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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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BFCSA Blog

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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Are Australian Banks lying to APRA?  FAKES STATS?   More like 60-90% Interest only loans?  Who TRUSTS Banks Stats? NEEDS A BIG AUDIT!!!  Guesstimates from 60% to 90%  INTEREST ONLY LOW DOCS   BANK STATS - MCH 2016 From BANKS TO APRA   http://www.smh.com.au/business/banking-and-finance/apra-moves-to-tighten-mortgage-rules-20170330-gvaigd.html   IO:  Interest Only              OO Owner Occupied             INV  Investor Loan                                   OO                         INV                        OO/IO                   INV/IO                 TOT IO’s               ANZ                       51%                       12%                       15%                       22%                        37% CBA                        48%                        12%                        17%                       23%                        40% NAB                       47%                        14%                        11%                        28%                        39% WESTPAC                46%                       12%                        14%                       28%                        42% BENDIGO               47%                        13%                        15%                       25%                        40% BOQ                       44%                        14%                        14%                       28%                       42%     YOU BE THE JUDGE OR THE WHISTLEBLOWER...............................    ...
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APRA orders Australian Banks to slam brakes on SUB PRIME LOW DOCS interest-only loans Georgia Wilkins   Borrowers looking to buy a house with an interest-only loan will find it much harder under new rules brought in to curb "heightened risk" in the housing market.  The Australian Prudential Regulation Authority wrote to all banks on Friday, saying it expected them to tighten their lending practices particularly on interest-only and investor loans. It follows a warning by Treasurer Scott Morrison that regulators needed to crack down harder on high-risk loans, particularly to real estate investors. "Our objective with these new measures is to ensure lenders are recognising the heightened risk in the lending environment, and that their lending standards and practices appropriately respond to these conditions," said APRA chairman Wayne Byres. This means lenders will have to put the brakes on interest-only loans to both investors and owner-occupiers.  "There will probably be some people who...
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TO ALL THOSE WHO ARE STRUGGLING TO UNDERSTAND THE FACTS RELATING TO AUSTRALIAN BANK DRIVEN MORTGAGE FRAUD VIA PONZI FINANCING. I appreciate you are learning something new by reading this site. You mention: "reports so far said that people borrowed supplying false information."    Hmm at Uni we are taught to check all sources. These reports are written by the Bankers and the Corrupted officials at ASIC and APRA -  the regulators who have been in cover up mode for 19 years. So the TEST IS: are these reports accurate? Did those concerned test the evidence presented by the banks by investigating consumer files? Answ: No! How do I know?   ASIC carried out no examination of consumer files?  The files I have been opening for over a decade show conclusively, borrowers did not even fill in those APPS. NO borrower in Australia was permitted to fill in the LAF form....
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New twist in property market has long term impact on Sydney The Australian 6:50am May 23, 2017 Robert Gottliebsen   With some 15,000 Melbourne apartments due for settlement around June 30 — just over five weeks away — new twists are taking place in the property market which may also have long term implications our largest city, Sydney. Meanwhile a new property speculative game is opening up in outer suburban Melbourne which threatens to be nearly as deadly as the old apartment game which led to the 15,000 problem settlements. And while this new game looks like it is mainly confined to Melbourne, it has national ramifications because inexperienced banks are in danger of being caught. At the Australian Leadership Retreat on the Gold Coast over the weekend I learned that of the 15,000 vulnerable apartments, in the vicinity of two thirds — mainly the big developments — are owned by...
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Property crash fears downgrade Australian banks The New Daily22 May 2017 Jackson Stiles Money Editor   Fears of a property market crash have prompted S&P to downgrade the creditworthiness of almost all of Australia’s finance sector. The global ratings agency issued a statement on Monday explaining its decision was founded on the “economic imbalances” caused by soaring private-sector debt and property prices. “Consequently, we believe financial institutions operating in Australia now face an increased risk of a sharp correction in property prices and, if that were to occur, a significant rise in credit losses,” the agency wrote. “With residential home loans securing about two-thirds of banks’ lending assets, the impact of such a scenario on financial institutions would be amplified by the Australian economy’s external weaknesses, in particular its persistent current account deficits and high level of external debt.” The rating downgrades applied to 23 financial institutions, including AMP, Bank of...
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Banks Still Continuing to Profit From Fraud Tuesday, 7 August 2012, 12:20 pm Press Release: BFCSA http://www.scoop.co.nz/stories/BU1208/S00225/banks-still-continuing-to-profit-from-fraud.htm Banking and Finance Consumer Support Assoc (BFCSA Inc) FOR IMMEDIATE RELEASE: 07 August 2012 Consumer Group Reveals Banks Still Continuing to Profit From Fraud PERTH WA. It’s no secret that consumers are not happy with the performance of the ‘big 4’ banks in Australia, with only 76% of people recently polled, saying they were happy. Mortgage default and foreclosure are becoming more prevalent every day in Australia, but most people don’t realize that many large banks and non-bank lenders are using mortgage and loan application forms to make a grab for peoples’ homes and the Titles to their properties. Banks use ‘Loan Application Forms’ (LAF’s) and ‘Service Calculators’ to determine a person’s ability to repay a loan by using their income, expenses and assets and calculating a maximum amount they can borrow. Award-winning consumer...
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Citizens Electoral Council of Australia Media Release Friday, 19 May 2017  http://www.cecaust.com.au Do Big Five banks fear levy will expose derivatives danger lurking beneath their books? The Big Five (Big Four plus Macquarie) banks are frantically trying to get most or all of their derivatives obligations excluded from the government’s levy on their liabilities. The government has said the bank levy applies to derivatives, the financial bets that far exceed in size all other trades in the financial system. For instance, while Australia’s GDP is just shy of $2 trillion, the derivatives contracts held by Australia’s banks amount to around $35 trillion.  Globally, official BIS figures record derivatives at around US$500 trillion (compared with US$50 trillion world GDP), but as there is so much dodgy accounting involved, others estimate them at US$1.2 quadrillion (US$1,200 trillion). According to James Eyres in the 15 May Australian Financial Review, Westpac, ANZ and NAB have...
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Interest-only loans could be 'Australia's sub-prime' Australian Financial ReviewMay 21 2017 11:00 PM   Jonathan Shapiro, Jacob Greber  High-risk mortgage loans to young families, professionals and other over-extended borrowers amounting to more than six times household incomes could wipe out 20 per cent of the major banks' equity base, institutional investment fund JCP Investment Partners has warned. The fund manager's study warns that official estimates of average household indebtedness are depressed by the sizeable number of mortgages that are effectively full paid off.   In a proprietary study of the nation's record high-and-growing household debt mountain, the Melbourne-based fund said Irish-style housing losses for the bigger-than-recognised pool of riskier borrowers could wipe out half of the banks' equity capital. Interest-only loans, said JCP – which is one of three Australian equities managers appointed by the Future Fund – could be "Australia's sub-prime". As regulators crack down on interest-only lending and the...
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WHY THE BURDEN OF BANK FRAUD AND SUB PRIME LENDING IN WILL FALL ON EVERY AUSTRALIAN   Many people have a P & I and such loans are affordable from day one. The big problem for every Australian is what if banks have been selling unaffordable, unsustainable and unverified loans riddled with fraud? How does that affect our economy? The fraud occurs inside the Processing Centre and on orders from the TOP to push through dud approvals via a computerised system. Data clerks do not know the entire process is a fraud.   The Australian sub prime fraud is very clever. The evidence contained in thousands of borrower files shows that is exactly the case and such lending practices are criminal and driven by greed of bankers. We have a sub prime industry selling around $140 billion per year of Ponzi loans that are INTEREST ONLY but that phrase has...
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 Most Australian Mortgages sold are TOXIC loans generated by blatant predatory lending.  70% - 90% of all loans are subprime.   Now Banks are trying to suggest they are "tightening policy???" Most Mortgages sold are TOXIC loans generated by blatant predatory lending. Our evidence suggests 90% of all loans in Australia are subprime. Banks say 40%. Experts say 60% plus. We say the figure of "normal loans" is more likely to be only 10% of the TOTAL LOAN BOOKS for the Major Four Banks. So what has changed apart from the regulators mumbling they may get tough? Sheer rot and nonsense. Australian Major Banks are so riddled with subprime they would collapse if they stopped selling their Gold Star Profit Enhancing Product known as Low Doc Mortgages and now undergoing a name change to INTEREST ONLY. Problem for the CEO's is that they ensured no consumers of this product knew their "mortgages"...
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CBA tightens policy on interest-only loans Sydney Morning Herald May 19 2017 - 8:44pm Georgia Wilkins   The Commonwealth Bank has tightened its policies on interest-only home loans, removing incentives to refinance such loans and demanding that new customers hold larger deposits. The decision of the country's biggest lender follows similar moves by Westpac and ANZ Bank. The changes, which come into effect on June 10, were announced two months after the banking regulator announced new restrictions on interest-only lending. CBA said it would no longer offer a $1250 rebate to interest-only customers who want to refinance their loan with the bank. It will also require customers who want to take out interest-only loans to hold a 20 per cent deposit - up from 5 per cent for owner-occupiers and 10 per cent for investors previously. Australia's lenders are being forced to reduce the amount of interest-only loans they provide under...
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Macquarie admits to misconduct inside its foreign exchange trading arm Sydney Morning Herald May 19 2017 - 5:45pm Georgia Wilkins   Macquarie Bank will donate $2 million to charity and open up its foreign exchange arm to scrutiny after the corporate watchdog uncovered a series of breaches by its traders. It follows similar misconduct uncovered at the foreign exchange desks of the Commonwealth Bank, National Australia Bank, Westpac and ANZ. The Australian Securities and Investments Commission (ASIC) on Friday revealed it had reached a deal with Macquarie to enter a so-called enforceable undertaking with the bank over misconduct by traders working on its foreign exchange desk between January 2008 and June 2013. According to ASIC, traders disclosed confidential details of client orders to third parties and revealed material information about Macquarie's trading activity in relation to large Australian-dollar trades. Traders were also found to be deliberately "triggering" prices in order to...
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Labor plan to name and shame multinationals on tax evasion. Companies would be forced to disclose use of havens to shareholders in a bid to improve transparency A Labor government would publish sensitive information about where and how much tax is paid by large multinational corporations each year in a bid to crack down on global tax evasion, the shadow treasurer, Chris Bowen, says. Labor would also force companies to disclose their tax haven exposure to shareholders, revealing how much business they are conducting in known or suspected tax havens. Bowen, and the shadow assistant treasurer, Andrew Leigh, have released details about Labor’s latest tax transparency package. Shorten's budget reply: Labor will back Medicare levy hike for top income brackets     Read more They want to “radically increase” transparency on the use of tax havens by corporations and high net-worth individuals. Tax havens hold an estimated $7.5 trillion of the world’s...
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ACCC mortgage probe to demand banks' internal documents Sydney Morning Herald May 18 2017 Clancy Yeates   Banks will be forced to hand over sensitive internal documents on their interest rate decisions, including board papers, as the competition watchdog puts home loan pricing under the microscope. Australian Competition and Consumer Commission chair Rod Sims said on Wednesday he expected the inquiry, announced in last week's budget alongside the $6.2 billion bank tax, would change pricing behaviour in the mortgage market. With banks threatening to pass on the levy to their customers, the government has ordered the year-long inquiry into mortgage pricing as a way of pressuring the industry and lowering the chances of aggressive rate hikes in response to the tax. It is the latest in a string of inquiries touching on banking competition which have been triggered by political anger over the banks' interest rate decisions. However, Mr Sims said...
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ATO chaos as deputy Cranston charged The Australian 12:00am May 19, 2017 Brad Norington, Paul Maley   The Australian Taxation Office is in an unprecedented crisis, with some of its tax-avoidance investigations in jeopardy, a deputy commissioner facing charges­ and four of its offic­ials stood down, amid an alleged $165 million tax-fraud ­syndicate scandal. As nine people faced court yesterday over the alleged conspiracy, Australian Federal Police are set to lay a swath of new charges over the scandal. Deputy ATO commissioner Michael Cranston faces two charges of abusing his position as a public official by seeking inform­ation about the tax office’s investig­ation into the alleged tax fraud involving his son, Adam. Adam Cranston, 30, and his sister­ Lauren, 24, were among those charged yesterday for allegedly defrauding the commonwealth by skimming the funds of a company that provided payroll services for large corporate clients. The AFP says Michael Cranston was...
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AT LAST PEOPLE ARE WAKING UP!! You want a Royal Commission into Banks? OK so use your vote wisely as the next election will be your personal chance to change the course of history and expose these wretched Major Banks and the offenders at the top who are running massive Ponzi Financing scams both here and in two overseas countries. Enough is enough! A Royal Commission is on the first step to encourage prosecutions of the Major offenders. Not the underlings and in fact in a delicious irony, the RC will protect the whistleblowers. This is why the Bankers fear an RC including Malcolm and Mates. BFCSA has amassed the critical evidence required to blow the lid on this vile SCANDAL.   BFCSA require a table to dump the evidence on and for members to tell the truth about the evidence of widespread FRAUD in every case, in their own...
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Developers warn of 'dramatic slowdown' over stamp duty changes The Age May 17 2017 - 12:15am Simon Johanson   EXCLUSIVE  Property developers are leading a revolt against the Victorian government's stamp duty changes, with 24 industry leaders signing a letter warning of a "dramatic slowdown" and "significant impact" on construction jobs. A cohort of high-profile property developers including industry veteran Max Beck, Hickory's Michael Argyrou, young rich-lister Jonathan Hallinan and Evolve's Ashley Williams have written to Treasurer Tim Pallas saying the changes will hurt property buyers and the industry. Play Video Victorian budget 2017: Winners and losers Who are the winners and losers from this year's Victorian state budget? "We believe there will be a significant loss of construction jobs throughout Victoria," the developers said. About 83 per cent of cranes on Melbourne's skyline are building residential projects. From July this year, the Andrews government will cut off-the-plan stamp duty exemptions,...
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Commercial property the bigger risk to banks: Fitch Ratings Sydney Morning Herald May 17 2017 - 12:15am Clancy Yeates   Losses on commercial real estate loans pose a more immediate risk to Australia's banks than developments in the housing market, where regulators are putting the brakes on riskier lending, Fitch Ratings says. However, foreign banks are more likely than the local lenders to feel the pain if there is a sharp increase in buyers who cannot settle their off-the-plan purchases. After a recent surge in apartment building, the credit ratings agency on Tuesday highlighted losses on loans to property developers as a more pressing concern than residential mortgages, which dominate banks' loan books. Tim Roche, head of Australia and New Zealand financial institutions at Fitch, told the ratings agency's conference in Sydney that foreign bank exposure to Australian commercial property had roughly doubled since 2013. While the Commonwealth Bank, Westpac, National...
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ABA membership strained as banks turn on each other Australian Financial Review May 16 2017 7:23 PM James Frost   Tensions between Australia's banks are on the verge of boiling over as yet another second-tier bank has come out in support of the federal government's six basis point levy on the liabilities of our five biggest banks. Support for the measures will inflame the already strained relationships between members of the Australian Bankers Association which is caught between the haves and the have nots of Australian banking. ABA chairman and NAB boss Andrew Thorburn was among the big four to come out swinging against the tax at the same time as ABA deputy chair and Bendigo Bank boss Mike Hirst supported the initiative designed to raise $6.2 billion from the banks. ME CEO Jamie McPhee joined Bendigo Bank's Mr Hirst on Monday by expressing his support for the levy. ME, formerly...
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Government slams Ken Henry as Labor-leaning, self-serving 'big bank boss' Australian Financial ReviewMay 16 2017 8:49 PM Phillip Coorey, Patrick Durkin   The relationship between the government and the big banks is now toxic after Malcolm Turnbull and his senior ministers rounded on NAB chairman Ken Henry as a Labor-leaning, self-serving "big bank boss'' and accused him of producing flawed policies in his former life as Treasury secretary. As the government rejected the scathing critique of its bank tax and budget strategy by Dr Henry, the wrangle over the $6.2 billion hit on the big four banks plus Macquarie also sparked a row between Labor and the Greens. While both say they will vote for the bank tax, ensuring its passage through the Senate in time for the July 1 start date, Labor leader Bill Shorten will back a Senate inquiry that will enable the banks to make one last public...
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Banks warn new tax creates many dangers for economy Australian Financial Review May 15 2017 9:50 PM James Eyers   The government's bank tax is inconsistent with regulators' desire to create safer banks because it creates disincentives to fund loans with high quality and longer term borrowings and to provide liquidity to the financial system, the big banks have warned Treasury. After Treasury was not able to answer their questions on the shock $1.5 billion a year bank tax in the wake of the federal budget, the banks have provided submissions on Monday that illustrate the challenges the government has to design a law that does not introduce unintended consequences. Commonwealth Bank of Australia raised the prospect of "implementation failure" if the introduction of the legislation is not pushed back to September 30 because a new reporting template will need to be built given existing forms don't capture the liabilities the...
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ALP urged to jail bosses for ‘wage theft’ The Australian 12:00am May 16, 2017 Ewin Hannan   National union leader and former ALP vice-president Tony Sheldon has called for the Labor Party to make executives of companies ­engaged in “wage theft” subject to criminal prosecution and potential jail terms. Mr Sheldon said companies ­including 7-Eleven, Caltex and Domino’s would be held accountable if underpayment of wages was made a criminal offence. Mr Sheldon, the national secretary of the Transport Workers Union, said Australia was “gripped by a new crime spree”. “It’s not break and enter, it’s not drunken brawls ... it is the plague of billions of dollars in wages and superannuation which employers take from the pay packets of their employees,’’ he said. “It is wage theft. And it needs to be treated like any other form of theft by making it an offence, with jail sentences.” He said the...
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ASIC appoints external lawyers for bank fight The Australian 12:00am May 16, 2017 Richard Gluyas   The pre-trial manoeuvring ahead of D-Day in ASIC’s market ­manipulation case against three of the four major banks has just got a ­little more intriguing, after the watchdog’s appointment of an external law firm. Johnson Winter & Slattery has taken up the cudgels on behalf of the regulator. The appointment will trigger an inevitable round of speculation about whether it tips the balance in favour of all-out war, or makes Greg Medcraft more inclined to negotiate a truce. This column has previously held the view that litigation is more likely, mainly because Medcraft’s stated terms, which include an admission of liability, are untenable for the banks. The banks believe that admissions will trigger an avalanche of class actions, much like the case already launched in the US by two hedge funds and the wealthy commodities...
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House prices fall again as investment loans drop to lowest level in 10 months Sydney Morning Herald May 15 2017 - 2:39pm Eryk Bagshaw   Home loans to investors have fallen to the lowest level in 10 months following a regulatory clampdown and the Turnbull government's efforts to cool the Sydney and Melbourne housing market. Figures released by the Australian Bureau of Statistics on Monday show home loans to investors as a proportion of all loans dropped 1.25 percentage points in March to 48 per cent, down from a high of over half of all home loans in January. The slide has triggered a dip in property prices across five of Australia's capital cities, fuelling speculation of the end of the property boom. The latest results from CoreLogic show the price of homes across Sydney, Melbourne, Brisbane, Adelaide and Perth falling by 0.5 per cent for the week and 0.9 per...
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