GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
582408

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

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

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
ANZ revamps dispute practice The Australian 12:00am April 15, 2019 Joyce Moullakis   EXCLUSIVE  ANZ will formalise new dispute resolution principles for matters involving individuals and small business as it seeks to reduce customer complaints and handle the fallout from the Hayne royal commission. The 15 general rules — which do not cover class actions or other legal cases involving groups — will be made public today. They include principles such as don’t defend the indefensible, be even handed, take quick action, assess ANZ’s position early and only litigate where there is no reasonable alternative. ANZ’s deputy chief executive Alexis George told The Australian the move to document the principles publicly was an “important step” for the bank to ensure they “cascade through” its staff and legal firms. “It has been a catalyst for discussion and we just didn’t talk about this internally,” Ms George said. “It will be an opportunity...
Last modified on
Hits: 107 0 Comments
Rate this blog entry:
0
Continue reading
ASIC doubles wealth investigations Australian Financial Review Apr 15, 2019 12.00am Edmund Tadros   The corporate regulator is investigating 90 cases of potential wrongdoing in the wealth management arms of major banks and financial institutions, double the number it was looking at last September. The update on the Australian Securities and Investments Commission's wealth management project, made during a Senate estimates hearing, also revealed that the regulator has beefed up its staffing of the investigations to 70 from 45. In addition, 76 of those investigations have involved the regulator using its powers to force companies to produce information, said Tim Mullaly, ASIC's executive director of financial services enforcement. "Currently in that project, there are now approximately 90 investigations afoot. Since September, that's an increase of 45 investigations ... so it is a significant amount," he told the Senate estimates hearing. He said that 14 of the 90 matters were at the...
Last modified on
Hits: 125 0 Comments
Rate this blog entry:
0
Continue reading
NAB bid to stop meltdown in mortgage broker business Australian Financial Review Apr 15, 2019 12.01am Duncan Hughes   National Australia Bank has lost the support of the country's largest mortgage broking group, with its market share among borrowers seeking to refinance more than halving from 8.5 per cent to less than 4 per cent, forcing it to begin offering sweeteners to shore up support. Brokers working for Australian Finance Group claim NAB's variable interest rate hike in January, the time it is taking to approve loans, senior management shakeout and fallout from the Hayne royal commission are behind the dramatic drop in the number of loans being referred. AFG says NAB has lost market share across fixed interest, investor, homeowner and refinancing over the past 12 months. NAB disputes the concerns, claiming it is committed to its existing customers, has "strongly improved" customer retention, and is the best-performing major bank...
Last modified on
Hits: 120 0 Comments
Rate this blog entry:
0
Continue reading
The housing bust and why it's likely to continue ABC News 15 April 2019 Ian Verrender Business Editor     That's the problem with tearaway booms. The more exaggerated the run-up, the greater the pain when the inevitable decline kicks in. Australian housing prices have been unwinding at a serious clip now for close to a year and a half, led by the cities that kicked off the boom, Sydney and Melbourne. Suddenly, what previously was brushed aside as a healthy correction, now has regulators and policy makers, including the Reserve Bank, concerned. While the declines so far are yet to present a threat to the broader economy, they are unlikely to be contained. Even normally cool heads are predicting a continuation of the great Aussie housing market unwind for at least the rest of this year. The problem now is that the fundamentals driving the slide cannot easily be altered....
Last modified on
Hits: 115 0 Comments
Rate this blog entry:
0
Continue reading
RBA confirms weak housing market conditions MacroBusiness 12:36 pm on April 12, 2019 David Llewellyn-Smith   The new RBA Financial Stability Review is out and brimming with anxiety: Risks to the household sector have increased over the past six months given weak housing market conditions. Housing prices have fallen significantly in Sydney and Melbourne after the earlier large run-up in prices, while in Perth and other mining exposed regions, prices have been declining for several years. However, nationally, only a small share of borrowers have seen the value of their property fall below the value of their loan. Improved lending standards over recent years have supported this outcome. If there were further large housing price falls, the share of borrowers in negative equity would increase significantly. Even then, negative equity need not be problematic for financial stability as long as the unemployment rate remains low and households continue to be able...
Last modified on
Hits: 91 0 Comments
Rate this blog entry:
0
Continue reading
Bankers fear more strikes in exec pay 'showdown' Sydney Morning Herald April 11, 2019 12.00am Clancy Yeates and Mathew Dunckley   EXCLUSIVE  Banks face a fresh showdown with shareholders over executive pay and risk copping second "strikes," senior bankers warn, after the regulator urged boards to put less weight on financial targets when paying bonuses. In an attempt to improve bank culture, the Australian Prudential Regulation Authority (APRA) is expected to propose restrictions on bank executive pay in the coming weeks. Chairman Wayne Byres last month signalled it would be calling on boards to give more consideration to non-financial factors such as customer outcomes when determining bonuses, as recommended by the royal commission. But senior bankers have told the Sydney Morning Herald and Age such a change is likely to be resisted by key investors, some of whom have previously worried that non-financial targets can be more easily “gamed.” The bankers'...
Last modified on
Hits: 94 0 Comments
Rate this blog entry:
0
Continue reading
Rise of renegade business Viridian to change financial advice The Australian 7:21am April 12, 2019 Robert Gottliebsen   Four years ago, some 20 Westpac advisers and support staff in Melbourne left the security of the powerful banking organisation to start their own personal financial advice business. Their colleagues in Westpac shook their heads and didn’t give the business they started - called Viridian - much chance. Four years later those 20 renegades, led by Glenn Calder, have developed Viridian into a business that is set to change the way personal financial advice is delivered in Australia. In a stunning development, Westpac is actually transferring its whole investment advisory business to the former renegades. ANZ, NAB and Commonwealth Bank are all looking to exit personal investment advice or certainly change their approach to it. These decisions are part of a total transformation of the way banks are set to operate in Australia....
Last modified on
Hits: 93 0 Comments
Rate this blog entry:
0
Continue reading
CBA boss under pressure to reveal extent of job cuts Australian Financial Review Apr 12, 2019 1.47pm James Eyers   Commonwealth Bank has told the Finance Sector Union that newspaper reports of mass redundancies and branch axings are "misleading and unnecessarily alarming", as banks are being wedged between analyst demands for cost reduction as credit growth softens, and unions and politicians who want to see them continue to be big employers. Earlier on Friday, FSU national secretary Julia Angrisano wrote to CBA chief executive Matt Comyn asking him to explain reports the bank planned to chop its workforce by 20 per cent, or 10,000 people, and close 300 branches. The union described the numbers as “outrageous acts”, although analysts say the widespread adoption of digital banking means banks will continue to cut operating costs to maintain profits in coming years. As CBA goes more digital – driven by more customers banking...
Last modified on
Hits: 98 0 Comments
Rate this blog entry:
0
Continue reading
Inside the Liberal Party’s bare economic policy Professional Planner April 12, 2019 Dominic McCormick   I rarely write about politics, but since I touched on some of Labor’s policies in the April issue of Professional Planner, and we are heading towards one of the more interesting elections in decades, taking a look at the Liberal National Party policy approach makes sense. There are clearly fairness and complexity issues in some of the proposed Labor tax policies, as I pointed to last month. But at least you can call these attempts at genuine reform, even if lacking full consideration of outcomes for all. On the other hand, the LNP seems to have one broad underlying economic policy framework that doesn’t really rely on reform. That is, it appears to me to be attempting to preserve and revive the debt/asset bubble economy it has helped manufacture and curate over the last 6 years....
Last modified on
Hits: 103 0 Comments
Rate this blog entry:
0
Continue reading
Australia’s growing debt explodes the myth that Libs are better economic managers michaelwest.com.auApr 12, 2019 John Menadue John Laurence Menadue AO is an Australian businessman and public commentator, and formerly a senior public servant and diplomat. He is the founding chair and board member of the Centre for Policy Development.  Yesterday, Scott Morrison said on announcing the election: “Labor cannot manage money”. John Menadue who served as head of Department of Prime Minister and Cabinet under both Whitlam and Fraser governments disagrees. It’s the Coalition, hidebound by an out-dated ideology about markets and private enterprise, who cannot manage the economy. IN AN earlier post, I argued that the economy is a means to an end. It is not an end in itself. The economy must ensure and hopefully advance the health of our planet and our society. Unfortunately the government sees the economy as paramount. It believes that this will play...
Last modified on
Hits: 321 0 Comments
Rate this blog entry:
0
Continue reading
ASIO likely restored to A-G’s under Shorten The Australian 12:00am April 12, 2019 Paul Maley   A Shorten-led government could reinstitute the now-defunct position­ of national security adviser­ and unpick the controversial Home Affairs Department by ­restoring ASIO to the care of the Attorney-General. The opposition is said to be ­debating how best to arrange the nation’s national security architecture, which for the past decade has been in a near-constant state of change. While national security is unlikel­y to be a policy area emphasised by Labor, a change of governme­nt could bring significant change in the way intellig­ence and federal law-enforcement communities are ­organised. Officially, Labor is keeping its powder dry on possible changes until after May 18. Opposition legal affairs spokesman Mark Dreyfus said a Labor government would review the home affairs portfolio, a national security mega-department created by then prime minister Malcolm­ Turnbull as a means of appeasing right-wing...
Last modified on
Hits: 104 0 Comments
Rate this blog entry:
0
Continue reading
Big banks brace for shock and Orr of the New Zealand kind The Australian 12:00am April 11, 2019 Richard Gluyas   For the major banks, last year was a tale of two Orrs. After being skewered by Rowena Orr QC in the Hayne royal commission, they are now on the hook for much deeper capital buffers courtesy of a December consultation paper from Reserve Bank of New Zealand governor Adrian Orr. If anyone thought a proposal to almost double tier-one capital requirements could be dismissed as a central bank thought bubble, it’s time to think again. The potential implications are serious, including large capital shortfalls by the 2023 financial year, possible abandonment or delays in capital management plans, and dividend cuts to more sustainable levels. Submissions on the consultation paper, which was released last December, are open until May 3, with a final decision not expected until September. Already, there’s been...
Last modified on
Hits: 113 0 Comments
Rate this blog entry:
0
Continue reading
BoQ results disappoint, CEO Rose warns of tough times ahead The Australian 12:00am April 12, 2019 Joyce Moullakis   Bank of Queensland interim chief Anthony Rose is adamant the lender is “staring into” a tough period ahead, as he warned earnings would not improve in the second half and declared the lowest half-year dividend in about five years. The Brisbane-based bank disappointed investors yesterday with an interim profit that was weighed on by factors, including an underperforming retail bank, issues with its owner-manager branches and higher costs. Mr Rose told The Australian while there were operational challenges for BoQ, he didn’t expect the May 18 federal election to curb already softer lending volumes across housing and business loans. “I don’t think it tends to have an impact on lending,” he said. But BoQ and its regional peers are using the election to step up their combined and separate lobbying against heavier...
Last modified on
Hits: 87 0 Comments
Rate this blog entry:
0
Continue reading
Vietnamese bank implicated in Australian money transfer cartel Australian Financial Review Apr 11, 2019 9.10am Misa Han, James Fernyhough   Major Vietnamese bank Sacombank has been implicated in an exchange rate fixing case that saw allegations of cartel behaviour brought against three Australian money transfer companies. On Thursday five people appeared before the Melbourne Magistrates Court charged with allegedly fixing the exchange rate for the Australian dollar and Vietnamese dong. While Vietnamese bank Sacombank was not named in the charges, court documents released late on Thursday contained allegations from the Australian Federal Policy that the bank had encouraged the three companies to fix exchange rates. The charges were the result of a five-year joint investigation by the Australian Federal Police and the Australian Competition and Consumer Commission. ACCC chairman Rod Sims said the alleged behaviour was "extremely serious" and related to almost a quarter of the amount of money transferred from...
Last modified on
Hits: 135 0 Comments
Rate this blog entry:
0
Continue reading
Breaking Bad: Hells Angels’ venture on ASX passes ASIC muster michaelwest.com.auApr 9, 2019 Michael West   Investors were furious to find their high-tech battery lab in Thailand was stocked, not with high-tech batteries, but with old ice cream machines. Surely the corporate regulators would fire up now at this, yet another deception by a company listed on the Australian Securities Exchange? Michael West reports. What about the claims of insider trading, the misleading and deceptive ASX announcements, issuing shares to family members? The dubious fracking “technology”, which never worked, but was acquired from none other than the chairman’s private company? It was galling enough watching the value of their shares in LWP Technologies go up in smoke (and mirrors) while the company’s promotor, Siegfried Konig, was shipping in a salary of $430,000 a year. Yet the piece de resistance was when, after years of trying to put a rocket under corporate...
Last modified on
Hits: 102 0 Comments
Rate this blog entry:
0
Continue reading
Medcraft's mission to change the world Australian Financial Review Apr 12, 2019 12.00am Justin O'Brien Professor Justin O’Brien is co-editor with Thomas Clarke of the University of Technology, Sydney, of The Oxford Handbook of the Corporation, published this month by Oxford University Press, and author of the forthcoming Trust, Accountability and Purpose: The Regulation of Corporate Governance, to be published in June by Cambridge University Press.   EXCLUSIVE  It can be somewhat dangerous for an economist to mine a literary masterpiece to frame one of the contentious political debates facing the planet: the future of globalisation. Unperturbed, in 2018 the director-general of the Organisation for Economic Cooperation and Development (OECD), Angel Gurria, turned to Giuseppe Tomasi di Lampedusa’s The Leopard for the most celebrated political advice uttered in modern European literature. Set in 1860 as the forces of Garibaldi were preparing for an invasion to unify Italy, di Lampedusa has the...
Last modified on
Hits: 126 0 Comments
Rate this blog entry:
Continue reading
APRA, ASIC set clock ticking on super trustee fee crackdown The Australian 12:00am April 11, 2019 Ben Butler   Regulators have given the custodians of Australia’s $2.7 trillion in retirement savings just 11 weeks to come clean on how they are short-changing savers by charging fees and providing nothing in return. In a letter sent to every superannuation trustee company in the country today, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission said they had already “identified a range of industry practices in relation to trustee oversight, many of which fall below the standard we expect”, some of which were “the subject of enforcement investigations or actions”. “This raises concerns about some trustees’ risk governance, capabilities and culture, as well as their ability to appropriately manage conflicts of interest,” the regulators said in the letter, signed by APRA deputy chairman Helen Rowell and ASIC commissioner Danielle Press....
Last modified on
Hits: 101 0 Comments
Rate this blog entry:
0
Continue reading
APRA threatens alternative enforcement for Hayne referrals Australian Financial Review Apr 11, 2019 4.04pm Misa Han   The prudential regulator says it may have to pursue "other avenues" to take enforcement action against the entities singled out by the Hayne royal commission, because the usual sanctions such as civil and criminal penalties are not available. In a written statement to the Senate economics legislation committee on Thursday, APRA chairman Wayne Byres said implementing the Hayne royal commission recommendations and referrals was a "high priority" for the regulator. "We continue to gather evidence on each of the possible enforcement matters referred to APRA, and expect to be able to make an assessment on the merits of further action in the coming months," he said. "However, as I noted last time, none of the potential breaches of the law or prudential standards that have been referred to APRA carry civil or criminal penalty...
Last modified on
Hits: 110 0 Comments
Rate this blog entry:
0
Continue reading
IRISH EXAMINER - Ireland   Tuesday, April 09, 2019 - 12:07 PM https://www.irishexaminer.com/breakingnews/views/analysis/eddie-hobbs-are-we-seeing-early-signs-of-an-australian-debt-asteroid-strike-and-why-it-matters-916553.html Are we seeing early signs of an Australian DEBT asteroid strike and why it matters! By Eddie Hobbs A recent report by Denise Brailey, the President of Australian BFCSA (Banking & Finance Consumers Support Association), to a Royal Commission on banking provided a worrying picture of banking in Australia.   Her research and findings on the dark arts of some debt sales Down Under reverberated more widely for a reason; it can happen in parts of banking in a hot market. How widespread, however, is uncertain. Business development managers can train front line debt sellers to act as agents of the bank, tasked with selling as much debt as possible. Incentivised by sales targets and fast money to be made, signed forms can get filled in, unsighted back at the office with bogus data, serviceability engines that calculate capacity to...
Last modified on
Hits: 379 0 Comments
Rate this blog entry:
Continue reading
Criminal law review to target boards, executives Australian Financial Review Apr 10, 2019 12.15am Michael Pelly   The federal government has ordered a comprehensive review of white-collar crime laws, with the aim of making it easier to sheet home responsibility for misconduct to senior executives and directors. Attorney-General Christian Porter will announce on Wednesday that the Australian Law Reform Commission will be asked to consider ways to "strengthen" the regime. Mr Porter said a key task for the ALRC would be to consider whether the Commonwealth Criminal Code "needs to incorporate provisions enabling senior corporate officers to be held liable for misconduct by corporations". Former Federal Court judge Robert Bromwich will be appointed a part-time member of the ALRC for the project, which will also consider options for implementing recommendations of the banking royal commission and the ASIC Enforcement Review Taskforce. Mr Porter said the terms of reference would include "consideration...
Last modified on
Hits: 201 0 Comments
Rate this blog entry:
Continue reading
Advisers eye legal challenge to Hayne’s trailing commission ban The Australian 3:42pm April 9, 2019 James Kirby   The financial advice industry is planning a significant rearguard action against the Hayne royal commission with the launch of “fighting fund” to finance a High Court challenge against planned reforms. With an estimated cost of up $1.5 million, the Association of Independently-owned Financial Professionals (AIOFP) is asking its 5000 members and affiliated professionals to donate money which will specifically challenge the Hayne commission’s recommendation to scrap trailing commissions. The financial advisers “Regulatory Challenge Fund” has clearly been emboldened by the recent success of mortgage brokers who successfully convinced both sides of parliament that a Hayne plan to change the commission structure of mortgage broking was unrealistic. In financial advice, trailing commissions have been “grandfathered” under previous legislation, namely the Future of Financial Advice laws of 2014 (grandfathering allows previously existing arrangements an exemption...
Last modified on
Hits: 137 0 Comments
Rate this blog entry:
0
Continue reading
S&P concerned banks may lose support in a crisis Australian Financial Review Apr 9, 2019 3.03pm James Eyers   S&P Global Ratings says there's a one-in-three chance it will cut its assessment of government support of the major banks in a financial crisis, a move that would trigger a downgrade to their credit ratings and push up the cost of funding. But for now, the international ratings agency says it believes both major political parties will "continue to hold a pragmatic view" that a taxpayer-funded bailout of any major banks would be more likely to maintain financial system and economic stability than forcing losses onto bond holders. After the Australian Prudential Regulation Authority said in November the major banks would need to lift capital buffers by up to 5 percentage points, forcing them to raise $75 billion of additional capital, S&P said on Tuesday its "base case" remains that the Australian...
Last modified on
Hits: 141 0 Comments
Rate this blog entry:
0
Continue reading
NAB: Aussie house price crash worst since Great Depression MacroBusiness 1:00 pm on April 9, 2019 David Llewellyn-Smith I reckon we’re going to redo the 1890s in real terms in Sydney and Melbourne.    Blowout in time needed to sell property   Australian Financial Review Apr 9, 2019 9.00am Duncan Hughes  KEY STATISTICS ·         69 days Median time on the market in Sydney. ·         54 days Median time on the market in Melbourne. ·         Close to 80 days Median time on the market in Perth and Darwin. ·         $1500-$5000 How much it costs to get your property up to the top of online sales for your postcode. Property owners are taking four times as long to sell their Sydney dwellings than at the peak of the market, forcing many into expensive bridging finance and costly extended sales campaigns. For Melbourne it is twice as long and for other capitals, such as...
Last modified on
Hits: 197 0 Comments
Rate this blog entry:
0
Continue reading
Housing affordability could see exodus of essential workers in Sydney and Melbourne Nine.com.au9 April 2019 Tim Rose   Sydney and Melbourne could be faced with a shortage of essential workers because they are unable to afford to buy a home in the two cities, a new report has warned. PwC's Deposit Gap Dilemma report, commissioned by Teachers Mutual Bank and Genworth Mortgage Insurance Australia and based on a CoreData survey of more than 1000 people, found the two cities could see an exodus of "key workers" without government intervention. The report defined key workers as teachers, nurses, ambulance officers, paramedics, fire and emergency service staff. An alarming 79 per cent of workers surveyed in those professions in Sydney and Melbourne believed home ownership was not achievable, with around a quarter looking to either relocate or even change careers. And not without reason. According to the report, they would need to save...
Last modified on
Hits: 160 0 Comments
Rate this blog entry:
0
Continue reading
AMP’s David Murray facing backlash The Australian 1:00am April 9, 2019 Joyce Moullakis   Under-fire wealth group AMP and chairman David Murray are going on the offensive before next month’s annual general meeting, as several investors flag plans to vote against him. The Australian understands Mr Murray will this week ramp up meetings with institutional investors and other key stakeholders to reiterate the board’s view the company can be revived under a new model and leadership. The Australian Council of Superannuation Investors (ACSI) is understood to be hosting a detailed conference call with Mr Murray on Tuesday, allowing its members to ask questions, while the Australian Shareholders’ Association (ASA) has a meeting with him late this week. AMP and Mr Murray will also make their case to influential proxy advisers as they seek to avoid a second strike against the group’s remuneration report. Last year, investors hit AMP with a 61...
Last modified on
Hits: 167 0 Comments
Rate this blog entry:
0
Continue reading