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BFCSA
MORTGAGE
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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 APRA Failures
CHRISTOPHER JOYE   New data released during the week allows us to objectively lift the lid on the true level of risk in Australia’s banking system. Remarkably the evidence suggests the biggest banks have actually reduced tier-one “equity” capital and increased leverage over the past decade, which contradicts the consensus that our banks are more conservatively capitalised since the global financial crisis. Information published by the Australian Prudential Regulation Authority (APRA), which should be carefully inspected by David Murray’s financial system inquiry, addresses several myths that investors and financial advisers have swallowed hook, line and sinker. The $400 billion too-big-to-fail major banks are leveraged about 10 times, right? Wrong. But they have more loss-absorbing tier-one equity capital and less leverage than competitors? Incorrect. Well, they have absolutely boosted equity and cut leverage after the lessons learned during the GFC about the ease with which highly geared entities fall over? Wrong again. Every...
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  I was 54, looking through the real estate for sale on the internet when I came across the most beautiful home, right on my favourite stretch of river. Of course it was expensive but I had a good income and thought I would at least give it a go. My way of thinking was that "If the bank doesn't think I can afford it then they won't give me the money." WHAT WAS I THINKING??!! I made an application through a broker who was upbeat about loans and approval was easy.  I left the broker's office thinking it was all an interesting exercise but I would never gain approval.  How wrong was I! They had to break the loan into four smaller loans, mortgaging the home and two rural properties I owned and I had to borrow another $130,000 privately (through someone the broker recommended) to use as a deposit...
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  • NABbed Nanna
    NABbed Nanna says #
    Another story of deceit and trickery. You sort of cannot believe that these so called trusted banks would treat you like this. We
  • Aries
    Aries says #
    Same old story from everyone, loan documents tampered with deliberately. Everyone write to the Finance Minister Mathias Cormann a
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We are the brokers friend not the brokers enemy.  It is the Gods of Industry, the Masters of the Universe that have consistently told Parliament "its brokers doing the wrong thing."  The documentation gathered by BFCSA members show its the LENDERS TO BLAME and 86% are the Big Four Major Banks as you would find in any banking catastrophe where dabbling in white collar crime driven sub prime lending, is obvious. Australia is only just playing catch-up.  Read the Senate transcripts of the regulators and FOS and COSL - the Ombudsman's services - tainted and over-run by bankers.  To prove that white collar crime pays: consumers are getting a raw deal and brokers are being blamed in Parliament - not by me!  The Lenders invented the entire process, teaching brokers it was all above board!!!!  Medcraft admitted a computer approves the loans and calculators calculate the income used..........................the calculator is rigged at 1.1...
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  • doyla66
    doyla66 says #
    Banks love to find someone or something else to blame: brokers, GFC, government, regulations, international conditions, etc etc.
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Risky Australian Lending Targeted as RBA Spurs Housing: Economy By Narayanan Somasundaram and Michael Heath May 25, 2014 11:01 PM EDT  3 Comments http://mobile.bloomberg.com/news/2014-05-26/australian-regulator-warns-of-rise-in-higher-risk-home-loans.html An artist's impression of a residential development is displayed outside a construction site in the suburb of Eastwood in Sydney. The Reserve Bank of Australia, which has held its cash rate at 2.5 percent since August, has signaled the housing upswing was needed to spur residential construction. Australia’s banking regulator urged mortgage lenders to maintain standards as higher-risk borrowing rises and home prices surge amid record-low interest rates. The Australian Prudential Regulation Authority is “seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,” Chairman John Laker said in a statement. Draft mortgage guidelines released today reinforce “the importance of maintaining prudent lending standards when competitive pressures may tempt otherwise.” The Reserve Bank of Australia, which has held its cash rate at 2.5 percent since August, has signaled the housing upswing...
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  • doyla66
    doyla66 says #
    Dr Laker is trying to avoid being blamed for this latest bout of lax lending practices? Fact is, Dr Laker, this has been going on
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APRA worried about growth of high risk lending in Australia’s $1.3 trillion mortgage market   JEFF WHALLEY BANKING HERALD SUN MAY 26, 2014 8:27PM Qld Courier MAIL THE nation’s banking watchdog says it has witnessed “increasing evidence” of high-risk lending in the $1.3 trillion mortgage market as the scrap for market share intensifies in the face of low lending rates. The Australian Prudential Regulatory Authority has laid down the law to banks and other lenders with a series of new draft guidelines aimed at sharpening risk management. The Reserve Bank has maintained official interest rates at a historic low of 2.5 per cent since August last year. That’s created a hothouse atmosphere among banks which are fiercely competing to grab as much of the mortgage market as possible. “In this environment, APRA is seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,’’...
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  • doyla66
    doyla66 says #
    Interesting that there's a lot of competition for low doc clients when the interest rates are so low. The message must be getting
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Mackers just loves targeting Asset Rich but (very) Income Poor ("ARIPs") because its lucrative business for them and shareholders BUT its amoral and fraught with RISK OF LOSING HOME in 7 short years.  Low Docs guaranteed to lose your own home in 5 years.  The Bank Sharks are back.   THE ugly side of risks to reverse mortgages – interest rates are higher than average and debt can quickly rise.  Ask BFCSA Members what they think Reverse mortgages back in vogue Australian Broker News by Calida Smylie | 14 Mar 2014   The move by two major funders to offer reverse mortgages again is an indicator the market is picking up since the global financial crisis, the general manager of a mortgage servicing company said.“When reverse mortgages coming back that’s when I know the market’s coming back. Because funders willing to fund reverse mortgages means the cost of funding is coming down and they...
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  • Denise
    Denise says #
    Dumb Brokers do not understand the product!!!! They sell them to their own parents! I know. Banks sell product to its agent bro
  • doyla66
    doyla66 says #
    disgraceful.. ad CBA is all over it!! It was only in 2012 that Sentinel had no money, until CBA came to the rescue....... In 2012
  • doyla66
    doyla66 says #
    Here we go again! Brokers door knocking their way to bonuses and overseas trips on the backs of the vulnerable ARIPs! Please every
  • Denise
    Denise says #
    Good One Mackers. You Bad Boys must be getting desperate. Vulnerable Senior Citizens targeted to release equity in the homes and
  • Denise
    Denise says #
    I hope Macquarie is telling their shareholders they are profiting from fraudulent high risk products. [email protected]
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The dark heart of Australian banking Posted by Deep T. in Australian banksat 12:15am on March 4, 2014 | 22 comments Sighhhh. I’ve written about this in detail a few years ago but nothing has changed and the deceit continues. All of the Mega Bank’s divisions continue to present to the market deceptive figures about the strength of their balance sheets and the amount of capital Mega Bank holds compared to banks in other parts of the world.   Mega Bank asserts that because APRA has harsher rules in some capital calculations under Basel requirements that its capital ratios when compared to banks in other jurisdictions should be higher, thereby representing greater balance sheet strength. Whilst this claim is based on an Australian Banker’s Association report of 6 or 7 years ago, is not only dubious, IMHO its down right deceptive. In order to substantiate my claims, I refer you to CBA’s latest result...
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Now the true warnings are about to appear on mass as everyone ducks for cover.  APRA has just woken up as to how Mortgage Fraud invades and destroys economies around the globe.  Welcome to the real world Mr Laker and the new guy.  Its been under your noses for 14 years..........Will you then say like American regulators: "we did not see this (GFC) coming?   BFCSA kept sending out warnings backed by the date.  ADI's is a fancy name for Major Banks. These APRA figures have been ditto back 10 years!!!!  97% LVR loans and also INTEREST ONLY LOANS to ARIP's.   Australian Regulators have been in SNOOZEVILLE for their ten year slumber party.  Where does APRA get its figures from?  THE BANKS of course.  Then Naylor blurts out that regulators are certainly aware of these issues.  Yes Phil and you were guilty of same covering up of true situation but...
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  • doyla66
    doyla66 says #
    Oh thankyou Mr Kusher. It brings me a great deal of comfort to know that “These mortgages are typically insured". What a relief
  • doyla66
    doyla66 says #
    Thanks to ASIC the Aussie dream of home ownership has been decimated - no longer called rags to riches and eventual security but a
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Yes folks, its another ugly twist and the lengths our Greedy Bankers will go to gain an extra dollars profit.  Shareholders could be in for a huge falls in dividends when truth finally oozes out onto the footpath.   Bankers were not looking after shareholders, but looking after "selfie" monkey business. Parental guarantees on mortgages were approved without the legal requirements being met.....independent letters from lawyers to say they had been fully briefed on risk of losing one's home.  Even if the parents understood the risks – that even signing a document to this effect was still a breach of law, if the parents were to receive no benefit.....etc   Banks have defrauded guarantors in some cases by making them actual co-borrowers on paper… What a shocking state of affairs that is?   FOS had no idea until BFCSA pointed out these issues......wonder what happened to earlier cases that need to be re-opened and independently examined?...
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  • doyla66
    doyla66 says #
    It is absolutely disgusting that nobody in authority has the balls to put up the big stop sign and say enough is enough. I have s
  • doyla66
    doyla66 says #
    Were our Government irresponsible or just plain lazy when they allowed our filthy Bankster Industry to regulate themselves?. That
  • doyla66
    doyla66 says #
    What a joke It needs to be reopened and dealt with...... Keep going nanna FREEZE all TOXIC loans
  • doyla66
    doyla66 says #
    We are one of the earlier cases dismissed by FOS. My son was added as a guarantor and a loan applicant. He did not apply for a l
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My files are FULL of evidence from people with legitimate claims of Maladministration in Lending amongst the Major Banks - registered as FOS members.  No-one better tell our members there is not a problem in Australia.  At least BFCSA was on the money when it told all members to demand the FAXED copy of the Loan Application form.  A key INDICATOR OF FRAUD IN THE BANKING sector materialised when NAB WESTPAC, ANZ and CBA started to SHRED DOCUMENTS.  Yet the Australian Securities and Investment Commission bleated to Federal Parliament they could find no evidence of fraud!"  Corrupt or incompetent?  YOU be the judge. ASIC hands out licences to FOS and COSL: the External "Dispute" Resolution Services (EDR's), controlled and funded by Banks.  ASIC therefore say "we do not investigate consumer complaints!"  No-one does.  Fraud is being treated as a "dispute" and the fraud is supposed to be investigated by the lazy...
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  • doyla66
    doyla66 says #
    To Government, ASIC, APRA, Aus. Federal Police, FOS and COSL, wake up and smell the roses. The banking cabal have caused destructi
  • doyla66
    doyla66 says #
    All these questions are legitimate and as Aussies we are all entitled to answers. If everything was above board at FOS this would
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What a great day for all consumers of mortgages across Australia. No wonder Steven Munchenberg is "confident the banks are not involved in the Inquiry"  The ABA has been obviously given assurances........  it's the bank influenced uplifting Terms of Reference that could be a worry for consumers.  However BFCSA members will send a record number of submissions ever received by Parliament in the past. The performance of the Australian Securities and Investments Commission Terms of Reference The performance of the Australian Securities and Investments Commission (ASIC), with particular reference to: (a) ASIC's enabling legislation, and whether there are any barriers preventing ASIC from fulfilling its legislative responsibilities and obligations; (b) the accountability framework to which ASIC is subject, and whether this needs to be strengthened; (c) the workings of ASIC's collaboration, and working relationships, with other regulators and law enforcement bodies; (d) ASIC's complaints management policies and practices; (e) the protections afforded by ASIC to corporate...
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  • doyla66
    doyla66 says #
    WOW 999 HITS on this blog as at 11 am EST... and counting
  • doyla66
    doyla66 says #
    ASIC doesn't really care about the consumer they just refer complaints onto FOS and COSL who in turn just side with the banks and
  • doyla66
    doyla66 says #
    That's the impression I have as well. ASIC FOS and COSL are just a formality. Like the judge will say "did you try to resolve the
  • doyla66
    doyla66 says #
    I would love to have been a fly on the wall in the offices of ASIC after the grilling by Senator Williams. Wonder what will happen
  • doyla66
    doyla66 says #
    I was thinking the same thing, Jean. As mad as it sounds it would not surprise me if Kell said to his staff "that went well" and a
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For the Head of the Australian Bankers Association to suggest the Senate Inquiry into Australian Securities and Investment Commission is not about the BANKS is a key indicator that the ABA is corrupted or stupid.  He cannot have an each way bet on this appallingly gross Australian Mortgage Low Doc Scandal. If there were "only" 1,200 victims of the LOW DOC FULL DOC scams in Australia, the 30 Banks and Non Banks would have immediately moved to use their petty cash reserves to discharge everyone of the LIAR LOAN Mortgages and defuse the public scrutiny.  The truth is there are possibly 200,000 of these hideous loans out there and 18% of these toxic loans are FULL DOCS arranged by Bank Managers and internal staffers.  The ABA simply just sits there and GULPS! Of course the Inquiry into ASIC is only the first step in releasing long hidden information as to why...
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  • doyla66
    doyla66 says #
    Pity Mr. M. isn't like Pinocchio and every time he told a lie his nose grew longer. He would be tripping over the wretched thing b
  • doyla66
    doyla66 says #
    I doubt that Munchinberg in his high position is ignorant of banks repossessing homes. i think he is well informed but chooses to
  • doyla66
    doyla66 says #
    Sent today to ABC TV re ABA Munchenberg interview on ABC Breakfast Show. *** If you would like to comment on this you can do so
  • doyla66
    doyla66 says #
    I also put the link to BFCSA on the bottom of the email. Fingers crossed ABC will get onto Munchenberg, NAB and give us a fair go
  • doyla66
    doyla66 says #
    I remember emails and phone calls with the ABA. Didn't want to know me.
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The soft underbelly of the regulator DateJune 14, 2013 - 5:39PM Read later Michael West Business columnist View more articles from Michael West Email Michael Zoom in on this story. Explore all there is to know. Australian Securities and Investments Commission ASIC's processes questioned. Photo: Arsineh Houspian There are mates’ deals and there are mates’ deals. The recent revelations by Jeff Knapp from the University of NSW that the corporate regulator produced an accounting relief order for Kagara on the same day the application was received exposes the soft underbelly of the Australian Securities and Investments Commission – its conflicts of interest. The corporate regulator responds Nine senior ASIC staff members, including the chief legal officer, are associated with a quick-fire process to render assistance to a former colleague. The ASIC email chain for Kagara is chilling: a bat phone to high ranking ASIC offices, inappropriate pressure placed on Commission staff by the special counsel...
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  • doyla66
    doyla66 says #
    This misconduct and attempted coverup by ASIC and lawyers does nothing to engender trust in Australia's corporate regulator. Wher
  • doyla66
    doyla66 says #
    "Mallesons paid ($millions) to run a test case on whether a court could give an order to allow the company NOT TO DO DISCLOSURES -
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Posted by on in Dumb ASIC
Dear Peter, You know me very well.  You also know ASIC did not ask for the LAF.  Ask Greg Kirk.  I was asked by Robert Allen to bring in THE EMAILS which I drove 400kms round trip to deliver to ASIC Perth.  When I arrived there I was asked "where are the LAFs?" My answer: "You asked for the Bank emails, not the LAFs.  In any case ASIC has over 100 LAFs from those who wrote to ASIC completely detailed formal complaint letters in July last year.  You have been sitting on those documents since July.  You and ASIC are lying to Parliament, lying to Media and lying to Consumers, but what has changed since 2003?  You told Parliament and said again this evening on the ABC NEWS: "there are no systemic issues."  Rubbish. The reason ASIC wanted the infamous "EMAILS" from Bank BDM's to Brokers, was because they wanted to show the...
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  • doyla66
    doyla66 says #
    Denise, you have more patience than most. I personally could throttle some of these people you have had to deal with lately, but m
  • doyla66
    doyla66 says #
    Even if ASIC were willing to take our complaints seriously enough to review their decisions, letters and come up with a better dea
  • doyla66
    doyla66 says #
    How frustrating it must be for Denise talking to idiots and liars. If I was her i'd be pulling my hair out and screaming day and n
  • doyla66
    doyla66 says #
    Denise why wast your breath on such a looser.
  • doyla66
    doyla66 says #
    Love the graphic Gotta wonder tho' - is that the new uniform for ASIC?
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Website:  www.ettamogah.com/ Phone:  (08) 9635 1777     About Ettamogah Pub Cunderdin WA:    Situated in the heart of the Wheatbelt region of Western Australia, Cunderdin is a small country town 156km east of Perth. This venue has quickly become a tourist must-see, and visitors cannot help but notice the large Ettamogah theme hotel and pub when driving through the town. Steeped in history, Cunderdin, like many small towns in the area, developed as a stop off town during the gold rush in the WA Goldfields. The Pub that exposed the Banks' Crime of the Century................ ...
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  • doyla66
    doyla66 says #
    How do the Banks explain their approval of a loan without the LAF? What did they use for our details? Common FOS, get a grip. Sta
  • doyla66
    doyla66 says #
    It's not the banks fault they didn't check anything to make sure everything on the LAF was true. They didn't have to according to
  • doyla66
    doyla66 says #
    What a read!!!!!! These listed events are what percentage of reality........let's call it 1% as that is a nice round number trotte
  • doyla66
    doyla66 says #
    Suffice to say, reading some of the emails from Banks to brokers etc. It can been seen CLEARLY there was extremely loose lending p
  • doyla66
    doyla66 says #
    I believe they are trying to make it so hard that we will give up and go away. Will Denise at the helm we have the support and the
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