GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
591891

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
Denise

Denise

Denise Brailey has dedicated the past 20 years of her life to being a Consumer Advocate - a voice for the people and former President of RECA (Real Estate Consumer Association. She has helped thousands of investors and is currently President of the BFCSA (Banking & Finance Consumers Support Association). Denise was also awarded and presented with the Rona Oakley Award for Consumer Protection in 2010.
Lendlease faces class action over share plunge Sydney Morning Herald April 4, 2019 12.05am Sarah Danckert   EXCLUSIVE  The company building the delayed NorthConnex project in Sydney is facing a class action from investors over its November share price plunge caused in part by it revealing it was behind schedule on the multibillion-dollar road development. Investors, represented by Maurice Blackburn, are taking action against construction giant Lendlease over its share tumble in November following a surprise $350 million write-down on its engineering business that includes the major Sydney road project. Maurice Blackburn will today begin taking registrations for a class action against the global builder and developer. The law firm alleges Lendlease broke the Corporations Act by failing to properly inform its shareholders about serious issues in its engineering and services arm and by engaging in misleading and deceptive conduct. Lendlease saw its shares tumble on the day of the write-down...
Last modified on
Hits: 62 0 Comments
Rate this blog entry:
0
Continue reading
Government to take advantage of cheap debt Sydney Morning Herald April 3, 2019 5.33pm Lucy Battersby   Rallying bond prices are making it cheaper for the Australian government to borrow money from around the world with the budget papers revealing expected average costs have dropped 6 basis points in just four months. The head of the Australian Office of Financial Management, Rob Nicholl, which sells bonds on behalf of the government, says strong demand makes borrowing cheaper. "At the moment, our costs of borrowing are lower...if the market rallies hard and the yields are lower, that means we don't have to issue as much to raise the same amount of cash,'' Mr Nicholl told The Age and The Sydney Morning Herald. Back in December the government assumed weighted average costs of around 2.5 per cent, but this has since dropped to 1.9 per cent due to dramatic changes in global bond...
Last modified on
Hits: 76 0 Comments
Rate this blog entry:
0
Continue reading
One of the many submissions to latest Senate Inquiry Dear Committee Secretary and Senators: Inquiry into the Banking System Reform (Separation of Banks) Bill 2019 We are a married couple, laypeople, with an abiding interest in the efficient and proper national functioning of Australia. Of the myriad facets of Australia's operations as a responsible and advanced sovereign nation, its banking system is, understandably, critical to its success. The citizenry must be able to rely on the banking system to protect its savings, and leverage them for the greatest good for the greatest number of us. Primarily, once savings (deposits) are as safe as reasonably possible, the onus should be upon the banking industry to put this pool of financial resources to work to generate real wealth in its multifarious forms for the good of the nation. WHAT IS REAL WEALTH: It includes manufactured goods, agricultural products, health services, efficient and affordable...
Last modified on
Hits: 1045 0 Comments
Rate this blog entry:
Continue reading
AMP Capital upbeat on post-Hayne opportunities The Australian 12:00am April 4, 2019   Ben Wilmot   EXCLUSIVE  AMP Capital’s $28 billion real ­estate funds management unit has come through the worst of the publicity from the banking royal commission raising fresh capital and touting ambitions to launch new products. Helmed by three-year global head of real estate Carmel Hourigan, the group has put its stamp on key parts of major cities, most notably at Sydney’s Circular Quay, where it is undertaking a multi-billion-dollar mixed-use precinct. The group, which admits that parts of the property cycle are relatively toppy, is working up new products that could expand its purview into real estate debt and, potentially, distressed property, if the cycle turns, in addition to its traditional core property mandates. Ms Hourigan said AMP Capital was well positioned as a fund manager and the partner of choice for key developers, citing ties with...
Last modified on
Hits: 104 0 Comments
Rate this blog entry:
0
Continue reading
Finder: 9% of mortgage holders in severe stress MacroBusiness 12:10 am on April 4, 2019 Leith van Onselen   Finder has released its latest mortgage stress survey, which reveals that 9% of mortgage holders are experiencing severe stress, whereby the are either “barely able to make repayments every month” or are “behind in repayments”: Another 40% of mortgage holders are experiencing mild stress, whereby they “live month to month, but find enough” to get by. Last month, Digital Finance Analytics (DFA) released their February mortgage stress report, which noted that a record 1,036,214 households are estimated to be now in “mortgage stress” (31% of owner occupied borrowing households), with 28,903 of these are in severe stress, and more than 66,000 households at risk of 30-day default in the next 12 months: On Tuesday, I produced a chart pack benchmarking Australia’s current housing bust against prior episodes over the past 30-plus years,...
Last modified on
Hits: 97 0 Comments
Rate this blog entry:
0
Continue reading
Banks face 'hard slog' reforming culture Australian Financial Review Apr 2, 2019 4.18pm James Eyers   The world’s largest assessment of banker behaviour and culture, published by the Banking Standards Board in Britain, has criticised “uneven progress” by UK banks five years into their radical overhaul of culture, confirming that Australia's banks face a long, hard slog implementing the Hayne royal commission. The annual review of UK banking culture found one-quarter of bankers think their job has a negative impact on their health, while 40 per cent of those reporting problems to managers think they aren't taken seriously. The finding of slow progress implementing recommendations from the 2013 UK Parliamentary Commission on Banking Standards – which had similar findings to the Hayne royal commission – was based on a survey of 72,024 employees across 26 UK banks, and was published on Tuesday. Unlike the industry-controlled Australian Bankers Association, the Banking Standards...
Last modified on
Hits: 105 0 Comments
Rate this blog entry:
0
Continue reading
Update on the Spreading Housing Bust in Australia, and Why it’s Happening Wolf StreetApr 2, 2019 Wolf Richter   This bubble was not pricked by the central bank — on the contrary. Home prices in the metro area of Sydney, according to CoreLogic’s Home Value Index, fell 0.9% in March from February and 10.9% from March last year. Prices in the most expensive quarter of the housing market dropped 11.9% year-over-year. Since its peak in July 2017, the index has dropped 13.9%: For a while, there was a rumor that first-time buyers would save the market, and that this was visible because in the big cities, such as Sydney, they could only afford to buy condos, and condo prices would hold up, it was said. But condo prices are now rapidly catching up: the CoreLogic Home Value Index for condos dropped 1.2% in March from February and is down 8.9% year-over-year....
Last modified on
Hits: 159 0 Comments
Rate this blog entry:
0
Continue reading
Macquarie hit by new employee pay claims The Australian 12:00am April 2, 2019 Ben Butler, Joyce Moullakis   Macquarie Group has been hit with a fifth lawsuit for underpaying its financial advisers, which brings the total claimed to at least $12 million, with more pain looming as additional former staff mull legal action. The latest lawsuit was lodged with the Federal Circuit Court on Friday by a group of 20 advisers who worked for subsidiary Macquarie Bank for up to 30 years. In a statement of claim filed with the court, the advisers claim Macquarie failed to pay the minimum wage set out in the finance sector award, and also breached the Fair Work Act by failing to fork out holiday pay and other entitlements including leave loading and compassionate leave pay. Macquarie has already settled two similar matters involving former advisers within its private wealth division. In February, filings showed...
Last modified on
Hits: 216 0 Comments
Rate this blog entry:
0
Continue reading
Property prices to tumble $60,000 by 2020 news.com.au APRIL 1, 20197:26PM David Ross   Ahead of tomorrow’s interest rates decisions, all sides are tipping house prices in Sydney are heading for another $60,000 slide by 2020, with Melbourne hot on its heels with a $50,000 fall of its own. Those figures are the expected outcome of a further 8 per cent fall in prices, according to Finder’s RBA Cash Rate Survey. While the median for Sydney house prices currently sits at $930,000, a forecasted 6.21 per cent decline would see the new median fall to $872,242 — a drop of almost $60,000. CoreLogic figures, released today, show houses prices in Sydney have already experienced an annual 10.6 per cent decline, followed by Melbourne at 9.8 per cent. Prices in Sydney are now back to where they were in 2016. Melbourne is back to August 2017. Only Hobart, Canberra, and Adelaide have...
Last modified on
Hits: 140 0 Comments
Rate this blog entry:
0
Continue reading
Australian banks have fingers crossed for a Brexit delay Australian Financial Review Apr 1, 2019 12.00am Hans van Leeuwen   London | Australia’s banks will breathe a sigh of relief if Britain and the EU shift to a long Brexit delay in the coming two weeks, as none have reached the formal finish line in the race to set up a European subsidiary by the cliff-edge deadline of April 12. Macquarie Group, Commonwealth Bank and Westpac Banking Corp have each chosen a European city, but are still waiting for the final green light for a licence from the local regulators. ANZ Banking Group is relying on existing European branches and licences. National Australia Bank looks to be the laggard, having not yet applied for a banking licence on the Continent. The arrival of Brexit, whenever it may come, will end the ability of London-headquartered financial services companies to operate across the...
Last modified on
Hits: 139 0 Comments
Rate this blog entry:
0
Continue reading
ASIC takes the gloves off in NAB brawl The Australian 12:00am April 1, 2019 Richard Gluyas   EXCLUSIVE  National Australia Bank collided with the Australian Securities & Investments Commission’s new, take-no-prisoners enforcement policy late last year, with the conduct regulator taking the unusual step of opposing mediation in the fees-for-no-service case brought against the recalcitrant bank. Federal Court judge David Yates knocked back the regulator’s pitch, ordering mediation to take place next Monday, April 8. However, ASIC’s unreported move — based on an assessment that there was little point in going through the charade of mediation — was an early marker of the “why not litigate” mantra adopted by deputy chairman and chief prosecutor Daniel Crennan QC. The regulator’s frustration with NAB, which has mainly been directed at the old board and management regime led by chairman Ken Henry and chief executive Andrew Thorburn, spread to Canberra last week in the...
Last modified on
Hits: 284 0 Comments
Rate this blog entry:
0
Continue reading
Financial planners resisting Westpac’s sell-off to Viridian The Australian 12:00am April 1, 2019 Joyce Moullakis   EXCLUSIVE  Westpac is facing headwinds as it looks to offload some of its loss-making financial planning unit to boutique Viridian Advisory, and ultimately exit financial advice. The Australian understands the transaction is facing resistance from planners, including a group of up to 15 with the largest customer books who will opt not to join Viridian. Westpac’s most senior financial planners, known as the partnership group because they also share revenue with the bank, must decide in coming days whether to accept Viridian offers and a separate incentive payment from Westpac to assist in buying shares in the boutique. Other planners and support staff that are part of the 175 employees earmarked to transition to Viridian are yet to receive their ­offers. Sources said those who were offered positions deemed by Westpac to be comparable to...
Last modified on
Hits: 147 0 Comments
Rate this blog entry:
0
Continue reading
Banks may face UK-style claims as costs tipped to hit $6bn Australian Financial Review Mar 31, 2019 11.00pm Jonathan Shapiro, James Eyers   The costs to the major banks of remediating misconduct could top $6 billion by the end of next year, as analysts and former banking executives warn the torrid experience of shareholders in the United Kingdom offers a guide of what lies ahead. JPMorgan analysts Andrew Triggs and Nicholas Dalton last week increased their estimates for remediation costs by $125 million for ANZ and Commonwealth Bank and $300 million for National Australia Bank, after Westpac said compensation costs would wipe $260 million off its half-year profit. The analysts said the revisions would shave between 1 per cent and 3 per cent off the full-year net profits of ANZ, CBA and NAB, as they increased their forecast for total remediation provisions across the big four banks by $500 billion to...
Last modified on
Hits: 740 0 Comments
Rate this blog entry:
Continue reading
Moody’s warns Australian public debt will keep rising MacroBusiness 12:10 am on April 1, 2019   David Llewellyn-Smith   Yes it will: OVERVIEW AND OUTLOOK The credit profile of Australia (Aaa stable) reflects its very high economic strength, buttressed by its robust growth potential and demonstrated flexibility in adjusting to a shifting economic environment. The latter has been reflected in the economy’s ongoing adjustments to changes in the role of the resources sector in providing growth impetus. A solid institutional framework, including transparent and effective monetary policy and financial regulation, also underpins Australia’s creditworthiness, lowering the probability and likely impact of potential economic and financial shocks. Australia’s relatively moderate debt burden also supports credit quality, despite fiscal consolidation challenges. Recent periods of lower nominal GDP growth compared with the commodity boom years have constrained revenue increases, although solid gains in employment and higher-than-expected commodity prices have been supportive. A more fragmented...
Last modified on
Hits: 123 0 Comments
Rate this blog entry:
0
Continue reading
Sixty-nine millionaires paid zero tax in 2016-17 ABC News30 March 2019 Nassim Khadem, Michael Janda   Sixty-nine Australians who earned more than $1 million in the 2016-17 financial year did not pay a cent of income tax. Annual data from the Australian Tax Office, released on Friday, shows the list of Australia's millionaires paying no income tax is growing. The data shows in 2016-17, 60 people who declared total incomes above $1 million reported taxable incomes below $6,001, two posted taxable incomes between $6,001 and $10,000, and eight declared taxable incomes between $10,001 and $18,200, putting them all below the tax-free threshold. Not one of them paid the Medicare levy. Sixty-nine of them reduced their tax bill to zero, each claiming millions in deductions, primarily for the "cost of managing tax affairs", but also for "gifts or donations". This was up from 62 who paid no tax the year before. The...
Last modified on
Hits: 167 0 Comments
Rate this blog entry:
0
Continue reading
ASIC probe found huge profits in CBA term deposit rort The Australian 12:00am March 30, 2019 Ben Butler   EXCLUSIVE  An Australian Securities & Investments Commission investigation found Commonwealth Bank obtained “hugely inflated profits” by ripping off term-deposit customers in an elaborate strategy that included hiring data analytics firm Quantium, previously secret documents reveal. A December 2008 ASIC memo, obtained by The Weekend Australian after a 20-month Freedom of Information battle, also reveals the role played in defending CBA by one-time contender for ASIC chairman and current AMP non-executive director John O’Sullivan, who at the time was the bank’s top in-house lawyer. Mr O’Sullivan told The Weekend Australian his role in the issue was investigated by the Turnbull government in 2017, when he was in the running to succeed Greg Medcraft as ASIC chair, and he was cleared. In October that year, Mr O’Sullivan, who was Credit Suisse’s Australian chairman at...
Last modified on
Hits: 731 0 Comments
Rate this blog entry:
Continue reading
Unspent billions shifted from the books of NDIS agency The Australian 12:00am March 30, 2019 Rick Morton   EXCLUSIVE  A multi-billion-dollar underspend by the National Disability ­Insur­ance Scheme would once have sat on the books of the independent agency running the program­ but now sits with the governing depart­ment after a change of rules. In the final budget outcome for 2017-18, the underspend for the scheme — due to delays in reaching targets and participants spending between 60 and 70 per cent of their allocated support — was $2.5 billion but that figure has now climbed dramatically as problems persist. National Disability Insurance Agency deputy chief executive Vicki Rundle told The Weekend Australian she “could never guarantee­” what any government would do with the money. “Governments, of course, year-on-year, will look at expenditure and I could never guarantee to you in any year what a government would do,” she said. “It...
Last modified on
Hits: 130 0 Comments
Rate this blog entry:
0
Continue reading
Micro-regulation and fearful bankers are crimping credit Australian Financial Review Mar 26, 2019 11.07am James Frost   The availability of credit is being squeezed by the emergence of micro-regulation which is weighing on the size of loans small businesses can afford while making bankers fearful of making a mistake, Westpac’s business banking boss David Lindberg said. Mr Lindberg – who was appointed to head up Westpac’s consumer banking division following an executive reshuffle last week – said responsible lending obligations and weaker house prices had contributed to a situation where business investment had “ground to a halt”. Mr Lindberg said the combination of small business owners feeling the wealth effect and over-zealous bankers who were making borrowers go into excruciating details because "there are scared of making a mistake" was making matters worse. Westpac's David Lindberg said a rise in 'bank fear' was exacerbating the credit squeeze. Peter Braig “Australian businesses...
Last modified on
Hits: 98 0 Comments
Rate this blog entry:
0
Continue reading
Melbourne’s McMansion meltdown deepens MacroBusiness 10:15 am on March 29, 2019 Leith van Onselen. Last year it became apparent that Melbourne’s house and land market had become an giant bubble after the median price for a housing lot hit $339,000 – up 21% in only 12 months – with steeper rises in the cost per square metre:  Mid last year we learned that that Chinese developers had taken control of Melbourne’s land supply pipeline, driving much of the price increase: Chinese developers have taken a virtual stranglehold on the future supply of new housing in Melbourne’s outer suburbs after acquiring more than two-thirds of all big greenfield land parcels offered for sale in the past 18 months, in deals worth about $2 billion. This surge of foreign capital has pushed broadacre land values above $1 million a hectare and contributed – along with planning and infrastructure delivery bottlenecks – to the...
Last modified on
Hits: 125 0 Comments
Rate this blog entry:
0
Continue reading
Housing weakness sees drop in wealth The Australian 12:00am March 29, 2019 Samantha Bailey   Falling house prices and weakness in the stockmarket late last year drove a 2.1 per cent drop in household wealth for the December quarter, the largest quarterly fall since September 2011. Household wealth per capita fell $10,198 to $404,319, following a $2263 fall in household wealth in the previous quarter, according to the Australian Bureau of Statistics. That reflected falling property prices and superannuation losses due to stockmarket falls during the December quarter, the ABS said. It was the first time since 2011 that household wealth per capita had declined for two consecutive quarters. Over the December quarter, the ASX 200 fell 9.04 per cent, compared with a 0.21 per cent rise the previous quarter. The market falls came as home values in Sydney fell 3.9 per cent over the December quarter, according to CoreLogic, in...
Last modified on
Hits: 98 0 Comments
Rate this blog entry:
0
Continue reading
UBS: “Calling the end of the household super leverage cycle” MacroBusiness 12:19 am on March 29, 2019 George Theranou (UBS research note) Households are still leveraging. Even though household liabilities growth dropped to a >5-year low of 4.2% y/y, because nominal income growth collapsed even more to just 2.0% y/y, the household debt-to-liabilities ratio lifted to a record high of 199% in Q4- 18. However, mainly due to falling house prices, household wealth dropped 2.1% q/q, the largest fall since 2011, to be down 1.3% y/y. While this followed a surge to a record high level of $10.4tn, critically, the ‘household wealth effect’ is due to a change in the savings ratio driven by changes (not the level) of wealth. This is consistent with an ongoing drag on consumption ahead as spending slows to weak income growth. Overall the lead indicators of the labour market are clearly weakening. Even ABS job vacancies...
Last modified on
Hits: 93 0 Comments
Rate this blog entry:
0
Continue reading
One Nation wanted millions from the NRA while planning to soften Australia's gun laws by political reporter Melissa Clarke Secret recordings of senior One Nation figures reveal the party wanted millions of dollars in political donations from America's National Rifle Association and discussed softening its policies on gun ownership as it tried to secure the funding. Key points: James Ashby and Steve Dickson's meetings with the NRA were secretly recorded by a fake gun lobbyist The trip to secure NRA funding took place weeks before laws passed banning foreign donations The pair were advised on how to respond to gun control advocates when mass shootings occur   Pauline Hanson's chief of staff James Ashby and the party's Queensland leader Steve Dickson were covertly filmed during a series of meetings with powerful pro-gun advocates in Washington DC last September. Footage from inside the meetings, broadcast overnight as part of an Al Jazeera investigation,...
Last modified on
Hits: 176 0 Comments
Rate this blog entry:
0
Continue reading
ASIC responsible lending crimps credit: ANZ and NAB John Kehoe  27 March 2019    https://www.afr.com/news/economy/asic-responsible-lending-crimps-credit-anz-and-nab-20190327-p517xu    ANZ Banking Group and National Australia Bank are at loggerheads with corporate cop James Shipton, who has slammed bankers for spreading a "myth" that the regulator's responsible lending crackdown is exacerbating a credit squeeze.    ANZ chief executive Shayne Elliot said bankers reacting cautiously to the Australian Securities and Investments Commission's more stringent application of lending standards meant some home buyers and businesses "will find it harder to borrow".  He also rebuffed ASIC chief prosecutor Dan Crennan's ambitions to lock bankers in jail, in response to questions from Liberal MP Tim Wilson about unintended consequences from a royal commission-inspired clampdown.   "People should pay the consequence of poor behaviour or misconduct or breaking the law," Mr Elliott said at a parliamentary hearing in Canberra.     "I would have thought the right outcome here is not how many people are in jail but do we have a fully functioning financial system that is responsible and generating good outcomes for our...
Last modified on
Hits: 168 0 Comments
Rate this blog entry:
Continue reading
MacroBusiness Fund podcast: Phil Soos exposes Australian mortgage fraud By Tim Fuller in Australian banks at 12:20 am on September 28, 2018 https://www.macrobusiness.com.au/2018/09/mb-fund-podcast-phil-soos-exposes-australian-mortgage-fraud/    ...
Last modified on
Hits: 135 0 Comments
Rate this blog entry:
Continue reading
Canadian households “freaking-out” over debt. What about Australia’s 120.5% of GDP? MacroBusiness 12:10 am on March 28, 2019 Leith van Onselen   According to Bloomberg, Canadians are “freaking out” over the level of household debt, which is now the highest of the G7 nations at 100% of GDP: Household debt in Canada, a nation generally known for moderation, has reached levels that could be qualified as excessive. Canadians owe C$2.16 trillion—which, as a share of gross domestic product, is the highest debt load in the Group of Seven economies. With the housing market cooling, a reckoning may be fast approaching. People are “freaking out,” even though, with interest rates not far above historical lows, “money still costs nothing,” says Scott Terrio, a Toronto-based manager at Hoyes, Michalos & Associates Inc., a company that specializes in insolvency. Until recently, Canada had been lauded as a bastion of sound financial management. The country of...
Last modified on
Hits: 151 0 Comments
Rate this blog entry:
0
Continue reading