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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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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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Makes you ashamed to be an Australian...the "we will stop the boats" policy has backfired and refugees are being used like cannon fodder! Trump says they are criminals in prison.  They are refugees fleeing persecution and we threw these human beings including children, into prison "camps" no mod cons for years on end.  They are guilty of wanting a better life!  Abbott played on the fear angle to inflict pain on those less fortunate.  Malcolm kept these people on Islands under guard in indefinite detention with multiple spare rooms at his harbourside mansion.  Time to free these 1500 people.  NZ offered to take them and TA and MT said NO.   Exclusive:  Trump has no intention of allowing Aus. refugees to settle in the U.S. Tess Lawrence 5 February 2017 https://independentaustralia.net/politics/politics-display/exclusive--trump-has-no-intention-of-allowing-aus-refugees-settle-in-us,9996   Australia’s grubby asylum seeker deal with the U.S. is now looking even more tawdry, reports contributing editor-at-large Tess Lawrence. AUSTRALIA'S ASYLUM SEEKER DIRTY DEAL with America is getting...
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WA to conduct a recount of senate votes.    Culleton ruled invalid.   The High Court has ordered a special recount of the WA senate vote after it declared the election of former One Nation senator Rod Culleton invalid. 3 February 2017 updated 12 minutes ago http://www.abc.net.au/news/2017-02-03/rod-culleton-election-invalid-high-court-finds/8238104   The High Court has ordered a special recount of the WA senate vote after it declared the election of former One Nation senator Rod Culleton invalid. The court has ordered the vacancy be filled by the recount, with details to be determined by a single justice. The court was asked to rule on whether a conviction at the time of the poll was grounds for disqualifications even though it was later annulled. Mr Culleton was not in Canberra for the ruling. The Senate referred the validity of Mr Culleton's election in November, claiming he had a conviction against his name at the time...
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George Pell sex files: police sought advice from prosecutors The Australian 12:00am July 28, 2016 Tessa Akerman   Victorian prosecutors were asked by police to review sex abuse claims against Cardinal George Pell but sent the file back to detectives without recommendations. The police file was sent to the Victorian Office of Public Prosecutions in the past month but was returned by director John Champion, who advised officers any decision on charges was their call, the Herald Sun reported last night. The revelation came after the ABC broadcast statements from two men last night accusing Australia’s most senior Catholic of abusing them as boys. Cardinal Pell, who wrote to Victoria Police in May asking if they wanted to interview him, hit back immediately. “The accusations are sheer fantasy and completely implausible,’’ he told The Australian from Rome. It was reported in February that Victoria Police’s Sano Taskforce was investigating Cardinal Pell...
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We witnessed on TV within hours of Flight MH370 reported missing, an adult Australian man on a beach in Thailand (on hols) telling reporters and cameramen:  "I looked up to see this huge passenger aircraft flying across the beach and on into the hills.  The plane was so low I could stare up and see the belly of the aircraft and so low as to almost touch the doors........   Where is that film clip today and who was this person?  His evidence was ignored as "experts" were called in to suggest the guy and all other beach goers that day were dreaming. Had that eyewitness been taken seriously  (and there were others) the plane was flying in a direction likely to curve and head towards Madagascar.   Rumours were suggesting on its way to Russia etc.  The "official" lunatic suggestions was that the plane turned over Indonesia and headed down...
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  Our favourite Banksters are getting more and more desperate to avoid the consequences of their dishonest asset lends and LAF fudges, that not only have got their EDR schemes limited to 500k, they are telling the poor folk at Financial Ombudsman’s Service (“FOS”) that are trying clean up the carnage of irresponsible lending.  Surely FOS is not falling for that one?   Lenders are also suggesting that: “we Banksters do not have the LAF the borrower signed; (before the Bankster Chain fudged it), we only have an electronic reproduction that our clerical staff typed up after the loan had been settled.      If BFCSA Members and Readers look at that closely, it only includes what the Bankster lot want to show us, now we have turned up the blow torch.   But if FOS takes the lead from the courts and precedence, then if the borrower says: “that’s definitely not...
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  • doyla66
    doyla66 says #
    CBA definitely did a number on me with the help of a mortgage lender, HOMELOANS Pty Ltd. Never use them.. they are disgraceful. B
  • doyla66
    doyla66 says #
    Torch the getaway car, throw the gun in the river, shoot the witnesses, burn the house down, all these classic cases of destroying
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Westpoint's Carey blame shift thrown out of court DateSeptember 21, 2013 Read later Jared Lynch Business reporter   Email Jared Norm Carey claimed he had been misled and deceived by his lawyer about raising finance totalling $160 million. Photo: Erin Jonasson Former Westpoint boss Norm Carey has lost his bid to blame the collapse of the property investment company on his lawyer, with a Federal Court judge slamming him as dishonest, evasive and ''inherently unreliable''. Mr Carey, who founded Westpoint in the mid 1980s, claimed he had been misled and deceived by his lawyer Andrew Shearwood, of Freehills, about raising finance totalling $160 million. In 2006, seven years after the alleged misconduct, the company collapsed owing investors more than $388 million. Federal Court judge Susan Kenny dismissed Mr Carey's claim, saying he was ''not an honest and reliable witness''. ''Mr Carey fabricated this evidence to support his case,'' she said. ''[He] was...
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Grame Hoy outside court
Date March 23, 2012 by Ben Butler   FORMER Federal Court judge Ray Finkelstein, QC, has slammed the judiciary for being soft on white-collar crime, saying lenient sentencing creates the impression of one law for the rich and another for the poor. Mr Finkelstein, who retired from the Federal Court last year and headed the Gillard government's recent media inquiry, also raised the possibility that for some white-collar crimes the level of proof required to convict could be lowered from the traditional criminal level of ''beyond reasonable doubt''. In an article published in the Tax Office magazine Targeting Tax Crime, he said deterring others was ''usually the sole guiding principle'' judges used when sentencing white-collar criminals. ''Most judges believe that the humiliation, loss of job and loss of status experienced by white-collar criminals when they are apprehended, brought to trial and punished is usually sufficient punishment,'' he said. Judges tended to...
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  • Denise
    Denise says #
    FORMER Federal Court Judge Ray Finkelstein, QC, a very learned man indeed. I wonder if in retirement he would be appalled at what
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Citigroup sued by investors  CITIGROUP is offering to pay $US590 million ($A571.21 million) to legal claims by shareholders that its executives dissembled about the bank's growing problems before the financial crisis.   The bank said on Wednesday it agreed to the deal to eliminate the cost and uncertainties associated with litigating the class-action suit. It denied the allegations.   The plaintiffs say Citigroup executives kept mum between February 2007 and April 2008 about huge losses the bank faced on complex mortgage investments. When the problem was disclosed, they say, Citigroup's share price plunged. They blame the bank for their losses.   The New York bank says it already has set aside enough money to cover the cost of the settlement. The settlement is subject to court approval. The case is pending in federal court in Manhattan. Read more: ~~~~~~~~~ Citigroup pays $US590m in investor class action from GFC CITIGROUP will pay...
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  • doyla66
    doyla66 says #
    Is this a zombie bank? A bank that would have been bankrupt if it had not been bailed out by the US Govt?
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.........from the Supreme Council, knowledge, Justice and weapons, I bring I bring Kryptonite,.........strike deep into the hearts of the evil banks it will..... .........Secret, shall I tell you? ......... Hmm? SUPREME COURT OF WESTERN AUSTRALIA The Hon. Justice Graeme Harold Murphy PERMANENT MORTGAGES PTY LTD -v- VANDENBERGH [2010] WASC 10 (29 January 2010) http://www.austlii.edu.au/au/cases/wa/WASC/2010/10.html The question of FASA's agency Background 266 As noted earlier FASA was a mortgage aggregator. There was no evidence that FASA was itself a mortgage or finance broker. As noted below ([306]) the written agreement between La Trobe and FASA draws a distinction between FASA and a broker. 267 According to the bank's evidenceinchief (Ms Bannister and Mr Curia): [M]ortgage aggregators represent several lenders to ensure a minimum volume of finance applications per month and thereby provide a panel of lenders to which accredited finance brokers, seeking to obtain finance for their clients, may apply. (emphasis added)...
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  • doyla66
    doyla66 says #
    LisaMartin....this Kryptonite works Auzzie wide...
  • doyla66
    doyla66 says #
    Thanks, Yoda! Question: It seems to make a difference in which State the case occurred. Why is this if we are dealing with a Fed
  • doyla66
    doyla66 says #
    ... so the key documentation is to the agreement your broker has/had with the Bankster/lender....(apart from the DCCP & UCCC & Co
  • doyla66
    doyla66 says #
    Thanks Mate - You have a way of coming up with 'the goods'. You are simply brilliant, helps my case enormously.
  • doyla66
    doyla66 says #
    My broker also used a COMMONWEALTH BANK AGENT REGISTRATION NUMBER.
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Posted by on in COURTS & LEGALS
Two Months old, but it highlights ASIC's approach.  Note Mr Robinson's comments about ASIC's dirty backroom deals... Full Story: http://www.lawyersweekly.com.au/news/asic-strikes-dirty-deal-in-storm-case The 11th-hour settlement deal between ASIC and the Commonwealth Bank of Australia (CBA) in the Storm Financial saga was “calculated to inflict damage”, according to the lawyer heading up a class action against the bank. CBA struck a deal with ASIC at 4.22pm on Friday (14 September) – the business day before the resumption of court proceedings, which have now been postponed by a week. The settlement will offer Storm investors up to $136 million in compensation above what has already been paid. While it has been widely reported that investors lost about $3 billion when the financial services company folded in 2009, ASIC has claimed the figure is closer to $830 million. The deal ends the court battle between ASIC and CBA, but the bank is still fighting a class action...
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  • doyla66
    doyla66 says #
    "Cover Up" is the name of the game CBA subverts & stops ASIC's investigation & public exposure of its illegal acts
  • doyla66
    doyla66 says #
    How dare ASIC do this to the Storm investors? That's despicable conduct. I'm glad Mr Robinson had the decency to expose them for w
  • doyla66
    doyla66 says #
    The problem is that SLaG would not know to ask about the LAF. That most basic, foundational piece of highly important paperwork is
  • doyla66
    doyla66 says #
    Adequate - who defines what's adequate? If Storm investors didn't consider their compensation was 'adequate' then it isn't. I th
  • doyla66
    doyla66 says #
    Someone define 'adequate', please. Adequate to whom? Those twits at ASIC? Adequate to SLaG or, adequate to the CBA? For heaven's s
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NAB is having so many problems...   And now they have to pay $100,000,000 to settle a class action, prompting investors to again retreat from the group.  National Australia Bank finance Director Mark Joiners's recent comments aren't helping.  Mark's comments perhaps sums up NAB's attitude to their customers: "NAB has been growing quite strongly in mortgages and APRA shows up quite often to check we are not taking on the unloved and unwashed in our portfolio."   But I guess it doesn't matter if you take on the 'unfinancial'... Hey, why not just add 'stupid and gullible' in there, to really set the tone, Mark. One of the things that I think is so shocking to all of us who have now woken up, is this attitude that runs through the whole executive management of the banks and lenders... Untouchable, elitist and dismissive.   I think that if they start...
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  • doyla66
    doyla66 says #
    Joiner is too much like the US Banksters for Australia tastes. He may live to regret his words as the switched on Australian medi
  • doyla66
    doyla66 says #
    In my opinion bank executives should either write off their fraudulent loans or they should be hung by their necks.
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IMF holds meetings in Europe over S&P court case   [Published 7 Nov 2012]  The impact of the Federal Court's historic ruling against ratings agency Standard & Poor's for misleading and deceptive conduct in its issuing of AAA ratings to high-risk financial products is set to become global, according to a report by The Australian.   IMF Australia chief executive John Walker is reportedly planning to hold discussions with investors from Britain, France, Germany and The Netherlands over the weekend about a possible legal case there against S&P.The European discussions will revolve around more than €800 million ($A980 million) worth of synthetic derivative products. “I am going to speak with people in Germany and France and the UK and The Netherlands about their investments in CPDOs to see whether they are interested in joining together in a claim against what is now called RBS and S&P to recover some compensation,” Mr Walker said, according...
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  • doyla66
    doyla66 says #
    Agree - Stop the corruption and halt the damage to decent Australians now! ROYAL COMMISSION INTO BANKING - WIDE TERMS OF REFERENC
  • doyla66
    doyla66 says #
    FEDERAL COURT rules against Standard & Poor's for MISLEADING & DECEPTIVE CONDUCT, in its issuing of AAA ratings to high-risk finan
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Posted by Errol: It's time for the total law and judicial system to be revamped and overhauled to allow the justice system to work for everyone not just for the 5% of the population who are rich.  We are known as a democratic country - this is by far a deception because democratic means that all people are treated equal. Wake up judges and use your power and control to reform the justice system for the benefit of all Australians.  TO ALL JUDGES, WE NEED A JUDICIAL REVIEW INTO OUR CURRENT LAW SYSTEM IMMEDIATELY TO STOP THIS HUMAN SUFFERING.    EDITOR:  Its no longer acceptable to say:  Justice is there if you have the money.....95% of people don't have funds, especially after being fleeced by the banks.  Individuals need a minimum of $250,000 to even have a small chance to defend.  Then the banks demand a $225,00 surety on top of that!  I am thinking of Terry and Marlene who won their right to...
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  • doyla66
    doyla66 says #
    This is just another sector of that big all-encompassing blanket known as 'white collar crime'.
  • doyla66
    doyla66 says #
    Reform of the Australian justice system is badly needed. The system should reflect the society. Personally I'd like to see a uni
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A CASE brought by the corporate regulator over the collapse of Storm Financial is shaping up as a battle over how far consumer laws protect bank customers. In defence documents filed in the Federal Court last week the Bank of Queensland and Macquarie Bank challenge whether people who borrow to invest qualify as consumers. Macquarie Bank's defence also argues that margin loans are not covered by the Code of Banking Practice. On March 1, a Judge ordered the Australian Securities and Investments Commission to provide further details of its claims that a Townsville couple, Barry and Deanna Doyle, were eligible to claim under consumer laws such as the prohibition on unconscionable conduct in the ASIC Act. ''This is a particularly contentious issue and [the banks] are entitled to know precisely how the applicants propose to put their case on the point,'' Justice Lindsay Foster said. ASIC's action on behalf of the...
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  • doyla66
    doyla66 says #
    BoQ advertised[Codes]as being conditions under which Banks operate,so logical to assume customers rely upon such when contracting
  • doyla66
    doyla66 says #
    The bank manager, (believed to be Declan Carnes) endorsed Storm to the clients and said that he was looking into investing into it
  • doyla66
    doyla66 says #
    Question about the case: did the Doyle's claim any of the expenses associated with the loan or investment as tax deductible? GST?
  • doyla66
    doyla66 says #
    The Doyle's relationship with the Banks was in their own names? ie not in a company or trust name? Even if it were not in their na
  • doyla66
    doyla66 says #
    This explains why ASIC have been chasing me up over the last few weeks. I would love to go public with all the things I have as th
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Posted by on in COURTS & LEGALS
Here is a blog entry I picked up from Ireland...  If they can do it, so can we!  We have to take strength in the knowledge that the problem in Australia will only continue if we let it!  Denise is doing everything she can for us, but we have act as well!   FOS cannot just fob us off, ASIC cannot just pretend to be on the side of the consumer and the politicians and law enforcement agents have a moral obligation to call a royal commission into the Australian banking sector.   Otherwise the people (that's us, folks), will follow the examples of the Irish and the Icelanders and force our politicians, through our voice, to protect us from the banisters and pursue the criminals who are OPENLY stealing our money, our homes and our rights, from us: STM)   The Irish Sue the BanksPosted on October 24, 2012Here's the...
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  • doyla66
    doyla66 says #
    Time to free us all from BANK SLAVERY. JAIL the Bankers. Bank executives must be prosecuted for their criminal actions.
  • doyla66
    doyla66 says #
    http://www.youtube.com/watch?v=yDwjtCQZQ7E&feature=player_embedded#!
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(STM: The full truth behind securitised mortgages and the scam that the banks and lenders have pulled everyone into, will soon be revealed in Australia too.  It is important to know that not only have the banks been deliberately, illegally altering loan documentation and changing income figures to fit the loan, after they have been signed, they are also involved in Securities Fraud through the selling off of our mortgages into pools that are then split up and sold as products on the stock market.  The ramifications are:  1) Who actually owns the mortgage, because the bank certainly doesn't any more; 2) is the bank or lender actually a 'real party of interest' anymore, or were they paid IN FULL the day the loan was securitised' 3)  If the bank or lender is NOT a party of interest, why are they stealing our homes from us when they have already been...
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  • doyla66
    doyla66 says #
    Institutionalized fraud - why not a criminal fraud prosecution instead of civil ? Banksters being protected by their political mat
  • doyla66
    doyla66 says #
    U.S. v. Bank of America/Countrywide. Complaint http://www.justice.gov/usao/nys/pressreleases/October12/BankofAmericanSuit/BofA%20
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Posted by on in COURTS & LEGALS
 Clear your mind must be,..... if you are to defeat the Banking villains........... our ally is the Force..... the Force of Justice, ..........and a powerful ally it be...........Much to learn you still have ........Always in motion the future is..... .......I bring Kryptonite, strike deep into the hearts of the evil banks it will.....   This is from Victoria however ALL States have similar legislation Crimes Act 1958 - SECT 83A Falsification of documents 83A. Falsification of documents (1) A person must not make a false document with the intention that he or she, or another person, shall use it to induce another person to accept it as genuine, and by reason of so accepting it to do or not to do some act to that other person's, or to another person's prejudice. Penalty: Level 5 imprisonment (10 years maximum). (2) A person must not use a document which is, and which...
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  • doyla66
    doyla66 says #
    YODA - Look at the other end when the banks sell the mortgages to the SPV the BOARD Of THE BANK signs off the that they are true a
  • doyla66
    doyla66 says #
    Forgery is committed when a person falsely makes or alters, with the intent to defraud, a signature or any part of a document that
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Key Question for Mr Medcraft:  You could not pay $225,000 surety for the Terry and Marlene Appeal against BANK OF NEW YORK TRUST which  Judge Murphy had granted an Appeal on 4 grounds:, eg Fraud etc.     Yet you wasted $30 million on a futile goose chase of Andrew Forrest?  The Terry and Marlene case was in the PUBLIC INTEREST.   Oh thats right!  You wanted the IOSCO Job for next year and tried to use $30 million for your own resume.  So Your OWN INTEREST in Andrew "Twiggy" was a better pet project than the Public Interest?  I hope IOSCO, withdraw their offer to you. This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    Awesome! Well done! I wonder what IOSCO will think of that!? They might offer you the job, Andy
  • doyla66
    doyla66 says #
    I alerted IOSCO (GENERAL SECRETARIAT) of Medcraft's poor performance Email: [email protected] --The International Organization of Sec
  • doyla66
    doyla66 says #
    IOSCO SHOULD BE WARNED OF HIS INCOMPETENCE - THEY ARE OBVIOUSLY NOT AWARE OF HIS INNABILITY OR UNWILLINGNESS TO CORRECTLY PRIORITI
  • doyla66
    doyla66 says #
    I agree totally, Denise. Greg Medcraft is behaving like a typical bureaucrat. ASIC under Greg Medcraft still haven't fixed up th
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Posted by on in COURTS & LEGALS
Wells Fargo Lawsuit: U.S. Sues Bank Alleging Civil Mortgage Fraud Full story  Wells Fargo lied about the quality of thousands of loans it certified for a federal insurance program, a decision that ultimately cost the government $190 million in claims when those loans failed, according to a civil lawsuit filed by federal prosecutors on Tuesday.From Jan. 1, 2002 through Dec. 31, 2010, Wells Fargo intentionally concealed the problems with 6,320 loans it had determined were "seriously deficient" from the Federal Housing Administration, which insured the loans, according to the complaint filed in Manhattan federal district court. The bank didn't report the problems with the loans even after its own risk department conducted reviews that according to one bank employee, unearthed "a dirty underbelly of bad loan officers," the lawsuit claims.“As the complaint alleges, yet another major bank has engaged in a long standing and reckless trifecta of deficient training, deficient underwriting...
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  • doyla66
    doyla66 says #
    Lisa, refer to SECURITIES FRAUD, GOLDMAN SACHS & "CRITICAL CRIMINOLOGY" [USA] POSTED ON Sep 05, 2012 POSTED BY Matthew G. Yeager
  • doyla66
    doyla66 says #
    Thanks for that, Andy. I'd never thought about it that way. It's true that research comes in top down as if the King of Camelot i
  • doyla66
    doyla66 says #
    Why are they like this? Did their capacity to learn end at Business School Grad? Or is this just pure private sector exploitation
  • doyla66
    doyla66 says #
    TheBrotherhood:Banksters ignored problem loans even after its own reviews unearthed "a dirty underbelly of bad loan officers,"
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Two banks have told a court the Australian corporate watchdog's case against them over the collapse of Storm Financial was full of "irrelevance and inaccuracy".The Australian Securities and Investments Commission (ASIC) is currently pursuing Macquarie Bank and the Bank of Queensland in the Federal Court in Brisbane.ASIC barrister Allan Myers said the watchdog wanted the court to declare the banks were "knowingly concerned in the operation of (Storm's) unregistered scheme".Hundreds of investors lost more than $3 billion when the Townsville-based financial services company folded in early 2009.However lawyers for the banks told the court on Thursday that ASIC had failed to point to any solid evidence for its allegations.Barrister John Sheahan, for Macquarie, said on Thursday that Mr Myers' opening was full of "irrelevance and inaccuracy", and that much of its emphasis was on "mocking and sometimes defaming (Storm founders) Emmanuel and Julie Cassimatis".Mr Sheahan and Bank of Queensland lawyer Andrew...
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On the second day of the corporate regulator's case against two banks, counsel Allan Myers, QC, said inexperienced investors were seduced by Storm's image of "luxury, lavishness and success". The Townsville-based company required potential clients to attend 20 hours of seminars before securing bank loans to invest in a standardized scheme recommended to all. "One had to be a believer before one could enter the family," Mr Myers told the court. Investors relied entirely on Storm and were repeatedly told not to worry about their portfolios. But the share market dive of late 2008 resulted in margin calls which wiped out the high-risk Storm-badged index funds. Mr Myers provided details of just three investors of the 3000 who lost portfolios once worth $3 billion. One retired couple, both aged 75, had $1.3 million in assets but just $14,000 a year in income. They secured a $429,000 home loan from Bank of...
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  • doyla66
    doyla66 says #
    Look at their age too!! Call that prudent lending practices?? Pfft..
  • doyla66
    doyla66 says #
    30 year loans for anyone over 45 should be examined very thoroughly as to their compliance with the banking code and consumer cred
  • doyla66
    doyla66 says #
    I am also quite happy to produce our fraudulent Loan Application Forms in court.
  • doyla66
    doyla66 says #
    Good on you, KT. I hope they have the intelligence to ask you to. There's nothing to beat the real evidence - or the shocked looks
  • doyla66
    doyla66 says #
    To get a $429k house loan from Bank of Queensland and assuming they had no other debts- those investors should have been making a
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Posted by on in COURTS & LEGALS
INVESTORS who lost everything when Storm Financial folded were just numbers in a system designed to make the company and banks rich, a court has been told. Read Full Story Here Barrister Allan Myers, representing the Australian Securities and Investments Commission (ASIC), detailed the personal circumstances of two couples and one individual whose financial security was devastated when the Townsville-based financial services company folded in early 2009. Mr Myers told the Federal Court in Brisbane on Tuesday that the investors were all aged above 60 and had assets of between $820,000 and $2.6 million prior to joining the Storm family. The court heard they mortgaged their homes and took margin loans on the advice of Storm. Mr Myers said they lost everything when the bubble burst, with at least one now living on Centrelink benefits as they try to pay off their newly acquired home-loan debt. "One can go on dealing...
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A defining feature of the 2008 financial crisis has been the dearth of criminal prosecutions. Rightly or wrongly, people have gotten the impression that the sheriff is asleep. The global Libor scandal has the potential to change that. The investigation into the London interbank offered rate has already uncovered a wealth of evidence. From the facts provided by Barclays Plc in its settlements with U.S. and U.K. authorities, we know that its employees, and probably those of many other banks, submitted estimates of borrowing costs that they knew to be false. Those estimates were used to calculate a suite of benchmark interest rates that influence the value of hundreds of trillions of dollars in financial contracts worldwide. The misbehavior went on from 2005 to 2009, possibly longer. Sometimes the employees lied at the behest of traders, who wanted to manipulate Libor to benefit their own positions. Sometimes -- specifically during the...
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  • doyla66
    doyla66 says #
    AOFM's purported "mark to market" $50m RMBS [March2012] sale must be deemed "unsafe" as manipulation is rife intent on contriving
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Justice Steven J. Rares was blunt when he handed down his judgement in the long-running class action, Wingecarribee Shire Council vs. Lehman Brothers Australia, last week. Grange Securities, a subsidiary of Lehman Brothers, had engaged in “misleading and deceptive behaviour” in promoting sub-prime derivatives known as Synthetic Collateralized Debt Obligations to three local authorities in NSW and WA, Justice Rares said. Led by Wingecarribee Council, a regional council in Bowral in NSW’s Southern Highlands, 72 plaintiffs including councils, charities and churches were found to be entitled to millions of dollars after having been misled into buying toxic investments. Much already has been, and will be, written about the Wingecarribee case and the judgement. But of interest here is the fact that the matter went through the full legal process with a hearing in open court and a final judgement made by a senior judge (although there may still be an appeal...
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  • doyla66
    doyla66 says #
    Great post, JJ!!
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Andrew Fraser From:The Australian September 24, 20121:59PM FAILED company Storm Financial consciously pursued as clients people either retired or approaching retirement who owned their own homes but had little knowledge of the workings of the stock market, a court has heard. The case against Storm Financial and several banks associated with the North Queensland-based financial company, which folded in early 2009, began in the Federal Court in Brisbane today. Storm's clients, many of them retirees and small investors, lost about $3.6 billion in the collapse. Allan Myers, QC, representing the Australian and Securities Commission, said Storm had rarely tried to capture clients from other existing financial institutions. He said the standard Storm client was “a person, not experienced in financial matters, but comfortably off, having a home that is not mortgaged or mortgaged to a modest extent, plus other assets such as superannuation”. “The people Storm went after were not those...
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  • doyla66
    doyla66 says #
    Exactly, JJ. Signing up retirees to 30 year loans is illegal. Targeting them is deceptive and misleading conduct and inducement to
  • doyla66
    doyla66 says #
    ARIP - Asset Rich and Income Poor. Wonder who taught Mr Cassismatis this!!
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