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BFCSA
MORTGAGE
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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.

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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.

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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.
NAB and Westpac’s Secret Bailout Revealed Kris Sayce     3/12/2010 Facebook36Twitter https://www.moneymorning.com.au/20101203/nab-and-westpacs-secret-bailout-revealed.html   Where would we be without KRIS SAYCE??   It’s time for an apology. No, not from your editor. We’re always right, so there’s no need to apologise [wink]. Instead the apology needs to come from the Australian mainstream financial press. The same financial press that told you Australia’s banks were strong. That Australia had the best prudential regulation in the world. That Australian banks were different to all those dirty foreign banks. But an apology also needs to come from the banks who themselves claimed things were different here. And that Australia’s banks didn’t have the same solvency problems as US and European banks. Why do they need to apologise? Well, two years after the global financial markets collapsed, a secret bailout of two of Australia’s biggest banks has been revealed. This is pretty big news. Or rather, you’d...
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  Banking royal commission: Fears customers are being shut out from having their say ABC News13 January 2018 Stephanie Chalmer   It has been six weeks since the financial services royal commission was announced, but victims of bank misconduct remain in limbo about when, how, and even if they can have their voices heard. While the major banks and some advocacy groups were invited to prepare submissions weeks ago, members of the public still have no way to lodge their complaints. The commission's website provides no way for the public to do so — just a general contact email and mailing list. The Australian Council of Trade Unions (ACTU) has launched its own website to accept public submissions. "We want the commission to hear everyday stories from everyday people, who in some instances have had their lives destroyed," said ACTU president Ged Kearney. Fresh in the minds of the unions is...
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APRA details new rules for home lenders The Australian 12:00am January 11, 2018 Michael Roddan  How will APRA know what FAKE DATA looks like?  They have no experience in looking at fraud and fake stats!!!  The banking regulator will push ahead with rules requiring lenders to hand over more data about the levels of borrower indebtedness, after finetuning its reporting requirements in the wake of industry complaints about the rushed timetable for the new standards. The Australian Prudential Regulation Authority yesterday finalised the rules governing the data that banks must hand over on their residential mortgage-lending operations. APRA has been warning the banking sector of heightened risks in the $1.7 trillion residential mortgage market, and has been urging the banks to monitor lending more closely. The regulator is requesting that banks give it information on borrowers’ debt-to-income ratios, increases in debt limits and loans to unincorporated private businesses. The rules will...
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Australian banks blitz debt markets for $9 billion as funding costs fall Australian Financial ReviewJan 10 2018 11:00 PM Jonathan Shapiro   Australia's big four banks have raised $9 billion in the first 10 days of the year, taking advantage of the most favourable conditions in capital markets since the financial crisis. The frantic pace of issuance exceeds the $5.25 billion raised by the major banks in January 2017 as they lock in lower funding costs and further reduce the need to compete aggressively for deposit funding. On Tuesday, ANZ Banking Group issued $3 billion of three-year and five-year debt in the Australian market, paying a rate of 3.13 per cent for the five-year tranche. The margin ANZ paid for the five-year of 77 basis points over the bank rate is a 30 per cent decline from the 111 basis points paid by the Commonwealth Bank when it sold five-year bonds...
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Reports of corruption in public service renew calls for federal ICAC ABC News10 January 2018 Henry Belot and Lucy Barbour   The number of public servants who say they have witnessed corruption has doubled in three years, reigniting calls for a national anti-corruption commission. A survey of the bureaucracy revealed 5 per cent of respondents said they had seen misconduct, with cronyism and nepotism the most common charge. The Australian Public Service Commission (APSC) has admitted there is some corruption in the bureaucracy, but stressed it remained rare and staff were vigilant to the threat. But former New South Wales Supreme Court Judge Anthony Whealy said corruption could be more widespread than many realised. "We know that in the public service whistleblowing is absolutely frowned on," Mr Whealy told the ABC. "People who work in the public service, in many instances, would be afraid to report their superiors or even their...
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    ACCC's criminal cartel cases seek jail time, big fines from companies Australian Financial Review Jan 8 2018 11:00 PM Patrick Durkin   EXCLUSIVE  The competition watchdog is set to launch its first criminal cartel cases against a series of high-profile Australian companies seeking multimillion-dollar fines and up to 10 years' jail for senior executives, Australian Competition and Consumer Commission chairman Rod Sims has warned. "2018 will be a very big turning point for cartel enforcement and cartel deterrence," Mr Sims told The Australian Financial Review. "We will very likely have three to four domestic-based criminal cartel actions in 2018. It is very unfortunate we need to take action against individuals but I think that is what is needed. We have had a criminal cartel unit going for a couple of years and it is starting to pay dividends." Under the criminal cartel laws, executives can face jail terms of...
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Households Under The Mortgage Stress Gun In December Digital Finance Analytics(blog) 3 Jan. 2018 Martin North   Digital Finance Analytics has released the December mortgage stress and default analysis update. Across Australia, more than 921,000 households are estimated to be now in mortgage stress (last month 913,000). This equates to 29.7% of households. In addition, more than 24,000 of these in severe stress, up 3,000 from last month. We estimate that more than 52,000 households risk 30-day default in the next 12 months, similar to last month. We expect bank portfolio losses to be around 2.8 basis points, though with losses in WA rising to 4.9 basis points. Households in NSW are showing the most significant rise in stress, thanks to larger mortgages relative to income, while income growth is slow. Martin North, Principal of Digital Finance Analytics said “the number of households impacted are economically significant, especially as household debt...
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Government negative gearing claims contradicted by official advice, FOI reveals ABC News8 January 2018 Dan Conifer, Michael McKinnon   EXCLUSIVE: Federal Labor's negative gearing overhaul would likely have a "small" impact on home values, official documents reveal, contradicting Government claims the policy would "smash" Australia's housing market. The previously confidential advice to Treasurer Scott Morrison from his own department said the Opposition's plan might cause "some downward pressure" and could have "a relatively modest downward impact" on prices. What they said about Labor's negative gearing policy ·         "It is the most ill-conceived, potentially destructive policy ever proposed by any opposition." Prime Minister Malcolm Turnbull, February 24, 2016 ·         "The Labor Party have just gone out there with a growth destroying, home price destroying … set of tax measures." Treasurer Scott Morrison, March 3, 2016 ·         "Those opposite want to take a chainsaw to the housing market … Those opposite want to...
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Record debt threatens economy The Australian 12:00am January 8, 2018 David Uren  LOCs, Top-Ups, Buffer loans, PLs and Cr Cds pile on extra DEBT.  The 1% arrears rate is nonsense!!!  The payments are being paid on time every month from the bank aadding to the pile of debt on a monthly basis!  Its all paper entries.  But loans are often in default for four years!!   Debts across the country have hit a record high of double household incomes and are still climbing, making it difficult for the Reserve Bank to raise rates and increasing the risk to the economy from any downturn in housing prices. Reserve Bank analysis of the latest national accounts shows debt is 99.7 per cent higher than the total earnings of all households, having risen from 67 per cent greater three years ago. Households are still adding to their debts as new home buyers enter the...
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D’Aloisio shelved CBA term- inquiry The Australian 12:00am January 8, 2018 Ben Butler   The corporate watchdog put a four-year investigation into a ­billion-dollar term deposit scam allegedly perpetrated by Com­monwealth Bank and other banks “on hold” awaiting a decision by then chairman Tony D’Aloisio before killing it completely, internal Australian Securities & Investments Commis­sion documents show. ASIC killed the investigation in March 2010 despite officers fearing term deposit customers were having their interest rates “approximately halved”, according to the documents, obtained by The Australian under Freedom of Information laws. As The Australian has previously revealed, in October 2006 ASIC launched an investigation into whether CBA was properly informing customers they would receive a much lower rate if they allowed their term deposits to roll over. Because ASIC took no action against CBA, other banks allegedly followed suit in failing to properly disclose rollover rates, leading to consumer detriment estimated at...
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Super plan to fast-track deposit for first-home buyers The Australian 12:00am January 12, 2018 Glenda Korporaal   Australians can boost their first-home savings by putting an extra $30,000 each, or $60,000 per ­couple, into their superannuation, federal Assistant Treasurer ­Michael Sukkar said yesterday. He said allowing people to save through their superannuation would “provide a much-needed tax cut” to first-home buyers. Under the changes, passed by parliament last month, people can contribute another $15,000 a year or a total of $30,000 to their super within the existing contribution caps. This allows them to take advantage of lower tax rates on superannuation contributions and earnings. From July 1, they can withdraw extra contributions made since July 1 last year, along with the earnings from those contributions, to help buy their home. Mr Sukkar said the system would allow most first-home buyers to “accelerate their savings by at least 30 per cent”. “I...
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Morgan Stanley: Expect more declining prices this year yourmortgage.com.au 12 Jan 2018 Michael Mata   APRA STATS are rubbish!  Do not trust the regulators to tell us all the truth!  Australians should brace themselves for further house price declines in 2018, according to Morgan Stanley’s Australian housing model (MSHAUS). The model also revealed that the recent strength in building approvals data — which has gotten many excited on the outlook for residential construction activity this year — is unlikely to last. “Updating our proprietary housing indicator for Q3 20117 data [using an estimate for completions], we find MSHAUS has dropped to a new record low of -1.0, suggesting that the recent decline in prices will likely continue well into 2018,” Morgan Stanley said. “All categories of the indicator recorded a decline, with the largest moves in credit supply, driven by a sharp decline in the share of interest-only (IO) lending to...
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Banking royal commission could be distracted by disaffected borrowers Australian Financial ReviewJan 3 2018 11:00 PM James Thomson   Small business and family enterprise Ombudsman Kate Carnell says banking royal commissioner Kenneth Hayne will find it "incredibly challenging" not getting bogged down in individual cases of disaffected borrowers as he seeks to balance these with broader sectoral issues. Ms Carnell, who completed her inquiry into small business loans last year, will offer Mr Hayne a briefing on the cases it examined. The inquiry focused on the power balance between banks and small business borrowers, which has been a particular point of contention in a number of cases involving Commonwealth Bank subsidiary BankWest. Some BankWest customers claim their loan arrangements were suddenly changed at the height of the GFC, and are pushing for the Royal Commission to re-examine these cases. "I think we could help him do a lot of the work,"...
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The bubble has FINALLY burst! House prices fall in Australia's biggest cities and more declines are tipped  Daily Mail Australia 2 January 2018 Stephen Johnson   Sydney and Melbourne property prices have gone backwards and are expected to slide in 2018. Home values in Sydney shrunk by 0.9 per cent in December while Melbourne prices slipped by 0.2 per cent, marking the first monthly drop in the Victorian capital since February 2016,  property data group Core Logic's Home Values Index says. Sydney still has a median house price of $1.058 million, which is more than double that of Perth and Adelaide and 27 per cent higher than Melbourne's $832,735. However, the harbour city's annual real estate price growth pace has plummeted from a peak of 17 per cent in May last year to just 3.1 per cent at the end of 2017 - marking a 14 per cent turnaround. Core Logic's...
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Financial tech push: Big four banks to cut 20,000 jobs, experts predict Australian Financial Review Jan 2 2018 11:00 PM James Frost   The big four banks are set to accelerate plans to thin the ranks of full-time employees by 20,000 in 2018 and beyond as earnings growth slows and costs become harder to control. Experts say ANZ, Commonwealth Bank, NAB and Westpac will need to get serious on headcount in the year ahead after reducing the number of full-time employees by just 2498 or 1.5 per cent in 2017. NAB generated headlines at its full-year results on September 2 when it announced the bank would look to shed 4000 jobs over three years, or 12 per cent of its work force. A 12 per cent reduction in staff across the 159,028 employed across the big four is just under 20,000. CLSA analyst Brian Johnson said it was unlikely that NAB...
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Westpac’s wealth arm BT targets self-managed super funds The Australian 12:00am January 3, 2018 Michael Roddan   Westpac, the only major bank not to completely or partially divest its wealth management businesses, is planning to ramp up its charge into the $700 billion self-managed superannuation market. While other major lenders are shedding their troublesome pension, investments and life insurance operations, Westpac has backed its wealth management arm, BT Financial Group. Key to its strategy of retaining the business is targeting the fast-growing SMSF market, which has exploded to house $697bn of the nation’s retirement savings. The decision to retain its wealth management unit could set Westpac apart from its rivals Commonwealth Bank, ANZ and National Australia Bank, which are refocusing on bread-and-butter banking and mortgages. CBA recently struck a deal to offload its troubled life insurance business CommInsure and is planning to divest itself of its global asset management arm. Last...
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ASIC follows the data to expose lenders and insurers The Australian 12:00am January 3, 2018 Richard Gluyas   ASIC is deploying its vast data-collection and analytics capability showcased in last year’s review of mortgage broker remuneration as it builds up to release public reports from a range of financial services industry inquiries. The watchdog is also expected to announce early this year that total remediation for the sale of worthless add-on insurance to car owners has surged past $100 million, after IAG-owned Swann Insurance refunded $39m to 67,000 customers last month. ASIC senior executive for fin­ancial services Michael Saadat said the mortgage broker review had set a high water mark for data collection and analysis. “The big change is that we are now getting very granular, transaction-level data that can be used to understand the consumer outcomes and how a market is operating,” Mr Saadat said. “Previously we haven’t had that...
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Joe Hockey and the Reserve Bank: no such thing as a free $8.8 billion Posted by Michael West | Jan 9, 2018 https://www.michaelwest.com.au/joe-hockey-and-the-reserve-bank-no-such-thing-as-a-free-8-8-billion-gift/ Remember that $8.8 billion which former treasurer Joe Hockey gifted the Reserve Bank, that $8.8 which the Reserve Bank neither needed nor asked for? It has paid handsome dividends. A quick run though the RBA financial statements shows the dividends back to government have been rising sharply and there appear to be some other lucky beneficiaries, investment banks which are now picking up trading fees. You will find the $8.8 billion recorded as a grant in the 2014 financial statements Before that – in 2012 and 2013 when Labor was in office – there were no “fees received for banking services”. In the ensuing years however, “fees for banking services rose from $67 million in 2014 to $76 million in 2015, thence $81 million in 2016 and $89...
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Highrise Harry must be lobbying hard...............There is a complete glut of homes and no buyers.  Ordinary people (thats most of us) cannot afford to buy  a home of our own and others are losing theirs due to massive sub prime mortgage scandal and fraud.   Another idiotic housing affordability “solution” emerges By Unconventional Economist in Australian Property at 8:33 am on January 12, 2018 | 3 comments https://www.macrobusiness.com.au/2018/01/another-idiotic-housing-affordability-solution-emerges/ By Leith van Onselen Leading real estate rent-seeker, the Property Council of Australia (PCA), is pushing for another idiotic policy “solution” to fix Australia’s housing affordability woes: offering a government-backed low deposit home loan scheme. From The Australian: A government-backed low-­deposit home loan scheme could help address housing affordability by getting more buyers into the market and adding to the housing stock, according to the Property Council of Australia… The PCA highlighted the Keystart program in Western Australia, where buyers can purchase a home...
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Banking royal commission: Kenneth Hayne adds mortgage brokers to hit list James Frost  19th Dec, 2017Read more: http://www.afr.com/business/banking-and-finance/financial-services/banking-royal-commission-kenneth-hayne-adds-mortgage-brokers-to-hit-list-20171219-h078fs#ixzz53SIto7oX Follow us: @FinancialReview on Twitter | financialreview on Facebook The former High Court judge appointed by the federal government to lead the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has wasted no time in stamping his authority on the inquiry and broadened the terms of reference to include mortgage broking. Commissioner Kenneth Hayne, QC, has directed the inquiry to include the $344 billion industry by expanding the definition of a financial services entity to include intermediaries between borrowers and lenders and was revealed in a letters patent sent by the Governor-General on Friday. A joint statement from the Treasurer and the Attorney-General's office just before the release of the government's midyear budget update confirmed the change had been made "following the government's consultation with the appointed commissioner". Under the original terms of reference a financial...
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'Massive blow' to vulture funds as home repossessions halted due to arrears miscalculations Tanager admits incorrectly calculating home loan repayments Charlie Weston 4th January   IRISH INDEPENDENT https://www.independent.ie/business/personal-finance/property-mortgages/massive-blow-to-vulture-funds-as-home-repossessions-halted-due-to-arrears-miscalculations-36457385.html   Vulture funds have received a massive blow in their attempts to repossess homes. It has come about because a second lender was forced to admit it was incorrectly calculating arrears levels on mortgage accounts.  This latest admission sees Tanager forced to withdraw legal proceedings against a number of property owners in arrears. The development is set to cast doubt over future moves by Tanager to take repossession actions against those behind on their repayments. It comes just two months after subprime lender Start Mortgages had to stop repossession proceedings after it emerged it has been miscalculating the arrears on accounts. Tanager, a US fund that bought Bank of Scotland mortgages, is now recalculating how it works out arrears on accounts. Owned by Apollo...
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Massive bill leaves Kondinin farmer with just $3 Exclusive, Shane Wright Wednesday, 27 December 2017 7:30AMhttps://thewest.com.au/news/wa/massive-bill-leaves-kondinin-farmer-with-just-3-ng-b88697688z A WA farmer was left with just $3 after his life’s assets were sold by bank-appointed administrators who made more than half a million dollars from their work. Documents released to a Senate committee by restructuring and investment firm KordaMentha reveal for the first time the extent of costs out of the financial troubles of Kondinin farmer Peter Repacholi. The Senate committee — which has urged the Federal Government’s banking royal commission, which starts next year, to look at cases such as Mr Repacholi’s — received documents from KordaMentha about how much it charged to wind up the Kondinin property. Mr Repacholi lost his 4000ha property in 2014 on the back of a $3.5 million debt to Bankwest. The Repacholi case was a focus of the recent Senate committee because of concerns about Bankwest’s actions, its...
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Banking royal commission to examine 'limited’ compensation scheme of last resort for bad advice Dec 28 2017 at 11:50 AM Updated Dec 28 2017 at 1:45 PM http://www.afr.com/business/banking-and-finance/financial-services/banking-royal-commission-to-examine-limited-compensation-of-last-resort-for-bad-advice-20171228-h0atiu The federal government says its banking royal commission will consider whether there is a need for a last-resort compensation scheme for victims of bad financial advice, despite financial services industry resistance. An independent review of the country's external dispute resolution scheme, chaired by Professor Ian Ramsay, last week released a supplementary final report recommending a "limited and carefully targeted" compensation scheme of last resort should be established, initially restricted to financial advice failures. Financial services minister Kelly O'Dwyer said the government would not respond to the report until the royal commission had concluded, as key elements of it were earmarked for investigation by the Kenneth Hayne-led commission. "The royal commission will examine many of the issues that have been considered as part of...
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Now its PWC being sued.....read the gems below in yellow from the PWC audit done for CBA/Bankwest in 2014....half baked audits done on CRAP (and missing) data and not necessarily financial data???  That’s telling!    Judge Says PricewaterhouseCoopers Was Negligent In Colonial Bank Failure Ruling opens accounting firm to hundreds of millions of dollars in potential damages https://www.wsj.com/articles/judge-says-p ricewaterhousecoopers-was-negligent-in-colonial-bank-failure-1514762610 By Michael Rapoport Updated Jan. 2, 2018 9:53 a.m. ET PricewaterhouseCoopers LLP was negligent in connection with one of the biggest bank failures of the financial crisis, a federal judge has ruled, opening up the Big Four accounting firm to the potential of hundreds of millions of dollars in damages. PwC violated auditing rules and didn’t take steps that could have detected a $2 billion fraud scheme that contributed to the 2009 failure of Alabama’s Colonial Bank, the judge ruled. The ruling Thursday came in a lawsuit brought against PwC by the...
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CBA had activities in South Africa to transfer money...   Fraud on the Board!.....Now see list below...  The doozy on bank misdeed list.... 97.Hiding failed loans in the Commercial Real Estate portfolio in 2009 and 2010 while issuing new stock to repay Government bail-out money  Banking Misdeeds List  #1 - #141 Robert Jenkins' partial list of bank misdeeds Date published: 26 October 2016 http://www.finance-watch.org/hot-topics/blog/1186-jenkins-bank-misdeeds This list was compiled by Robert Jenkins, formerly a member of the Bank of England Stability Policy Committee and now Adjunct Professor of Finance, London Business and Senior Fellow at Better Markets, and first delivered at the Finance Watch Conference “Confidence, ethics and incentives in the financial sector” on 17 November 2015 Banking Misdeeds List 1.         Mis-selling of payment protection insurance 2.         Mis-selling interest rate swaps 3.         Mis-selling credit card theft insurance 4.         Mis-selling of mortgage backed securities 5.         Mis-selling of municipal bond investment strategies 6.         Mis-selling of structured...
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