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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
Private Super: Superannuation is an innocent fraud   7 March 2017 Dr. Stephen Hall https://independentaustralia.net/life/life-display/private-super-paul-keatings-innocent-fraud,10086   The problem with providing for an ageing population is not the money, it is the real goods and services, writes Dr Steven Hail. AUSTRALIA'S TAX-ADVANTAGED, compulsory, private superannuation system – the jewel in the crown of the legacy of the Hawke/Keating era – is an innocent fraud. The system was introduced with the best of intentions, but it doesn’t do what it was supposed to do. In fact, in more ways than one, it makes social provisioning for retirees harder than it otherwise would have been. It certainly doesn’t help pay for the cost of an ageing population. That is the sense in which the system is fraudulent and the reason some people think it ought to be scrapped. That might seem a shocking thing for me to have written. Imagine if Paul Keating himself...
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Former clients question collapsed builder’s links to property investment advisory firm   March 11, 20172:54am   http://www.news.com.au/finance/real-estate/buying/former-clients-question-collapsed-builders-links-to-property-investment-advisory-firm/news-story/2205d5d2815424ce07d2b360a3383fe4  An unfinished Guymer Lynnch home. THE sole director of a builder that collapsed last month leaving families across Victoria with half-finished homes was also the director of a property investment firm which suggested clients build with the now-defunct company. Guymer Lynnch Pty Ltd, founded by builder Shane Guymer, went into liquidation last month with nearly $1.8 million in debts to more than 80 creditors, amid claims of shoddy work, long build times and unpaid contractors. An estimated 50 families in suburbs across Melbourne including Croydon, Bundoora, Thornbury, Bulleen, Box Hill, Cranbourne and Point Cook have been affected. Liquidator Greg Andrews of GS Andrews Advisory informed creditors in a letter this week that the company had “insufficient assets” to meet its debts and “accordingly, there is no likelihood” of unsecured creditors being paid. Mr Guymer...
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Banks accused of $3.5 billion credit card rip-off   MARCH 7, 201712:51PM           0:31 / 3:06             Autoplay Public Radio and TV Face Threat of Budget Cuts 2:54 Tesla boss makes SA power promise 0:25 Barron's Buzz: The Future of ETFs 3:37 Breast Cancer: 'Cold Capping' to Prevent Hair Loss 5:27 Analysis: Strong February Jobs Report 5:11 Market movement would help ANZ, expert says 8:12 AU SA: Outback Town Gets Mobile Phone Reception for the First Time March 08 1:11 The melanoma blogger bringing thousands together 7:00 TAJIKISTAN: Tajik Air Flight Makes Emergency Landing in Khujand March 09 0:52 CommSec: US Mid-Session 10 March 17 1:59 ANIMALS: Horse and Steer at Californian Farm Are Best Friends 2016 1:30 CommSec - Market Close 9 Mar 17: Market slips 0.3% as energy stocks slump 2:15 AU VIC: Taxi Drivers Protest Deregulation Plan at Victorian...
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The truth about house prices  THE SATURDAY PAPER 11 March 2017  By Mike Seccombe. https://www.thesaturdaypaper.com.au/news/politics/2017/03/11/the-truth-about-house-prices/14891508004341   The crisis in housing affordability traces back to John Howard’s actions half a century ago and the lack of political will since.  The truth about house prices John Howard was at the scene of the original crime. He left his fingerprints. The year was 1964. Howard was a decade from entering federal parliament, and almost two decades from securing his place in history as the only Australian treasurer ever to simultaneously preside over double-digit unemployment, interest rates and inflation. But already he was championing ruinous economic ideas. One of them planted an early seed of Australia’s housing affordability crisis, which has driven much of Australia’s growing inequality over recent decades. Economist and vice-chancellor’s fellow at the University of Tasmania Saul Eslake tells the story. He says the high home-ownership rates that are a cornerstone of the...
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CARRY ON UP THE PHON   The PHON CIRCUS is like politics for the Inhabitants of BOGANVILLE.    Perils of Pauline campaigning in WA election (results tonight and, Labor will win) could not even remember the name of the Leader of the Opposition in a news interview.  She is a shocker.  At a meet and greet she was booed out the back door of the Hotel.  Shoppers at a Centre Crawl would not shake hands.   Then she said she had NO POLICIES for WA................thank goodness for that!  Then one of her key candidates Mrs Margaret Dodd, had endured weeks of nonsense and quit yesterday saying Madam Perils cannot be trusted (two others did likewise).  Pauline then said on eve of election "well good riddance," But Margaret's name is on the ballot papers!    Better to have stood as an independent Madge. Next Madam Perils laid into Mary and her husband...
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 It’s becoming even more critical just as everybody has been brainwashed into believing there is no need to even have them AND banks are now getting rid of paper statements!     The ‘deliberate tactic’ insurers AND FOS use to deny claims   9 March 2017 Jackson Stiles http://thenewdaily.com.au/money/your-budget/2017/03/09/insurance-tactic/   Insurers are deliberately using medical disclosure forms to deny claims from customers, experts have warned, as the CommInsure scandal heightens fears that many policies could be worthless. CBA chief executive Ian Narev faced accusations of a “cover-up” at this week’s hearings. A Labor MP alleged the bank is using a Deloitte report — paid for by the bank, and which interviewed zero victims — to whitewash claims it unfairly denied insurance claims from sick and dying customers. Mr Narev has apologised for the handling of specific cases. But both the bank and the industry at large deny there is a widespread...
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So Brandis is off to London as his reward for being dodgy!   PM to take lead on economy from Treasurer 9 March 2017 http://thenewdaily.com.au/news/national/2017/03/09/turnbull-to-take-lead-on-economy-from-treasurer/   Prime Minister Malcolm Turnbull is set to take the lead role in delivering the government’s economic pitch in the lead-up to May’s federal budget, amid concern inside the Coalition that Treasurer Scott Morrison’s efforts are no longer enough. Government sources say the Prime Minister intends to make a series of keynote speeches in the weeks ahead, with a view to developing a stronger and more coherent economic message. The strategy is aimed at quelling backbench concern that the Coalition is not making  enough of its traditional advantage over Labor on economic management.The ABC’s 7.30 also understands there will be a Cabinet reshuffle after the budget. Attorney-General George Brandis will move on by June, if not to London as High Commissioner then to another prominent position....
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  The brother-in-law of former One Nation senator Rod Culleton has officially been confirmed as his replacement. Peter Georgiou will now be One Nation's fourth senator, after the High Court ruled Mr Culleton's election was invalid. Mr Culleton was disqualified because he had a larceny conviction at the time of the election. The Court of Disputed Returns in Brisbane confirmed Mr Georgiou — the next-placed party candidate on the ballot paper — as the replacement on Friday. Mr Culleton failed in a last ditch attempt to stop the court from replacing him in the Senate. Chief Justice Susan Kiefel said Mr Culleton had made an application on Thursday to adjourn the hearing. "He listed 10 matters in an email to the senior registrar. None of them have any relevance to the matter before the court today," she said. "No purpose would therefore be served in granting the application."   The decision...
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This is what all these banking inquiries are all about and the guide being used....too coincidental to not be...Kate Carnell had the powers to demand documents and did... Elliott said Colin Neave was not hired to deal with consumer complaints but this .. .the DOJ will review aspects of a company’s policies and procedures     http://www.nortonrosefulbright.com/knowledge/publications/146878/doj-issues-compliance-guidance#_ftn1   Summary of topics Analysis and remediation of underlying misconduct: The DOJ may ask about the root cause of the misconduct, whether or not there were any prior indications that the misconduct was occurring, and what the company has done to help resolve the misconduct. Senior and middle management: The DOJ continues to emphasize the “tone at the top” and evaluates whether senior management and the board of directors encourage and instill a culture of compliance, including their own background and how senior management and the board interact with compliance. Autonomy and resources: The...
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Important for re-finances and bad lending .....s70 of the Consumer Credit Code (WA)   The Panel has found, for the reasons set out in this Determination, that the member was unable to contract out of its obligations under s 70 and that it granted a loan in breach of those obligations. The Panel found that the member was liable to compensate the complainants for the loss that it had caused............the Panel considers that the complainants’ suffered a capital loss of $60,000 by virtue of the complainants being granted a loan by the member and not selling the property.......   Mortgage loan by trust company; unjust transaction s 70 Consumer Credit Code (WA); agency of mortgage originator and trust manager   https://forms.fos.org.au/DapWeb/CaseFiles/ILIS/22169.pdf  Summary This dispute arises from an action by the member to recover monies from the complainants, owing under a loan used to refinance the complainants‟ mortgage. In 2007 the complainants...
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Mortgage Loans are set to only run 5 years due to UNAFFORDABLE APPROVAL of $800 billion worth of toxic loans due to slack lending practices running rampant in Australia. Notice how the implosion intentionally 'coincides' with the RMBS expiry dates.........   From the RBA archives:   To ensure that the RMBS can be redeemed before it becomes uneconomic for the SPV to service the loans and to protect investors from being left with a small, illiquid rump of stock once the bulk of loans have been repaid, most RMBS include an option for the originator to buy back the loans and redeem the RMBS after a certain date or when the aggregate principal outstanding on the mortgage pool falls below a stated threshold (say 10 per cent) of its original face value. The option also facilitates the return of any profits from the SPV to the mortgage originator. If the option...
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ScoMo tells the truth on property, gets the sin bin March 10, 2017 ttp://www.michaelwest.com.au/scomo-tells-truth-on-property-gets-sin-bin/   On Monday, Treasurer Scott Morrison told the truth. On Friday he was gone, gone as the government’s chief spokesman for the economy that is, replaced by Malcolm Turnbull. It may have been coincidence, it may have been merely another faux pas in what has hardly been an illustrious track record as treasurer. In any case, the truth would not have endeared ScoMo to his Coalition peers. The Treasurer carelessly veered from the party line, letting slip that lowering taxes would push property prices higher, not lower. Lowering taxes is an article of faith for the government but Scott Morrison told 2GB Radio that Victoria’s plan to drop stamp duty for first home buyers would drive up house prices: “On the issue of stamp duty, I welcome it but at the end of the day if that...
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Hello, APRA, anyone at home?  By Houses and Holes in Australian interest rates, Australian Property at 11:58 am on March 10, 2017 | 52 comments http://www.macrobusiness.com.au/2017/03/hello-apra-anyone-home-2-0/ Hello, APRA, anyone at home?     And the driver? 27.5% year on year growth in investor loans, out today:     The bubble is back, APRA, and you need to tighten right away. There is no reason for the RBA to tighten vis inflation. It should actually be cutting. The economy also needs lower rates. But you can’t sail on into a financial catastrophe, either. It’s blindingly obvious that APRA needs to cut the investor loan speed limit to 5%. With three quarters of investor lending pouring into Sydney and Melbourne, it will implicitly be geographically targeted. The RBA can then cut again and the dollar will sink like a stone into the 50s cents. That will prevent any bust and accelerate the real...
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Housing affordability worsened in December quarter: Adelaide Bank/REIA report Australian Financial Review Mar 8 2017 6:12 PM Michael Bleby   Housing affordability worsened in the December quarter as the average proportion of household income required to meet loan repayments rose back towards recent peaks. Rising mortgage sizes more than offset the effect of low interest rates and modestly rising wages to push the figure up 0.9 percentage points to 30.4 per cent - of a $1681 median weekly family income - the latest Adelaide Bank/REIA Housing Affordability Report says. The state of affordability is better than it has been. Despite the quarterly deterioration, both mortgage and rental affordability were better in December than they were at the end of 2015. While the latest mortgage affordability figure was better than the 32.4 per cent of a year earlier, rising mortgage values could depress the number of first-home buyers, which has stabilised after...
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Banks face legal action over unfair contracts: regulators The Australian 12:00am March 10, 2017 Richard Gluyas   The corporate watchdog is ramping up the pressure on the nation’s banks over unfair contracts with small businesses, threatening court action if the banks do not take immediate steps to amend their standard form loan agreements. As revealed yesterday by The Australian, small business ombudsman Kate Carnell has teamed up with ASIC to investigate the level of compliance with legislation that bans lopsided contracts. Despite a one-year transition period until the legislation became effective last November, the continuing probe has found that changes made to contracts have fallen short of requirements. ASIC deputy chairman Peter Kell said yesterday the regulator had already started discussions with lenders to remove or amend unfair terms. “If a lender refuses to do so we will consider all regulatory options, including taking the matter to court as ultimately a...
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  • organza
    organza says #
    Predatory lending has devastated the mortgage market. The ineffectiveness of regulations, only compounds matters. It is a catalog
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  Banks want to limit Carnell's small business loan protections Australian Financial Review Mar 9 2017 4:46 PM James Eyers   The parliamentary committee investigating the banks will consider whether to set a threshold for new protections for small business borrowers at $5 million of total loans rather than $3 million as preferred by the banks. So-called "non-monetary default" clauses in loan contracts with SMEs transfer external risks to the customer by giving banks power to enter negotiations when, for example, the value of loan security falls as determined by a loan-to-valuation ratio. Given about two-thirds of all small business loans are secured by residential property, these clauses will give banks the ability to default many small business borrowers if there is a crash in housing markets. During sustained questioning of the big four bank CEOs on business lending by the House of Representatives standing committee on economics over the past...
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  • organza
    organza says #
    Of course they do! I notice nobody has asked banks the direct question ‘why are property valuations never given to consumers, why
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Scott Morrison gives green light to affordable housing finance plan Australian Financial Review Mar 9 2017 11:45 PM Phillip Coorey   The federal government has given the go-ahead for a scheme in which the private sector would be given access to cheap capital in return for building more community housing. The bond aggregation scheme, as revealed by The Australian Financial Review, was given the in-principle approval of Commonwealth and state treasurers in December and will now be designed by a new housing affordability taskforce before final approval in the middle of the year. On Friday, Treasurer Scott Morrison, who is putting together a housing package for the May budget, will announce the establishment of the Affordable Housing Implementation Taskforce to develop an affordable housing bond aggregator model. The community housing sector is currently funded by government grants and stock transfers, and short-term, high-interest bank loans. A bond aggregator will provide a...
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We did try to warn you all.  She voted with Malcolm Muppet at every vote in chambers.  Shameful betrayal of Bank Mortgage Fraud Victims.   Pauline Hanson 'just a Liberal puppet', One Nation candidate says ABC News9 March 2017 8:17 PM Claire Moodie   A high-profile One Nation candidate who has spoken out against Pauline Hanson's preference deal with the WA Liberal Party has confirmed she will boycott the party's how-to-vote directive. Margaret Dodd, who is running in the seat of Scarborough, told 7.30 that when she joined the party four weeks ago, she was assured that she would be able to decide her own preferences. Now she has a message for Ms Hanson going into the final days of the campaign. "Pauline, you are supposed to be listening to the people. If you can't listen to your own candidates, what chance have the people got?" she said. Ms Dodd has...
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CommInsure is like an episode of Yes Minister   Adele Ferguson   CONTACT VIA EMAIL   FOLLOW ON TWITTER   The parliamentary inquiry into banking was always going to be entertaining with the big bosses stepping into the arena for a public smack down but it was never expected to descend into biting satire. That's where those watching were taken on Tuesday. "It reminds me of Jim Hacker in Yes Minister visiting St Edwards, a hospital that had no patients," an incredulous Labor MP Matt Thistlethwaite told Commonwealth Bank of Australia boss Ian Narev after grilling him about an "independent" report into its life insurance division.         Play Video Bank boss rejects naming and shaming The head of the Commonwealth Bank has rejected any suggestion the identity of senior executives who oversaw scandals within the bank should be revealed. "You've got a report based on victims, that's arisen because the victims have been denied...
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COMMONWEALTH BANK has become a Den of Thieves. CBA needs to be stripped of its licence and rebuilt from the ground up. Australians need a PUBLIC BANK it can trust.   Scandals in Manufacturing of DUD products. Scandals in DUD Advice. Scandals in Selling of Dud products. Scandals in DUD handling of complaints. Scandals in Mortgage Lending. Scandals in collusion with or Regulators to suggest THERE ARE NO SYSTEMIC ISSUES!!! Enough of the LIEs Mr NAREV. Time to go up to the roof, take up the nearest helicopter and fly to the south poll without any tools to build yourself a lowly IGLOO.   Your Time is UP YOURs Mr CEO. ...
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The CBA CEO IAN NAREV led Comminsure Scandal rolls on and on and on!  Stress has led to anger for 80% of Australians are crying out for a full blow Royal Commission nto the banking System.  No-one would want an RC run by the Bankers Party previously known as LIBs. No-one would want Mr Harbourside Mansion choosing WHO would chair that Commission. http://www.smh.com.au/business/banking-and-finance/comminsure-is-like-an-episode-of-yes-minister-20170307-gusijy.html To understand Narev's Intention to Deceive (a criminal offence), just rerun the very funny episodes of YES Minister.  The problem these SCANDALS are NO LAUGHING matter!!!  Australian regulators have lost the plot.  So many people have been hurt because the SELLERS of these products were told by bank executives "what to SELL."  The developers were clients of the bank and the entire operation is like a hungry octopus.  Investors were made to blame the advisers, but you all need to dig deeper and SEE what was really being...
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CBA chief Ian Narev warns against tinkering with housing policy The Australian 12:00am March 8, 2017 Michael Roddan   Commonwealth Bank chief executive Ian Narev has warned the government not to try to make homes more affordable by “tinkering” with policies, arguing a piecemeal approach “could create short-term distortions” that “would concern us significantly”. The warning comes as Scott Morrison prepares a package of federal budget measures to ­address white-hot house prices and plunging affordability. The Treasurer on Sunday left open the possibility of capital gains tax changes as the government seeks to make it easier for Australians to buy a home. Mr Narev, speaking yesterday at a House of Representatives committee hearing as part of a ­review of the major banks, said a holistic approach to housing ­affordability policy was needed. “Housing affordability is an issue of great importance to our customers and our people and the whole of the...
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APRA warns banks on residential development Australian Financial Review Mar 7 2017 5:30 PM Nick Lenaghan   Residential developers face a further squeeze on credit as the bank regulator urges lenders to exercise more caution in their commercial property books. The Australian Prudential Regulation Authority has flagged potential flashpoints within the development sector that could compromise the quality of a residential project and its funding. "APRA has observed a general tightening of underwriting standards, especially for residential development lending, over the past year or so," the regulator said in a review of commercial property lending. "This has not been uniform, however, and there is a need for authorised-deposit taking institutions to exercise particular care to ensure that they are not unduly accepting greater risk as other lenders step back." Among the concerns for APRA, is the use of mezzanine debt and "quasi equity from third parties" to reduce the amount of...
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Banks must lift quality of capital reporting: FSI member Australian Financial Review Mar 6 2017 4:16 PM James Eyers   One of the members of the government's financial system inquiry, Professor Kevin Davis, says the reporting of regulatory capital by banks is too slow and the data is hard to access, making it difficult for the public to compare the relative safety of Australia's banks. As a parliamentary committee considers forcing banks to deliver customer data in an easy-to-access format to encourage competition, Professor Davis has examined bank disclosures of capital levels – core data showing the size of the buffer banks have to absorb losses. "Unfortunately, the Basel disclosures do not really meet conditions of easy access, comparability and timeliness, which might facilitate greater and better analysis of our banks," Professor Davis said in a financial policy brief published by the Australian Centre for Financial Studies and Monash Business School....
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The insurers know they are playing hard ball when people are most vulnerable and least equipped to cope with their commercial and legal antics...... and so do banks ...its all about delay tactics and running a hotline with the FOS to wear you down and pay a pittance if not no compensation!    Former Liberal Party Treasurer Michael Yabsley joins call for Royal Commission into the banks March 5, 2017 Colin Kruger http://www.smh.com.au/business/cbd/former-liberal-party-treasurer-michael-yabsley-joins-call-for-royal-commission-into-the-banks-20170301-guoapl.html   Former Liberal Party treasurer Michael Yabsley has joined the call for royal commission into the banks. "Should there be a royal commission? Of course there should! The royal commission should extend to the insurance arm of the banking industry, otherwise a significant part of consumer grievances arising from systemic failures will be ignored," Yabsley said in an email last week to Anna Bligh, the incoming head of the bank's lobby group, the Australian Bankers' Association (ABA). He...
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