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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.

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

Lee Doyle

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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doyla66

doyla66

Lee Doyle has not set their biography yet
After dealing with FOS and ASIC I am beginning to understand how a gang rape victim feels. Neither wants to see anything.....and protect the banks You agreed to a meeting with the banksters You must have encouraged them in some way You have done this before - borrow money You shared personal information with them because they asked for it You must have misunderstood their signals They misunderstood your signals You are old enough to know what this means - never been defrauded before so not experienced. "No" doesn't really mean "no" You might have been interested so we pursued you anyway You didn't report it till now (What do you mean you were too embarrassed at the time?) Don't worry about the banks, we are going to look into your past - we are investigating the borrowers Banks are not silly - they don't admit anything - so we cannot investigate them You have...
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  • doyla66
    doyla66 says #
    Well said, Ed. We're victims of crime and misconduct: not just fraud but also abuse, as we're revealing uncomfortable truths about
  • doyla66
    doyla66 says #
    Yes Ed you are right with all your points heard many of these myself. My favourite was Nab cannot locate the original rejected lo
  • doyla66
    doyla66 says #
    That's exactly what it feels like. We the innocent have to prove our innocence. We didn't put all this bull#hit on the laf's, the
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Well, well, boys and girls it looks like after many tireless years of Denise's and BFCSA persistence we have struck a raw nerve at ASIC. To rate a supplement to ASIC's submission to the Senate means they are finally hearing what we are all saying. To start compiling a list of counter claims to all our evidence reeks of desperation to save their own sorry skins. To use time as an excuse is preposterous by stating the falsehood that a lot of our members were PRE all these new regulations so that must deem them to be not appropriate, you do not put time limitations on a crime as if the passing of time wipes the slate clean. One of the most obvious pontificating ASIC statements is the complete onus on the brokers for the loans and LAF's, they are completely exonerating the banks and show where their allegiance lies. To...
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  • doyla66
    doyla66 says #
    Fancy ASIC singling BFCSA out for such special attention! All those other complaints and we get the ASIC red carpet treatment? Wh
  • doyla66
    doyla66 says #
    Yes Neil it's going to be a day of entertainment, a day when the truth will prevail and a day of history making. We are nothing to
  • doyla66
    doyla66 says #
    Well said Neil. Like you I will be ready, willing and able to attend the Senate enquiry to support Denise and other BFCSA members
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From: The Australian September 27, 2012         NATIONAL mortgage broking giant Aussie Home Loans has admitted it directed its brokers to destroy borrowers' loan application forms in the years before the global financial crisis. Widespread abuse of "low-doc" loans during the boom years -- and court findings in favour of aggrieved consumers stung by aggressive lending practices -- has prompted many borrowers to seek copies of the documentation underpinning their loans. However, many have reported difficulties obtaining those documents, with numerous lenders telling borrowers they are required to obtain the documents from mortgage brokers, while some mortgage brokers -- such as Aussie -- have directed borrowers to the banks.  Last month Aussie chief executive Stephen Porges told The Australian the group did not have a past policy of requiring the destruction of low-doc loan application forms. But, when presented with an email between an Aussie broker and a borrower suggesting otherwise, Aussie...
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  • Denise
    Denise says #
    Most lenders told their broker agents to shred the original LAFs. Not all Brokers did as they were commanded by Bankers. Brokers
  • doyla66
    doyla66 says #
    At least we were fortunate enough to have recieved our original wet ink copies of our LAF's back in 2009 and that was because the
  • doyla66
    doyla66 says #
    Yes Andy I am with you. Our loan app with a country Nab branch was rejected. FOS ignored this fact and covered up the sting that
  • doyla66
    doyla66 says #
    Yes, Change, great article:- ING DIRECT' credit assessor(CA) "securely destroyed" my original LAF after FAXING to its master ING D
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  The bank, the whistleblowers, the regulator and the lost savings Adele Ferguson and Chris Vedelago SPECIAL: How the nest eggs of hundreds of retirees were placed, without permission, in high-risk products that generated big fees for the People’s Bank.   ASIC 'asleep on the job' over CBA ADELE FERGUSON One of the whistleblowers who tipped off the Australian Securities and Investments Commission about a scandal inside Commonwealth Bank's financial planning arm has described the regulator's submission to a Senate inquiry as ''inadequate'', full of spin and riddled with excuses.   Finance Targets, bonuses, trips - inside the CBA boiler room Adele Ferguson and Chris Vedelago Amid the fracas of the global financial crisis, 100 of Commonwealth Bank's top financial planners flew to Auckland for an annual three-day bash in honour of the bank's biggest earners.   Planners Senate launches inquiry into ASIC Adele Ferguson, Chris Vedelago The Senate will...
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The Australian Securities and Investments Commission has isolated itself from key stakeholders and developed a “glass jaw” to criticism, according to leading directors and senior executives:  PUBLISHED: 31 OCTOBER, 2013:-  http://www.afr.com/p/national/asic_hit_by_deluge_of_criticism_VrF8LDdmeiHyUGuCVmidrK  ...
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  • doyla66
    doyla66 says #
    Hi Andy, do you have the rest of this article? Good to see the corporate world having a go at ASIC as well! Criticism goes with
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Posted by on in Bankers A Law Unto Themselves
In the Australian today Judge John Sackar slammed the CBA for not paying the $39,000 interim costs which Mr O'Brians Bakota Holdings was awarded against CBA owned Bank West.  The good Judge said that banks "should pay what they owe".  He also said CBA was "wasting its time and money" on legal battles.  Mr O'Brien had sent the sheriff to CBA's headquaters to seize property and good to the value of the debt but was sent away by Richard Jakeman, the "administration assistant" of CBA chief executive Ian Narev. The banks are "too big to fail" and also it appears not subject to the same laws as us ordinary people....
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  • doyla66
    doyla66 says #
    You're right, Ali, this is anarchy. CBA thumb their noses at judges and get away with sending the sheriff away!? Who do they think
  • doyla66
    doyla66 says #
    The courts should have the power to freeze the bank's assets until the debt is paid in full. If we didn't pay our debts they would
  • doyla66
    doyla66 says #
    All banks should be compelled to pay their debts just like anyone else. They can well afford it as they are making record profits.
  • doyla66
    doyla66 says #
    Arn't they devious sods these bank crooks. Legal documents would have been served on CBA before the Sheriff appeared I would thin
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VOFF PRESS RELEASE 31st October 2013 FLADER – LAUGHING ALL THE WAY TO THE BAHAMAS VOFF SLAMS ASIC AS INEFFECTUAL AND CALLS FOR A COMPLETE RESTRUCTURE OF ASIC MEDCRAFT MUST RESIGN The decision of ASIC to terminate its “investigation” into the role of Jack W Flader Jnr. into the Trio Capital fraud marks the end of an abysmal performance by the regulator in prosecuting its regulatory duties to protect the Australian financial system. Flader was the Chairman of the Global Consultants and Services Group of Companies Limited, (GCSL) which he established in 2007 based in the weakly regulated jurisdiction of Hong Kong.  Flader and GCSL were critical links in the network of international hedge funds and investments that stole $120 million dollars from the Astarra Strategic Fund.  • In November 2009 the US District Court in South Carolina. found that a stockloan program involving the Jeeves Group and Flader had been...
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  • doyla66
    doyla66 says #
    Once again ASIC failure to investigate fraud in a timely manner has cost investors the shirts off their backs! Once again the perp
  • Denise
    Denise says #
    Anyone from Trio Capital out there that would like to speak with me? [email protected]
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Today I checked the real estate pages for our home and the sale of it.  The price has now been dropped a further $10K. Nab certainly know how to add insult to injury and make fools of themselves and grind whatever little bit of integrity we have left into the ground.   Their original Nab valuation is now proving to be so ridiculously over valued and makes Nab look a laughing stock.  It only goes to show what kind of people Nab has employed. Obviously prepared to do anything to get that loan approved.  This latest drop now makes the difference  $120K, not bad for their so called experts.   It's called fraud in my book, just jiggle the figures around so the loan can be processed and funds provided.     This is a country property in a small rural town on 200 people not a lucrative property investment in...
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  • doyla66
    doyla66 says #
    If NAB have an obligation to keep the property in good repair, which should include mowing the grass surely, how do they get away
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                       "Knowledge is power. Knowledge shared is power multiplied." Robert Noyce:    "The REO-to-Rent"  (Real Estate Owned-to-Rent).  The new bank$er "phoenix'" asset class play. Lewis Ranieri, known as the godfather of mortgage bonds is backing firms that want to bring the private market back into mortgage backed securities, reports CNBC's Diana Olick.   Money to be made:Over the last three years, institutional investors have poured as much as $20 billion into purchasing foreclosed properties,which they have turned around as single-family rental homes. Blackstone Group, the largest, is about to offer a new security backed by 40,000 of these homes it has purchased from aggrieved families. "It obviously works, ..'securitizing' the rental stream of these homes is the next [crime spree] step for this 'phoenix' asset class. It's one more version of "profiting-from-bank-fraud" taking the ill-gotten cash flows off of a series of hard assets [read:"stolen homes"] and securitizing them."...
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  • doyla66
    doyla66 says #
    Securitisation of rental "credit" - it was only a matter of time before they jumped on that opportunity too. I sincerely hope tha
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October 29, 2013   Maha Al Nasser got a little bit more than she bargained for on her shopping trip to the local mall. She may have had groceries on her mind when she set out that day, perhaps a few Christmas gifts too. By the time she got home however Ms Al Nasser had bought a $207,000 time-bomb – a home loan she could not afford.  It was to break up her marriage and bleed her dry financially.  Maha Al Nassar was signed up at the mall by scouts for the now defunct Adelaide mortgage broker, Power Loan.    On top of the $207,000 loan, she was also inveigled into making a $120,000 ‘property investment’ in the doomed Westpoint Financial group.  The idea was that the income from the Westpoint investment would meet the repayments on the loan. Little did she know that financial planners were being paid hefty upfront commissions to...
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  • doyla66
    doyla66 says #
    Jerks is right, Denise. What an incredible example of the total failure of both consumer protection and consumer justice! Not a m
  • Denise
    Denise says #
    Yes Andy, and Taxpayers stump up for ASIC fat pay paypackets for doing nothing: $450k to $800k for top paid jerks
  • doyla66
    doyla66 says #
    From: Maha Sent: Wednesday, 30 October 2013 3:59 PM To: Denise Bailey Subject: RE: Su Lin at the AGE and the SMH Thanks Denise I
  • doyla66
    doyla66 says #
    It would be nice to envisage a term, such as, "as safe as houses" to be actually applicable to homes-owned thru mortgages, hoping
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Posted by on in Bankers A Law Unto Themselves
The other day I was looking at something on the web and it involved an American legal case.  The definition of BAD FAITH used, appropriately fitted the banksters conduct in their fraudulent manipulations.  BAD FAITH +++ "AGGRESSIVELY TAKING ADVANTAGE"  We have heard over and over how wonderful the Lenders are with the classic statement "Acting in Good Faith" until we are sick to our stomachs. Makes me squirm every time I hear it.   I believe that BAD FAITH ++++ 'AGGRESSIVELY TAKING ADVANTAGE' fits the bill perfectly.  Can someone please explain how: Lending funds to people who cannot afford to repay the funds is acting in Good Faith or altering Loan Applications to manipulate the income of would be customers to justify the funds is acting in good faith.  What about securing your home with the intent of taking possession of your home because the Lenders full well knows that you...
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  • doyla66
    doyla66 says #
    I share your distaste and disdain, NABbed Nanna. In good faith? What utter c#$p!! Who writes the scripts for the credit kids to sp
  • doyla66
    doyla66 says #
    Did u see that big fat 'porkie pie' face taking a lend of us all.. yesterday...records profits = ANZ making record 'porkies'?
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Historical Importance of the Great Depression: The Great Depression, an immense tragedy that placed millions of Americans out of work, was the beginning of government involvement in the economy and in society as a whole. Dates: 1929 -- early 1940s http://history1900s.about.com/od/1930s/p/greatdepression.htm ...
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  • doyla66
    doyla66 says #
    Good to see a history lesson - for the benefit of those self-satisfied and smug people who still think they have secure employment
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A little food for thought.  Reposted Comment by Robbie Shervington Tuesday, 29 October 2013 If as in the SMH article at the weekend there is only 800 toxic loans a total of only around $320M wouldn't the Banks just pay them out and get rid of the the bad publicity. Well there would be a perfectly good reason why they don't. They could look wonderful and come out smelling of roses if they said it was a computer or staff errors. But if they set a precedent while trying to pull the wool over the eyes of the greater public, when the real reason is exposed that it was deliberate FRAUD used to make the GREATEST AUSTRALIAN ASSET GRAB OF ALL TIME then the smell of roses will turn to manure. I can't believe that so many people including politicians and journalists can not see how far reaching this issue is...
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  • doyla66
    doyla66 says #
    This is a conservative country. And Banks and Lawyers are generally even more conservative than most ... or so I thought. Some, o
  • doyla66
    doyla66 says #
    The Government know that this is going on and are playing the sit tight game. Just sit tight and it might go away. We have to rem
  • doyla66
    doyla66 says #
    It’s as plain as the nose on your face but our politicians would prefer to say they don’t have a nose, and refuse to look in the m
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Well Folks Its that time of year again when the banks announce their record profits. ANZ kicked the ball off this morning by stating they made $6.8 billion and the other three majors will soon follow. The rest of the worlds banks must look on in envy that a country with such a small population by world standards and in light of the GFC can prosper so readily. Labor politicians take credit for setting us up as not to fail or fall victim to the GFC, the Coalition take credit for the Howard and Costello years of getting us into surplus and thus creating a buffer to the GFC, the banksters take credit by stating good management and forward planning saved us and the regulators state that they protected us by being diligent watchdogs. When you cut through all the b/s its a wonder we survived at all. The problem with...
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  • doyla66
    doyla66 says #
    I like to know how Bank profits keep rising? If we can trust what we read in the media and elsewhere: - Interest rates are falli
  • doyla66
    doyla66 says #
    I agree with you Neil I to would love to be questioned at the Senate enquiry and have my old moosh in shots. Seems totally illogic
  • doyla66
    doyla66 says #
    Obscene profits for one bank and with our population. All the better, so start paying out to borrowers for the FRAUD you have all
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  Were you surprized when your mortgage was approved? Are you struggling today to keep up with your repayments, because you are not earning enough income?  In fact, you were probably not earning enough income from DAY ONE to afford the repayments.  If your bank was watching your back, as any responsible lender would be, you should never have been approved for this mortgage in the first place.  Am I right?  Have you been given top up loans, buffer money.. or a Line of credit, to help you meet your mortgage repayments?  Yes? Are you in a hardship arrangement right now?  What are you going to do when that period runs out?  Do you now owe more than your home is worth? Were you given a copy of your Loan Application Forms (LAF) at point of signing?  No?   You should have at least 11 and some had 20 or so pages. Do yourself a favour and ask your Lender...
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  • doyla66
    doyla66 says #
    I was surprised when my mortgage was approved. But then I didn't understand how Banks calculated capacity to repay the loan. Going
  • doyla66
    doyla66 says #
    Funny thing is you do not even think about the loan documents until things start to go pear shaped. That is when you start wonder
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Dear members As I prepare to write this blog I have just answered the phone for the tenth time in three weeks from an Indian call centre trying to flog funeral insurance. At first I was pleasant as the good manners instilled in me at a young age dictated, but as they could take no for an answer I have fallen back on to a tried but true method, the deaf old coot, after repeating themselves ten or twelve times they give up. We have had to adapt to this modern world, trust nobody, the banks, lawyers, accountants, politicians and all the regulators and their EDR's.  This turn of events is not to my liking, it's just the shear facts of survival in todays world. Tonights news the major four banks are going gangbusters on the ASX and with record low interest rates the home seekers are falling into the banksters trap...
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  • doyla66
    doyla66 says #
    Neil, have you signed up for the Government's > Do Not Call Register? You can list your home, personal mobile or fax number to red
  • doyla66
    doyla66 says #
    Did FOS actually write that they are the cornerstone of consumer protection? Being in a cornerstone position is not where I would
  • doyla66
    doyla66 says #
    I too am cynical now Neil. I am disgusted with the Australian way as it is called and am ashamed to be called an Aussie at times.
  • doyla66
    doyla66 says #
    Senate submission 193 from FOS- EDR is the corner stone of Australian consumer protection. I think that must be a typo and should
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By Sue Lannin Posted Wed 23 Oct 2013, 10:05am AEDT Home loan and credit card disputes most common complaints The majority of complaints were about banks in 2012-13. Disputes about home loans and credit cards were the most common complaints with 49 per cent of disputes about credit products or 12,408 complaints accepted by the Ombudsman, down six per cent from 2011-12. That is mainly because the number of financial difficulty disputes fell by nearly one quarter. Mr Tregillis says the decline was due to the introduction of new national consumer laws in 2010. "This appears to be a result of the improvements by the major banks and other financial service providers to their financial hardship programs over the last few years," he said. However, complaints about maladministration in lending cases more than doubled from 333 in 2011-12 to 706 disputes in 2012-13. This could include a bank failing to verify the income...
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  • doyla66
    doyla66 says #
    We found inconsistencies throughout our FOS dispute. Our case manager suggested a conference between us and Nab. We agreed. It
  • doyla66
    doyla66 says #
    Why has FOS commenced a pilot program to identify maladministration issues?? This is not not a new problem, it has been ongoing fo
  • doyla66
    doyla66 says #
    A record breaking five(5) cases reported to ASIC involving 'serious 'misconduct', but against whom FOS? So "letz get SERIOUS" Mr
  • doyla66
    doyla66 says #
    It's incredible what FOS permitted in your case, Andy. You have every right to be angry with them. Is it willful blindness, or in
  • doyla66
    doyla66 says #
    Lisa, YES, @ASIC's tacit direction > FOS are "manipulating the evidence & facts to create the outcome that they [ING DIRECT] want.
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    What has been going on in USA and elsewhere around the world, has been happening here in Australia FOR YEARS also.. What are all the banksters hiding??.. Thanks to Denise Brailey and BFCSA member blogs and comments we are finding out. Most of us borrowers should never have been approved for millions or perhaps $57 billion in loans in the first place.  It is only clear after the intended FIVE YEAR IMPLOSION MARK (generally the interest only period) that these loans were non affordable from DAY ONE, based on our net income at the time.  It is now clear that the Bank Engineered Strategies used by the bank staff (36%) and their agents (64%) with the use of Line of Credit, credit cards and extra “top ups” thrown at us to help pay the interest (with the bank's money) was HIGH RISK. The bank strategies guaranteed to sink us financially and help the...
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  • doyla66
    doyla66 says #
    Can someone enlighten me how a broker selling a bank product is any different from a new car dealer selling a car manufacturers pr
  • doyla66
    doyla66 says #
    Yes Ed, how did the banks become exempt of their faulty products I wonder?
  • doyla66
    doyla66 says #
    Reading you blog surely brings home all the home truths we have all been subjected to. The Broker involved did not even complete
  • doyla66
    doyla66 says #
    This our story. Except that we have 4 LAF's (which we didn't know existed until BFCSA ) and NONE of them have our signature on th
  • doyla66
    doyla66 says #
    Thankyou Change for that true discription. Very well explained and very helpful for the new members - it will assist them in under
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Setting the record straight: ASIC, bribery and enforcement action   You can read the 9 page speech here http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Setting-the-record-straight--ASIC-bribery-and-enforcement-action.pdf/$file/Setting-the-record-straight--ASIC-bribery-and-enforcement-action.pdf   and another recent speech by Mr Medcraft   The future of financial regulation   Financial Services Council (FSC) Annual Conference 31 July 2013  You can read the 3 page speech here http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Future-of-Financial-Regulation-speech.pdf/$file/Future-of-Financial-Regulation-speech.pdf                                                                                                                                                                                                        ...
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Take this loan, or else: business owner drowned by debt BusinessDate October 24, 2013 - 2:25PM          by Su-Lin Tan and Michael West     ;iframe id="dcAd-1-3" src="http://ad-apac.doubleclick.net/N6411/adi/onl.smh.bus/bus;cat=bus;ctype=article;sz=120x50;tile=3;ord=9.3758634E7?" width='120' height='50' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"> </iframe>  “I have never earned $100,000 in my life” Greg Wignall. Watchdog asleep on Australia's sub-prime scandal Greg Wignall’s life descended into a maelstrom of debt repayments in the past ten years and he now despairs of selling the family home just to meet his obligations. Like many Australians, this small businessman from the NSW south coast was encouraged to borrow too much by his banks. And like the swelling ranks of disaffected and desperate borrowers, Wignall has discovered that somebody has tampered with his loan documents, enabling him to borrow too much. In 2004, Mr Wignall took up a CBA business loan on the back of the advice of his bank manager. Again, in 2010,...
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Watchdog asleep on Australia's sub-prime scandal BusinessDate October 24, 2013 - 2:25PM         by Michael West and Su-Lin Tan ;iframe id="dcAd-1-3" src="http://ad-apac.doubleclick.net/N6411/adi/onl.ct.bus/bus;cat=bus;ctype=article;sz=120x50;tile=3;ord=6.526165E7?" width='120' height='50' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"> </iframe> A leading consumer activist claims the corporate regulator has not only failed to investigate hundreds of cases of loan fraud put before it but, as a consequence, has covered up a systemic banking failure. As the deadline for submissions for the Senate Inquiry into the Performance of the Australian Securities & Investments Commission (ASIC) closed this week, veteran consumer rights activist Denise Brailey filed a brutal assessment of ASIC’s failure to investigate the cases of loan fraud. Already under fire for its failure to prosecute the Leighton Holdings bribery scandal and the Commonwealth Bank financial planners and Securency debacles, the submission by Denise Brailey turns up the pressure on the embattled regulator. A date for Senate hearings is yet to be set....
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  • Denise
    Denise says #
    What's the bet that Medcraft will be in New York for IOSCO when the Inquiry starts - same as last year? Every Commissioner of ASI
  • doyla66
    doyla66 says #
    Very likely, Denise. I have an issue with Medcraft's priorities. It's time he had one job or the other. He's trying to serve two
  • doyla66
    doyla66 says #
    we all need to keep drawing attention and talking about this subject Denise...you are our warrior x
  • doyla66
    doyla66 says #
    ASIC has already responded to Denise's submission. Read more: http://www.smh.com.au/business/asics-second-submission-to-senate-in
  • doyla66
    doyla66 says #
    Congratulations, Denise. It's an excellent submission. They won't be able to ignore that! From the perspective of borrowers with c
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$US13 BILLION .....................  is how much JP Morgan, America's biggest bank, has agreed to pay to settle claims that it mis-sold bundles of toxic mortgage debt to investors in the build-up to the global financial crisis. About $US9 BILLION is expected to cover penalties and $US4 BILLION will go to struggling homeowners....
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  World business Date October 24, 2013 - 8:14AM   Bank of America's Countrywide unit was found liable for defrauding Fannie Mae and Freddie Mac by selling them thousands of defective loans. A federal jury in New York this morning also found former Countrywide executive Rebecca Mairone liable for defrauding the US Mairone was the only individual named as a defendant in the government's lawsuit. US District Judge Jed Rakoff, who presided over the trial, told lawyers he will determine the amount of any civil penalty later. The US is seeking a penalty more than $US848 million ($882 million), the gross loss to Fannie Mae and Freddie Mac as calculated by its expert. Alternatively, the government argues the penalty should be more than $US131 million, the estimated net loss. After the jury left, Rakoff listened to arguments on whether he should consider the net loss or gross loss when deciding the...
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  • doyla66
    doyla66 says #
    Shares in CBA hit an all time high today - why?
  • doyla66
    doyla66 says #
    I noted in the article time frames were reduced from 60 days to 10 days for the approval process. How about Nab, they can approve
  • doyla66
    doyla66 says #
    Gotta luv ya work Judge Rakoff. So is Aust's white-labelled "HSSL" product passed-off to unwary consumers as a High Speed Sink (bu
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Did the bank bashing work? Disputes fall 11% Date October 23, 2013 - 8:04PM ·(2) Clancy Yeates Macquarie topped the dispute rates in home loans and credit cards. Disputes between customers and their banks have fallen for the first time since the global financial crisis, new figures show. On Wednesday the Financial Ombudsman Service said in its annual report that the number of disputes had fallen 11 per cent to 32,307 in 2012-13, bucking a steady climbing trend since 2008-09. Falling interest rates, changes to banks' hardship programs and new rules on flood insurance cover all helped to drive the decline, the industry-funded umpire said. In line with previous years, 70 per cent of disputes were resolved after customers reached an agreement with their financial institution, without the need for the ombudsman to make a ruling. Home loans and credit cards were at the centre of most disagreements between customers and...
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  • doyla66
    doyla66 says #
    Statistics are far to easy to fiddle. Of course FOS would need to show that they are indispensable. Lets see the real figures. We
  • doyla66
    doyla66 says #
    This story exemplifies the problem with statistics. People could come away with the impression that the Banks are doing a better
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·         Stephen Johnson ·         AAP ·         July 31, 2013 5:52PM THE head of Australia's corporate regulator admits it can't pursue every company cheating investors. The Australian Securities and Investments Commission (ASIC) has faced criticism that it acted too late as Townsville-based financial services group Storm Financial collapsed in early 2009. With some investors now receiving compensation from the Bank of Queensland and Macquarie Bank, over the Storm meltdown, ASIC chairman Greg Medcraft said the corporate regulator could only take action if there was sufficient evidence. "Clearly, we don't pursue every case," he told reporters in Brisbane on Wednesday on the sidelines of a Financial Services Council forum. "Sometimes we see a lot of harm, a lot of loss, we see a good case for moving ahead but if the evidence is not there, we can't pursue it. "People go 'they're absolutely guilty, guilty as sin'. We probably agree with them and often...
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  • doyla66
    doyla66 says #
    I could almost understand why ASIC might not want to take an obscure one complaint only small case. But Storm?? Bad choice for an
  • doyla66
    doyla66 says #
    Mr Medcraft, what do you have to say about closing down a case (Famularo) that was recommended for investigation and action by you
  • doyla66
    doyla66 says #
    What about "It's not in the public's interest to be investigating personal matters" or it's a matter for State Police. It's not a
  • doyla66
    doyla66 says #
    Hang on all the letters from ASIC say there must be systemic wrongdoing , now he is insinuating that they would act if they had en
  • doyla66
    doyla66 says #
    What a load of bollocks they are supposed to be the best regulators in the world?? Here is Pontius Pilate Medcraft washing blood o
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