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BFCSA
MORTGAGE
DISTRESS SOS

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
Attached to THE ARGUMENT OF AGENCY PAPER 2011 BFCSA:  Bankers permitted to become a LAW UNTO THEMSELVES - more 2011 revelations on Mortgage Fraud Engineered By Bankers Ostensible Authority:  1.       There existed strong Ostensible Authority links directly between Introducers and Lenders.   The links are as follows: a.       Introducer’s were provided with database access to track their approvals. b.       Introducer’s were provided with stationary bearing the Lender Logo’s. c.       Introducers were provided with Lender material to enhance sales. d.       Emails between Loan Processing Officers and Introducer ensured direct communication between the Lender and its own agent: the Introducer. e.       Lenders employed BDM’s to teach Introducers the system and how to maximise loan approvals....driven by a very high commission structure provided by the Lenders. f.        Emails between BDMs and Introducers paint a clear picture of loan acceptance practices. g.       ABN ‘for a day” became standard industry practice and accepted by the Lenders h.       The Lenders...
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The Argument of Agency: by Denise L Brailey  BFCSA (Inc) 2011   Since the release of this paper, the cases won include O'Donnell (NSW 2009), Schmidt (VIC 2010) and Burns (WA 2015) and since then there have been "spin off cases,"  also defeating the same bank induced argument intentionally and mischievously created and presented to the Courts by Legal Teams of the Banking Sector.  The Master Servant relationship applies to the advantage of the customer and not the  interests of the Banks.  The Broker Channel has been created by Lenders to intentionally escape responsibilities in lending.   The Judges held the brokers are selling agents of the Banks and as such, sellers cannot serve two Masters.  Banks are therefore liable in law for any error or omission or fraudulent actions by the Sellers. THE ARGUMENT OF AGENCY -  released by BFCSA (Inc) Firstly, on suggestion of the BFCSA (Inc) Committee, I wish to provide our own interpretation on the...
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Money Laundering in Chief: Scandal at the Commonwealth Bank of Australia ·         August 14, 2017 ·         Written by: Binoy Kampmark https://theaimn.com/money-laundering-chief-scandal-commonwealth-bank-australia/ The Australian banker is a smug species, arguably more than his international peers. Caught off guard by the financial disasters of the late 1980s and early 1990s, the Australian banking system has become an expression of a classic oligopoly, manipulating prices and squeezing customers. Such an Australian banker is perky as well, self-assured that any inappropriate, let alone illegal behaviour, might be passed off as an effort to do better, to buck trends, to be audacious. Over the last few weeks, AUSTRAC has had little time for that audacity. The financial intelligence agency and regulator had picked up on suspicious transactions made through the Commonwealth Bank of Australia’s “intelligence deposit machines” numbering over 53,000 and exceeding the legal $10,000 limit. The machines in question were part of a CBA modernisation...
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AGENTS OF THE BANKS known as BROKERS became the ultimate whistleblowers on Crime of the Century: Australian Bankers Scandal. Banks set out to STEAL HOMES then allow the Banking Institutions to collapse under weight of DEBT owed to the Wholesalers.   Mark Bouris is right: Brokers never approved the loan. Banks approved loans by using secret and hidden computer generated fudged income projections on EVERY file. Fraud is in the approval process and 20 Judges agree!! In any case, the Broker is agent of the Bank. So if it was the brokers writing loan forms, then a loan like this would NEVER have been written by a branch??? Just who is yanking my chain? Bank staff (managers and officers) wrote up the mortgages on the same forms and the same way using the same BANK FUDGING COMPULSORY SERVICE CALCULATOR and in greater numbers aka 55% of all mortgages are written...
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Why APRA's Wayne Byres says the regulator is a doctor, not a cop Financial Review - Jul 8 2016 James Eyres In a world that is still dealing with the aftershocks of the global financial crisis, public wariness of big business has intensified and regulators have grown in authority and influence. Business says regulation adds to the cost of business, stifles innovation and discourages risk-taking. But innovation and risk-taking with weak supervision took the global economy to the precipice too. The demands on regulators to stay on their toes, crank up their scrutiny, and do their duty to protect, have never been more intense. Four of Australia's business cops – the Australian Prudential Regulation Authority (below), the Australian Tax Office, the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission – talk about what it's like working in the age of the regulator.   Curbing complacency The man...
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APRA’S CRISIS MANAGEMENT POWERS 18 August 2017 | Exposure Draft On 20 October 2015, the Government committed to provide regulators with clear powers in the event a prudentially regulated financial entity or financial market infrastructure fails as part of its response to the Financial System Inquiry. This consultation seeks stakeholder views on the exposure draft of Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 (the draft Bill), which strengthens APRA’s crisis management toolkit in relation to banks and insurers. Draft explanatory materials are provided to assist readers in understanding the draft Bill. The draft Bill includes amendments to the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Australian Prudential Regulation Authority Act 1998, Payment Systems and Netting Act 1998 and Financial Sector (Business Transfer and Group Restructure) Act 1999. These amendments enhance APRA’s crisis management powers by providing: clear powers that enable APRA to set requirements on resolution...
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CBA board's breathtaking tactics bring on a class action.  Adele Ferguson It is being pitched as the biggest shareholder class action in the country. Commonwealth Bank on one side, and Maurice Blackburn bankrolled by IMF Bentham on the other side.  The allegation is that Commonwealth Bank sat on material information that kept its shareholders in the dark about a massive money laundering and counter terrorism finance scandal. or the bank and the board, it means more bad publicity and more headaches as they battle separate investigations by the Australian Securities and Investments Commission (ASIC) as well as the legal action that sparked it all by the financial intelligence agency Austrac. For Maurice Blackburn and IMF, it is a high-profile bank case that goes to the heart of what executives and the board knew, and when. RELATED ARTICLES ATM scandal: Austrac says CBA the only offending bank Exiting Narev's pay shrinks by $6.8m in wake...
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Shares in Provident Financial crashed 66 per cent yesterday as crisis looms   Drop believed to be biggest one-day fall for a blue-chip FTSE 100 firm ever Peter Cook, the CEO, resigned in disgrace as £1.7billion was wiped off its value Now 800,000 customers of it doorstep collection business are at risk   By James Burton Banking Correspondent For The Daily Mail PUBLISHED: 09:59 +10:00, 23 August 2017 Hundreds of thousands of struggling families have been left in limbo by a mounting crisis at doorstep lender Provident Financial. Shares in the business crashed by 66 per cent yesterday after bosses admitted that a software bug has made it impossible to collect debts from customers. It is believed to be the biggest ever one-day stock price fall for a firm in the blue chip FTSE 100 index, wiping £1.7billion off its value. The company’s chief executive, Peter Crook, resigned in disgrace. The firm...
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THE FOUR CORNERS COVER UP re BANK FRAUD   On our www.facebook.com/BFCSA    If you agree: 'LIKE' OUR PAGE and SHARE We have highest household debt levels in the world. Ex banker Prime Minister Turnbull tells us to be prudent!!!!! He has his say but does not show his face. His banker mates have been engineering the largest PONZI financing scam Australia has ever seen and sent an army of sellers (inc 55% internal staff) to sell mortgages that the persons agreeing and signing contracts had no idea their "mortgages" were in fact INTEREST ONLY. Four Corners failed to mention the CONTROL FRAUD run by Bankers and targeting older Australians who enjoy home ownership and no debt. No mention of the bank engineered financial strategies for signing up anyone with HOUSE and a PULSE. No mention of the grand plan to ASSET-STRIP and steal the family home..No mention of the tragic RMBS...
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Love the heading....BANKING Mortgage Fraud is a CONTROL FRAUD    By Houses and Holes in Australian Politics at 12:25 am on August 21, 2017 | 43 comments https://www.macrobusiness.com.au/2017/08/canberra-is-now-one-giant-control-fraud/   Via Paul Kelly: When a parliament is discredited the presiding government usually pays a fatal price. The current parliament is discredited and dysfunctional on fiscal, legal and symbolic grounds, our democracy continues to be damaged and the decline in trust in our institutions is intensifying. Just as the Tony Abbott-led opposition in 2010-13 was pivotal in ruining the Gillard government’s legitimacy, so the Bill Shorten-led opposition — though facing a different situation — is advanced in its quest to delegitimise the Turnbull government. But that only happens because of the government’s own ineptitude. …The killer scenario is the reference of Deputy Prime Minister to the High Court leading to a minority Turnbull government. That should not happen. Indeed, it is hard to...
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Malcolm Turnbull's comments about Barnaby Joyce are unwise http://www.smh.com.au/comment/malcolm-turnbulls-comments-about-barnaby-joyce-are-unwise-20170815-gxwf3i.html George Williams is Dean of Law at the University of NSW. Prime Minister Malcolm Turnbull may come to regret his bold statement that Barnaby Joyce is "qualified to sit in the house and the High Court will so hold". For an accomplished lawyer normally so careful about such matters, Turnbull was insensitive to the role of the High Court as the independent and final arbiter of these matters. The separation of powers in Australia depends upon leaders not prejudging the courts. Doing so is disrespectful to the judicial arm of government, and can get politicians into hot water under the laws of contempt. In this case, any suggestion that Turnbull may have crossed that line is removed by the fact that he said the words in Parliament. Ancient laws prevent anything said in Parliament from being called into question in a court....
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AustralianSuper says tougher regulation of banks ‘warranted’ The Australian 12:00am August 21, 2017 Richard Gluyas   The nation’s most powerful superannuation fund has distanced itself from company directors, arguing in favour of tighter prudential regulation for banks due to the industry’s privileged role in the economy and its “repeated” ­failure to protect the interests of customers. AustralianSuper, with 2.1 million members and $120 billion in assets under management, said it supported the proposed banking executive accountability regime, or BEAR, announced in the May budget because “inappropriate behaviour and poor culture” represented an investment risk. “The central and privileged role banks play in the Australian economy, coupled with the repeated failure by some banks to protect the interests of consumers in the last decade, demonstrates that for this particular sector heightened prudential regulation is warranted,” the super fund said. “As such, the improved behaviour and accountability encouraged by BEAR is positive from...
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Lift interest rates now to avoid problems later: Costello The Australian 12:00am August 21, 2017 Adam Creighton   Peter Costello, chairman of the nation’s $130 billion Future Fund, has urged the Reserve Bank to lift interest rates now to avoid households’ taking on more debt, which he says is contributing to “massive imbalances” in the economy. The nation’s longest-serving treasurer also expressed concern that the Turnbull government was balancing the budget mainly by lifting taxes. “The worry is we do it on the revenue side rather than spending side,” he said, suggesting lifting taxes would lead only to calls for more spending. “We have to normalise interest rates, and the longer you leave it the more unbalanced your economy is going to get,” Mr Costello said, suggesting Australians weren’t “worrying about debt ­because they can get it at such low rates”. The value of owner-occupier and investor mortgages have soared about...
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Mortgages and debt: How lending culture is leaving Australians vulnerable ABC News21 August 2017 Michael Brissenden, Justin Stevens, Jeanavive McGregor   A decade of housing price rises, low interest rates and relatively easy credit has left Australians carrying the second-highest level of household debt in the world. And despite efforts to tighten lending and to address problems in the lending culture, the ABC's Four Corners program has learnt bank staff and mortgage brokers are still required to meet tough lending targets and some staff are threatened with dismissal if they do not meet the banks' requirement to sign up more mortgages. The problems in the lending culture were acknowledged by the banks themselves earlier this year in a review conducted by the former public service chief, Stephen Sedgwick. Incentive payments and lending targets are still a primary motivator for bank staff. Internal performance expectations for Westpac bank lenders, obtained by Four...
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APRA refines 'serviceability' rules for borrowers Australian Financial Review Aug 20 2017 11:00 PM Duncan Hughes   The prudential regulator is discreetly pressing lenders to improve their balance sheet resilience by toughening scrutiny of new borrowers' ability to service loans. Westpac – which includes Bank of Melbourne, BankSA and St George – has told mortgage brokers it is responding to the regulator's "refining" of criteria used to assess a borrower's suitability by changing the way it calculates loans and assesses borrowers' rental interest deductions. The Australian Prudential Regulation Authority, which declined to comment, has repeatedly said the impact of property lending on members' balance sheets is a key focus and that there would be "no let-up in the intensity of its scrutiny". It is in constant dialogue with regulated lenders seeking to improve standards. "APRA has refined its serviceability requirements for existing internal and external mortgage liabilities," Westpac wrote in a...
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The era of crazy Chinese acquisitions is over as Beijing cracks down on offshore deals Australian Financial Review Aug 20 2017 9:00 PM Angus Grigg, Lisa Murray   The Chinese government has moved to halt "irrational" overseas investments by restricting purchases of real estate and entertainment assets, a decision which could dent demand for Australian assets. The move, designed to curb capital outflows and lessen downward pressure on the Chinese currency, also compels mainland companies to align themselves more closely with Beijing's foreign policy objectives. The State Council said it would encourage companies to invest in the $1 trillion One Belt One Road infrastructure initiative, which aims to improve China's trade links with Europe, Africa, South East Asia and the Middle East. The Turnbull government has not formally signed up to the initiative despite a desire by Beijing to link it with Canberra's $5 billion Northern Australia Infrastructure Facility. The new...
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FOUR CORNERS TO TELL YOU THE AUSTRALIAN PROPERTY MARKET IS ABOUT TO CRASH: Will they demonise and blame sellers and borrowers?  Or will they lay BLAME on the perpetrators of predatory lending:  THE MAJOR BANKS? This story will be a significant one for perhaps the wrong reasons.  Four Corners had the opportunity to tell the Mortgage Fraud Scandal from eye witness accounts of the long suffering borrowers.   ABC called me several times in April and May wanting to chat and asked repeatedly would I assist them in supplying a stream of consumers “to speak to.”   I was uneasy with the approach.   60 Mins beat up the same story last year and produced a disaster for consumers.  I refused to be involved, and nor would I agree to expose the victims to those sort of sham stories.  I have my reasons.  There are people involved who will profit handsomely from...
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Australian property bubble close to bursting Anyone still not convinced Australia’s property bubble is close to bursting should take note of a trifecta of recent warnings: forecasts of a major contraction in construction by industry insiders, a major reversal in international capital flows to Australian real estate, and leading bank executives issuing uncharacteristic warnings. BIS Oxford Economics forecasts a 31 per cent collapse in the residential construction market over the next three years, from 230,000 new homes built per year down to 160,000. And high-density apartment construction will collapse by around a massive 50 per cent. The economics forecasting firm’s managing director Robert Mellor estimates the underlying level of demand for dwellings, based on population growth, is around 184,000. National building starts peaked in 2015-16 at $107.3 billion, so such a collapse will be obviously a multi-billion dollar hit to the Australian economy and potentially a trigger for a chain-reaction collapse....
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Peter Costello’s blast at the banks: bring in some competition The Australian 12:00am August 19, 2017 Adam Creighton  PETE WANTS THE BANKS TO KEEP THEIR FREEDOMS AND KEEP RIPPING OFF THE PEOPLE.......................... Peter Costello, the architect of Australia’s financial regulation, has slammed the big four banking “quadropoly” as “absolutely immun­e from market discipline”, and raised the prospect of elimin­ating foreign ownership caps as a way of injecting sorely needed competition into an industry ­dogged by scandals. The nation’s longest-serving treasurer and current chairman of the $130 billion Future Fund said the chief executives of the big four banks should admit they were ensconced in a highly profitable “cocoon” as a result of government regulation that would be the envy of even regulated power utilities. “They think all these high returns­ are from their own brillianc­e,” Mr Costello said. “But what they haven’t understood is they have a unique and privileged regulatory...
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Government to strengthen money laundering rules, regulate bitcoin Australian Financial Review Aug 17 2017 10:20 PM  Swati Pandey  Government has made a big mess of regulating and policing Banks.................. we noticed.   The government will strengthen money laundering laws, including bringing bitcoin providers under the government's financial intelligence unit, after the fresh scandal at Commonwealth Bank. The government said a coming bill would be the first stage of reforms to strengthen the country's Anti-Money Laundering And Counter Terrorism Financing Act. "The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals to hide," Minister of Justice Michael Keenan said, without specifying when the legislation would be introduced. The bill will also aim to bolster the investigative and enforcement powers of the financial intelligence agency AUSTRAC. The announcement comes just days after the agency accused...
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ACCC scrutinising 'big five' for home loan rate rises Australian Financial Review Aug 16 2017 4:22 PM Misa Han   The competition regulator is scrutinising the big four banks and Macquarie Bank for how they set interest rates on residential mortgage products, as it seeks to stop the banks from passing on the government's $6.2 billion bank levy to consumers. Australian Competition and Consumer Commission chairman Rod Sims said the competition regulator had issued compulsory information notices to the big banks to gather information on how they set interest rates on their residential mortgage products. "We've used information notices to seek to understand how banks have made interest rate decisions in the recent past," Mr Sims told the House of Representatives standing committee on economics on Wednesday. "Are they looking at each other? What are the assumptions they make? How much do they look at small regional banks?" He said the...
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Banks had better be wary of regulatory BEAR The Australian 12:00AM August 17, 2017 Richard Gluyas  We can all smell political propaganda from 1000 kms away!!!!   If you ever dreamt of serious combat with the financial intelligence agency Austrac, then now is the time to do it — before the proposed banking executive accountability regime, or BEAR, is implemented. The framework has unpleasant, razor-sharp teeth, which for some potential bankers is likely to increase the attractiveness of employment in other industries with less punitive regulatory regimes. Commonwealth Bank’s battle with Austrac over money-laundering allegations is precisely the kind of case where BEAR would rear up in all its ferocity. CBA would be staring down the barrel of a maximum penalty of $200 million if it failed to meet the heightened standards of behaviour demanded by BEAR. Not only that, but a consultation paper released last month said it might be...
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Commonwealth Bank loaned $55m to group linked to Comancheros Australian Financial ReviewAug 16 2017 11:45 PM Neil Chenoweth  CBA ConBank Shareholders will be impressed with this lending scandal......and the hits just keep on coming!!   Three months before Ian Narev was appointed chief executive of the Commonwealth Bank in July 2011, the division that he headed reported a $55 million loss from loans to a company with links to the Comancheros bikie gang. The CBA suffered a spectacular failure of its risk assessments of Viking Group, which did not detect that the trucking group had been providing false accounts and fabricated invoices for five years to support ever-increasing loans. The shock loss raised questions about the level of scrutiny of CBA customers and the chain of command in Narev's Business and Private Banking division that approved the loans. Following Narev's appointment as CEO he promoted a range of direct reports from...
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Commonwealth Bank's ongoing systemic failures of customers and staff: But wait there's more ABC News15 August 2017 Stephen Letts  BANK GRIME AND MUCK WILL OOZE OUT FOR YEARS   The Commonwealth Bank has released new details of several serious cases of systemic problems within the business that has cost customers and employees millions of dollars. Following demands from Reserve Bank governor Philip Lowe and ASIC chairman Greg Medcraft for greater transparency, the CBA released a list of issues it says it is "putting right for our customers and employees". The "issues" include selling lines of insurance that wouldn't have been paid out, over insurance for home loan customers and the underpayment of superannuation payments to employees. The CBA also added a new item to the list, confirming it had just told ASIC that it may not have cancelled insurance to numerous deceased estates. The bank says it now checking to see...
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Commonwealth Bank nightmare not over yet Australian Financial Review Aug 14 2017 11:45 PM James Frost   Commonwealth Bank executives are bracing for more pain after chairman Catherine Livingstone said the board would continue to investigate executive accountability for the AUSTRAC money laundering debacle and reserved the right to clawback bonuses from those who had left the company where necessary. The door for further action against current and former executives was left open after the bank provided a timeline for the departure of CEO Ian Narev and introduced sweeping changes to executive pay, including the cancellation of rights to shares worth millions of dollars. The prospect of further fallout from an internal investigation into the money laundering scandal has shortened the odds an external candidate may be appointed to the top job at the bank with the potential for a rolling series of penalties and disciplinary actions making it difficult to...
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