BFCSA Blog

Predatory Banks again - ONE IN THREE have agreed????  I smell predatory tactics and bank induced "targeting."  Get legal advice from parents own independent lawyer.  This will get very ugly indeed as children ask parents to assist on encouragement from Bankers greedy for bonuses and profit.   Banks do not advise parents to seek INDEPENDENT LEGAL advice.  BFCSA MEMBERS HAVE SEEN ALL THIS and then are gobsmacked when parents also lose their home.  These are HIGH RISK and High Cost Loans.  Where are the Politicians?  Having lunch with JS?  We need to stop Bankers engineering these faulty unsafe products!  Its a carnage out there.   This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.news.com.au/finance/real-estate/one-in-three-parents-give-children-home-deposit/story-fncq3era-1227033513993   August 23, 2014   EXCLUSIVE: One in three first-home buyers is given a deposit by their parents to purchase property, in a trend that lenders say is booming. Mums and dads are collectively paying out $122 million a year to shoehorn their children into home ownership, with...

MEDIA RELEASE   Cached   This email address is being protected from spambots. You need JavaScript enabled to view it. www.cfmeu.net.au. MEDIA RELEASE. 27 June 2014. Financial planning Royal Commission must look at all banks. MEDIA RELEASE 27 June 2014 Financial planning Royal Commission must look at all banks A Royal Commission into the Commonwealth Bank Financial Planning scandal, recommended late yesterday by a Senate Committee Inquiry, should cover all banks and financial institutions, says the CFMEU. The CFMEU National Secretary, Michael O’Connor, said the Senate Committee Inquiry’s findings about the Commonwealth Bank Financial Planning scandal are almost certainly just the tip of the iceberg. The unethical practices of financial advisers in big banks - practices that flourished before the Future of Financial Advice (FOFA) laws were introduced in 2013 – have ripped billions of dollars in superannuation savings from thousands of Australians. The full extent of the scandal will never be known unless a Royal Commission looks at all the banks. “We need to...

At long last.  Well done to all these hard working Senators and particularly to Chairman Sen. Mark Bishop.   Yet the BIG issue is ALL FOUR MAJOR BANKS IN AUSTRALIA were acting as a cartel and doing the same thing.....dirty deeds in banking using agents to sell faulty products to benefit the players and not the customers.  The Senate Recommendation is only the start.  BFCSA want to see the Federal Government agree to a full blown ROYAL COMMISSION into ANZ, WESTPAC, NAB and CBA.  This email address is being protected from spambots. You need JavaScript enabled to view it. We also want to hear from people that have taken out mortgages since 2010......................................So far 50 persons have contacted us and guess what - the same allegations of FRAUD and FORGERY exist.  85% of all TOXIC LOANS are with the FOUR MAJOR BANKS.  http://www.smh.com.au/business/banking-and-finance/commonwealth-bank-facing-royal-commission-call-after-senate-financial-planning-inquiry-20140625-3asy6.html  Commonwealth Bank facing royal commission call after Senate financial planning inquiry   Banking and Finance   Date June 26, 2014 Adele Ferguson and...

http://www.occupycorporatism.com/home/experts-forcing-banks-to-admit- mortgage-fraud-hurts-economy/   Experts: Forcing Banks to Admit Mortgage Fraud Hurts Economy By Susanne Posel – October 23, 2013   Dick Bove, bank analyst at Rafferty Capital Markets (RCM), warns banking institutions such as Wells Fargo, Bank of America (BoA), Wachovia and PNC Financial should be concerned about the Department of Justice (DoJ) suing JP Morgan & Chase Co (JPM) over mortgage-backed securities. Bove says that “the question that investors must ask is: ‘Will the government apply this set of precedents to JPMorgan Chase alone or will it now seek to extort funds from other banks involved in assisted mergers. ”Since “all of these banks are guilty of the same things as JPMorgan. Forget JPMorgan, the government is going to go after every major bank with the potential civil lawsuits for tens of billions of dollars.”The prediction is that “the supposed settlement between JPMorgan Chase and the government affects stockholders, job...

Australian Securities and Investment Commission ("ASIC"), our criminal Federal Corporate Cops had known that Major Banks were selling Low Doc Loans to Pensioners back in 2002 - 2005. They attended bank events, as I did, whereby even the Treasurer attended saying "look for new markets....ASSET RICH INCOME POOR ("ARIPs") = PENSIONERS.  I was front row for that gem!!!! ASIC are blatantly misleading Parliament and the Prime Minister and Joe Hockey Fed Treasurer are allowing ASIC to get away with these crimes against consumers of financial products and services. When is ENOUGH IS ENOUGH?  When do we as a nation, get to the point of saying: Action is necessary to clean yup the Banking & dodgy finance Industry?   The Chair of the Senate Inquiry into ASIC a valid question of me:  "Why didn't the respected Consumer Groups discover what you are saying?" Indeed.....Senator Bishop could see what was happening.....then along comes James...

Senators need to question:  ASIC Commissioner Greg Tanzer, Director Malcolm Rodgers and ASIC General Counsel Brendan Byrne as to why they signed Dec 2005 Class Order 05/1122 – exemption on serviceability calculators for Low Doc Loans – risks to consumers: 15 Dec 2005 In May 2005, IFSA suggested, according to the Wheeldon evidence (2nd April 2014), that if ASIC lawyers did not sign off on the EXEMPTIONS for Superannuation Calculators they would lean on the Commissioners.   Parliament would put in place laws to protect consumers and ASIC would then give exemptions from prosecution to the Banking Fraternity - the very people who had been preying on vulnerable Australians for years.  The laws were to protect people.  ASIC gave immunity to the Bankers and left consumers exposed to catastrophic losses of homes and life savings. The Sub Prime purpose of all these calculators: to entice and entrap consumers into RISKY strategies, investment advice, toxic loans...

Dear members Its not long now before our day will come and we get to face the men responsible or should it be the irresponsible men who were supposed to be our protector and watchdog by making sure no consumer was taken advantage of. As Medcraft and Kell were first and second in charge they have,to take full responsibility for ASIC's failings over the last few years. Its unfortunate that Denise will have a time limit to get across as much information that's humanly possible in the one hour allocated. I'm sure Greggies minions have been devouring every bit of information concerning BFCSA from individual Senate submissions to blogs that get posted on this site. If and when Greggy takes the stand he will be well rehearsed in what the likely questions will be, his body language will be a give away though. He is one of these people who...

Bankwest BFCSA Members have sent in this U Tube ......................a must see for all bank users of flawed banking products. You will be stunned by the accuracy of this video. It is a split screen comparison of the UK parliamentary debate on RBS manufactured defaults vs the 2012 Australian Senate Inquiry into Banking post GFC. http://www.youtube.com/watch?v=b4CcDly-WAw I suggest you all absorb this 13 minute UTube contribution to the appalling facets of the UK corrupted banking system and comparisons with the issues raised by our Senators in last year's Australian Parliamentary Senate Inquiry into Banking post GFC.  A clever no nonsense approach. Hear from Senators in Australia and in their counterparts in the United Kingdom Parliament........clearly appalled at the criminal behaviour of these banks. Hear from Sean Butler who gave evidence at the Parliamentary hearings last year re Bankwest and Commonwealth Bank dirty antics in re-engineering valuations to intentionally throw good businesses into distressed businesses and why the Banks...

Dear members I don't know whether it is fate or sheer coincidence, within hours of posting my blog about going to your local federal M.P. to voice our concerns about our problems I got mail from mine. The letter I received wasn't about our approach to Canberra but an invitation to a meeting with the Hon Bob Baldwin ( our member) and the Hon Michael Ronaldson , Shadow Minister for Veterans affairs. I realize its not their portfolio's but two Federal listeners to our plight ia a great start.  Someone cares......................other than Denise of course.  The meeting is Thursday next week. I know some members of bfcsa are vets but I don't know how many. If all vets can acknowledge membership of bfcsa, you don't have to use your real name, maybe your blog name. If I can present a number as to the number of vets and their families who...

The Australian Securities & Investment Commission ("ASIC") are virtually sitting on POWERS to protect the public.  They were given over $40 million to run cases in the public interest and that may have been an annual hand-out...............Whatever ASIC spent this money on it was NOT in the Public Interest but spent on continually replacing decent staff that desert the sinking ship "SS Corrupted ASIC" in large numbers.  Former staff are sick to the back teeth of Government's that do not respond to the obvious corruption of ASIC by Banksters.  ASIC is being paid $400 million a year to protect Banksters and in turn, neglect consumer complaints of losing homes and business.  I have no problem in naming CBA as one of the worst offenders according to my records. CBA are also bullyng customers into signing Privacy Statements to receive the Loan Applications Forms that they were legally entitled to receive as...

BFCSA is calling on the Federal Government to ensure  FREEZE ON ALL FULL DOC AND LOW DOC MORTGAGE PAYMENTS where fraud is present.  Every bank should be made to hand over copies of the client files immediately.  ASIC refuse to do anything at all except spend tens of millions on office reno's.  The Prime Minister must direct policy of  such a nature as to protect consumers from further threats from the guilty Bankers and Lenders. To all those miserable bank warlords who are trying to intimidate the holders of Fraudulent Loan Application Forms - do not even attempt to threaten anyone.  I can guarantee you that every such letter on bank letterhead will be BLOGGED for the entire world to understand this complex scam.  Bank Executives were the creators of these monstrous scams.  36% of all FULL DO AND LOW DOC liar loans were arranged by BANK MASTERS with not a...

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...

How did the Banks have so many people contributing to their part in the biggest crime of the century?  How did Banks manage to keep all the 20,000 key players and thousands more internal staff like mushrooms? We know how the Sub Prime Low Doc Scandal trapped so many Australians.  We know why the regulators looked the other way for 14 years.   We have uncovered their secret weapon...............we have the evidence.   Just watch this space.  I am time poor so the actual loading and preparation takes time.  We have no funding and no paid staff but we are kicking goals.  For the doubting Thomas's we have the goods. For all those who have received letters from ASIC, APRA, AFP, FOS closed file letters and COSL "its fraud so cannot assist" - closed file letters.  PDF and sanitize and send to me.  We call them bugger off letters. BIG REVEAL...

Pssst SNEAK PREVIEW:  Want to see the Bankster Passwords for Skippy the Computer? Go to the top of this page, to BREAKING NEWS.  Go to ASIC EMAILS and hit on the LINK.  Type in the search area: "Skippy" The best is yet to come for the long suffering borrowers:..........why did the service calculators have TWO different gearings? Things the Banks forgot to tell the Brokers......................... No risk and all play policy................now that's ingenious.................Ned Kelly would have loved those. Which bank started the "shred the LAF craze?" What does FOS do with its $34 million budget? Or ASIC $400 million budget?    Should try and work with the BFCSA budget chaps - just for LAFs! Puts a whole new spin on "bank bandits" But wait their's more.....................Keep reading.  We are just getting started! This email address is being protected from spambots. You need JavaScript enabled to view it....

BY GUY GOLDRICK BANKWEST CLASS ACTION GROUP   02 Dec, 2011 04:00 AM   AN article in Queensland Country Life reported that Bankwest had called in receivers on the properties owned by Richmond Mayor John Wharton. He is not alone so much so that I have formed a class action group over of Bankwest's actions since they were bought out by CBA. The outcome is many hard working Australian families and businesses have lost everything because of the corporate greed of CBA and the need to be seen to be doing the right thing by the Government. I would put losses by these families and business at over half a billion dollars. We believe there have been backroom deals done between the Government and the CBA on this. The huge winners have been CBA and the receivers who feed off the carcasses of the Australian families and businesses that CBA/Bankwest has...

0 0 0 by Stephen Lendman   At issue is a bad barrel, not a few rotten apples. Western banking is rife with fraud.   The business model of major banks is grand theft.   UK-based Barclays bank was caught in a Libor rigging scandal. Other major banks are involved.  Barclays reflects a corrupt system. Other major banks operate the same way. Western politicians permit it. "They uphold the doctrine that whatever banks do is right."   They're failing. They're zombie banks. The entire system is corrupt. It's crumbling. Barlays is in the center of the UK storm, but watch out. Expect more globally, much more. It's coming.   The seriousness of what's known is that a system portrayed as just and sound is failing. At issue is rampant speculation at the expense of stimulating real economic growth.  Casino capitalism doesn't work. Economies suffer. So do ordinary people. The entire banking...

I went to our large local  Robina Town Centre Shopping Centre on the Gold Coasttoday and asked to speak to centre management about  getting permission to set up a small tableand asking people to sign a community petition.   They asked me what thepetition was about & I replied that it was a community petition about Banking Reform. The woman went into another office and spoke with a centre manager. She cameout  a few minutes later and told me that the management spokesperson ( whodidn't even have the decency to come out & see me) would not allow this asit would upset the banks, and banks were tenants there,  so NO, we couldn't. Even the shopping centre managers are afraid....

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...

  SENATE ECONOMICS REFERENCES COMMITTEE Inquiry into the post-GFC banking sector   QUESTIONS ON NOTICE http://www.aph.gov.au/Parliamentary_Business/Committees/Senate_Committees?url=economics_ctte/post_gfc_banking/submissions.htm Replies have been received from Bank West RBA Westpac Commonwealth Bank Treasury   Bankwest 10 August 2012   Question 1 (Hansard Ref: p. 57)   Senator WILLIAMS: Why has Bankwest registered the websites unhappybanking.com and unhappybanking.com.au?   The domain names in question were registered by Bankwest before the launch of the unhappybanking.net.au site. It is not unusual for an organisation to take steps to protect its brand through registering domain names that may have a likeness to the name or other aspects of the brand.       Question 2 (Hansard Ref: p. 64)   Senator WILLIAMS: You have given us the percentage of your customers who are impaired et cetera—a very good percentage. Do you know what percentage of your customers who were developers on the east coast became impaired?   Mr De Luca:...

Video: http://www.abc.net.au/7.30/content/2012/s3588021.htm Australian Broadcasting Corporation Broadcast: 11/09/2012 Reporter: Nick McKenzie Following our story on the bribery scandal centring on the Reserve Bank of Australia, new evidence raises questions about the RBA's response. Transcript LEIGH SALES, PRESENTER: The scandal over alleged bribery and corruption in companies owned by the Reserve Bank is deepening.Explosive new evidence shows that RBA subsidiaries paid more than $3 million in commissions to a Malaysian arms dealer to secure bank note contracts in Asia. Even after the arms dealer was sacked for corruption, the payments continued with the RBA's approach.The revelations pose serious new questions for Reserve Bank Governor Glenn Stevens about what the bank knew of Australia's worst corporate corruption case.Nick McKenzie has this report, with Richard Baker of The Age.NICK MCKENZIE, REPORTER: The bribery scandal that is engulfing the Reserve Bank of Australias has reverberated across the globe. Last year in Kuala Lumpur, the former assistant...