BFCSA Blog

For years Gadens have had the lion's share of the action in the Australian Mortgage Fraud. It is a matter of public record that they have defended the perpetrators of Fraud, orchestrated the bullying and repeated efforts to intimidate blameless and innocent home owners and witnesses to the Court hearings all in the name of "Justice" - and been allowed to get away with it by some of the "bank blinded" Australian judiciary! If you'd like a few samples of Gadens' handiwork on behalf of NAB, Bank West, Ing and others use the BFCSA blog search engine or see austlii.edu.au Gadens aren't the only lawyers willing to do this type of work.  After all this BANK SCAM has been going on for years under the watchful eye of both major Australian Political Parties. All borrowers and BFCSA members should check their documentation and report in with a list of all legal...

David Collyer was right. Denise's evidence and assertions are based in many years' research. There is no room for speculation in the black and white of her evidence. It's FRAUD. What is more it is intentional, premeditated and well organised systemic fraud. How can the regulators and the politicians deny the facts and keep their credibility? They can't. Further evidence has been revealed since the initial hearing at the Senate Inquiry. It underlines the even greater need for a Royal Commission. The Australian public want the truth. Investors want the truth. Borrowers want the truth. Our international reputation is also under scrutiny. Surely it is part of the job description of any chief regulator or parliamentary representative to supply informed, well-researched answers not off the cuff comments based on assumptions and their own opinion in order to protect their jobs! They are paid handsomely to supervise and ensure the stability our...

I rise tonight to talk about what I consider to be the greatest oxymoron in Australia at the moment—that is, ethical banking. I wish to relate some of my experiences during the early 1980s when my family were involved in a foreign currency loan in Swiss francs. We drew down the loan in January 1985. Shortly after that, we saw the depreciation of the Australian dollar. There was only one way to protect yourself from those loans and that was to hedge your loan. I went to my bank manager, Peter Neil—a good man who lives out here near Goulburn these days—and requested that I hedge my loan. He informed me that I could not, that that would change our currency and you could do that only at rollover periods. The rest is history because Mr Neil was wrong. The bank had not trained their staff properly and it led to...

Often when you tell people your story and plight with the banks or to the media- they comment - but you signed the papers. My next question to them is - so you think it is okay that fraud has been committed and that the Banks are profiting from it? Are you saying that the banks are above the law and should not be accountable to the rules set by the law of this country.  No matter which way you look at it - a crime has been commited and it needs to be investigated. Isn't that why we have laws for?  Crime is crime. No sugar coating of it or exceptions. When put that way to most people - they understand better and agree - if fraud has been committed - it needs to be investigated. So if you speak to the media - make sure you ask that question. Remain focused...

Comment: An enlightening read ... Thu, 06/21/2007 - 21:36 — Arthur Cristian The Banks and John Howard By Dr Evan Jones Sydney University Political Economics [Caution: this is a very long post. The post is rated M for mature audiences only.] In the early 1980s, John Howard was Federal Treasurer under the Fraser Coalition Government. Howard had initiated the Campbell Inquiry into the financial sector and its 1981 Report recommended comprehensive deregulation of the sector. The ‘experts’ thought and talked abstractly about the merits of ‘competition’ but remained blissfully indifferent to the meaning of competition on the ground. Facing a loss of market share to various newcomers, the trading banks set about transforming their cultures. Banking culture was passé; marketing and speculative mindsets were the new cultures de jour. Dealers earned inordinate salaries and bonuses. Lending manager’s earnings and status was tied to business done. Delegated Lending Authority limits (constraints on...

        I'm wondering how many of our political representatives, people in regulatory organisations, key personnel in industry representative groups and superannuation funds have invested in Residential Mortgage Backed Securities? Or banks?  How would most people know where their money was invested when they give it to a fund manager, MIS or superfund scheme?  It would stand to reason that people in powerful positions could be influenced by their investments and self-interest.  Is it possible that any of them received RMSB investments as 'gifts' from the banks? Is it possible that any of them have no idea, forgot to look or failed to declare their or their company's, family's, trust's investments in RMBS?   I understand there is a register of the assets and investments held by our parliamentarians. Does anyone know where to find it? Is this open for public viewing?  How does this essential area of transparency and...

Media Release: 24 August 2012How many Low Doc Loans are unethical?Attempts to deflect a Royal Commission into Australia's mortgage finance sector by the Mortgage and Finance Association of Australia are mistaken, hollow and shrill, the Australian Democrats said today.MFAA CEO Phil Naylor rejected the Royal Commission call and claims there is very limited evidence of fraudulent dealings by brokers in a 17 August statement that only came to light yesterday. ED:  Yes Naylor would say that...but he has yet to call me.....but like the banks who did not ring the borrowers to ask income details because they deliberately did not want to know yet continued to deny evidence!"I don't know whether to be appalled or bemused by Mr Naylor's caricature of my remarks," Democrats Housing spokesperson David Collyer said today. "He has me saying all sorts of things.""The evidence put before the Senate inquiry by Denise Brailey of the Banking and Finance Consumers...