Lee Doyle

The Banks Begin to Pay Posted by CHANGE on Monday, 14 January 2013 in Banksters and Lenders   Monday, 14th January 2013 Melbourne, Australia By Nick Hubble The Banks Begin to Pay The last few weeks have seen a flurry of enormous payouts by the banks to wronged borrowers. The bill could finish around the $10 billion mark. Unfortunately, these were overseas borrowers and overseas banks. But the news is encouraging for Australians. Our banks used remarkably similar practices to the ones getting foreign banks into trouble. You’ll find the details of what’s been going on in Australia in the December monthly issue.     The recent stories in the US are an interesting appetizer to illustrate how these scandals can play out. Under a recent agreement reached between 10 US banks and regulators, the banks will pay US$8.5 billion to settle claims of botched foreclosures. Oddly enough, the banks will be paying borrowers regardless of whether they were...

Dear members One of the advantages of being medically retired is we have time to spare, it wasn't planned that way but life doesn't run according to plans.We envisaged in retirement to do the grey nomad thing and travel around Australia by towing a van, we were financially secure and owned everything. Our plans would revolve around my health but we knew if any thing happened while travelling that I would be looked after being covered by DVA. We only invested because a work colleague who was getting spotter fee's unbeknown to us, steered a broker our way, he played the old you can't help your kids physically but financially you have equity locked up in your home not working for you, and like the rest of you the rest is history we had fallen for the spiel. The internet has opened up a whole new world of information to us,...

" I used to think it was the GFC but I have come to realize that it is the bank’s fault that we lost our business and now face losing our home and the roof over our 4 beautiful childrens’ heads.....    My Story regarding my home loan and subsequent overdraft with BOQ Back in 2009 we thought it would be nice to have more room and set our sights on a new home on acreage. We went into the bank and signed pre-filled LAF, handwritten by bank staff. We had our accountant back up our income with our tax returns of which he emailed over. We supplied payslips etc as well. We were approved for a loan of $510,000. We purchased our home and from that moment things started to quickly go downhill financially with the larger repayments. We discussed our financial situation with the bank who then gave us a $50K personal...

  Hi Caroline,                        We just wanted to say thank you to you and to your film crew that came to our house yesterday, for their friendly & compassionate way they treated us.   I just need to point out one very important main point that your program missed : That it is the BANKS that are the main culprits committing this fraud, the brokers are just the fall guys that the BANKS & ASIC are trying to blame, to cover up their fraud.   ASIC have also been corrupted by the banks, & bend over backwards to protect the BANKS.  ASIC are just running a cover up job, by trying to deflect the blame onto the brokers, and the reason they are only doing this now is because there is a Parliamentary Inquiry into ASIC, and of 400 letters/submissions, 99% of them are extremely critical of ASIC, with many of...

Comment by Caroline Vardy 24 January 2014 " When I lost my home over a year ago, it was probably due to a bent broker. But my argument has always been, if that loan was not available from a bank in the first place, the broker could not have been able to sell it to me.   Whoever these guys try to pass the buck to, at the end of the day it is the government that is responsible. The government is responsible for the laws of the land. The parliaments make the laws, the executive government administers the laws, and the judiciary independently interprets and applies them. So, the government is responsible for the laws that are in place, that rob their citizens. That is because the banks rule the world, not the governments.   It is time for a revolution!" ED: I'm sorry to hear of your loss Caroline.  If your...

Paul C - Posted on Friday, January 24, 2014 It is already set in stone that the BROKERS will be thrown to the wolves. I told the Broker months ago that his world was becoming a very much smaller place. I asked him to be honest when he was asked to make his statement to FOS and don't hide facts because even though he felt like he was the one under fire it was the Banks we were wanting to have to do the explaining. As expected, he put in very nice soft comments about the Bank, and in as nice a way as possible, and although we had been his customer and long before that his friend of many years, his finger turned and pointed at us.  That reaction did not surprise me as I am sure the Brokers are all fearing for their jobs and futures. Interestingly enough though, the favour...

RICKO - Posted on Friday, January 24, 2014 Don't doubt yourselves fellow BFCSA Members you know the truth, I know the truth, Denise Brailey discovered the REAL TRUTH and our Government not just the present one but the one before that and the one even before that knew the REAL TRUTH. The problem being is as organza stated this news is leaching out to the rest of the world now even making a Shanghai newspaper and it wont be too long before the whispers become a shout and our Government is going to great lengths to make it look like they are in control of the situation. Nothing could be further from the truth.  Our Government is even going to the effort of setting up what to all intent and purpose looks like, on the outside, an investigation into our Banking and Finance Industry. Not at all. In fact it is...

Copies of Loan Application Forms were not given to me even though I asked. I was told they go to the bank. Retrieved copies in 2012 as suggested by Denise. Three banks involved. Bendigo Bank (the main player) multiple loans including buffers and lines of credit to help me pay off their loans. (very generous of them). I did not understand what a line of credit was, it was explained to me as "It's there if you need it for a holiday etc. if you don't use it it just sits there, (what a load of crap). It was used to help pay off the loans. WE were told there was no risk and would help- financially.  The thing was we were not told about the honeymoon period, we were told payments planned for us would be better off and affordable and then WHAMMO payments were hiked up to 55% higher...

ASIC indicates that it is very rare if ever that a Lender is investigated so cannot be found guilty of Fraud in lending money, however, my bank (Bank of Queensland), who I dealt with directly at the end of 2006 did the following on their internal loan application form after my hand written application was rejected:   Exaggerated my income by about 70% Inflated my property values Left my living expenses as nil Did not account for my 2 dependents Completed their own loan application form, which I did not see or sign (with all the false figures) Processed my and my wife's application without her signature.    Why have banks been allowed to do this? ..... even their regulator FOS acknowledges there is maladministration in lending, but does not call this Fraud   WHY when its obvious and blatant FRAUD?.    Our position was not affected by the GFC, it was only due to unaffordable...

Dear members I have just read Denise's supplement to her Senate submission. First I would like to say a heart felt thanks from all of us for the long hours and effort that you and your helpers have dedicated trying to help a group of people who the majority of you have never met. There are reasons why things happen in life, some call it fate , others say karma but whatever the reason, here you are leading a band of just over eleven hundred souls taking on a failed system in the persuit of justice. What a perfect storm the banksters had, they had engineered the perfect product. These low doc, no doc and full doc loans could be manipulated to pay back high interest and no principle in most cases, they're a higher return than variable loans and when they start to implode like they're geared to they offer...

Recently we requested thru FOS our LAF seeing that we still had not received one even tho we had requested from ANZ over 12 months ago and have in writing from them that they had sent everything they had on file concerning our loans. We then receive an email from FOS saying that since we did our application face to face with the bank manager it was directly inputted into the computer and here are the screenshots from 2005. So off we go and start trawling over the screenshots from 2005. Didn't take long to find stuff totally incorrect, income overstated apparently we were earning over $100k annually and receiving centrelink benefits. REALLY? don't think so.  Application and letter of offer signed the same day??. Gee ANZ you are so efficient. BUT ANZ can see into the future. THE LOAN WAS APPROVED 19 DAYS before we even applied for it. Then...

Today Tonight Channel 9 aired this story tonight  "Sent broke by mortgage brokers"    Why did they not interview Denise Brailey?  REAL TRUTH based on BFCSA REAL EVIDENCE ?  It's not the brokers, it's the Banks who masterminded this whole scam. Peter Kell Deputy Chairman of ASIC is interviewed, still targeting the Brokers and not the Banks.click on this link to watch - Duration 5.33 mins.http://aca.ninemsn.com.au/article/8788395/sent-broke-by-mortgage-brokers ...

Australian Securities and Investments Commission investigating mortgage broker fraud   12 HOURS AGO JANUARY 23, 2014 12:00AM Make sure your mortgage is legitimate ... ASIC is investigating brokers who are involved in fraudulent activites. Picture: Thinkstock Source: News Limited BORROWERS have been warned about a disturbing rise in fraud by mortgage brokers who are pushing up incomes and falsifying other information on the promise that it will help clients secure a dream home otherwise out of reach. The corporate cops will today announce they have rubbed out two brokers - one from Sydney and another from Melbourne - bringing to eight the number banned in the past three months. The total the eight have sought - using dodgy tax assessments, fake pay slips and other fictitious documents - is $15 million. News Corp Australia understands that as part of an ongoing "crackdown", the Australian Securities and Investments Commission has a further 15 investigations underway,...

Dear members This was not an intended blog but while reseaching Gail Kelly's( Westpac) role in the B20 ( business leaders contributions to G20) at Davos alongside P.M. Tony Abbott I chanced upon this site. "The Conversation" is an online outlet where academiics and experts in a myriad of fields  comment on everything from politics, world events, the enviroment and alot more. These people are the top shelf of knowledge  and highly qualified on all things and convey this through high quality journalists. Its the Australian version with 1.4 million subscribers worldwide and academics from Australian and overseas universities and institutions and think tanks represented.Its a platform where academics can get access to the common man and vice versa and us little people are actually allowed to leave comments which come from a great cross section of Australian society Instead of relying on ASIC's and the politicians interpretation of the law...

the following is an extract from the Latrobe Consumer Advisory Guide... " Report Abusive Lenders If you have been a victim of predatory lending abuse, let others know! Your complaint could save others from being victims, too. Call your local office of consumer re listed in the Government section of the phone book.Report your experience as they watch out for predatory lending scams and frauds; a good start would be to: • Call ASIC toll-free 1-300-300-630, • Or go to www.asic.gov.au’ to file a complaint online. WHEN BORROWING DOESN’T ADD UP Consumer Advisory Guide What is Predatory Lending Take action against Abusive Lenders© 2007 07/01/13La Trobe Financial Services Pty LimitedAustralian Credit Licence: 392385La Trobe Financial Asset Management Limited Australian Credit Licence: 222213 to read the guide click on this link http://www.latrobefinancial.com.au/Documents/WhatWeDo/AssetOrigination/Loans/AvoidBadLoans.pdf   Comment: This is all well and good Latrobe.... in theory, however  our own recent case for maladministration against Latrobe was closed by...

Dear members Much to ASIC's chagrin we are no longer the ill informed consumer left to lament over ASIC standard fob off letters and trying to come to terms how this all happened and why no one in authority will help us. Thanks to the internet we no longer stumble through the maze of political and regulatory bureaucracy that puts obstacles in our path. Through the internet a whole world of information has opened up to us and guided each of us to BFCSA and Denise and at last we have a loud and collective voice.  Today I've been catching up on all the new supplements to the Senate submissions and its obvious that BFCSA members have heeded the call to arms, well done. To refresh my memory I read ASIC's supplement in reference to BFCSA.s submission. What a smug condescending lot they are and just reaffirms why they must be...

  Media release 84/2012 - 1 November Last updated: 25 October 2013 Finance provider Heritage Financial Solutions Pty Ltd has paid $17,000 in relation to an infringement notice for calling numbers on the Do Not Call Register. The Australian Communications and Media Authority's investigation found that calls promoting Heritage Financial Solutions were made, without checking the numbers against the register. Alerted to the problem through complaints, the ACMA found Heritage Financial Solutions did not adequately supervise the activities of its telemarketers." Members of the public can opt out of receiving unsolicited telemarketing calls and marketing faxes by calling 1300 792 958 or by visiting www.donotcall.gov.au.      ...

More debt needed for investments: NAB chief DateAugust 1, 2013   Gareth Hutchens "Every [foreign] person that's been coming here in recent weeks, and I see another one reported today, is sort of saying what a fantastic economy," he said"Speaking at a business lunch in Sydney, Mr Clyne criticised the level of debate about debt in recent times, calling it "very immature". Read more: http://www.smh.com.au/business/more-debt-needed-for-investments-nab-chief-20130801-2r1k6.html#ixzz2qhTo42xq  ED:  If Mr Clyne handed over all his wealth to the victims of NAB and then loaded HIMSELF and family up with DEBT FOR THIRTY YEARS, as he has surely done unto others,  then he has a right to criticise............................So far he has not earned the right to comment, he has only earned the wrath of ex NAB customers!...

This comment is worth blogging Warren K     Tuesday, 21 January 2014 ·                          "Just a couple of quick points Neil that are worth mentioning As usual Neil your points are well worth a read. I just noticed your first blog regarding the Broker blaming the customer for inflating incomes to get a loan approved, as we all know there is only one person or entity in the chain that can approve the loan and that is the BANK. Of course interesting to note when did the Broker decide that the customer had given him dodgy figures, when he sent them to the Bank to get the loan approved, when the Bank stopped paying his commissions because they have been told by FOS about the customer bringing action against them, or was it when the Bank put their hands in the air and said it wasn't us it was the Broker. Wake up Brokers...

Sent in by Steve BFCSA member - Subject: The Dead Horse theory of Bureaucracy - Direct form Canberra So why is it some are so slow to learn..... The Dead Horse Theory   The tribal wisdom of the Plains Indians, passed on from generation to generation, says that "When you discover that you are riding a dead horse, the best strategy is to dismount." However, in government more advanced strategies are often employed, such as: 1. Buying a stronger whip. 2. Changing riders. 3. Appointing a committee to study the horse. 4. Arranging to visit other countries to see how other cultures ride dead horses. 5. Lowering the standards so that dead horses can be included. 6. Reclassifying the dead horse as living-impaired. 7. Hiring outside contractors to ride the dead horse. 8. Harnessing several dead horses together to increase speed. 9. Providing additional funding and/or training to increase the dead horse's...

Dear members Because we were all personally exposed to bankster greed and corrupt exploitation we are now well versed on the subject thanks to Denise and BFCSA. In recent blogs Lisa Martin and Organza have made reference to insurance companies and rightly so for they are just as bad as the banksters in their greed and quest to drain us of every last cent. Just as the banksters colluded with each other to perpetrate the low doc, no doc, full doc fiasco I think the insurance lobby put their collective heads together to see how they could raise profits at the expense of the consumer. I will give you two examples of what has just happened to us.  AND Here is how they fleece the battered consumers!!!! For forty three years we had multiple policies with NRMA in NSW, when in 2012 we were notified our building  premium was due and...

Article in the Herald Sun, Sunday 19th January 2014. Sophie Elsworth. Desperate homebuyers are signing up to mortgage products with little or no deposit saved -- and in some cases taking out loans of more than 100 per cent.  In what some experts fear is a return to dangerous ways, some lenders are luring customers with no saving to take on hefty loans and become swamped with debt. Analysis of the nations home loan market by financial comparison website Mozo found dozens of products available to customers where they need virtually no money behind them to purchase raising concerns of whether they could repay the loan.  The maximum borrowing borrowing capacity is 120 per cent -- more than the value of the property, allowing borrowers to consolidate other debts. But some lenders do require guarantors to secure the loan.  Mozo spokesperson Kristy Lamont said there were mortgage products on offer that...

Does this include any laws that could adversely impact Australian consumer protection? The debates will occur around the same time as the Senate Inquiry into ASIC. I hope the good Senators who have seen the submissions and evidence will be available to participate in protecting consumer rights and applying wisdom to the planned repeals. If the loss of the normal requirement to retain wet ink originals of legal documents like Bank Loan Application Forms is any indication of what we're in for and the quality of parliamentary advice, we had better check every one of those 8000 laws destined for the dust bin!                       The Abbott govt is planning a 'repeal day' in parliament hoping to axe over 8000 federal laws. The Abbott government is planning a "repeal day'' in parliament in March when it hopes to axe more than 8000...

Dear members After reading Change's blog yesterday it got me thinking how fortunate Greg Medcraft is. Greggy proudly boasts he is a card carrying member from the working class and " look at me now haven't I done well.This is the only connection he now has, the past, he has moved on and from his humble beginnings has become a powerfull man but at what cost?Greggy proudly boasts of his free university education, well folks thats something our children or grandchildren will never get. In the early nineties our daughter boarded out at uni, we both worked and I worked six days a week and every bit of overtime going in a low paid job to get her through, we were proud of the fact that if you work hard your children can benefit. The only reservation I had was our daughter wasn't entitled to Aus Study but two of her...

Dear members Its with much interest I've been reading transcripts of UK opposition Labour leader Ed Milliband's latest speech to the party faithful. He wants to break the monopoly of the big five banks  who at present control 87% Of current accounts with Lioyds having the biggest share with 30%. Ed Milliband wants the main players to diverse themselves from High Street branches and for two new players to enter the market to promote business loans which at present the main players are refraining from providing, also this extra competition would be good for the economy. He stated " under a Labour government, you will no longer be serving the banks. Instead, the banks will be serving you.' After this announcement shares in RBS and Barclays whom the government is a major shareholder fell. Senior banking officials stated if Labour wins power in 2015 and initiated these measures that the share...