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BFCSA
MORTGAGE
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What BFCSA Does...

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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BFCSA Blog

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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Recent blog posts
Spotlight shines on shadow banking The Australian 12:00am July 17, 2017 Michael Roddan   Tough new powers for the prudential regulator to target the shadow finance sector will allow it to slap new rules on individual non-banks, the entire industry, or “specified” classes of lenders, as part of a crackdown on potential sources of instability in the financial system. The Turnbull government will today release draft legislation for consultation on its budget commitment to give the Australian Prudential Regulation Authority new powers over the activities of non-bank lenders. Currently APRA only has powers to regulate authorised deposit-taking institutions, which look after customer money that has been deposited with a lender. The shadow banking sector has remained outside the scope of the regulator, even in cases where the sector may be materially undermining the strength of the financial system. APRA has launched several new measures aimed at limiting excessive lending in the...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Can't lose the plot if you never had it in the first place. Morriscum and co are A Grade MORONS.
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The Senate Select Committee on Lending to Primary Production Customers will be holding a public hearing in Perth on Wednesday, 19 July 2017. The committee wishes to invite you to give evidence at the hearing from 10.55am to 11.45am.   The PUBLIC hearing will be held at Mercure Perth, WA located on 10 Irwin Street.   Let’s go after these Banks once again…………..re Farmers re Agricultural or domestic loans – so many toxic loans.     NO MORE SECRETS:  We will have an opportunity to at least expose "the mechanics" of this evil style of lending.   Like you, I am sick of  “yet another Inquiry”, yet I feel the Roberts Inquiry is an opportunity to bring out the full mechanics of the fraud. We need  ROYAL COMMISSION INTO BANKING SECTOR. My appearance and being questioned by the Senators means: you can then a few days later read the transcripts in Hansard.  Denise...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    GO BFCSA! Rip Up the currrent Banking system...needs the shredder
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Turnbull’s meetings ‘should be classed as secret Lib business’ The Australian 12:00am July 15, 2017 Sean Parnell   Meetings that Malcolm Turnbull held with cabinet ministers should be deemed Liberal Party business and therefore out of reach of ­freedom-of-information laws, his advisers have argued. In an extraordinary escalation of the government’s campaign to keep official diaries secret, the Prime Minister’s lawyers­ have asked the Administrative Appeals Tribunal to depart­ from 35 years of FOI practice and declare such meetings purely political. The Weekend Australian applied­ for Mr Turnbull’s diary of September 16, 2015, his first full day as Prime Minister after successfully­ challenging Tony Abbott. It was also a sitting day, so the Prime Minister — the head of cabinet, responsible for setting the government’s priorit­ies — was in Parliament House. While some jurisdictions ­routinely release official diaries, such as those for the NSW and Queensland premiers, the federal government is...
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APRA could get powers to fire bankers without court process The Australian 12:00am July 14, 2017 Michael Roddan MESSAGE TO MINISTER IN A MUDDLE O'DWYER:  This issue is NOT about "Bad Bank Behaviour – The Big Issue is clearly about Criminal Asset-Stripping by Banks, and using a stolen war chest against Consumers.  STOP pussy-footing around this issue.  You are the Minister, start by calling in the AFP and then ask Brandis to brief CDPP.  Bankers urgently need BIG Jail Time.   The federal government has proposed giving the prudential regulator the power to fire banking executives without going through the Federal Court as part of new rules to hold bankers to account. In a Treasury consultation paper for the new Banking Executive Accountability Regime, released yesterday, the government floated plans to give the Australian Prudential Regulation Authority the power to establish “new expectations” for banking executives and their remuneration. The measures were...
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  ANZ: Australia “place of choice” for property money laundering By Unconventional Economist in Australian Property at 12:15 am on July 13, 2017 | 3 comments https://www.macrobusiness.com.au/2017/07/anz-australia-place-choice-property-money-laundering/   By Leith van Onselen After Australia was last month placed on a watch list by the global regulator – the Financial Action Taskforce (FATF) – for failing to comply with money laundering and terrorism financing reforms, ANZ Bank has blamed a lack of political will by successive Australian governments for failing to extend anti-money laundering (AML) laws to cover real estate gate keepers like realtors, lawyers and accountants. From The ABC: Australia’s hot property market is an attractive haven for criminals, with estimates that billions of dollars of dirty money is being laundered through residential property. Australia’s anti-money laundering law does not cover real estate agents, lawyers and accountants, despite promises when the law was enacted in 2006 that the legislation would be widened. ANZ’s...
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Bank staff ‘overlook criminal activity to keep clients’ business’ The Australian 12:00am July 13, 2017 Sam Buckingham-Jones   Traders and advisers from Australian banks and other financial institutions are willing to overlook suspected cases of money-laundering and terror financing to keep a client’s business, the ­financial intelligence agency says. In an assessment of why Australia’s financial system has a high-medium risk of facilitating criminal activities, a new report by the Australian Transaction Reports and Analysis Centre — AUSTRAC — found financial institutions must improve their reporting systems and work on the “vulnerability” posed by front-­office staff. “There is considerable scope for entities operating in these markets to improve their anti-money-laundering/counter-terrorism financing systems and controls to be able to identify and submit suspicious matter reports,” the AUSTRAC Money Laundering and Terrorism Fin­ancing Risk Assessment report found. “Front office staff, such as traders and advisers, can represent a vulnerability. Some reporting entities observed...
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Crime gangs targeting financial markets The Australian 12:00am July 12, 2017 David Uren   Criminal syndicates, many based in China and Hong Kong, are ­infiltrating Australia’s financial markets, with more than 660 ­suspicious transactions covering fraud, insider trading and money laundering reported in the past two years to the financial intelligence agency AUSTRAC. The agency’s review of vulnerability in the financial sector finds the risk is increasing as cybercrime becomes increasingly sophisticated, exploiting gaps in com­mu­ni­cation between financial institutions. “Serious and organised crime groups have exploited the sector to launder money and engage in market manipulation,” says the report, which focuses on trans­actions involving securities and derivatives. Fraud is the biggest source of criminal activity, accounting for half the suspicious transactions that financial institutions must by law to report to AUSTRAC. Just more than a fifth of suspicious transactions (21 per cent) involved money laundering while a further 21 per cent...
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BFCSA: THE CBA BIG STING - CBA SYSTEMIC breaches of trust  on 60Mins   The CBA have been accused of one of the most serious systemic breaches of trust imaginable. They have been accused of forcing productive small business customers into receivership and bankruptcy. The bank and its CEO Ian Narev have strenuously denied doing this. They say there is no need for a Royal Commission as they have fixed all the scandals.   Watch 60 minutes this Sunday and find out what they have been hiding. CBA won't be able to blame a "few ro...tten apples" and staff for this scandal. Systemic "constructive foreclosures" can only be carried out under the instruction of the Senior Executives and Board. The Banking System is rotten to the core and needs an urgent ROYAL COMMISSION INTO THE BANKS and without the political interference from Malcolm Turnbull  ...
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Wave of money points to looming pressure on RBA to lift rates The Australian 12:00am July 12, 2017 Adam Creighton   A wave of inflation is about to wash over Australia, compelling the Reserve Bank to lift interest rates, if the long forgotten, but reliable, link between increases in prices of goods and services and changes in the quantity of money in circulation still holds true. A trio of economists, including Malcolm Turnbull’s current economics adviser, have produced provocative research showing that the growth rate of the money supply — the value of notes, coins and bank deposits — is galloping ahead of economic activity, with the potential to compel the Reserve Bank to lift rates. “If a gap like this remains we could be facing 3 per cent-plus inflation in two or three years, the top of the RBA’s band,” said Griffith University economics professor Tony Makin. The excess of...
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From BFCSA Member.   Open letter to PRIME MINISTER Malcolm Turnbull: Banking Sub Prime Scandal.   Dear Prime Minister, I am writing to publicly ask you to right an enormous injustice which has continued on your watch.   Since you were elected, I have personally suffered far more than I can describe here - because of what the banks which you appear to be protecting have put myself and so many others through.   If you insist on going against the will of some very desperate people including myself, at our great expense I might add, then I must insist that you at least give something back to at least this one.   You seem reasonable, so I think in light of your actions I believe it perfectly reasonable for me to ask you if you might be so kind as to pay out my purported home loan?   It's a...
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Westpac ditches mortgage products in major product review Australian Financial Review Jul 10 2017 10:29 PM Duncan Hughes   Westpac, the nation's second largest mortgage lender, is ditching mortgage and equity-release products in a high-level review of its product range and underwriting standards. The top-down review is expected to reassess dozens of loans and lending packages, which include credit and insurance products, as the bank and its subsidiaries adjust lending criteria to changing market conditions. It is being undertaken as major big four competitors continue to tighten lending for interest-only loans, increase mandatory deposits for home loans and tighten access to credit-related products. It also comes as new independent research backs prudential regulators' fears about potential bottom line, long-term risks to borrowers being created by soaring property values and static incomes needed to repay inflated loans. "Westpac is currently reviewing our suite of home loans," the bank is telling mortgage brokers...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Banks are not in the finance industry at all. There should be no finance industry, the concept itself is completely illogical. Fi
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The ‘sub-prime’ market is back in business The industry is terrified of using those words, but the fact is people bankrupt just a year ago can now get a mortgage   8 July 2017 https://www.theguardian.com/money/2017/jul/08/sub-prime-mortgage-bankrupt The “sub-prime” mortgage sector shut down following the financial crisis in 2007-08, but brokers say more and more lenders are returning to the market – with some willing to lend to people who were bankrupt as little as a year or so ago. On 30 June new retail bank Masthaven became the latest company to open its doors to people who have suffered financial problems, such as one or two missed mortgage payments, or who have county court judgments against them, depending on how big and how recent these CCJs are. Meanwhile, some of the existing players have been cutting the cost of their deals. Pepper Homeloans, which caters for those with “credit blips or previous...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Why is it that oppressed victims of powerful alleged criminals and cartels have to continually jump through so many bloody hoops w
  • Consent_Withdrawn
    Consent_Withdrawn says #
    *preferred activity (Love it when spell check changes words by itself!)
  • Consent_Withdrawn
    Consent_Withdrawn says #
    It's open season on people without lots of money. There's an attitude in the community that those who do it tough are somehow les
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Westpac backs out of home equity By Houses and Holes in Australian Property at 12:18 pm on July 10, 2017 | 20 comments https://www.macrobusiness.com.au/2017/07/westpac-backs-home-equity/   Via AFR: Westpac, the nation’s second largest mortgage lender, is ditching mortgage and equity-release products in a high-level review of its product range and underwriting standards. The top-down review is expected to reassess dozens of loans and lending packages, which include credit and insurance products, as the bank and its subsidiaries adjust lending criteria to changing market conditions. It is being undertaken as major big four competitors continue to tighten lending for interest-only loans, increase mandatory deposits for home loans and tighten access to credit-related products. It also comes as new independent research backs prudential regulators’ fears about potential bottom line, long-term risks to borrowers being created by soaring property values and static incomes needed to repay inflated loans.   WBC doesn’t want any more exposure to home...
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One by one the housing bubbles pop: Ireland, Spain, UK, US, Canada…   By Houses and Holes in Australian Property   at 12:20 am on July 10, 2017 | 69 comments     10 July 2017 https://www.macrobusiness.com.au/2017/07/one-by-one-the-housing-bubbles-pop-ireland-spain-uk-us-now-canada/   Now we get the real test. A potential and proverbial perfect storm for housing. For the first time ever, Canada is facing overvaluation in its biggest markets, over-indebted consumers, a major tightening of mortgage rules and the prospect of rising rates. This is not a drill. Homeowners might well start preparing for three things:   Tougher mortgage guidelines Canada’s banking regulator (OSFI) is proposing that anyone who gets a mortgage at a bank or bank-funded lender prove they can afford a rate that is at least 200-basis-points higher than their actual rate. A similar debt-ratio “stress test” is already in place for folks getting a default insured mortgage, as well as most variable-rate...
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Advisers quit big banks, AMP as watchdog intensifies scrutiny The Australian 12:00am July 10, 2017 Michael Roddan   Financial advisers are deserting the major lenders, voting with their feet as the corporate watchdog heightens its scrutiny of the controversial cross-selling of wealth products in the “vertically integrated” lenders. The big four banks and AMP, which control nearly half of all financial advisers in Australia, have bled more than 400 advisers in the last six months, according to Bell Potter analyst Lafitani Sotiriou. Mr Sotiriou believes the rush for the exit has been caused by major banks limiting the freedom of their advisers to recommend products offered by rivals. National Australia Bank on Friday was slapped on the wrist by the Australian Securities & Investments Commission after it was revealed it failed to tell “at least” 150,000 customers its advisers were cross-selling the bank’s own products, including those sold by its subsidiary...
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Why CBA 'dropped' Merrill Lynch Australian Financial Review Jul 9 2017 11:45 PM Tony Boyd   David Craig says the low point of his 11-year term as chief financial officer of the country's biggest bank was the capital-raising debacle in the midst of the global financial crisis. Craig has no compunction in saying the entire blame rests at the feet of the underwriter, Merrill Lynch. CBA successfully completed the $2 billion capital raising after sacking Merrill Lynch and employing UBS. However, in order to appease angry investors CBA had to cut the price the shares were issued by $1 a share or $608 million. Almost 10 years after that incident the wounds are still raw for Craig. To this day he believes the broker's lack of disclosure about CBA's loan book put a cloud over the integrity of the bank and Craig himself. Cloud cast a long shadow He never forgave...
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Financial models understate rural risk, valuers warn Australian Financial Review Jul 9 2017 6:10 PM Larry Schlesinger   Investing in the rural sector based purely on financial modelling presents "inherent risks", valuers Herron Todd White have warned. The warning comes as a wave of investment capital pours into sectors like beef, cotton, horticulture and nuts, driving up prices as investors and operators compete for a limited pool of assets. "As specialist agricultural property advisors we are seeing buying decisions made solely on financial modelling however the ground truth of the model is not always done. This presents inherent risks," wrote Herron Todd White valuer Angus Shaw in the firm's latest rural market report. Mr Shaw said as the agricultural market approached 11 to 12 pm on the property clock in some parts of Australia or some sectors (meaning values are close to peaking) after strong seasonal conditions, it was critical that...
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Market glut hits apartment demand The Australian 12:00am July 10, 2017 Rosanne Barrett   When unit owners contact Frank Gosdschan’s office looking to put their properties on the market, the Brisbane real estate agent asks: “Do you really need to sell?” Amid sluggish capital growth and an influx of new apartments on to the inner-Brisbane market, the McGrath agent said sellers had to be aware they probably would lose money if they had held the unit for fewer than five years. “I would say, ‘do you really need to sell it because the capital growth hasn’t appeared’,” he said. “This market is very, very tough.” Mr Gosdschan has a South Brisbane unit for sale with a price guide of $525,000 to $565,000. Official property records show it last sold for $579,000 in 2012. A wave of off-the-plan construction has added more than 5300 units in the inner city this year, with...
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THE BIG RED FLAGS EMERGE IN BANKING Public Anger simmering under the surface. Social Media the way forward   Consent_Withdrawn - Posted on Sunday, July 9, 2017   The greatest crimes of all still go unpunished while everybody wonders why no amount of fighting the street crime issue, homelessness, drug abuse, public safety or costs of living directly has brought results without repressing already desperate people through draconian legislation and fascistic zeal.   People will never stop acting out of desperation when pushed, it's human nature. So the Turnbull government really should stop behaving like a deplorable mob of narcissistic twerps and do their job already!   I consider myself a pacifist generally but I can't speak for others. Sooner or later all this stuff WILL go viral. Not if, when!   Public rage will be off the scale.   If the finance sector are allowed to regularly piss all over...
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Truckloads of fumigants needed to kill off all the fraud that lurks in banks IT systems binary code! Self regulation has meant it’s been all about ‘come into my parlour said the spider to the fly’.......     NAB tightens screws on interest-only mortgages By Unconventional Economist in Australian Property at 11:01 am on July 7, 2017 | 40 comments https://www.macrobusiness.com.au/2017/07/nab-tightens-screws-interest-mortgages/   From Domainfax: From this Saturday, the bank will decline any customer applying for an interest-only loan who has a high loan-to-income ratio – an approach that banking sources said was not used by other lenders in the mortgage market… NAB’s general manager of home lending, Meg Bonighton, said the move was a response to the bank’s regulatory obligations and to make sure customers could afford the loans they were taking out. “We’re conscious of concerns raised by regulatory bodies about Australia’s household debt-to-income ratio, which has risen significantly over...
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    Consent_Withdrawn says #
    The greatest crimes of all still go unpunished while everybody wonders why no amount of fighting the street crime issue, homelessn
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Regional businesses facing ruin as dairy farmers struggle to pay off debt ABC News8 July 2017 Sarina Locke   Rural businesses in dairy farming regions are facing financial hardship as farmers struggle to pay their bills, leaving huge unsecured debts. The trickle-down effect of last year's dairy crisis has been strongly felt in regional towns and local businesses in Victoria and Tasmania. Some farming families, who were left owing thousands of dollars when processors slashed the milk price and forced them to pay back money, have become reliant on charity handouts. Rural shops and service providers have been hit hard as farmers' bills have gone unpaid and business plunges into decline as spending dries up. The downturn has led businesses to withdraw sponsorship for local sporting teams. Average dairy farmer debt to banks reaches nearly $1 million According to figures from government agency ABARES, in the 2016-17 financial year the average...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    It's no way to treat anyone, and especially not these people. FREEZE ON BANK REPOSSESSIONS NOW!! ROYAL COMMISSION NOW!! FEDERAL
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Senate inquiry hears curious farm lending case Queensland Country Life7 Jul 2017, 4 p.m. Colin Bettles   THE Senate Select Committee’s inquiry into bank lending practices towards Australian farmers has been told a bizarre story about a loan handed out by one bank’s branch, after it was knocked back by another branch of the same bank. The Senate inquiry was set-up in February and is being chaired by One Nation Queensland Senator Malcolm Roberts with NSW Nationals Senator and long-term farming and banking advocate John “Wacka” Williams the deputy-chair. The farm debt examination is due to report on October 18 this year and set to conduct four public hearings so far with the first being at Charters Towers in Queensland (July 13), at Perth (July 19), Roma in Queensland (August 2) and Sydney (August 11). Schedules detailing who will appear at the four public hearings have not yet been listed on...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    How many have come undone as we wait months or years for some action? This government isn't even fit to run a stopwatch.
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NAB blames 'error' on failing to clearly disclose advisers were recommending its product 7 July 2017 Clancy Yeates http://www.smh.com.au/business/banking-and-finance/nab-blames-error-on-failing-to-clearly-disclose-advisers-were-recommending-its-products-20170706-gx6hay.htm Financial advisers working at firms owned by National Australia Bank failed to clearly tell at least 150,000 clients they were recommending products that had been manufactured by the bank. NAB has agreed to tell customers about the mistake, after the corporate regulator investigated how various NAB-owned advice businesses disclosed their business relationships to customers. Clients of NAB-owned advice firms were not properly informed about the firms' business relationships with the bank.  The NAB-owned advisers ASIC looked at included JB Were, Meritum Financial Group, GWM Adviser Services, Apogee Financial Planning, and Godfrey Pembroke. Advisers at these businesses were recommending financial products created by NAB, including those sold under the MLC brand. However, ASIC said they had not properly disclosed these relationships when they gave customers advice in a key document known as a...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    When are the people in whom we are practically forced to entrust our lives going to comprehend that human decency cannot withstand
  • Consent_Withdrawn
    Consent_Withdrawn says #
    "We deliberately screwed up so that we could cover our lying arses" in other words... Worthy of another tea and biscuit session!
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Big four accounting firms accused of secrecy over tax haven staffing The Australian 2:30pm July 5, 2017 Michael Roddan   The big four accounting firms — Deloitte, KPMG, PricewaterhouseCoopers and EY — fail to accurately report all the jurisdictions in which they operate and have staff numbers greatly over-represented in tax havens, according to a new research report by Tax Justice Network founder Richard Murphy. The report, funded by left-wing minor parliamentary groups in the European Parliament in the wake of the Luxembourg Leaks and the Panama Paper revelations, found serious deficiencies in the legal structures adopted by the four major global accounting firms which left them “almost wholly opaque” to outsiders. The Luxembourg Leaks dealt with more than 28,000 pages of documents detailing favourable tax arrangements offered by the nation’s government to some of the world’s biggest companies, which were leaked by former workers for PwC. The Panama Papers revealed...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Admiral Ackbar did warn us...
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'Regulator's dilemma' as interest-only mortgage returns hit 42 per cent Sydney Morning Herald July 4 2017 Clancy Yeates Banks have been profiteering from fraudulent INTEREST ONLY LOANS and now intend to sell even more of these despicable products.    Interest-only mortgage lending is now twice as profitable for banks as lending money to customers who are paying off a home in which they live, new research suggests. Such a stark difference in the profits on offer gives banks the "wrong incentives" at a time of heightened risk in the housing market, underlining the need for tougher capital requirements, says Morgan Stanley analyst Richard Wiles. The finding comes as the market keenly awaits an update from the Australian Prudential Regulation Authority (APRA) in the coming weeks, which is expected to result in banks holding more capital against their mortgage portfolios. Bendigo and Adelaide Bank on Tuesday also became the latest lender to...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    I don't think it's correct to call these things products in the first place, let alone given how insidious, dodgy, personally and
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