liquidators estimated about 2,000 private investors from Australia, Europe and Asia chipped in about $120 million to the projects run by Ms MacPherson and the Macro Group of companies. Perth retiree...
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Amazing what bank stories rarely get reported in the mainstream media..... CBA and ANZ!   Australian investors gain significant win against Standard & Poor’s By Amanda Banton on October 25, 2017 Posted in Australia,Cross Border https://www.esquireglobalcrossings.com/2017/10/australian-investors-gain-significant-win-against-standard-poors/   Investors in Australia, represented by Squire Patton Boggs in Sydney, have made history again with another big win over Standard & Poor’s (S&P). They were granted leave to pursue a “tort of deceit” claim, alleging that S&P intentionally altered its ratings methodology to achieve higher ratings in order to serve its business objectives.   This is the first time that very technical and detailed allegations of fraud in S&P’s rating methodology have been pleaded worldwide. As a result of adding the tort of deceit claim, the investors claim that the limitations period is paused from when they first suffered loss, until they could have reasonably discovered the deceit/fraud. This is very significant for these...
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With such lack of understanding and lack of  accountability, the BEAR legislation is doomed and should be put out of its misery.   For bankers, acountability does not start at home October 27, 2017 10.56am AEDT Pat Mcconnell   http://theconversation.com/for-bankers-acountability-does-not-start-at-home-86312?utm_source=facebook&utm_medium=facebookbutton   When the CEOs of the four major banks fronted the House Economics Committee, the common thread was that accountability does not lie with them. Even after a decade of scandals like interest rate rigging, gouging of interest-only mortgagees and alleged money laundering. In August, AUSTRAC filed a claim against the Commonwealth Bank for some 52,000 infringements of money laundering laws, and ASIC finally got to hear about it. The true hierarchy of power and the realities of regulators’ supposed independence were laid bare by Commonwealth Bank Chairwoman Catherine Livingstone when relating the sequence of events: We were having board meetings at the time I was being called to Canberra by the...
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All hail British banks: self-absorbed, short-termist and spivvy Phillip Inman  29 October 2017  The banks are obsessed with lending to property owners and developers, at the expense of other businesses – and the government gives them its full backing   https://www.theguardian.com/business/2017/oct/28/british-banks-short-termist-self-absorbed?CMP=Share_AndroidApp_Tweet  When everyone around you sits on their hands, it’s tempting to take control. While companies refuse to invest and Whitehall is paralysed by Brexit, why not legislate and nationalise to get something done? Britain is in the midst of an investment crisis, a productivity crisis, an income crisis and an inequality crisis – and all are so entrenched that they are beyond policies that tinker or No 10’s “nudge unit”. Nudge economics, despite the award this year of a Nobel prize to its main proponent, the American Richard Thaler, is a pathetically weak tool given the scale of the problem. What’s more, so many of the government’s current policies, nudge...
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Housing volumes could plummet and prices tank, Citi says ABC News27 October 2017 3:44pm Stephen Letts   House price declines of up to 20 per cent and an 80 per cent crash in residential sales is the doomsday scenario investment bank Citi says is a real possibility if the residential property market rolls over. Citi's residential property team has looked at the impact of a cooling property market on big developers such as Stockland and Mirvac and the picture is far from pretty. "When the market cools, it freezes — peak to trough volumes can decline as high as up to -80 per cent," Citi's David Lloyd said. "One industry contact puts a 90 per cent probability on a 10-to-20 per cent decline in house prices in the next 12 to 24 months," Mr Lloyd and his team wrote in a note to investors. "House prices tend to closely follow housing...
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No upper limit to compensation?  The threat of criminal action is the only thing that sees banks open their wallets...     Irish banks caught in mortgage scam which cost people their homes Paddy Clancy @IrishCentral October 27, 2017 02:33 AM   https://www.irishcentral.com/news/politics/irish-banks-caught-in-mortgage-scam-which-cost-people-their-homes#.WfLuLzAA6ak.twitter   Finance Minister Paschal Donohoe has been admonishing the heads of 11 banks and financial institutions over a rip-off mortgage scam which wrested extra income from thousands of customers and even cost some their homes in repossessions. In a series of meetings over three days, concluding on Wednesday of this week, the minister has been urged to threaten the banks with heavy fines and to fast-track legislation to impose the penalties. Up to 30,000 customers have lost hundreds of millions of euros in what has been dubbed the tracker mortgage scandal. Effectively what happened is banks are accused of wrongly raising extra interest when they forced customers off loss-making...
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This was not reported in the mainstream media of course any more than CBA reported the identity theft    Farmer denies CBA claim that he stole his own identity Posted by Michael West | Oct 21, 2017 https://www.michaelwest.com.au/go-to-fos-cba-tells-victim-of-identity-theft/ Three years after his identity had been stolen and his private banking documents found on the side of the road, Barry Lakeman has been advised by Commonwealth Bank that a review is under way. Originally, the bank suggested to Lakeman that he and his wife were to blame, that they dumped their own documents on the side of the road in Victoria. This week, the bank advised Lakeman to seek redress via the Financial Ombudsman’s Service (FOS), a private complaints service funded by the banks according to how many complaints they incur. In keeping with CBA’s attempts to cover up the scandal over its 54,000 money-laundering breaches, and not report crime to the...
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Famous last words ... The legislation should also broaden its definition of misconduct to include conduct that affects consumers and investors, Mr Medcraft said.   ASIC tells Treasurer to widen bank pay laws 26 October 2017 http://www.smh.com.au/business/banking-and-finance/asic-tells-treasurer-to-widen-bank-pay-laws-20171026-gz8pll.html?utm_source=twitter&utm_medium=social&utm_campaign=nc&eid=socialn%3Atwi-13omn1677-edtrl-other%3Annn-17%2F02%2F2014-edtrs_socialshare-all-nnn-nnn-vars-o%26sa%3DD%26usg%3DALhdy28zsr6qiq New laws designed to hold individual banking executives accountable for scandals within their organisation could soon be extended to the wider financial services industry and address misconduct as well as systemic issues, a Senate hearing has heard. Australian Securities and Investments Commission outgoing chairman Greg Medcraft said at Senate estimates on Thursday he had told Treasurer Scott Morrison to broaden the regime. Corporate regulator Greg Medcraft made the comments at his last Senate Estimate hearing as head of the Australian Securities and Investments Commission.  "I've said to the Treasurer, it (the regime) probably needs to start with banks and then probably move into insurance companies," Mr Medcraft said. "And then it should extend as...
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