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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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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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Subscribe to this list via RSS Blog posts tagged in $100 Billion in Toxic Lending
Liar loans: How mortgage fraud helped trigger the GFC DateFebruary 13, 2015 Read later Binyamin Appelbaum     inShare submit to reddit Email article Print   Low-income homebuyers borrowed more than they could afford - helped by the lenders' "art departments" fudging their wage statements. Photo: Ronda Churchill The global financial crisis was caused in part by widespread fraud, which may seem like an obvious point. But it remains surprisingly controversial. US President Barack Obama and other public officials, seeking to explain why so few people have gone to jail, have argued in recent years that much of what happened on Wall Street in the go-go years before the crisis was reprehensible but, alas, legal. You will not be surprised to learn that many financial executives share this view - at least the part about the legality of their actions - and that a fair number of academics have come forward to...
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  • Wayne
    Wayne says #
    with all the patchwork on the documents & all these incredibly honest & intelligent minds reporting the evidence, When is the TIME
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Our Members are waking up to the real issues at stake in the world of BIG BANK BULLIES:  BANKS and ASIC CRY: "Blame the Sellers!" Next they will be saying "Educate the Mice!" Online  From Wayne: It is becoming almost crystal clear what seems to be happening at ASIC & you can't help thinking now, it must be the way that it looks: TOTALLY NOT GOOD How can you blame the seller of the bread if there was a mouse baked in it?    It is clearly the Manufacturer’s responsibility not the seller!   Now all we have to do is wake up Australian Politicians as to what is going on, including Sen. Sam Dastyari.  The BFCSA submission has not been published as yet (since 8th December). Plenty of questions when they next wine and dine with Bankers. Consumers are on the alert and on the warpath. We welcome your thoughts,...
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  • Wayne
    Wayne says #
    also, exactly how does someone with even a hint of finance banning, gain employment at ANZ ? to handle millions of dollars. their
  • Wayne
    Wayne says #
    I noticed a Banker Jailed for 6 years this week, hmmmm not a broker, very Interesting, I expected to see something on main TV news
  • Wayne
    Wayne says #
    well how's the bank going to look when you didn't even use a broker & got your loan straight from the bank & they have no LAF, & d
  • organza
    organza says #
    If I were a broker I would be having a serious think about why banks use them to collect the 100 point id "with signatures" which
  • Denise
    Denise says #
    IF BROKERS WANT A BETTER DEAL AND WISH TO HELP those with loans: Here is what they can do Here is a quick way of finding out whet
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UNVERIFIED LOW DOCS AND FULL DOC Mortgage Loans a chronic problem in Australia What is the point of having a Banker's Code of Conduct if no banker complies with its conditions and regulations?  Bankers approving fraudulent loans without verification of income to ensure "affordability," as per the Code.  This is rife White Collar Crime here in Australia.  Brokers and bank managers are merely the sellers.   Then to mask negative affordability, our sleazy banker chiefs permit extra buffer monies to be approved, so the hapless customer is given extra debt to pay mortgage payments with to mask the unaffordability.  The customer is then laden with debt and no possibility of an exit plan. Banks know exactly how to ensnare customers into a lifetime of debt when that same customer owned their own home and were debt free when the bank approached them with bad financial advice.  Chief Bankers are also earning...
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  • Wayne
    Wayne says #
    yes, if the brokers legal team are on their game the bankers just might get saddled with this. I hope so
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The Big New Year warning for 2015...NO TRUST or confidence should be attached to Bankers and Bank Financial Products such as mortgages and credit cards unless you wish to become one of tens of thousands of "slaves to bank debt." These iniquitous bank products have no financial escape - only financial ruin. I am consistently asked: can you recommend a good financial planner.  It is my job to tell the truth and warn consumers the fraudulent mortgage and credit products are engineered by the four major Australian Banks.  If you are thinking of applying for a loan you suspect is unaffordable from income and may not last for 30 years, the answer is simple: no matter what strategy that sellers are trained to convince you that this loan is affordable  the truth is its a bank engineered scam of magnificent proportions - all states in  Australia. A couple ask: Dear Denise, There are plenty of...
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Five Bank of Cyprus Officials Prosecuted  December 18 2014   Ioanna Zikakou   http://greece.greekreporter.com/2014/12/18/five-bank-of-cyprus-officials-prosecuted/   Greek-Cypriot Attorney General Costas Clerides announced that five Bank of Cyprus officials are facing serious charges that could result to 20-year prison sentences.   The Bank of Cyprus is the bailed in lender of the country whose economy faced difficulties in 2012.   The five Bank of Cyprus officials will be the first bankers to be charged in the collapse of the country’s primary lender, which had to seize 47.5 percent of deposits over 100,000 euros in order recapitalize.   The five men who will be charged are Andreas Eliades, former Bank of Cyprus CEO, Yiannis Kypris, current CEO, Theodoros Aristodemou, former board chairman, Andreas Artemi, former board vice chairman and Yiannis Pehlivanidis, the former deputy CEO who overlooked the bank’s operations in Greece.   Furthermore, the Bank of Cyprus, as a legal entity, will also...
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  • Louie2U
    Louie2U says #
    Hmm - charge the banking entity? Now, I would really, really like to see that happen in this 'lucky' country! Then, just as the CE
  • Wayne
    Wayne says #
    It's good that someone is getting cought
  • Wayne
    Wayne says #
    Just goes to show if you actually investigate the Banker you find corruption, Australia need's to investigate their Bankers thorou
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Big banks back overhaul of advice industry but baulk at funding compo Banking and Finance Date December 14, 2014 - 3:33PM Clancy Yeates http://www.smh.com.au/business/banking-and-finance/big-banks-back-overhaul-of-advice-industry-but-baulk-at-funding-compo-20141214-126rt9.html After a year of turmoil in financial advice, big banks are supporting the creation of a public adviser register, more disclosure of licence ownership, and tighter rules on who can call themselves an adviser. Yet the industry is at odds with the Financial Ombudsman Service over its call for a industry-funded "last resort" compensation scheme for victims of bad advice. New submissions from the Commonwealth Bank, Westpac, Macquarie Group and AMP support the government's plan to give consumers more information about an adviser's history including any bans, their qualifications, and the company that is employing them. The submissions have been made to a Senate committee investigating the level of consumer protection for financial advice clients, an issue that has come to the fore after the government's move...
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  • Louie2U
    Louie2U says #
    FOS always was a toothless tiger. It can make any recommendation it likes but when it has conflicted interests operating within it
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Is Australia Open for business or is it for sale   6 December 2014 Roger Montgomery   http://www.theaustralian.com.au/subscribe/news/1/index.html?sourceCode=TAWEB_WRE170_a&mode=premium&dest=http://www.theaustralian.com.au/business/wealth/is-australia-open-for-business-or-is-it-for-sale/story-e6frgac6-1227146309692&memtype=anonymous   SOMETIMES investors need to look closely at the big picture. If I was recruiting 19 cabinet members to run our country, I would first ask for their CVs. If the majority of the CVs were from career politicians, career lawyers and a couple with any business experience, I guarantee I would not hire them to run a souvlaki chain, let alone the nation. But that’s what our political antipathy has elected to parliament and unless we see a third force rise to offer us a point of difference to the career lawyers on the one side, and career unionists on the other, this country many of us love so dearly, is headed towards a form of serfdom — working for foreign landlords at best, or at worst sidelined completely. Let me explain....
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Treasurer Joe Hockey urges banks to co-operate with regulators Date December 8, 2014   Elizabeth Knight, Matthew Knott and Jonathan Shapiro http://www.smh.com.au/business/treasurer-joe-hockey-urges-banks-to-cooperate-with-regulators-20141207-121vxt.html   Analysis: Banking sector reform will affect every Australian Higher interest rates, lower credit card transaction costs and cheaper superannuation are likely if Treasurer Joe Hockey accepts the recommendations of the government-commissioned Financial System Inquiry. Former Commonwealth Bank head David Murray spearheaded the wide-ranging report that aimed to shift the responsibility and cost of shoring up the strength of the financial system away from the government and taxpayers and place it with the banks. He also raised the spectre of large changes to superannuation that will make it more competitive and add up to 40 per cent to the retirement income for an average weekly earning male. The inquiry recommends the Reserve Bank of Australia ban merchants from surcharging for debit card transactions and that it set surcharge limits...
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So bankers don't understand how finance works?    Combine that with Murray not understanding how criminal service calculators and rigged computers work.......?  But Hockey chose him because he was a Banking Engineer.   Murray's work to shape our financial world for years to come Banking and Finance Date December 5, 2014 Clancy Yeates http://www.smh.com.au/business/banking-and-finance/murrays-work-to-shape-our-financial-world-for-years-to-come-20141204-12043d.html   What you need to know about the Murray inquiry If history is any guide, David Murray's financial system inquiry will shape the landscape of banking, superannuation and insurance for years to come.  Its final report, to be published on Sunday, follows in the footsteps of inquiries that have had profound legacies for consumers, businesses and the entire economy. The 1981 Campbell inquiry paved the way for a wave of deregulation, and the 1997 Wallis inquiry recommended Australia's modern system of market and banking regulation.There have been seismic shifts in finance since Wallis: a six-fold rise in the $1.9 trillion superannuation pool, a...
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Consumer says to us:  I said in my submission to Dastyari Inquiry that banks had forgotten about page numbers on faxes and when these Bankers woke up  so many Members and other people who requested one were told by Bad Bankers: "sorry documents have all gone missing..."  It's a joke...the FOS did not ask ANZ for a copy of my LAF or if they did were not given one.  FOS told Parliament "many bank files are ina  muddle and documents have gone missing. Yes that's what happens when its a Crime Scene run by Banking Cartel.  Consumer Confident and Trust is shattered for years to come. FOS CIRCULAR Sept 2013 is a must read re Maladministration in Lending:  FOS Circular    Issue 15 - Spring 2013   http://www.fos.org.au/the-circular-15-home/fos-forum/maladministration-and-low-doc-loans/   Maladministration and low doc loans   Our Annual Review highlights the increase in disputes we received in 2012-2013 about maladministration in lending - that is, cases...
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  • Wayne
    Wayne says #
    FOS, is a total waist of our Money & Time. Ex bankers running a consumer industry.. what a con. Some even handling Bank cases whil
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Financial system inquiry: David Murray smacks down banks’ ‘wild’ capital claims PUBLISHED: 7 hours 37 MINUTES AGO | UPDATE: 6 hours 32 MINUTES AGO   http://www.afr.com/p/business/financial_services/financial_system_inquiry_david_murray_IlZFq8Xod3SVrMNGeJDP5K Jonathan Shapiro At a glance | Financial system key recommendations Financial system inquiry calls for banks to hold billions more capital Murray pushes lower fees, bans on SMSF borrowing Regional banks call for fast action on big four David Murray may have spent most of his career in banking but that hasn’t prevented him – or the financial system inquiry he has led – lambasting the lobbying efforts of the big four banks. He has emphatically rejected claims by the banks that they are among the best capitalised in the world and that efforts to force them to hold more capital will cause harm by increasing rates to customers and reducing returns to shareholders. What has become immediately apparent in the FSI report’s opening chapter...
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http://ellenbrown.com/2014/12/01/new-rules-cyprus-style-bail-ins-to-hit-deposits-and-pensions/ New G20 Rules: Cyprus-style Bail-ins to Take Deposits AND Pensions Posted on December 1, 2014 by Ellen Brown http://ellenbrown.com/2014/12/01/new-rules-cyprus-style-bail-ins-to-hit-deposits-and-pensions/ On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board’s “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,” which completely changes the rules of banking. Russell Napier, writing in ZeroHedge, called it “the day money died.” In any case, it may have been the day deposits died as money. Unlike coins and paper bills, which cannot be written down or given a “haircut,” says Napier, deposits are now “just part of commercial banks’ capital structure.” That means they can be “bailed in”...
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Posted on November 30, 2014 by Lambert Stretherhttp://www.nakedcapitalism.com/2014/11/australia-haven-bank-control-frauds.htmlFirst Published on Macrobusiness http://www.macrobusiness.com.au/2014/11/australia-haven-for-bank-control-frauds/Lambert here: Et tu, Australia? For the connoisseur of accounting control frauds, sadly, Australia may provide a valuable parallel case in a second member of the Five Eyes. I wonder if the Australians will manage to prosecute any CEOs? By Paul Egan and Philip Soos, co-authors of Bubble Economics: Australian Land Speculation 1830 – 2013. Originally published at Macrobusiness. Exuberant household credit growth over the last twenty years has a sinister dimension: the likelihood of widespread predatory lending and bank fraud. Every developed country, including Australia, has laws to regulate and hopefully prevent predatory lending, defined as providing credit to a borrower in full knowledge they lack the capacity to repay it in a timely manner, if at all. Relevant laws and regulations stipulate loan amounts must not exceed the assessed debtor repayment capacity, based on their assessed wages and other income. Lenders have an obligation to...
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    organza says #
    How insightful and how very spot on. This is all the result of the crims being a whole lot foxier and smarter than the regulators
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Banking culture breeds dishonesty, study finds DateNovember 20, 2014 - 2:33PM 9 reading now Read later     inShare submit to reddit Email article Print Reprints & permissions     What is it with bankers? Bank employees, when primed to think about their finance jobs, are more likely to cheat and be dishonest, researchers at the University of Zurich found in a study that enticed them with as much as $US200. The academics recruited 128 bank employees from a large, international bank - which was given anonymity - and randomly assigned them to two groups. One filled out a survey about their personal lives, and the other answered questions about their banking background. They were then told to toss a coin 10 times in private, and report the results. If they told researchers they guessed correctly on a toss, they collected $US20 for each correct guess. The people who'd been asked about...
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June 2013 http://www.securitisation.com.au/ASJournal/ASJ_04_full%20pdf_final.pdf   The Australian Securitisation Forum (ASF) continues to make a critical contribution to the securitisation industry by connecting issuers, investors and other key stakeholders.  It is a pleasure to introduce its flagship publication again.   When I last wrote for this journal, I noted a number of encouraging signs for the Australian securitisation markets, and I’m pleased to see these have continued apace.   Demand for high-quality Australian residential mortgage-backed securities (RMBS) has remained strong, with a great start to 2013 – having recorded the best first quarter for issuance since 2007.   I was also encouraged by recent comments from Standard & Poor’s that the Australian RMBS market is on track to have its highest level of issuance since 2008 and underlying mortgage pools have performed well in recent years.  This year, we have seen both new and familiar faces in this market.  In March, mortgage aggregator AFG successfully...
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  • Susan
    Susan says #
    Read some of the Securitisation documents and you discover that 'it is expected' that the securities will be rated AAA. They're t
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This is the link and thank you for support as this is sorely needed and long overdue   https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners  CONSUMERS ARE FIGHTING BACK...................Please SEND to everyone you know with Twitter and Facebook Banks fudging income figures using a Banker Engineered tool known as a Serviceability Calculator Not phoning clients to verify income - it is a set up. Please speak out re your loss re Debenture Scams or Banking Products such as Low Doc UNVERIFIED Mortgage LOANS Ask us how to extinguish Credit Card loans attached to Mortgages.   This email address is being protected from spambots. You need JavaScript enabled to view it....
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Lending curbs are nothing to fear:  APRA 17 October 2014   James Mitchell     http://www.theadviser.com.au/breaking-news/30952-lending-curbs-are-nothing-to-fear-apra   Brokers have nothing to fear from potentially tighter lending standards, says APRA chairman Wayne Byres.  Macroprudential tools’ or, more simply, restricting the amount banks can lend borrowers is “normal regulation and regulation responding to circumstances,” Mr Byres told an industry event on Monday. Mr Byres cites Australia’s last property boom in 2003/2004 when APRA took measures to cool the market by implementing changes to capital and mortgage insurance requirements. “We did some other things designed to just temper the incentives and you shouldn't think of this as some grand, new framework and completely new, but I always think much of it is APRA doing its job, which is as things start to get a bit frothy or more exuberant or whatever – the right phrase might be there is a gradual ‘turning up of the dial’ of...
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Loan serviceability buffers questioned Friday, 12 September 2014 James Mitchell http://www.mortgagebusiness.com.au/breaking-news/7640-westpac-s-loan-serviceability-buffer-questioned   A new report has raised concerns that the loan serviceability buffers of Australian banks are too low for borrowers to withstand rate rises.  Interest rate buffers are used to assess a borrower’s ability to meet mortgage repayments in the event of a rate rise. The JP Morgan Australian Mortgage Industry report singled out Westpac as an example of a lender with a buffer rate of 6.8 per cent, just under two per cent above the current rate of repayment on a standard mortgage.  “That serviceability buffer is actually around the 10-year average mortgage rate,” JP Morgan banking analyst Scott Manning said. “If you are assessing buffer ability on averages, rather than stressed scenarios, we question whether that is sufficient and we think maybe the three per cent buffer that the UK is proposing actually makes a bit of sense,”...
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That's not a debt disaster  -  This IS a debt disaster:  Joe and Tony's big con 11 October 2014 Alan Austin http://www.independentaustralia.net/politics/politics-display/thats-not-a-debt-disaster--this-is-a-debt-disaster-joe--tonys-big-con,6984 Alan Austin presents another exclusive report the mainstream media will not touch — Australia’s rapidly escalating borrowings since Abbott and Hockey came to office promising to end ‘Labor’s debt disaster’. AUSTRALIA’S DEBT since Joe Hockey took charge of the nation’s finances has increased dramatically.  The rate of expansion shows no signs of slowing.  Monthly finance figures for July and August were quietly released yesterday — late on Friday night, several weeks late, after seemingly being sat on by Cormann for at least a week*.  They show the Abbott Government has achieved precisely the opposite of its solemn pre-election undertaking to bring about   ‘… a reduction of $30 billion in net debt.’ In July and August alone – two months for which it is impossible for PM Tony Abbott to blame...
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Breaking the big four’s bad habits  The Murray Inquiry Threatens to corral Australian Banks' dodgy lending practices.  Big Banks Bad Business Model to steal homes. 6 October 2014 Callum Pickering http://www.businessspectator.com.au/article/2014/10/6/australian-news/breaking-big-fours-bad-habits   Australia’s major banks are getting desperate. The Murray Inquiry threatens to corral their dodgy lending practices and misleading accounting, prompting a last ditch effort by senior management to convince members of the inquiry that additional regulation is not required. We shouldn't sugar-coat the situation: the Murray Inquiry poses a serious threat to the business model of Australia’s big four banks. That might sound dire, but don’t be fooled, this is a business model that should be threatened.  The inquiry itself -- the first into the financial sector in 17 years -- will be released in November. At the centre of the inquiry are two fundamental issues: the major bank’s low capital ratios and the government’s implicit guarantee of Australia’s financial system. Those...
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  • Jetfighter
    Jetfighter says #
    There needs to be a better share of the market right across the board to establish a balanced and sustainable economy that will en
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