BFCSA Blog

S25.1 of the Bankers Code - "must have regard for affordability" went out the window John!  Unverified Mortgage Loans is fraught with fraud including full doc loans.  Wakey Wakey.  Yes these god like Bankers all made millions in commissions and bonuses and designed the Code as a FACADE to deceive the public and then  immediately sold faulty products that represent the reverse of what is written the the codes signed by the following Bankers.  If you want to know who these Fraudsters and Banker Engineers of dodgy products are.....their names appear below:   This email address is being protected from spambots. You need JavaScript enabled to view it. http://media.corporate-ir.net/media_files/irol/24/248677/mediareleases/2003/ANZ-MediaRelease-20030815.pdf For Release: 15 August 2003 ANZ adopts new Code of Banking Practice ANZ today announced it has adopted the new Code of Banking Practice. The Australian Bankers’ Association released the new Code of Banking Practice on Friday, 1 August 2003. The updated self-regulatory Code is a voluntary code of conduct which sets standards of good banking...

http://www.macrobusiness.com.au/2014/06/tiguboff-parents-should-mortgage-for-kids/   Triguboff: Parents should mortgage for kids Leith Van Olsen 30 June 2014   From one of Australia’s biggest property rentiers, Harry Triguboff, comes more twisted logic, with Triguboff appearing before the House of Representatives inquiry into foreign ownership to on the one hand admit that housing affordability has gotten so bad that parents need to help their children enter the property market: Parents should understand they need to mortgage their homes to help their children get into the property market, Harry Triguboff says.  … young buyers should ask their parents to help them finance property purchases. While on the other, arguing that foreign property purchases helps those priced-out of buying property: …but offshore buying activity works in favour of local residents by boosting housing supply, Mr Triguboff said.  “When foreigners invest here, then maybe some people are priced out, correct. But people are given places they can rent, so...

Ask a Banker to run an Inquiry into Banking System?  Sounds like a bad dream does it not?  No impartiality here.  Did we put in a  submission? Why bother? Terms of Reference shows what Policy will make the Treasurer happy.  Its a  done deal, as they say.............. The toxic mortgages in the current system will barely get a mention.  There is no independence at all.  More like a Banker Elite Bash with everyone patting themselves on the back.  Notice how the actual TERMS OF REF do not even mention the word CONSUMERS, nor the word TOXIC.  Notice only half the submissions sent in as there was for the Senate Inquiry into ASIC.  Murray is hardly going to rat on ASIC, the RBA, APRA, banking colleagues and himself of course!   Its the usual talk fest and pats on backs that will lead to a forgone conclusion...............................dracula in charge of the blood...

ASIC bans former Westpac bank home finance manager in relation to false loan applications Wednesday 12 March 2014 ASIC has permanently banned Mr David St Pierre, a former Westpac Bank Home Finance Manager from engaging in credit activities and providing financial services. Mr St Pierre, of Mt Nathan, Queensland, was a Home Finance Manager for Westpac Bank between September 2000 and April 2011. An ASIC investigation found that between July 2008 and June 2010, Mr St Pierre: ·         submitted loan applications to Westpac for approval when he knew that they contained false information and that they were supported by false documents ·         failed to prepare an authority that accurately identified the payee of a cheque with the result that a customer cheque for $215,000 was paid into the personal trading account of a non-office holder of Capital Growth International Club Pty Ltd (CGIC), and ·         enabled and encouraged customers to borrow...

Top industry exec takes on mortgage fraud Australian Broker News by Amy Rosenfeld | 31 Jan 2014   Founding director of Club Financial Services Group Andrew Clouston has announced the release of a new product designed to stamp out mortgage fraud in Australia.Clouston says the product, MOGOcheck, has been so successful in the UK regulators have mandated a major lender to start using MOGO to toughen up the e-authentication process for punters wanting a quick loan, and he expects Australian regulators to follow suit.“I would envisage we’d be making similar announcements in the Australian market within three months comfortably,” says Clouston.MOGOcheck is a tool that allows brokers and lenders to provide a customer with a tool that gives them the ability to easily verify and transfer documents back to the lender or broker – in the format that they require.“The encryption of the data is direct from the source – being the banking...

My own GP and staff will be asking their bank on Monday - "Where is my copy of my LOAN APPLICATION FORM ("LAF") its only 11 pages and we are entitled top a copy as it contains our signature?"   Whether FULL DOC or NO DOC dummy loans dressed up as LOW DOCS........ no-one has copies................... Ask teachers at the local school:  "Have you got a mortgage and if so were you given a copy of the LAF when you signed?  No?  Then ring up and ask for a copy.  Be prepared for a shock." Ask your local garage mechanic..................your colleagues..............your grandchildren's swimming coach......................neighbours.............your dentist, have their children got mortgages?  Ask: Do you have a friend with a mortgage? They will all say:  Thanks for the TIP.  No-one has a copy of the LAF in their files........................ 2014 will be the year of everyone demanding a copy...........................so start becoming very busy BFC'er. If...

  by Amy Rosenfeld | 17 Dec 2013 AB News:  Bank bashing culture unfair: Lending manager    Australian Broker News is on the Ball.....just read the comments and visit their website.  Its about time Brokers and Borrowers realise they are on the same side and the Banks/Lenders are setting everyone up......everyone with a pulse and a house including the broker families.  http://www.brokernews.com.au/news/breaking-news/bank-bashing-culture-unfair-lending-manager-182455.aspx A bank employee has hit back at the Australian "culture of bank bashing” following accusations ASIC is not doing enough to stamp out fraud in lending institutions.  Last week, Australian Broker reported ASIC has vowed to crack down on fraudulent brokers, and is currently investigating 20 cases of mortgage fraud. Many readers strongly supported the move from ASIC to take down the “rogues” in the industry, but highlighted an apparent disparity between ASIC’s stance regarding fraud in lending institutions compared to fraud in brokerages. The lending manager, who wished...

ASIC have systematically and maliciously placed Consumers in harm's way for the past 14 years!  The allegations and submissions show, this was more than negligence.  We need all ASIC Chairmen to be questioned on why they systemically ignored consumer interests, on whose best interests were they acting upon.  Their bank accounts need to be tendered as evidence............................. By ignoring the cries for help from Consumers, the obvious evidence of fraud,  ASIC will condemn thousands of Australians to LOSE THEIR HOMES, whether full docs or low docs.  ASIC has nowhere to run and nowhere to hide.  Every MP in the country needs to get a  grip on this phenomenon. BFCSA Members will take time over Christmas to reflect as a group on how we can change the status quo of the regulatory and regular rejection of consumer complaints against BANKS & ALL LENDERS.  Every Loan has been tampered with, after it was...

BFCSA have lobbied long and hard for an Inquiry into ASIC, calling for one in 2001 as RECA.  Greg Medcraft Chairman of Australian Securities and Investment Commission, and also Chairman of IOSCO (International Org of Security Chiefs) has hit back at his critics of which our members are staunch by experience in their criticism of ASIC.   In fairness, we are happy to record Mr Medcraft's views of his own leadership and staff.  We do note however, that a boast of recovering $345 million, is embarrassing as over $400 million was lost in Westpoint, which ASIC sat on like a Mother Hen and did nothing for five years until its collapse.  It also fails to quantify the absolute losses ASIC has recorded as being well over $80 Billion, whilst ASIC slept.   Medcraft boasts that ASIC has banned 168 people in 3 years.....no LENDERS MENTIONED.   No criminal charges to assist in...

Members who have scrolled through our library are seeing the truth for themselves of how Bankers manufactured faulty mortgage products to gain maximum profits using FRAUD as a means to a greedy end.  Members are expressing horror at what has been uncovered, yet ASIC were given 200 of these emails in hard copy form (I have the 2000 originals), and failed to expose the crime.  Members can see what ASIC corruptly refuses to see or cannot see through sheer stupidity.  Brokers did not set up this gigantic sub-prime scam...................Banks did.   The emails BFCSA has uncovered were mostly sent to the entire Broker Channel.  That means that every Broker received copies.  Unfortunately, many brokers did not reach the giddy heights of the big hitter commissioned high flyers.  Far from a profitable career, brokers lasted many months, worked very long hours and did not earn a great deal of money.  These hard...

Every case of FRAUD BY LENDERS must be investigated.  The Australian Securities and Investment Commission ("ASIC") cannot be permitted to just pick and choose and then not investigate any LENDERS. That in its self is a crime.  ASIC has acted like its own brand of mafiosi.   FRAUD BY BANK MANAGERS RUNNING AT 36% of all loans surveyed by BFCSA.  There has to be an immediate response by The Australian Federal Government as to why FRAUD in lending is systemic and why they tolerate ASIC's systemic untruths. If we commit fraud on a document we the people,  would be tried in criminal court and sent to jail.  If the Banks/Lenders commit a $57 Billion FRAUD, two bank porters crack their knuckles whilst ASIC pay a visit for a free lunch!!!!  Australia needs to prepare for more revelations about our own simple brand of SUB PRIME CRISIS - playing NOW at a BANK...

Bankers created the loans that are now the thorn in the side of ASIC regulators.  Banks were the engineers of the Products (Lo Docs and FULL Docs)  that became the catalyst for widespread lending.  I had one banker saying to me this morning "the fraud and forgery are irrelevant!"  Really?  I am afraid our members do not see it that way.  ASIC is trying to mumble it had no laws with which to prosecute banks pre 2010.  That is false - hence the High Court and six other similar cases were won by consumers (albeit with funding) against THE BANKS>  The Brokers were irrelevant in the fraud and forgery as the fact remained according to Judges that the Banks had a duty to reject unaffordable loans.  They had that obligation under the Banking Code of Practice.  Non Bank Lenders who are not members of the code (but ASIC does not warn the public of that minor problem) must...

IF Bankers are prepared to rob people of 30 years of hard work and saving in the name of their own greed, then 20 years jail should be a minimum.  7 years jail for receiving $50 - $100 million bonus packets as payment for engineering FAULTY TOXIC MORTGAGE PRODUCTS is a paltry sentence.  That means a three year sentence in real term. IF you want to stamp out GLOBAL BANK FRAUD you need a strong deterrent and a strong commitment from Governments to implement harsh sentencing immediately AND RETROSPECTIVE.  This issue will not melt into the worn out fabric of life!  Now read on as to what UK are doing about their wayward banksters - we hope.  Remember laws are only as strong as the use of them.  Laws rotting on shelves are useless and a Banksters delight.  The victims of these TOXIC MORTGAGE crimes need to unite globally and rise up above these people who...

‘Loan fraud’ – but no investigation 30 August 2013 By Forensic Accountants Consumer activist Denise Brailey has countered claims from the corporate watchdog that she had failed to provide documents for them to investigate low-doc loan fraud. Australian Securities & Investments Commission deputy chairman Peter Kell told Fairfax Media and the ABC this week that ASIC had invited Ms Brailey to “provide evidence of the systematic loan fraud she alleges”. “The very limited material provided to date simply does not support any of the claims she makes,” said Mr Kell. However, Denise Brailey has confirmed that more than 100 of the members of her action group, all alleging loan fraud, had filed complaints with ASIC only to receive a form letter saying there would be no investigation and advising them to get a lawyer. ASIC turns down request BusinessDay has contacted many of the borrowers to confirm this. The borrowers, many...

The Australian Federal Government must approve a Royal Commission into the Banking And Finance Sector: here is why: What we already know and have the proof of:--  The issue is a giant fraud involving between  $57 Billion and $100 Billion. We also KNOW that a massive percentage of fraudulent and imprudent loans are TOXIC FULL DOCS.....no brokers involved! A devious business plan was devised and executed by the Banks 36 lenders including the Majors in the mid nineties here in Australia.       Set patterns emerged and we have emails between the lenders staff and brokers which we have decided to load onto the LINKS in "Breaking News" at the top of the Home Page.  See above. ·         The victims are left with impossible lifetime of debt and they have painstakingly listed the discrepancies/fraud on their Loan Applications.  These were fudged figures devised by a service calculator and not by the Broker/Planners.  BFCSA...