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
487003

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.
BANK CONSUMERS OWN THE AGENDA and we are #MugsNoMore   Between Christmas and New Year in Australia, let me just say a better New Year is on the way. Consumers now OWN the agenda. Bankers are on borrowed time to fess up to their nefarious dealings. Our collective work with a few thousand people,show the Intention to Deceive by Major Banks acting as a Cartel. ASIC and APRA as the Twin peaks Model since 1998 has been an utter disaster that is surely the root cause of the escalation in white collar crime, which ex-Regulatory Chief Greg Medcraft acknowledged two years ago...after years of denial. BFCSA expects to see more mumbo jumbo from the Hayne Royal Commission into Financial Services. He will avoid products and look on SHOCKING BANK ENGINEERED LOAN APPROVALS as so called "bad behaviour" by staff. Hayne will then deliver his nonsense report by Feb 2019, hoping Mate...
Last modified on
Hits: 248 0 Comments
Rate this blog entry:
Continue reading
Sounds as if this Royal Commission might take up from where the HIH RC left off when a regulatory doom loop was created....this from a collection of 2003 articles oh HIH . Costello’s shocking failure of regulation ........Turnbulls’ penchant for failing to verify....   Costello's abdication of responsibility compounds this shocking failure of regulation By Geoff KitneyApril 17 2003 http://www.smh.com.au/articles/2003/04/16/1050172656680.html Anyone who suffered losses and anguish as a result of the HIH Insurance collapse should get a copy of the royal commission report, read the chapter on the regulators and weep.  It reveals a travesty of a system that was meant to protect them. It exposes the industry regulator, the Australian Prudential Regulatory Authority, as being about as ineffectual as the Iraqi Republican Guard's defence of Saddam Hussein's regime.  The 81-page section shows massive failings at all levels of the regulatory process. While the commission makes not one specific criticism of the Federal...
Last modified on
Hits: 209 0 Comments
Rate this blog entry:
0
Continue reading
Why do all these articles fail to miss the point?  Anybody with a brain would know a mortgage is NOT a mortgage after reading this....The word mortgage does not appear anywhere in the terms of reference despite loans against residential property accounting for more than a trillion dollars of Australian bank assets......   Banking royal commission: Kenneth Hayne adds mortgage brokers to hit list Dec 19 2017 at 3:08 PM Updated Dec 19 2017 at 3:55 PM James Frost http:/www.afr.com/business/banking-and-financial-services/banking-royal-commission-kenneth-haynes-adds-mortgage brokers-to-hit-list-20171219-h078fs 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...
Last modified on
Hits: 284 0 Comments
Rate this blog entry:
Continue reading
Ken Hayne banking royal commission’s ‘massive dragnet’ The Australian 12:00am December 21, 2017 Richard Gluyas   Royal commissioner Ken Hayne has cast a “massive dragnet” over the financial services industry, asking banks, insurance companies and superannuation funds to report all misconduct cases and behaviour falling short of community expectations since 2008. In the first serious move by Mr Hayne since the commission was formally established on December 14, the notice also targets industry super funds by asking them to justify expenditure unrelated to the fund’s administration or payment of member benefits. A senior banker described the request as “a massive, 10-year dragnet”. “Everyone’s going to set the bar very low for pre-disclosure because they’ll want to avoid a future situation where the royal commissioner’s all over them like a rash for holding back information from the outset,” he said. [Yeah, right—or more likely because they want Hayne snowed under, in hopes...
Last modified on
Hits: 263 0 Comments
Rate this blog entry:
0
Continue reading
Financial advisers flee the big banks Australian Financial Review Dec 20 2017 4:05 PM Alice Uribe   Financial planners are drifting away from the big banks and taking their precious funds flow with them, as a burgeoning breed of independent investment platforms siphon it up. In an analysis of Australian Securities and Investments Commission planner statistics, UBS found at the end of last month that advisers from non-major financial institutions now make up 63 per cent of the market, up 4.7 percentage points over the year. While adviser numbers were relatively stable at 25,501, "the shift away from major financial institutions continues," said UBS analyst Kieren Chidgey. Advisers at big banks make up 37 per cent of the market, but this was a drop of 6.7 percentage points compared to the same time last year. Bell Potter analyst Lafitani Sotiriou said: "This trend towards independence is real. The adviser data is...
Last modified on
Hits: 220 0 Comments
Rate this blog entry:
Continue reading
John Howard was the actual architect-in-chief: Criminal GREEN LIGHT Plan re Sub Prime Lending.   THE VOTE IS IN: The Turnbull version of the RC, penned by the Bankers is PURE FARCE!! Consumers will not accept this insane "pretend RC" We have widespread looting and criminality in banking. CEO's are running a Bankers Cartel using the CCMCAss, as a weapon against "pesky consumers." Newsflash chaps: There are more of us and the baby boomers will not take this lying down! Your CRIMES have recreated a surge in consumerism. The idiotic and desperate plan you have to hold a Clayton's Quickie RC to stay in power until the next election is laughable if not so serious. Drag victims out another 15 months and see what happens to the doomed LNP. Political Wilderness for two decades shall be your punishment!   THE JOKE IS ON THE LNP. Labor must be laughing their...
Last modified on
Hits: 272 0 Comments
Rate this blog entry:
Continue reading
CommInsure faces scrutiny over advertising The Australian 2:37pm December 18, 2017 Michael Roddan   Commonwealth Bank’s life insurance division CommInsure will have its advertising independently reviewed after the corporate watchdog found it likely misled customers about its heart attack cover. CommInsure last year was found to be using outdated definitions of heart attack to deny legitimate claims, as part of a slew of allegations against the company. CBA has cited independent reviews that have cleared the insurer of any “systemic” wrongdoing, despite wideranging accusations of improper claims-handling processes. CommInsure has paid additional benefits for 32 claims totalling approximately $4 million after it reassessed claims. CommInsure will also tip $300,000 towards the Insurance Law Service after the Australian Securities & Investments Commission found that misleading and deceptive statements were likely to have been made on some of the insurer’s websites about the extent to which customers would be entitled to cover for...
Last modified on
Hits: 201 0 Comments
Rate this blog entry:
0
Continue reading
Conservative Liberals the big winners in Turnbull’s reshuffle The Australian 12:00am December 19, 2017 Simon Benson, Joe Kelly   Rising conservative stars Christian Porter and Dan Tehan have emerged as the big winners in Malcolm Turnbull’s cabinet reshuffle, as the Prime Minister moves to renew his frontbench. Mr Turnbull is expected to announce today the make-up of his new ministry, which will leave the majority of his senior leadership team unchanged. The Australian has confirmed that Mr Tehan, a regional Victorian MP who is currently Veterans Affairs Minister, will be elevated into cabinet following demands from country Liberal MPs for representation at the cabinet table. Mr Porter, the Social Services Minister from Western Australia who has been lauded for his work on welfare reforms, has been confirmed as the replacement for Attorney-General George Brandis who will retire and replace Alexander Downer as the High Commissioner in London. Mr Porter’s promotion opens...
Last modified on
Hits: 187 0 Comments
Rate this blog entry:
0
Continue reading
Buy our bonds: Treasury charts show borrowing to fall to $75bn The Australian 12:00am December 20, 2017 David Uren   Treasury has launched its marketing pitch for the government’s debt, highlighting the fall in its borrowing requirement as well as the strengths of the Australian economy. Treasury’s financing arm, the Australian Office of Financial Management, still has another $32 billion in bond issues to raise this year but has cut total borrowing needs for this year to $74bn from $103bn last year. Excluding the rolling over of maturing debt, the net borrowing requirement has dropped 65 per cent to $28bn. The AOFM yesterday released a set of charts for investors in Australian government bonds, setting out the reasons they are attractive. It shows that the narrowing deficit will soon allow inroads to be made on the net debt, which it says will peak at 19.2 per cent of GDP next year...
Last modified on
Hits: 185 0 Comments
Rate this blog entry:
0
Continue reading
Pardon me, Canberra, your hypocrisy is showing The Australian 12:00am December 20, 2017 Maurice Newman   On November 30 the government announced the establishment of a royal commission into the financial services sector. In a joint statement, Malcolm Turnbull and Scott Morrison said the inquiry would consider “the conduct of banks, insurers, financial services providers and superannuation funds (not including self-managed superannuation funds). This will be a sensible, efficient and focused inquiry into misconduct and practices falling below community standards and expectations.” Did the Prime Minister and Treasurer shuffle about as they made this announcement? Did they seem shifty in their ill-fitting self-righteous clothing as they took to the moral high ground? Did they give a second’s thought to an independent investigation into parliamentary practices that fell well “below community standards and expectations”? Answer: not on your life. The sins of the financial ser­vices industry are one thing but, unlike their...
Last modified on
Hits: 185 0 Comments
Rate this blog entry:
0
Continue reading
ABA sends new banking code of conduct to ASIC for approval Australian Financial Review Dec 19 2017 11:00 PM James Eyers   A new code of conduct for banks will require them to give small business customers at least three months' notice if they're planning to not extend a loan facility, as political pressure on the sector forces banks to dilute legal rights provided by loan contracts. The new banking code of practice, which was sent to the Australian Securities and Investments Commission for approval on Tuesday, has been rewritten after an independent review released early last year by consultant Phil Khoury criticised it as a "complex tapestry of obligations" that was overly legalistic. The new code will be examined by the Hayne royal commission, whose terms of reference specifically ask it to consider the adequacy of self-regulation by industry codes. The banks are open to making further changes to the...
Last modified on
Hits: 200 0 Comments
Rate this blog entry:
0
Continue reading
NAB refunds $1.7 million for overcharging interest on home loans Sydney Morning Herald Dec.19 2017 - 11:09am   National Australia Bank has refunded $1.7 million to 966 home loan customers after incorrectly setting up some mortgage offset accounts over a seven-year period. NAB started an internal review in February after a number of complaints from customers who were overpaying interest on their home loans. It found that some offset accounts set up between April 2010 and August 2017 had not been linked correctly to customers' home loan accounts, which meant money in the offset accounts didn't reduce the interest payable on the home loan. NAB's general manager for home lending, Meg Bonighton, blamed an administrative error and said the affected customers represented 0.73 per cent of the total number of offset accounts established through its broker channel since 2010. Affected customers had received refunds so they were charged only the interest...
Last modified on
Hits: 161 0 Comments
Rate this blog entry:
0
Continue reading
Judge releases sixty transcripts including The Rat and the RBA talking BBSW Australian Financial Review Dec 19 2017 11:00 PM James Frost   Westpac trader Colin 'The Rat' Roden called a senior executive at the Reserve Bank of Australia one month after the LIBOR scandal broke to reassure the regulator that Westpac traders were not trying to move the rate even though he knew it could be manipulated.   The transcript is one of almost sixty released by the Federal Court on Tuesday by Justice Jonathan Beach, who decided against releasing the taped phone calls from which they came from. In one transcript Mr Roden calls Matt Boge of the Reserve Bank on June 9 to assure him that he was up to nothing "nefarious" and "no mischief" at all but then describes trading activity conducted by NAB traders in the previous session as "stupid" and "a bit of window dressing". The...
Last modified on
Hits: 167 0 Comments
Rate this blog entry:
Continue reading
OECD warns of money laundering through Australian real estate Australian Financial Review Dec 19 2017 11:59 PM Tony Boyd   It is worrying that the latest international review of Australia's detection and investigation of foreign bribery has pinpointed serious weaknesses in federal government efforts to guard against the laundering of corruptly obtained money through the Australian real estate sector. Australia needs to take urgent steps to address this gaping hole in our financial system, according to the OECD Working Group on Bribery in International Business Transactions. The call for action comes two years after the influential Financial Action Task Force concluded that Australia's real estate sector was at significant risk for money laundering. The OECD has followed the lead of the FATF and highlighted the fact that under Australian law, real estate agents, accountants and auditors, members of the legal profession, and other Designated Non-Financial Business Professionals (DNFBPs) are not subject...
Last modified on
Hits: 197 0 Comments
Rate this blog entry:
0
Continue reading
Barnaby Joyce's revenge backfires on Malcolm Turnbull Australian Financial ReviewDec 19 2017 11:00 PM Phillip Coorey   The Turnbull government's recently restored parliamentary majority is again under threat with aggrieved Nationals MP Keith Pitt considering joining the crossbench following a ministerial reshuffle in which he and Infrastructure minister Darren Chester were dumped by Barnaby Joyce. Mr Pitt told colleagues on Tuesday he was considering his options. Publicly, he would only say he would continue to serve his electors in the Bundaberg-based seat of Hinkler, but not in what capacity. The Nationals were on the brink of internal revolt after leader Mr Joyce dumped the pair as part of a Coalition cabinet reshuffle announced by Prime Minister Malcolm Turnbull, his fifth ministerial shake-up in just over two years as Prime Minister. "It's a mess and it's going to turn into an even bigger mess," said a Nationals MP. The official reason Mr...
Last modified on
Hits: 304 0 Comments
Rate this blog entry:
0
Continue reading

Posted by on in ROYAL COMMISSION URGENT
  LET THE BANK GAMES BEGIN!!   How very cunning of the LNP and their Bank Mates. Have a RC now on their own terms and no-one will approve another investigation for years...or so they think...........   Yes thats the idiotic and desperate plan, but I doubt that would work. Subterfuge makes people angrier and Labor will no doubt respond again closer to the next election. Judge Hayne has to put out an interim report by September. That means only 6 weeks for Banks 6 weeks for Insurance and 12 weeks for Super where there are NO COMPLAINTS!!! Its a Quickie all right.   Let the Bank Games Begin. This Turnbull Grand Farce is so transparent and will unravel. An election could come sooner if the citizenship debacle starts again in February! The current Hayne RC is just a smoke screen and shows how desperate the banks are becoming in a...
Last modified on
Hits: 279 0 Comments
Rate this blog entry:
0
Continue reading
The Hayne Royal Commission into the BANKS The Letters Patent have been signed.  We suggest you read through.  It appears the Terms are narrowed down to be looking into and focusing upon "misconduct."  They will be looking for misdemeanors rather than criminal activity.  Yes they include Banks, Financial Services, Superannuation, Insurance and employees ie sellers.  Misconduct, could include the CEO's engineering the serviceability calculator and the tweaking of information electronically via the Tracker to inflate and misrepresent actual incomes.  It could also mean the misrepresentation of assets and liabilities for the purpose of approving loans that ought to have, in good conscience, been otherwise rejected. The Commissioner can refer criminal conduct to the relevant authorities.  He can also look into the effectiveness and ability of regulators to identify misconduct.   Misconduct can fall into a category of "misdemeanor"(say less than $300) or a felony or criminal intent. Cleverly, the Commissioner can ignore...
Last modified on
Hits: 240 0 Comments
Rate this blog entry:
0
Continue reading
Brokers to be included in Royal Commission     Annie Kane 10:09 AM, 18 Dec 2017 Comments 8 https://www.theadviser.com.au/breaking-news/37202-brokers-to-be-included-in-royal-commission#!/ccomment-comment=15291   The government has confirmed that mortgage brokers will be included in the Royal Commission into alleged misconduct in Australia’s banking, superannuation and financial services industry. The Governor-General has now issued the Letters Patent to the Honourable Kenneth Madison Hayne AC QC, formerly a judge of the High Court, establishing the Royal Commission. Notably, the Treasury outlined that the Letters Patent require the Royal Commission to inquire into the conduct of financial services entities, "including banks, insurers, superannuation trustees, holders of Australian financial services licenses and intermediaries, such as mortgage brokers". Following unconfirmed reports that brokers would come under the review - intermediaries between borrowers and lenders have now been added following the government's consultation with the appointed Commissioner on the draft Terms of Reference, which were released earlier this month. The Royal Commission will examine allegations...
Last modified on
Hits: 166 0 Comments
Rate this blog entry:
0
Continue reading
  Head of APRA Wayne Byres, is fully aware that Major Banks have been using Mortgage Brokers as a scapegoat to allow banks to systemically approve unaffordable mortgage loans. Former RBA employee Byers, is determined to let APRA off the hook for failing to regulate banks.  All the regulatory holes in the Twin Peaks model has been taken advantage of by APRA encouraged by its predecessor John Laker, for both heads to ‘save face’!  Byres has even created a utube telling porkies to keep up the illusion the banking system is going well and many people still believe this is happening.  He suggests banks lend money from deposit funds.  Does he know that banks borrow from Wholesalers, using Lines of Credit, or is he ignorant and stupid?  See this 17 second UTUBE:   https://www.youtube.com/watch?v=kkw7s6gl-Vw       ...
Last modified on
Hits: 170 0 Comments
Rate this blog entry:
0
Continue reading
Banks and regulators must think people are stupid.....cash gobbling ATM’s are chickenfeed issues compared to the real AML issues – money laundering via real estate and still no AML II in force! NAB says its anti-money laundering compliance issues 'not material' 15 December 2017 Clancy Yeates   http://www.smh.com.au/business/banking-and-finance/nab-20171214-p4yxqe.html National Australia Bank chairman Ken Henry has characterised the bank's disclosure of "issues" in its anti-money laundering compliance as a cautious step, saying it does not expect to face any significant problems with Austrac, the financial intelligence regulator.  Dr Henry, a former treasury secretary, also explained the bank's backflip on the case for a royal commission, saying the fierce scrutiny of banks was undermining confidence in the financial sector. As Commonwealth Bank is embroiled in fresh allegations of serious breaches, NAB's annual report last month included a contingent liability for potential costs from a project that has been in train since July last...
Last modified on
Hits: 155 0 Comments
Rate this blog entry:
0
Continue reading
Where white-collar crime meets a wet lettuce leaf Sydney Morning Herald Dec. 16 2017 - 7:14am Adele Ferguson   "It was not a momentary lapse of judgment. It involved 18 clients and it breached his employer's trust and the clients' trust." These were Magistrate Cathy McLennan's words as she handed down a sentence in the Queensland Magistrates Court this week. She was describing former Commonwealth Bank of Australia senior financial planner Ricky Gillespie, who pleaded guilty to forging clients' signatures, when he was working at the bank. The maximum penalty for forging signatures is three years' jail. On December 14 Gillespie was fined $3000. No conviction was recorded, there was no community service imposed. "It really does require a sentence to be imposed that will provide adequate deterrence to ensure that investors, who these days often are retired people who have no other means of earning a livelihood except for their...
Last modified on
Hits: 178 0 Comments
Rate this blog entry:
0
Continue reading
Brokers unlikely to be examined by Royal Commissioner. But what about Banks and Approval Systems?   Despite recent media speculation that the upcoming Royal Commission will delve into mortgage brokers, the draft terms of reference hint that this is unlikely, said one industry association head. “For me … the ASIC rem review is off the table because it’s already been investigated. You’d be duplicating an inquiry or investigation that the regulator has already undertaken,” he told Australian Broker.   There is no basis for any media claims made that brokers will be included in the Royal Commission, he said.   ASIC’s rem review and the Sedgwick report had already laid much of the groundwork, he told Australian Broker.   “Neither of these found systemic poor outcomes or systemic harm to consumers which we believe will stand us in good stead, regardless of the direction the Royal Commission takes.”   Likewise, the...
Last modified on
Hits: 216 0 Comments
Rate this blog entry:
0
Continue reading
AUSTRAC: After freezing account, CBA sent terrorist a cheque Australian Financial Review Dec 15 2017 3:14 PM Aaron Patrick   After freezing the account of a convicted Lebanese terrorist, the Commonwealth Bank of Australia sent the man a cheque when his account was closed a few weeks later. Remarkably, the frozen account was successfully cashed out one month after the bank was spectacularly sued by AUSTRAC for failing to enforce anti-terror financing and anti-money laundering laws, and after two transfers were blocked because of the man's terrorist background. The case is described in updated court documents filed this week by AUSTRAC, the financial intelligence agency, and illustrates how the Commonwealth Bank bureaucracy struggled to stay on top of its obligations to stop the financial system being used by potential terrorists or criminals, even when the problem was damaging the bank's reputation and threatening the CEO's job. The holder of the account...
Last modified on
Hits: 255 0 Comments
Rate this blog entry:
0
Continue reading
Self-managed super funds to bear 3000pc fee rise Australian Financial ReviewDec 15 2017 11:00 PM Joanna Mather   A large increase in registration fees for auditors of self-managed superannuation funds (SMSFs) will be borne by retirement savers, accountants say. Under a proposed fee-for-service model for the Australian Securities and Investments Commission, the one-off cost of registering as an SMSF auditor will rise from $107 to $3429. Accounting groups are warning that the increase will stymie competition and innovation by keeping new entrants out of the market. Institute of Public Accountants senior tax adviser Tony Greco said a fee increase of some 3000 per cent "appeared excessive" given SMSFs already paid a collective total of $142.5 million a year to the Australian Tax Office for supervisory activities. Chartered Accountants Australia and New Zealand is also objecting to the change. "We practically fell off our chairs when we saw the number," superannuation leader...
Last modified on
Hits: 210 0 Comments
Rate this blog entry:
0
Continue reading
A former CBA financial planner who forged client signatures and cost the bank more than $2.2 million has escaped conviction A former senior Commonwealth Bank financial planner who pleaded guilty to forging 33 documents over 30 months while working at the Broadbeach Commonwealth Bank branch on the Gold Coast has escaped conviction and been fined just $3,000. Ricky David Gillespie was sentenced in the Brisbane Magistrates Court over the forgery of client documents yesterday after pleading guilty in October. He worked for CBA’s financial planning subsidiary, Commonwealth Financial Planning Limited (CFPL), and the offences occurred between January 2007 and June 2009. Gillespie forged signatures of a number of the bank’s clients on documents, including applications for financial products and internal documents used as part of the CFPL internal audits, while providing financial advice. Mr Gillespie forged signatures on various administrative and compliance documents. CBA subsequently reviewed his advice to 57 clients,...
Last modified on
Hits: 629 0 Comments
Rate this blog entry:
0
Continue reading