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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Does the S&P Settlement change EVERYTHING? 16 February 2015 https://peopleriskmanagement.com/2015/02/16/does-the-sp-settlement-change-everything/ The S& P saga rumbles on. Having been hammered by the US Securities and Exchange Commission (SEC) in January [1], S&P has received a knock-out blow, and a $1.375 billion fine, from the US Department of Justice and 20 State governments [2]. And in what might the first of many private actions, S&P also reached a separate $125 million settlement with the huge pension fund California Public Employees’ Retirement System (CALPERS) [3]. What has received little publicity, however, are the implications of the S&P settlement with regard to Corporate Governance, in general, and Codes of Conduct in particular. In justifying the huge fine, the Justice Department said that “as part of the resolution, S&P admitted facts demonstrating that it misrepresented itself to investors and the public, allowing the pursuit of profits to bias its ratings”. In the many fines against banks,...
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Here too?   The £4bn battle on Costa del Claims: New hope for thousands of British buyers who lost fortunes in Spanish property crash By Laura Shanon for the Mail on Sunday Published: 04:33 +10:00, 12 June 2016 | Updated: 20:25 +10:00, 12 June 2016 http://www.thisismoney.co.uk/money/mortgageshome/article-3636595/4bn-battle-Costa-del-Claims-s-British-investors-seek-court-ruling-gives-new-hope-thousands-lost-fortunes-Spanish-property-crash.htmlRuling by the Supreme Court in   Madrid points to a reversal of fortune Spanish banks that held their deposits are to be held to account Stephanie Davis lost more than £60,000 when Spanish purchase collapsed   British investors who lost big deposits in the Spanish property crash have been given fresh hope of getting back their money.  Around 100,000 people in the UK are thought to have paid big sums towards ‘off-plan’ properties in Spain – ones which were yet to be built.   Demand was high a decade ago, when around 800,000 holiday homes a year were being built in Spain.  But after the...
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No need to be a rocket scientist to know why phase 2 of the AML act was never introduced.....looks as if not just in Australia either! What’ll Suffocate these Housing Bubbles: US Government Mucks up Money-Laundering in Real Estate by Wolf Richter • July 27, 2016 http://wolfstreet.com/2016/07/27/us-government-money-laundering-real-estate-housing-bubbles-ny-miami-san-francisco-silicon-valley-los-angeles/   Manhattan and Miami already get mauled. Now expanding to San Francisco, Silicon Valley, Southern California, even Texas! Cash sales of homes – mostly the domain of foreign and affluent buyers – fell to 32% of total home sales in April, down 2.8 percentage points from a year ago, according to a new report from CoreLogic. For the first four months, cash sales dropped to 34%, the lowest since 2008. In Florida, the number one destination for foreign homebuyers, cash sales accounted for 46% of sales, and in New York, for 44%, both decreasing as well. The “strong dollar” and “global uncertainty” were blamed....
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London Housing Bubble Melts Down by Wolf Richter • July 18, 2016 But don’t just blame Brexit. http://wolfstreet.com/2016/07/18/london-housing-bubble-set-for-collapse-dont-just-blame-brexit/ In Central London – the 30 most central postal codes and one of the most ludicrously expensive housing markets in the world – eager home sellers are slashing their asking prices to unload their properties. But even that isn’t working. In the 12 days after the Brexit vote, cuts to asking prices have soared by 163% compared to the 12 days before the vote, according to the Financial Times. Yet sales have plunged 18% from before the Brexit vote. Sales had already taken a big beating before then and are now down a mind-boggling 43% from where they’d been a year ago! So Brexit did it? Um, well, sort of. But it’s more than Brexit. Home prices on a £-per-square-foot basis had peaked in Q2 2014, according to real-estate data provider LonRes. Since...
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THE Battle for the ROYAL COMMISSION into Banks and the Finance sectors is far from over for BFCSA Members.    In April this year I sent a letter to Opposition Leader Bill Shorten begging for a Royal Commission into the banking System (wide TOR)  based upon an estimated 1.5 million families severely affected by sub prime lending to the point the "asset-lends" to pensioners meant elderly people would be thrown out of their own homes.   Over $300 billion of toxic loans are out there sloshing around in the Low Doc Market and economists from LF Economics backed up these concerns in their submission # 63 to the  Senate Inquiry into white collar crime.  BFCSA also furnished submissions to the Dastyari Inquiry 2015. And, BFCSA Sub # 23 (Mch 2016) into White Collar Crime being conducted by Senator Peter Whish-Wilson. Earlier I had sent similar letters of warnings to PM Mr Abbott and later the new...
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Home Loan Mortgage Arrears Rising and Rents falling The proportion of Australian home owners falling behind on their mortgage repayments has increased, according to ratings agency Standard & Poor's.   http://www.abc.net.au/news/2016-07-19/home-loan-mortgage-arrears-rising/7638528   The global credit ratings giant said May was the seventh consecutive month where mortgage arrears had increased. So-called prime mortgages have an arrears rate of 1.21 per cent, up from 1.14 per cent in April and 1.07 per cent a year earlier. These are mortgages to borrowers with full documentation around their income, savings and assets. The arrears rate for "nonconforming" loans jumped from 4.25 per cent in April to 4.71 per cent in May, but remains well off a peak of 17 per cent in 2009. "Nonconforming" loans include those with limited documentation, so-called low-doc loans, which are often given to small business owners or contractors who have limited evidence of their earnings. Both measures are for those borrowers...
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Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act by Wolf Richter July 18, 2016 I can already hear the sloshing sounds of money. An amazing thing happened at the Republican Convention when some unexpected language showed up in the official 66-page Republican Platform 2016,  a document that a delegate from Texas enthusiastically called, “the most conservative platform in modern history.” And therein is this sentence: We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment. It’s followed by this bit of wisdom: “Sensible regulations can be compatible with a vibrant economy….” By extension, reinstating the Glass-Steagall Act would be that “sensible regulation.” Upon hearing about this, Wall Street executives and just about everyone else at JPMorgan, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and a slew of others, plus central bankers in the US and abroad, especially those that...
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  • duress
    duress says #
    I actually heard that statement on the TV
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http://www.investordaily.com.au/35647-oligopolistic-big-banks-under-fire Friday, 06 June 2014   A new report has called on the government to curb the “deep vertical integration that has evolved over the last decade in the financial services market”.  Economics consulting firm Macroeconomics prepared the Review of the Major Banks: Control of the Wider Financial Sector report for the Customer Owned Banking Association.  The report reviewed the four major banks’ annual reports between 2004/2005 and 2012/2013 – as well as relevant IBISWorld industry reports.  The report found the big four banks accounted for 34 per cent of total funds management revenue – and when other major players such as Macquarie and AMP were included, the market share was as high as 70 per cent.  When it comes to financial planning, the big four banks and AMP control 49 per cent of total industry revenue, said the report. The Macroeconomics report argued that a lack of competition in the...
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http://www.afr.com/p/opinion/genworth_ipo_worth_up_to_bn_launches_g2kvo1UFahDHEqoT65KoUO   Genworth IPO worth up to $2.4bn launches PUBLISHED: 08 Apr 2014 10:27:00 | UPDATED: 08 Apr 2014 11:08:57PRINT EDITION: 08 Apr 2014   US financial services giant Genworth Financial has launched the initial public offering of its Australian mortgage insurance business, which if successful would become the largest float of the year to-date.     http://www.theaustralian.com.au/business/dataroom/genworth-financial-planning-partial-float-of-australian-assets/story-fnjw8txa-1226877564820 Brett Cole  From: Business Spectator   April 08, 20144:31PM   US insurer Genworth Financial says it plans to sell as much as 40 per cent of its $4 billion Australian business, Genworth Mortgage Insurance Australia, in an initial public offering as early as June, a US Securities and Exchange Commission filing says. Australian-based fund managers told Data Room that Genworth Mortgage Insurance Australia might be worth between $2.3 billion and $2.7 billion, or about 10 to 12 times the company’s forecast 2014 net profit of $231.1 million.  Commonwealth Bank of Australia and Macquarie have...
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  • doyla66
    doyla66 says #
    How is Genworth doing so well with so many claims on it for compensation in maladministration in lending and injury cases? Not to
  • Denise
    Denise says #
    Definite shady mortgage loans. One would be forgiven for assuming shady insurance. We know Australian Banks were taking Insurance
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Senator Destaryi is in no doubt we need a new Federal Bureau of Consumer Protection.  New South Wales Labor Senator Sam Dastyari has called for a new "corporate cop" to replace the Australian Securities and Investments Commission, which he says should have its policing role revoked and instead be stripped down to a corporate regulator, The Australian Financial Review reports. According to the newspaper, Senator Dastyari says ASIC's mixed performance over the years in detecting and preventing corporate crime had informed his call for a new "cop". "We read about case after case where ASIC has simply failed to act, for unreasonably long periods of time," he said."Crooks have been given plenty of time to milk investors, without penalty." If ever there was opinion swinging wildly in favour of weeding out ASIC and its EDR supporters, this is the time in our history. This from a Reader: If they're going to...
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  • doyla66
    doyla66 says #
    Fos is well aware fruad on my lafs, they have all my tax returns and copies of my loan application forms. Fos should send all susp
  • doyla66
    doyla66 says #
    They are all aware of what they are doing and have no idea what to do other than obey orders and soldier on keeping their fingers
  • doyla66
    doyla66 says #
    When we all write to the Senators and also give them the facts of each of our cases, the sheer number of us should convince even t
  • doyla66
    doyla66 says #
    Great to see that some senators are aware of bank fraud on laf's, I for one have kept senators up to date with what excuses FOS ha
  • doyla66
    doyla66 says #
    exactly... take off those rose coloured glasses now. welcome to the real world... our world battling the fraudulent Australian ba
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Yes Jon: remarkable that ASIC has taken NO action against culprit Major Banker engineers who invented toxic products such as LOW DOCs and now FULL Docs and that only 9 brokers when 100% of LAFs we have uncovered (ooo's) are fraudulent.  No mention of RISKS in borrowing against your home for "investment."   These UGLY and deceptive financial strategies are bank engineered, bank driven and no-one is telling the applicant of risks and the truth relating to FRAUDULENT ASSESSMENTS. No mention that 100% of Loan application forms have been tampered with after signing No mention of Risks of losing both homes - your own and the investment.............. No mention of being wiped out in FIVE YEARS on a 30 year loan - AS PLANNED FOR YOU BY Banksters No mention of income figures being fudged after signature obtained and without knowledge or consent No mention of service calculator manipulation INSIDE THE...
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  • doyla66
    doyla66 says #
    Straight from the horses mouth... CBA wants Mortgage Brokers to keep pumping up the volume.. if brokers can't write millions of do
  • doyla66
    doyla66 says #
    How come we can see the evidence of Bank Maladministration and FRAUD so can some lawyers some pollies and even some judges but all
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Re-birthing Houses - Bankers' Nirvana Posted by Denise Brailey on Thursday, 02 August 2012 in Consumers Fight Back   So instead of re-birthing cars you developed a plan to rebirth homes? Message to these evil Banksters:  Hand over the SERVICE CALCULATORS and explain yourselves Which countries have you sold those repackaged securities to?  You were not re-birthing cars - you were in effect REBIRTHING HOMES! THE OUTLINE OF THE BANKSTER SCAMS: 1.   The separation of the Title Deed (as an asset) from the Mortgage Debt (as an asset) 2.   The diabolical plan and knowledge that none of Low Doc or No Doc mortgage could ever be paid back: that the debt in 20 years time would be the same amount as when you borrowed and the interest payments would be unsustainable. 3.   The express knowledge that once you handed over your Title Deeds, you would intentionally never see them again. 4.   That the credit card facility with regular letters: "do you want fries...
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  • doyla66
    doyla66 says #
    All this being new to me and my family......... Completely blows my mind away....... I feel it's about to explode.... Has anyone e
  • doyla66
    doyla66 says #
    After waiting a month or so after paying the mortgage out last year, a family member asked RAMS what was the delay in getting back
  • doyla66
    doyla66 says #
    Maybe we'd better give them another clue Change and tell them the homes they stole can be identified by their postcodes but then a
  • doyla66
    doyla66 says #
    and so here we are today almost TWO YEARS LATER!!!... except the tsunami wave of discontent and main stream media attention is FIN
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