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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
Heat on RBA as residential property borrowing hits a record Australian Financial ReviewJul 31 2017 11:00 PM Duncan Hughes   Residential property borrowing continues to grow despite repeated attempts by regulators to jawbone banks and borrowers into cutting back, according to official statistics. The nation's bill for house borrowing has hit a record $1.69 trillion, which is bigger than the country's gross domestic product and nearly equivalent to superannuation savings, the latest numbers from the Reserve Bank of Australia reveal. Borrowers and mortgage brokers, which act as intermediaries between property buyers and lenders, claim that overall demand and loan growth remains strong, despite more subdued investor demand in some markets. Investors continue to dominate total property borrowing, despite efforts by banks and regulators to encourage owner-occupiers and reduce speculative demand in the overheating sector. Westpac Group is growing its loan book the most aggressively. Commonwealth Bank of Australia is pulling back...
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CommBank not to blame for developer's failure, says Tony Hartnell Australian Financial Review Jul 30 2017 11:00 PM Aaron Patrick  Hartnell the first Chairman of the ASC 1991 and Mates with Murdoch and Howard, argues with Kate Carnell and defends clients who are white collar spruikers and crooked bankers..............ah well.     Read more: http://www.afr.com/business/legal/why-the-founder-of-atanaskovic-hartnell-despairs-of-australia-20150429-1mw5ft#ixzz4oMpyTweP Follow us: @FinancialReview on Twitter | financialreview on Facebook EXCLUSIVE  A chairman of the Cairns property developer portrayed as a victim of possible illegal lending practices by the Commonwealth Bank of Australia said the company paid too much for land and wasn't mistreated by its financier. Prominent Sydney lawyer Tony Hartnell disagreed with assertions by Small Business Ombudsman Kate Carnell - which were leaked to 60 Minutes - that the bank drove CEC Group into bankruptcy in 2011. "In retrospect the judgment to develop a large land bank was wrong," Mr Hartnell said in an interview on Friday. "[Chief executive] Roy...
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Trust buster: Bill Shorten promises $17.2 billion tax crackdown Sydney Morning Herald July 30 2017 James Massola   EXCLUSIVE  Bill Shorten will slam the door shut on tax loopholes that let high income earners legally use trusts to slash their tax bills, in a move designed to raise $17.2 billion over 10 years. The new tax policy, foreshadowed by Fairfax Media a week ago, is the second-largest revenue raising measure announced by the federal opposition, after its ambitious plan to curb capital gains and negative gearing tax breaks, designed to raise $37 billion over 10 years. Mr Shorten will tell Labor's NSW conference on Sunday that, if he wins the next election, he will introduce an across-the-board minimum 30 per cent tax rate on discretionary trust distributions to people over the age of 18. The policy, Labor argues, will only affect 2 per cent of taxpayers and is a fairness measure...
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‘Disingenuous’: Former bank exec questions back book repricing 26 July 2017 From The Adviser. http://www.digitalfinanceanalytics.com/blog/disingenuous-former-bank-exec-questions-back-book-repricing/ A former major bank executive says lifting rates for existing interest-only borrowers has little to do with the regulatory pressures the banks claim they are under. Following a hefty round of rate hikes for interest-only borrowers last month, former Barclays CEO of mortgages Steve Weston says it was surprising to see the banks’ tactics. “On the one hand, they talk about wanting to rebuild trust with consumers and do all the right things and they’ve got the ABA engaged with a number of well-intended initiatives to ‘make banking better’,” Mr Weston said, responding to a question at the Vow Financial commercial conference in Hobart on Friday. “But then they do things that appear anything but customer-friendly. “During June, the four major banks announced reductions in their principle and interest owner-occupier rates of between 0.03 per cent...
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    Consent_Withdrawn says #
    Non-sovereign banks cannot rebuild trust. Never. Not possible. They should stop wanking on about such an absurd idea and get rea
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Wonder how many other borrowers have no idea they were remodelled by a bank!     https://www.thestar.com/news/world/2012/05/05/the_ghost_houses_of_ireland_foreclosure_and_eviction.html     In 2010, Dublin lawyer Vincent Martin and his colleagues were contacted by a man who was at loggerheads with the Irish Nationwide building society, a local bank. After obtaining the bank’s files on his account, the man had discovered the bank, which has since merged with Anglo Irish Bank, had created a new version of him for their credit committee.  So they could lend him more money during Ireland’s bull market, banking officials had changed the man’s occupation, inflated his roughly $39,000 annual salary to $78,000, and forgedboth his and his employer’s signature....
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98 … pfft, yer never too old for a Westpac 30-year mortgage July 26, 2017 https://www.michaelwest.com.au/98-pfft-yer-never-too-old-for-a-westpac-30-year-mortgage/   It is the steadfast policy of this news service to never look a gift-horse in the mouth. So it is that we are taking the opportunity to run this “never too old” story again. It is the story of Westpac selling a 30-year mortgage to a 98 year old nursing home resident and, unlike people, some stories don’t age. A word of comfort for mature readers. If you are an upper-middle-aged Australian and concerned that a bank manager from Westpac might stride past your nursing station at any moment toting a pen and a loan application form, fear not! He could be from ANZ.  When asked once during a legal dispute as to its practice of signing up an octogenarian, ANZ said it did “not discriminate against our customers on the basis of age”....
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Why Australians think our Big Banks are Criminals   By Ross Coulthart https://www.9now.com.au/60-minutes/2017/extras/latest/july/   In the mailbags and inbox email servers of Australian public affairs television programmes like 60 Minutes, there is one issue that enflames viewers’ vitriolic responses more than any other. The sheer volume of angry letters and emails we receive about this issue far outweighs anything else upsetting our audience, and it’s been the case for years. The level of public passion and bitterness this issue inspires is overwhelming in comparison to what you might expect to be the top issue of the day: fears about Islamist extremism and terrorism, crime, anger about the Family Court, opprobrium of politicians (and journalists), the rising cost of living, immigration, and refugees. No – they aren’t it. There is a number one concern in Australia at the moment that leaves dust behind every single one of its rivals for top billing...
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All banks are doing a CBA/Bankwest......secret insurance policies....several new submissions loaded up..... Hansard not yet available for lending to Primary Production Customers Inquiry!   From Select Committee on Lending to Primary Production Customers Submission 53 – Greg Kenny http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Lending_to_Primary_Production_Customers/LendingPrimaryProducion/Submissions   To bolster their profits the banks have engaged in predatory banking where the banks have extended credit and then a short time later, (sometimes only a matter of months) the bank calls in the loan. The loan contract gives the borrower 24 to 48 hours in which to refinance their loans. As this is impossible the borrower inevitably defaults on the loan and due to the draconic nature of the mortgage contract the bank appoints receivers or their agents to repossess and sell the property. The mortgaged properties are nearly always sold well below market value.   Why the bank does not sell the properties for fair value is a matter...
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The privilege banks abuse is what banks fear will come out in a Royal Commission....Bligh short circuited the real issue....doubtless paid well to so do! Australian Banks : The bit Anna Bligh does NOT talk about Posted on 27/07/2017 by The Glass Pyramid https://theglass-pyramid.com/2017/07/27/australian-banks-the-bit-anna-bligh-did-not-talk-about/ Anna Bligh, in her new role in political retirement as spruiker in chief for the interests of the Australian private banks, gave a speech yesterday at the Australian Press club in Canberra. Watch it here. Macrobusiness.com.au Macrobusiness.com.au  reprinted, along with critical commentary and the cheeky graphic, a large chunk of the transcript of the speech here    http://www.abc.net.au/news/programs/national-press-club/ However, amidst all the puffery and attempts to gild the Australian banker’s lily, Anna Bligh does get one thing right. “…In this context, there is an ever diminishing appetite for thoughtful and sensible public policy making. Any appetite there may once have been to explain the complexity and importance of...
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Now we have bespoke money launderers?   A bespoke tranche opportunity?  Really??   Sounds like more synthetic CDO's   Four Lloyds Bank workers and three 'bespoke money launderers' who raided £750,000 from the accounts of rich clients and lavished it on luxury lifestyles are jailed for 38 years Four former Lloyds employees were among seven people jailed for 38 years  Courtney Ayinbode, Tajinder Galsinh, Benjamin Omoregie and Molly Jones plundered wealthy clients' accounts to fund their luxury lifestyles The four insiders scoured the computer system for rarely-accessed accounts holding large sums of money before passing the details to the criminal gang They would then swiftly transfer the money through a number of bogus businesses before eventually the money would disappear offshore By Daily Mail Reporter Published: 02:09 +10:00, 25 July 2017 | Updated: 22:04 +10:00, 25 July 2017 http://www.dailymail.co.uk/news/article-4725608/Four-Lloyds-workers-three-money-launderers-jailed.html Four former Lloyds employees were among seven people jailed for 38 years...
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From submission 56 into Rural Lending by Natasha Keys - giving evidence in Roma next week.......so banks were also approving investment loans to farmers!   http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Lending_to_Primary_Production_Customers/LendingPrimaryProducion/Submissions   Lenders Providing Incorrect Loan Products for Farming Purposes......... My interest in this area is both personal and professional. In 2009 I purchased a tea-tree producing property in Northern NSW. Despite notifying my Bank that I was purchasing a farming property to commercially harvest the tea tree plantation and process the oil onsite I was provided with an Investment Home Loan and not a farm nor business loan...............My own harrowing experience of falling through the safety net of all protections put in place is not unique. I have since come across many other farmers who have been provided with Investment Home Loans for the purchase of farms who have suffered the same fate. We are just one group who have not been able to refinance,...
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Citizens Electoral Council of Australia Media Release Thursday, 27 July 2017 Craig Isherwood‚ National Secretary PO Box 376‚ COBURG‚ VIC 3058 Phone: 1800 636 432 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au   Prosecute architects of murderous austerity Policy makers advocating murderous austerity on citizens to prop up parasitical banks need to be brought to account in a court of law and prosecuted for crimes against humanity. Actuarial data proves conclusively how ordinary citizens are dying as a result of their policies through health risks associated with poverty. The predatory bankers in The City of London/Wall Street financial oligarchy and their junior banking partners in Australia’s Big Four et al., who dictate budget austerity policy, must be personally held to account. Finance is an increasingly degenerate “industry” that encourages predatory, kill-or-be-killed behaviour. Traders boast of taking advantage of their own clients, which they call “ripping their faces off”, and are incentivised to do virtually...
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RBA governor says inequality getting worse, contradicting Scott Morrison By business reporter Carrington Clarke Updated yesterday at 7:01pmWed 26 Jul 2017, 7:01pm http://www.abc.net.au/news/2017-07-26/rba-says-inequality-getting-worse/8746594   Photo: Philip Lowe says record low wages growth is a key concern. (AAP: Dean Lewins) Related Story: Interest rates set to stay steady for a long time: Reserve Bank Related Story: RBA hoses down rate-hike talk and Australian dollar Related Story: Turnbull warns of interest rate hike — but will borrowers listen?   Reserve Bank governor Philip Lowe has contradicted the Treasurer, saying inequality in Australia is getting worse. Labor has made tackling inequality a key issue for the next election campaign, but on Monday, Treasurer Scott Morrison said inequality had actually improved. "What I don't accept … that this idea, that people and inequality and incomes have been going in the wrong direction, that's not borne out by the facts," he said. "The last census showed...
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The Libs have sold their soul and sold Australia out.....   Corruption rife in Turnbull’s Australia - aided by corrupt mass media Every month, more examples emerge of Coalition MPs and officials abusing their power for financial or political gain. Alan Austin continues the corruption count, which has now reached 75 instances — with no end in sight. 27  July 2017 https://independentaustralia.net/politics/politics-display/corruption-rife-in-turnbulls-australia--aided-by-corrupt-mass-media,10540   Read instalments for ·         November 2015 ·         December 2015 ·         January 2016 ·         February 2016 ·         March 2016 ·         May 2016 ·         June 2017 IA’s last corruption update brought the number of issues of profound concern to 65. Turnbull’s tawdry tally ticks along:   66. Branch stacking The Liberal Party still engages in illegal or unethical practices in its internal affairs. Tuesday’s reports claim one person paid for 90 “members” to attend last weekend’s NSW Liberal meeting, which voted to change the pre-selection process.  Last month, the religious...
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A commission of Inquiry with Bligh at the helm will ensure banks get off scot free.......banks did not employ her for nothing.   If there is a Hell for bankers, Anna Bligh is going there By Houses and Holes in Australian banks, Australian Politics at 12:20 am on July 27, 2017 | 24 comments https://www.macrobusiness.com.au/2017/07/hell-bankers-anna-bligh-going/ Anna Bligh, Fake Premier of the Australian Banking Association, appeared yesterday at the Press Club and, boy, is her soul hurtling towards Hades: To hold trust in someone or something, one must have reliance on their integrity, their strength and their ability. For the major institutions that have been the foundation of western democracies, this reliance is eroding and public trust is in increasingly short supply. In my first public comments on this subject at a banking conference in April, I placed a consideration of the decline of trust in Australian banks in a broader global...
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MP dual nationality fiasco extends to bloodlines The Australian 12:00am July 28, 2017 Rosie Lewis  Howard’s divisively haunting words: “we will decide who comes to our country.”  (And who runs it?) Could cripple the LNP.  What ever happened to criteria of "decent multi cultural people?"   Malcolm Turnbull and Bill Shorten are preparing for a battle over more than 20 MPs facing ­questions about possible citizenship rights in foreign countries, in a widening crisis that could tip the balance of power in federal parliament. The Australian has identified 21 members of the House of Representatives who have spoken of their migrant heritage — many in their maiden speeches — including Deputy Prime Minister Barnaby Joyce, Trade Minister Steven Ciobo, Liberal MP Julia Banks, deputy Labor leader Tanya ­Plibersek and Labor MP Steve Georganas. The vulnerability of MPs who have at least one parent or grandparent born overseas and could be entitled to...
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APRA shadow bank oversight will be a 'reserve power', Treasurer says Australian Financial ReviewJul 26 2017 11:00 PM James Eyers   Treasurer Scott Morrison has reassured non-bank lenders the government wants the prudential regulator to use new oversight of them only as a "reserve power" and says he recognises the important role they play to provide competition against the major banks. After The Australian Financial Review reported shadow banks are concerned the new powers being provided to the Australian Prudential Regulation Authority may unnerve securitisation investors and, by restricting credit to legitimate borrowers, exacerbate a housing downturn, Mr Morrison said: "It is very reasonable for them to want to be sure that what we are doing is not creating anything more than a reserve power. "I would seek to reassure those organisations – which in their own way also provide greater choice options and competitiveness in the system, and we welcome...
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    Consent_Withdrawn says #
    What a circle-jerk it all is. Pathetic!
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Shadow banks fear APRA overreach Australian Financial Review Jul 25 2017 11:00 PM James Eyers   Shadow banks will protest over the extensive new powers being given to the prudential regulator which may curb their lending, increase funding costs and threaten to exacerbate the severity of any housing market downturn. Big non-bank lenders such as ASX-listed Pepper Group, Resimac, Firstmac, Latitude and Liberty Financial are preparing submissions to Treasury to highlight the risks of the law. These risks include the potential to restrict credit to home buyers who won't be able qualify for loans if the stricter rules now being applied to banks are extended to non-bank lenders. Investors in the non-banks' mortgage securitisations are also worried by the broad scope and uncertain application of the new laws, which could result in investors demanding higher returns and forcing up borrowing costs. "It is a bolt from the blue, it is extraordinary,...
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    Consent_Withdrawn says #
    I have had it with these clowns (from Stephen King's "It" no less) playing games with OUR lives. They ought to be forced to justi
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No reason for banks inquiry: Costello Australian Associated PressJULY 26, 20172:28PM Christian Edwards   Future Fund chairman and former federal treasurer Peter Costello says there is no purpose and no justification for a royal commission into the performance of the big banks or the financial sector. Speaking in Sydney, Mr Costello said a royal commission was a last a resort if there is a need to establish "some kind of schematic illegality," within an institution - a circumstance that does not apply to Australia's banks. "We've got a royal commission into youth detention - the suspicion is the Territory government might be covering up; a royal commission into sexual abuse, because the suspicion is institutions are covering up," Mr Costello told the Financial Services Council Leaders Summit.   "If you wanted to break up the banks you wouldn't need a royal commission to do it." Mr Costello, who was Australia's longest-serving...
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    Consent_Withdrawn says #
    Up to bank execs to keep an eye on themselves not to be a bunch of utter scum-sucking tapeworms, devoid of morality, conscience or
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OPENING STATEMENT –  Senate Inquiry into Lending for Primary Production Customers.   DENISE L BRAILEY, President of the Banking and Finance Consumers Support Association (Inc) 19th July, 2017  Perth WA. My Research into Australian Mortgage Fraud during the past 17 years has led me to conclude:   the Frauds and manipulated data, found on thousands of Loan Applications forms are a key indicator of the existence of a CONTROL FRAUD, engineered by well-known Lenders.   Australia is now recorded as having the second highest HOUSEHOLD DEBT in the World.  The amount of Subprime Interest Only loans being sold per annum (85% by our Major Banks) has grown to more than $139 billion per annum.  The total mortgage loan books are reported as being $1.7 Trillion and rising.  The collective evidence of our members who include Farmers and “asset rich and income poor” ARIPs, are described by Banks as “The Target Market,” those...
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    Consent_Withdrawn says #
    On point 14, if as APRA says there are no low doc loans in the system then it could only be due to all of them having imploded - a
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ASIC fines Financial Choice, run by Greg Medcraft's cousin Russell Colin Kruger 25 July 2017 http://www.smh.com.au/business/cbd/asic-fines-financial-choice-run-by-greg-medcrafts-cousin-russell-20170724-gxhw9a.html Every family has its black sheep, and the family of our top corporate cop, ASIC chairman Greg Medcraft, is no different. On Tuesday, ASIC announced that Financial Choice - founded and run by Greg's cousin, Russell Medcraft - was pinged not once, but twice for "making misleading representations in marketing emails sent to consumers and on its website".   Financial Choice, founded by Greg's cousin, Russell Medcraft, was pinged not once, but twice for "making misleading representations in marketing emails". Photo: Tamara Voninski   The first infringement related to emails sent to 215,000 consumers in 2016 that "falsely stated" that the financial advice group had been asked by the consumer's super fund to conduct a survey. The other was related to representations made on one of the group's web sites, findmysuper.com.au, which allegedly led consumers...
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It’s all in the wording ...banks in Ireland must call loan application fraud re-modelling the applicant Mike Smith of ANZ prefers to call fraud just a case of misselling....got the utube link from 2012 saved to prove a point     https://www.thestar.com/news/world/2012/05/05/the_ghost_houses_of_ireland_foreclosure_and_eviction.html   In 2010, Dublin lawyer Vincent Martin and his colleagues were contacted by a man who was at loggerheads with the Irish Nationwide building society, a local bank. After obtaining the bank’s files on his account, the man had discovered the bank, which has since merged with Anglo Irish Bank, had created a new version of him for their credit committee.  So they could lend him more money during Ireland’s bull market, banking officials had changed the man’s occupation, inflated his roughly $39,000 annual salary to $78,000, and forged both his and his employer’s signature.      ...
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Matt Canavan: The High Court's question after the latest citizenship resignation ABC News 26 July 2017 Antony Green   ANALYSIS  The problems of Scott Ludlam, Larissa Waters and now Matt Canavan are over-simplified by saying there is a constitutional ban on dual citizens serving as members of parliament or standing for election. In fact, the constitution does not make reference to "dual citizenship" and the constitutional issues involved are not entirely clear. All three senators have fallen foul of Section 44(i) of the constitution that sets out a rather archaic definition of foreign allegiance. It has the potential to make it impossible for some Australian citizens to serve in the Australian Parliament or even contest election. The difference in Senator Canavan's case is that he is entitled to citizenship by descent rather than by birth, a category of citizenship that the High Court has not previously ruled on. The first part...
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Give banks and an inch and they take a mile knowing they will always be bailed out...so much for allowing banks to self-regulate and control the economy!     Banks – and their regulators – had been blind to the basic fact that more debt meant greater risk of loss....Alex Brazier warning speech comes just ten years after the start of the global financial crisis in August 2007.   Bank of England warns of complacency over big rise in personal debt Banks, credit card companies and car loan providers told they face action against reckless lending Larry Elliott Economics editor Tuesday 25 July 2017 03.40 AEST Last modified on Tuesday 25 July 2017 09.50 AEST https://www.theguardian.com/business/2017/jul/24/bank-of-england-household-debt-bank-credit-card-car-loans The Bank of England has told banks, credit card companies and car loan providers that they risk fresh action against reckless lending as it warned of a looming “spiral of complacency” about mounting consumer debt. In its...
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Everything Turnbull is involved in turns into the Midas touch for crooks and bull-dust for everybody else...now we have to play Spooks with a Home Office!   Could the NBN become a stranded asset? By Unconventional Economist in Australian Economy at 10:10 am on July 25, 2017 | 48 comments https://www.macrobusiness.com.au/2017/07/nbn-become-stranded-asset/ By Leith van Onselen When the National Broadband Network (NBN) arrived in my area late last year residents were greeted with a barrage of junk mail advertisements from all manner of internet service providers offering competitively priced internet at fast speeds. At the time, I was under contract with Telstra, so I did not consider moving from Bigpond cable to the NBN. And thank goodness I didn’t. Over the past six months or so, I have heard numerous horror stories from neighbours, acquaintances and friends from my area who have suffered from connection problems with the NBN, dropouts, painfully slow...
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