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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Inquiry into this should have been done 10 years ago.....same with mortgage fraud! Loophole in the Corporations Act?  Nope, just the usual non enforcement of law. Calls for federal inquiry into retirement villages amid Aveo scandal Adele Ferguson Sarah Danckert 27 June 2017 http://www.smh.com.au/business/banking-and-finance/calls-for-federal-inquiry-into-retirement-villages-amid-aveo-scandal-20170627-gwz8nb.html Labor, the Greens and former Australian Competition and Consumer Commission chairman Allan Fels have called on the government to urgently review the retirement village sector following allegations elderly Australians are being ripped off. In a series of stories, Fairfax Media and ABC's Four Corners uncovered questionable practices by one of the biggest listed operators, Aveo, while it was raking in huge profits. Opposition Leader Bill Shorten blasted the exploitation of vulnerable people in aged care and flagged a willingness for bipartisan reform following the revelations. Mr Shorten said on Tuesday he was willing to work with Prime Minister Malcolm Turnbull on solving the sector's problems and warned that...
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Why does ASIC bury so many cold cases?  In fact, ASIC'S dungeons are full of FOXDALE bodies.  Lest we forget.  Time to dig them all up!  Excavators needed.   Foxdale is one of thousands of cold cases - not to mention the many tens of thousands of complaints - banking up at ASIC.  There is a general perception among liquidators that ASIC has very little interest in cases under $10 million, unless there are a lot of complaints and high-profile parties or publicity involved.  ASIC vehemently denies this. The evidence suggests otherwise.     ASIC FAILS TO ACT - AGAIN AND AGAIN 14 February 2011 https://www.investsmart.com.au/investment-news/asic-fails-to-act-as-directors-exploit-loopholes/23687   A LITTLE-KNOWN Sydney property developer was last week finally wound up. The company, Foxdale Corp, which had attracted more than 40 investors to put $4 million in an unregistered managed investment scheme, went belly-up in 2005 with a $4.89 million funds deficiency, leaving creditors...
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  • Duped
    Duped says #
    Do we aggrieved forgotten souls recognize this following quote ? "We have recorded the information you have provided in our confi
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Exclusive Interview with Cardinal George Pell on Financial Reform at the Vatican Gerard O’Connell 11 July 2014 https://www.americamagazine.org/content/all-things/exclusive-interview-cardinal-george-pell-financial-reform-vatican Pope Francis is well on the way to achieving a total and radical reform of the Vatican’s finances. That became abundantly clear on July 9 when the Australian cardinal George Pell, the man he appointed to spearhead that reform, presented the New Economic Framework for the Holy See at a crowded press conference in the Vatican. Speaking in English, he announced a restructuring and downsizing of the scandal-hit Vatican Bank, whose proper name is The Institute for the Works of Religion (IOR), the replacement of its entire governing board, and the appointment of a French business executive, Jean-Baptiste de Franssu, as the bank’s new president. A Vatican Asset Management unit will be established, he said, and the Pension Fund will be reviewed to ensure a safe future for some 5,000 Vatican employees. Cardinal...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Will the meek really inherit the earth? Maybe. I'd hope so because I don't want to have to subjugate others, but when others subj
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Those with the power to control everything around them lose their humanity first. Science has proven that privilege erodes compass
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Religion used to control the masses pretty well. I'm not sure it's the case. Each to their own. The whole problem with this worl
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Lindsay David interview with Ross Greenwood 2GB  Housing: “The Ultimate Ponzi Scheme” 28 June 2017 http://www.2gb.com/podcast/housing-the-ultimate-ponzi-scheme/   Lindsay David from LF Economics looks at the challenges that first home buyers face to own property   Interest rates could rise eight times in two years, former RBA board member John Edwards predicts 29 June 2017 http://www.newsjs.com/url.php?p=http://www.news.com.au/finance/economy/world-economy/interest-rates-could-rise-eight-times-in-two-years-former-rba-board-member-john-edwards-predicts/news-story/25db488a9f4f9f2eab87b46e3b72333f INTEREST rates could be hiked eight times in the next two years, driving up the cost of servicing a mortgage like nothing seen in recent times. That’s according to former Reserve Bank of Australia board member John Edwards, who has predicted that the days of low rates may be coming to an end. And the outcome could be dire for those Australians who are only just scraping by to pay off homes bought in the hot property markets of Sydney and Melbourne — but not everyone agrees with the dramatic prediction. A RETURN TO NORMAL? With...
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  Trickle Down Economics Started it All Jpm8000000pmSun, 16 Aug 2015 16:28:44 +000015 10, 2010 by News From the War Against the Middle Class: The World's Most Accurate Economic Forecaster Trickle down economics was the lie that said if you made the richer more wealthier, everybody would get richer, and all boats would rise with the rising tide. The American public bought it under a massive media propaganda blitz, and Reaganomics was born. Trickle down economics, in reality, was an income redistribution scam designed to redistribute income from the 99 to the 1 percent, and, as you can tell from the graph above, it has worked really well. It all began with President Ronald Reagan and his tax cuts for the rich. Thus ended the most prosperous period for the middle and lower classes in US history as trickle down economics sucked more and more of their income, like a vacuum cleaner,...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Here is what I think makes a great companion piece to this one. http://gu.com/p/3m3v6?CMP=Share_iOSApp_Other I like the way it e
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  ASIC puts bankers, analysts on notice with new guidelines Australian Financial Review Jun 30 2017 5:21 PM Joanna Mather, Joyce Moullakis   Sweeping new guidelines being proposed by the corporate regulator to bolster Chinese walls and prevent conflicts between bankers and research analysts look set to be introduced in December. The Australian Securities and Investments Commission (ASIC) released on Friday a consultation paper that outlined how investment banks and stockbrokers should handle insider information, or so-called "material non-public information". The detailed guidance comes after several high-profile incidents and follows ASIC uncovering "poor" performance in the domestic market during its surveillance activities. The regulator is worried that the integrity of sell-side research is being eroded as analysts may confront pressure to provide more favourable research on companies during capital raisings and other deals. The ASIC guidance covers conduct during each stage of an IPO, including pre-solicitation, vetting, pitching and the post-mandate...
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Consent_Withdrawn- Posted on Thursday, June 29, 2017   TO ALL AUSTRALIANS: If you want to help to end homelessness in this country, if you believe it to be an abhorrence in this day and age and you believe it to be unnecessarily or unhelpful (because NOBODY wants or deserves to be driven by fear or bullied and nor is it necessary in a civilised society if the rule of law has stayed above reproach), my advice is to put political preferences aside and vote for a Royal Commission into banking. A year is a long time to wait, so if anybody you know is having to fight to stay in their homes, we may be able to help them now by putting more pressure on the government to change their tune, or calling for the Governor General to sack them, or by taking to the streets with pots, pans, placards and...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    As for inequality itself, well that is certainly that which represents the dearth of humanity, and proves that in a practical sens
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Banking may not be the actual cause of homelessness, but it is becoming more difficult to think otherwise given what goes on. I s
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ASIC shouldn't have to 'forewarn' search warrant targets: review Sydney Morning Herald June 29 2017 - 12:15am Clancy Yeates   The corporate cop would no longer need to tip off targets of its investigations before obtaining a search warrant, something it must sometimes do today, under draft recommendations from a key government taskforce. The Australian Securities and Investments Commission would also have more power to strip financial institutions of their licenses if it did not believe they were "fit and proper," and would have a greater say in industry codes of conduct. After a run of scandals in financial services in recent years, the government has appointed the ASIC Enforcement Review Taskforce to give the watchdog stronger powers when policing the sector. Position papers from the taskforce released on Wednesday outlined a range of deficiencies in the agency's legal powers, which in some cases lag those of other enforcement agencies, such...
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  • Denise
    Denise says #
    Easy......I have Twitter account. Just EMAIL me a suitable TWITTER message each morning and I will POST on Twitter I need ideas..
  • Consent_Withdrawn
    Consent_Withdrawn says #
    TO ALL AUSTRALIANS: If you want to help to end homelessness in this country, if you believe it to be an abhorrence in this day an
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Also I'm not a twitter user but perhaps we could draw some of the #FilthyRichHomeless audience here to help tackle the problem at
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Un.knblvbl isn't it? What the hell is going on with laws like that? Probably one of the most insane bills ever passed. I wonder
  • Duped
    Duped says #
    Wholly shit, if ASIC used this power properly by turning up unannounced and stripping them of their financial licences if found to
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Is the Coalition using up precious political capital protecting the big four banks? ANNIKA SMETHURST, The Sunday Telegraph June 25, 2017 12:00am http://www.dailytelegraph.com.au/news/opinion/is-the-coalition-using-up-precious-political-capital-protecting-the-big-four-banks/news-story/dcd0056a097112ce227e9a1833c45807   MALCOLM Turnbull hoped his plan to grill bank bosses in Canberra once a year would let him off the hook for a financial sector royal commission. It was one of the government’s big moves in the ­constant battle to placate members of the Coalition who want the probe and a way to fend off populist calls for ­action from Labor, the Greens and the crossbench. But in less than a year some government MPs, including frontbenchers, now feel the heads of the big four banks aren’t taking the process seriously. And they’ve let the Prime Minister know. There is also concern that the Coalition is using up precious political capital protecting the banks who are confident that while Turnbull is in The Lodge (he does spend some...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Ay looks a bit like that innit. I don't mind a few of the Libs character wise, but even then I'm not sure if it excuses what the
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Bleed them dry until they die Adele Ferguson Sarah Danckert 27 June 2017 http://www.theage.com.au/interactive/2017/retirement-racket/bleed-them-dry/ http://www.abc.net.au/4corners/stories/2017/06/22/4689969.htm How do residents who sign up for care end up living horror stories? “The reason they had me forcibly admitted to the Biala Unit, which is a psychiatric department ... was to punish me, was to shut me up, was to silence me with drugs.” It was June 23, 2009, when Gwyneth Jones was admitted to a psychiatric ward after complaints about her behaviour at Aveo retirement village The George in one of Melbourne’s bayside suburbs. “It was like a horror story,” she tells a joint Fairfax Media-Four Corners investigation into retirement villages. She claims Aveo had ulterior motives for diagnosing her with dementia: “They had me deliberately diagnosed with this particular form of dementia so that they would have ammunition in which to evict me. Making me go to the Biala Unit as an involuntary...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    I'd known about some of the issues when a relative of mine went through that system, but watching the report on 4 corners left me
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THE PRO's AND CONS OF DEALING WITH BANKERS. Consent_Withdrawn- Posted on Tuesday, June 27, 2017   Who are banks a friend to? Maybe you? Let's see... BIG BUSINESS: Pros: Easy and cheap capital (relatively speaking) for sound business plans? Sales bolstered from slight increase in overall purchasing power enabled by lending to everybody else? Added competitive advantage over small business? The retail therapy factor? Excellent legal protection compared to the categories listed below, afforded by relatively large borrowing power? Cons: Overall depressive effect of so much profit being extracted at every level - economic braking if you like? Increased competition costing all but those at the top more than it gains? Free trade is probably just a myth - in this environment it is unlikely that you could hope to compete too well with those whose products represent nothing beyond abstractions of legislation and cost nothing beyond legal fees to create,...
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BANKERS and their Agents are NOT your friend!! BEWARE OF THE MONEY BOX ENTRAPMENT PLAN. Banks do attack kids when they reach 18. I told Major Bank to back off on a $500 debt 30 years ago. My daughter had been given a credit card and had debt within two months. I wrote to CEO, quoting law and responsibility. I asked how he would feel if I did similar to his 18 year old sons and placed them in harms way. It worked, Debt squashed immediately. Parents must fight back on every instance because banks will "TRY IT ON." It is predatory activity. Banks gather the names and private details of school children with school induced bank accounts to teach saving. Beware of the Money Box plan. Yes it appears an innocent good saving plan to help your child. Next the child proudly takes the money box to the bank to be...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Who are banks a friend to? Maybe you? Let's see... BIG BUSINESS: Pros: Easy and cheap capital (relatively speaking) for sound b
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Big lenders 'aggressively micro-managing' to attract best borrowers Australian Financial Review Jun 26 2017 5:29 PM Duncan Hughes   Homeloans, a listed mortgage provider whose major shareholders include National Australia Bank and Macquarie Group, is the latest lender to launch an "aggressive micro-management" of its product range in response to tough prudential lending caps. Lenders borrowing more than $200,000 are being offered loans 30 basis points less than those seeking $199,000, which for a 25-year, $1 million loan means cheaper monthly repayments of $165, or nearly $2000 a year. Lenders are reviewing their mortgage books in a bid to improve loan size, quality, encourage principal and interest borrowers, boost trailing commission payments and reduce administration following prudential regulators imposing strict controls on lending volumes and value. "Lenders are being super-selective about the types of business they are bringing on board," said John Flavell, chief executive of Mortgage Choice, another listed mortgage...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Slaving over a hot lobster bisque?
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Pain On the Way: Apartment resale losses starting to creep up, CoreLogic says Australian Financial Review Jun 26 2017 6:18 PM Su-Lin Tan   The number of loss-making apartments in Sydney and Melbourne has started to creep up while loss-making transactions in mining areas have dwindled, CoreLogic's Pain and Gain report for the March quarter shows. Loss-making apartment sales have increased in Inner city Melbourne, Sydney's inner city and west, the Northern Beaches, and Gold Coast. In contrast, loss-making apartment transactions in Perth, Darwin and parts of Adelaide have shrunk. The proportion of capital city units reselling at a loss is hovering around its highest level since early 2013 when the east coast residential boom started, the report says. "In Melbourne, units were 6.5 times more likely to be resold at a loss than houses, in Brisbane units were 6.4 times more likely to be sold at a loss than houses...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Even at 50 bucks an hour with seven weeks a year off that's like 25 human working lifetimes' worth of wealth harvested in 3 months
  • Consent_Withdrawn
    Consent_Withdrawn says #
    And that's before we even factor in "churn"!!!
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Actually I forgot to calculate the hourly rate so to be fair it's a half a lifetimes work, before churn is factored in. Then if w
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Non-bank lenders grab an opportunity as banks scale back loans The Australian 2:29pm June 26, 2017 Richard Gluyas BFCSA Warning:  There is NO enforcement of law in Australia re the Major Banks and the laws for consumer protection for clients of Non-Banks have been watered down by the current Government.  We are well into buyer beware.  Mortgage Loan Contracts are a wad of hidden dangers and tricky clauses.   A huge,regulatory-driven transformation of the property development market has opened up a significant opportunity for some conservatively managed non-bank lenders, which can now match the project muscle of a major bank.  Despite the hype about selective “postcode blacklists”, the majors have responded in a much more generic way to APRA’s crackdown on mortgage-heavy loan books. The sector’s retreat from development finance means that the credit tap has almost been turned off for new projects, although there’s been some renewal of interest in...
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BANKERS PREYING ON CHILDREN?   Ah yes under the guise of "education." They are mining for future victims to stitch them up with Toxic Low Doc Interest Only Mortgage Loans, plus extra DEBT FOR LIFE of course. Banks enter classrooms to gather details for future "mining." When Bankers steal homes, they also kick children out of their childhood homes!   Good for the Banks? Ah yes indeed!! Bad for the customer. Consumers who have been scammed by Banks (two million families) know from experience banks cannot be trusted. Confidence is dropping - see the share market. Not one parent who has had bad experiences re toxic mortgage loans would NOT want bankers anywhere near their own children.   Armed with toxic mortgage loans, Bankers trashed their own trust and confidence in their own industry. That generational mistrust, as occurred after the Great Depression, will last for decades. Why? Because the...
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BFCSA: BFCSA: RETIREMENT VILLAGE PROPRIETORS BLATANT ENTRAPMENT OF THE ELDERLY - Predatory Selling Watch ABC TONIGHT FOUR CORNERS.and be prepared to cringe! Yes all States have the same Act but were allowing Developers to stitch up the elderly and their families. I first reported on this Retirement Village Scandal in 1990's. Big heavyweights in REIA were involved and making a killing. They had the industry sewn up and disgraceful contracts being used. Family beneficiaries are lucky if they recover even 30% of their parents money. Once again, RISK passed on to the buyer with no enforcement of existing consumer laws to protect them. I wrote countless letters to Government and MPs etc. Some of the elderly who were desperate to sell and move out, were being read the riot act over the contracts they had signed. These contracts are indeed entrapment. The elderly were preyed upon and sold a "sales spiel"...
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WHAT A ROTTEN BUNCH OF AUSTRALIAN BANKERS INTEREST ONLY LOANS SCANDAL ABOUT TO IMPLODE and then the ugly details will be exposed. A potential $1.8 Trillion scandal......the largest BANK HEIST this country has ever experienced. The Banking Cartel, busy running their part of the Global Cabal 'CONTROL FRAUD,' in Mortgage lending and Asset-stripping of homes. Australian Bankers targeted older people who owned their own home and had no debt and yet on very low incomes. Banks preyed upon citizens who were amongst the poorest incomes in the nation. Greed drove our Banker Cartel Members to in fact STEAL TWO MILLION HOMES. How many were in the Bankey Gang? 16 Lenders including the Five Majors.................. Bankers are Bankers. The old state banks eventually turned into crooks. We need to fight Bankers in the Federal arena and clean up FEDERAL regulatory neglect. Only a Royal Commission into the Major banks and the 16...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    These bankers make a joke of every single human being who behaves with any integrity, and they turn most people's efforts against
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Not in their interest: The home loan borrowers that have been left out to dry Sydney Morning Herald June 24 2017 - 12:15am Elizabeth Knight   There is a hidden and worrying risk lurking for a particular set of mortgage borrowers, whose level of financial stress is about to get a whole lot worse. It's those home owners with interest-only loans that are now increasingly under the pump - with National Australia Bank the latest of the big four to announce big hikes in rates on these types of loans. While banks, the media and the government regularly characterise those that have interest-only loans as wealthy property investors, the fact is that there are many owner-occupiers that have used this method to finance the family home. Ironically, regulators have pushed the banks to reduce interest-only lending to improve the overall risk of consumers' debt to the financial system. But for those...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    ANYONE who thinks that a fair system involves repossessing people's homes should pay rent for their accommodations (and have to su
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Turncoat etc have messed with the wrong crowd, and he should remember to wear his balaclava when going about his daily business!
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Macquarie Securities engaged in 'reckless' conduct, pays bumper fine Australian Financial Review Jun 23 2017 4:24 PM Joyce Moullakis   Macquarie Group's securities unit has paid one of the largest ever fines issued by the broking industry's Markets Disciplinary Panel, after the firm didn't adequately monitor trading activities and engaged in "reckless" conduct. Macquarie agreed to pay a penalty of $505,000 – understood to be the largest over the past decade – to comply with an infringement notice given to it by peer review group, the Markets Disciplinary Panel. The panel rules on matters that relate to potential contraventions of market rules. The fine relates to events three years ago when Macquarie brought on a client with a business model that was "a departure" from its traditional customer base, a statement by the MDP and the Australian Securities and Investments Commission said on Friday. That led to Macquarie customising its automated...
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