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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
From Dale McCahon I got paid a pittance of what my claim was really worth as assessed by FOS. We had to take what was put on the table or get nothing at all as we were in dire straights we had to do what we had to do. The whole thing is that there was no doubt that what two banks had done was against the law and it was proved that way, the big problem is that the people affected can not afford a lawyer to get this to court as civil action therefore leaving us at the mercy of the very biased EDR system which is at best tainted. I plan to keep pushing politicians to bring this into the public space for everyone who has been put at the mercy of the EDR system or any of the consumer affairs based protection and YOU need to do...
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NAB landmark court case could have far-reaching consequences for consumer banking By consumer affairs reporter Amy Bainbridge and Alison Branley Posted 11 minutes ago Fri 22 Jul 2016, 4:58pm http://www.abc.net.au/news/2016-07-22/nab-landmark-court-case-could-have-far-reaching-consequences/7653414   A court has ruled National Australia Bank did not properly inform a customer who went guarantor for $8 million in loans, meaning he would not have to pay back money still owed.   In a decision that could have wide-reaching ramifications for banking, the Supreme Court of Victoria has upheld a decision that banks are legally bound to adhere to an industry code of practice, even though it is voluntary. The case centred on the businessman behind iconic safety helmet Stackhat, John Rose.   Mr Rose and his business partner took out $8 million in loans to buy Gold Coast investment properties in 2007. At the time Mr Rose thought he was responsible for his half share of the loans...
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BIG WIN FOR LONG SUFFERING CONSUMERS OF SUB PRIME FRAUDULENT MORTGAGE LOANS.    MAJOR BANKS will be brought to account!  Malcolm Turnbull said no need for Royal Commission................he was so wrong.   Victorian Court of Appeal slam dunks NAB Bank for UNVERIFIED, UNSUSTAINABLE, UNAFFORDABLE Lending Practices.  I suggest you start lining up for compensation.   HUGE NEWS for CONSUMERS OF DUD Mortgages:  Banks have suffered huge loss of significant case in Victorian Ct of Appeal  (original case was NAB vs RICE – and RICE won)  NAB appealed and this time ROSE responded)  RICE and ROSE are partners in the deal.   Our BFCSA Lawyer just advised: "This is huge. All the cases where the bank didn’t VERIFY the LAF must now be investigated and compensated properly."   ASIC IGNORED SOME 400 CASES re our members.   Now, I intend to  send a memo to Greggie Medcraft, and Peter Kell and copy to...
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Banks panic as both major US political parties adopt Glass-Steagall banking separation policy The Democratic and Republican parties in the USA have both adopted, for the 2016 Presidential election campaigns, the policy of reinstating the Glass-Steagall law, eight years after the eruption of the global financial crisis caused by the repeal of Glass-Steagall in 1999. The Glass-Steagall Act 1933 was the most successful financial regulation in history. It mandated the strict separation of commercial banks that normal people use for everyday business, from Wall Street’s investment banks, insurance companies and stock brokerages—no cross-ownership, no shared directors, no contact. Under Glass-Steagall the government protected the deposits of commercial banks through the Federal Deposit Insurance Corporation; however, this protection was a backstop—the real security came from keeping the commercial banks and their deposits away from risk-taking investment banks. Meanwhile, investment banks were given the message: gamble at your own risk—if you lose, you...
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ANZ cracks down on loan guarantors, despite affordability woes by Julia Corderoy21 Jul 2016     Most Discussed Struggling Aussies increasingly turning to debt agreements More and more indebted Australians are turning to debt agreements as an alternative to filing for bankruptcy - but consumer credit rating experts warn it's not an easy way out Clawbacks 'not okay', says broker Brokers are being urged to come together to protest the 'unfair' practice of clawbacks ANZ has cracked down on lending policies governing loan guarantors, limiting the leverage that family members can take on to assist first home buyers, despite new data showing housing is more unaffordable than ever.In a note sent to mortgage brokers, the major bank said it would be limiting who can act as a guarantor to family members only from August 1, as well as limiting the number of family guarantors a borrower can use to just one. Previously the security...
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  Najib Cracked Down on Free Speech to Limit 1MDB Fallout, Journalist Says June 06, 2016, 05:55:00 AM EDT By Dow Jones Business News   http://www.nasdaq.com/article/najib-cracked-down-on-free-speech-to-limit-1mdb-fallout-journalist-says-20160606-00085   A senior Malaysian journalist who quit his job at a leading newspaper said Prime Minister Najib Razak's government has cracked down on freedom of speech as it tries to limit the fallout from a graft scandal surrounding a state investment fund. Mustapha Kamil, the former group editor of the English-language New Straits Times, which is controlled by Mr. Najib's ruling party, took a rare public stance by saying that an increasingly "authoritarian" stand by the government toward media was the reason he quit the newspaper in April. He had worked there for more than a quarter-century. Mr. Mustapha initially remained quiet after stepping down, but last week posted the reasons for his action on his Facebook page—an unusual act in the closed world of...
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Greg Medcraft wants bank 'admission of guilt' on rate rigging Australian Financial Review Jul 20 2016 6:14 PM James Eyers   Top corporate cop Greg Medcraft remains defiant that the banks will be dragged through the courts over allegations they manipulated the bank bill swap rate and reaffirmed the regulator will not settle the cases unless the banks admit to breaching the Corporations Act. Amid growing acrimony between banks and corporate regulator after attempts to settle the cases failed, Mr Medcraft told journalists on Wednesday: "I will do as much as I can to avoid taking any action to court but there must be a credible outcome to the community. "That's what we want, a credible enforcement outcome, commensurate to the behaviour we are trying to deal with, [which will] send a very strong message this is not acceptable." Asked what a credible outcome would be, Mr Medcraft said "an admission...
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London Housing Bubble Melts Down by Wolf Richter • July 18, 2016 But don’t just blame Brexit. http://wolfstreet.com/2016/07/18/london-housing-bubble-set-for-collapse-dont-just-blame-brexit/ In Central London – the 30 most central postal codes and one of the most ludicrously expensive housing markets in the world – eager home sellers are slashing their asking prices to unload their properties. But even that isn’t working. In the 12 days after the Brexit vote, cuts to asking prices have soared by 163% compared to the 12 days before the vote, according to the Financial Times. Yet sales have plunged 18% from before the Brexit vote. Sales had already taken a big beating before then and are now down a mind-boggling 43% from where they’d been a year ago! So Brexit did it? Um, well, sort of. But it’s more than Brexit. Home prices on a £-per-square-foot basis had peaked in Q2 2014, according to real-estate data provider LonRes. Since...
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So it’s back to how it used to be and should always have been in NZ...makes you wonder who will swoop and buy up all the damaged collateral! Bank boss warns of property market mess 4:30 PM Wednesday Jul 20, 2016   http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11678082   The chief executive of New Zealand's largest bank has warned that house prices are over-cooked and the market may face a "messy end". In an unusually outspoken article ANZ chief executive David Hisco joins several leading establishment figures in calling for stronger action on housing. Yesterday's Reserve Bank lending restrictions did not go far enough, he says. The bank has lifted deposit requirements for investors to 40 per cent. Hisco says he would like to see them lifted to 60 per cent even though that would mean less business for ANZ. He also warns that regardless of Reserve Bank lending restriction local banks may not be able...
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A MUST WATCH NOW 2 min CLIP: Astonishing performance of Truth re the Banking System.   UK Politician sums up the Global Banking Sham by Central Bankers in a 2 minute explosive tirade of truth! Main Points:   All the Banks are Broke - including Deutsch Banks are lending money which they don;t actually have Criminal Scandal going on for too long Significant Moral hazard from the Political sphere. Problems start in Politics and Central Banks which are all part of the same political system. Quantitative Easing is Counterfeiting money: If the ordinary person did that they would go away for a very long time. Yet Governments and Central banks do it ALL THE TIME Its Central Banks manipulating LIBOR Deposit Guarantees - for when banks go broke via their own chicanery and incompetence and then the taxpayers pick up the tab! ITS THEFT FROM THE TAXPAYER Until we start...
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Super funds push into bank's territory with property lending Sydney Morning Herald July 20 2016 - 12:15AM Simon Johanson   Australia's biggest industry super fund has teamed up with real estate financiers to offer large-scale loans direct to developers in the commercial property sector. Australian Super is understood to be financing commercial property projects up to $150 million in value at a time when the big four banks are shrinking their exposure and restricting development funding amid fears of oversupply, particularly in the apartment sector. Australian Super leads the country's $2 trillion superannuation investment sector with more than $100 billion of members' funds under management. In the hunt for higher returns when investment yields are at record lows around the world, it has teamed up with investment managers Maxcap, a specialist in commercial real estate debt. Australian Super would not comment on its lending strategy. Maxcap managing director and founding partner Wayne...
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Sluggish income growth means Australian households are no better off than in 2009 Sydney Morning HeraldJuly 20 2016 - 7:46AM Peter Martin Economics editor, The Age   If you think you are worse off despite a raft of economic statistics saying things are getting better, you're probably right. The annual 'Household, Income and Labour Dynamics in Australia (HILDA)' survey has landed. Australia's longest-running household survey finds home ownership is increasingly out of reach for many of us, one in eight families don't have $500 in savings in case of emergency, and that real household disposable incomes peaked in 2009. The finding is different from those of other studies that survey different Australians at different times. The Household, Income and Labour Dynamics in Australia survey (known as HILDA) tracks the same 17,000 Australians each year to find out whether their particular living standards have improved. Beginning in 2001, the survey finds that...
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US expert blasts big four banks for ‘way low’ capital levels The Australian 12:00am July 20, 2016 Adam Creighton   Two of the most powerful figures in global banking regulation have taken aim at the rules Australian regulators apply to the big four banks, arguing they need to be higher to protect taxpayers and withstand external shocks. Thomas Hoenig, the vice-chairman of US bank regulator the Federal Deposit Insurance Corporation, told The Australian the capital level of Australia’s big four banks was “way low”, echoing calls for “unquestionably strong” levels made by Australia’s inquiry into the finance system led by David Murray. While Australia’s big four banks have about $5 of shareholders’ equity for every $100 of assets, Mr Hoenig said history and logic suggested that more than $10 was appropriate to protect taxpayers from bailouts and stamp out the implicit subsidies that sustained banks’ huge profits. Mr Hoenig and other experts and...
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Republican Convention 2016: Donald Trump wants to break up big banks Australian Financial Review Jul 19 2016 4:19 PM John Kehoe   Wall Street has descended into a state of shock after Donald Trump's campaign revealed the Republican presumptive presidential nominee would push for the reinstatement of the Glass-Steagall banking law to effectively break up the big banks. Mr Trump's campaign manager, Paul Manafort, said at the Republican National Convention in Cleveland on Monday that the party's official policy platform would advocate a return of the Depression-era law, which was repealed under President Bill Clinton in 1999. "We also call for a reintroduction of Glass-Steagall, which created barriers between what big banks can do," he told reporters. The surprise policy shake-up by a Republican echoes calls by Democratic socialist presidential contender Bernie Sanders for the big banks to be broken up. It builds on Mr Trump's populist backlash against the business...
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ASIC took no action against the Major Banks involved who assisted in the fraud multi ways:  1) They approvedevery loan knowing it was fraudulent.  2) They arrested no Bank Officers who came out to the offices of Myra Financial Services to teach the seller/brokers how to use the bank engineered and manipulative service calculator to fudge income figures.    3) ASIC made no mention that the calculator exaggerated incomes was compulsory use for all reps.   4) ASIC made no attempt to compensate the victims and simply left them in the bank’s clutches, mired in DEBT.  5) ASIC permitted the Bankers to PROFIT from the FRAUD and continue business as usual.  Think of the Bank Interest gained on $110 million worth of toxic loans?  A truckload of stolen loot! Brokers arrested in alleged $110m mortgage fraud http://www.theadviser.com.au/breaking-news/31312-brokers-arrested-in-alleged-110m-mortgage-fraud ASIC announced today that two Melbourne men have been arrested after carrying out an alleged mortgage...
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  Non-banks announce major merger      20 July 2016 10:25 AM Julia Corderoy http://www.brokernews.com.au/news/breaking-news/nonbanks-announce-major-merger-219952.aspx Two leading non-bank lenders – Homeloans Limited and Resimac – have announced a major merger deal.Homeloans Limited has released a statement announcing it has entered into a Scheme Implementation Agreement (SIA) with Resimac, under which Homeloans will merge with Resimac through the issue of new Homeloans shares to Resimac shareholders and the acquisition by Homeloans of all of the shares in Resimac.The SIA will merge the Homeloans brand, existing wholesale funding arrangements, and third party broker relationships, with Resimac’s established securitisation capabilities, strong product development and distribution channels. Homeloans said the merger will create one of Australia’s largest non-bank lenders with a combined loan portfolio of over $13 billion, and combined new originations exceeding $3 billion in the 12 months to 30 June 2016.“Entering into binding documentation in relation to the Transaction represents a significant step forward in the realisation of Homeloans’ growth strategy and in...
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THE Battle for the ROYAL COMMISSION into Banks and the Finance sectors is far from over for BFCSA Members.    In April this year I sent a letter to Opposition Leader Bill Shorten begging for a Royal Commission into the banking System (wide TOR)  based upon an estimated 1.5 million families severely affected by sub prime lending to the point the "asset-lends" to pensioners meant elderly people would be thrown out of their own homes.   Over $300 billion of toxic loans are out there sloshing around in the Low Doc Market and economists from LF Economics backed up these concerns in their submission # 63 to the  Senate Inquiry into white collar crime.  BFCSA also furnished submissions to the Dastyari Inquiry 2015. And, BFCSA Sub # 23 (Mch 2016) into White Collar Crime being conducted by Senator Peter Whish-Wilson. Earlier I had sent similar letters of warnings to PM Mr Abbott and later the new...
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Home Loan Mortgage Arrears Rising and Rents falling The proportion of Australian home owners falling behind on their mortgage repayments has increased, according to ratings agency Standard & Poor's.   http://www.abc.net.au/news/2016-07-19/home-loan-mortgage-arrears-rising/7638528   The global credit ratings giant said May was the seventh consecutive month where mortgage arrears had increased. So-called prime mortgages have an arrears rate of 1.21 per cent, up from 1.14 per cent in April and 1.07 per cent a year earlier. These are mortgages to borrowers with full documentation around their income, savings and assets. The arrears rate for "nonconforming" loans jumped from 4.25 per cent in April to 4.71 per cent in May, but remains well off a peak of 17 per cent in 2009. "Nonconforming" loans include those with limited documentation, so-called low-doc loans, which are often given to small business owners or contractors who have limited evidence of their earnings. Both measures are for those borrowers...
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Trump's GOP wants to break up big banks Trump following Democrats' lead By Heather Long Published 07/19 2016 http://www.everythinglubbock.com/news/politics/donald-trump-plan-will-break-up-big-banks-1   NEW YORK (CNNMoney) Donald Trump wants to crack down on Wall Street.  At Trump's urging, the GOP formally endorsed breaking up America's big banks Monday. It's almost like the Republicans were taking a page from liberal senators Bernie Sanders and Elizabeth Warren who have advocated for exactly that to ensure no bank is "too big too fail." The official Republican platform for 2016 calls for bringing back the Glass-Steagall Act, a law put in place during the Great Depression to restrict banks from serving both Wall Street and Main Street. President Bill Clinton repealed the law in 1999.  In a sign of just how unpopular Wall Street is in America right now, reinstating the Glass-Steagall Act is in both the Republican and Democratic platforms. Trump's campaign manager Paul Manafort told reporters...
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Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act by Wolf Richter July 18, 2016 I can already hear the sloshing sounds of money. An amazing thing happened at the Republican Convention when some unexpected language showed up in the official 66-page Republican Platform 2016,  a document that a delegate from Texas enthusiastically called, “the most conservative platform in modern history.” And therein is this sentence: We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment. It’s followed by this bit of wisdom: “Sensible regulations can be compatible with a vibrant economy….” By extension, reinstating the Glass-Steagall Act would be that “sensible regulation.” Upon hearing about this, Wall Street executives and just about everyone else at JPMorgan, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and a slew of others, plus central bankers in the US and abroad, especially those that...
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The Reserve Bank of New Zealand has released a consultation paper that proposes new restrictions on home loans that will bring the rest of the country in line with those currently in place in Auckland. http://www.abc.net.au/news/2016-07-19/reserve-bank-of-nz-proposes-more-restrictions-on-home-loans/7640908 The Reserve Bank of New Zealand suggests 40% deposit on home loans to avoid collapse of housing.   Under the proposed changes, no more than 5% of bank lending to residential property investors across New Zealand would be permitted with a loan-to-value ratio of greater than 60 per cent, or a deposit of less than 40%.   The loan-to-value ratio (LVR) is a measure of how much a bank lends against mortgaged property, compared to the value of that property. For example, the RBNZ stated that borrowers with less than 20 per cent deposit (more than 80 per cent LVR) are often stretching their financial resources. For owner-occupiers, the proposed changes would mean no more...
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Big banks’ mortgage performance slipping as housing stress builds The Australian 12:00am July 19, 2016 Michael Bennet   Stress is building from low levels across the housing market as more borrowers fall behind on mortgage payments, despite the lowest mortgage rates in a generation and price rises in many cities, according to new arrears data. And despite their sophisticated risk models, the major banks have more customers falling further behind than smaller lenders. For the seventh consecutive month, the number of home loans in arrears rose in May across “prime” residential mortgage-backed securities, Standard & Poor’s said yesterday. The ratings agency’s prime performance index, known as SPIN, rose to 1.21 per cent in May, from 1.14 per cent the previous month and 1.07 per cent a year earlier. It also showed the banks’ RMBS — securities backed by mortgages that lenders sell for funding — performed worse than non-banks, or institutions...
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If super reforms fail, Turnbull does not deserve job   By Unconventional Economist in Superannuation at 7:58 am on July 15, 2016 | 34 comments   http://www.macrobusiness.com.au/2016/07/if-super-reforms-fail-turnbull-does-not-deserve-job/   By Leith van Onselen   The AFR’s Laura Tingle has published a ripper post assessing the so-called “ginger group’s” attack on the Turnbull Government’s superannuation reforms – i.e. the incessant white anting from loon pond conservatives within the Coalition – and arguing that if Malcolm Turnbull and Scott Morrison cannot get these reforms over the line, they do not deserve to keep their jobs: The Coalition party room meets for the first time since the election in Canberra on Monday… There is a push on by Abetz and others against the Coalition’s superannuation policy proposals in the budget… The argument boils down to the fact it may have cost the Liberal Party some donations. Not votes… Now there is always a lot to...
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Company tax debate rages… in UK   By Unconventional Economist in Global Macro at 9:26 am on July 15, 2016 | 17 comments   http://www.macrobusiness.com.au/2016/07/company-tax-debate-rages-in-uk/   By Leith van Onselen Just like in Australia, there’s a ferocious debate taking place in the UK over whether the company tax rate should be slashed in a bid to spur investment and jobs. The debate centers around Chancellor George Osborne’s proposal to cut the UK’s company tax rate to below 15% (from 20% currently) in order to show that the UK is “open for business” in the wake of the Brexit vote: “We must focus on the horizon and the journey ahead and make the most of the hand we’ve been dealt”. The Chancellor wants to focus on generating investment from China as well as ensuring support for bank lending… Mr Osborne already cut the UK’s company tax rate from 28% to 20% in...
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How many times have we seen this:   Ex Ministers given plumb jobs at Merchant Banks whilst the Mums and Dads lose their homes and sent to ruinous future.  Robb must have decided to start collecting gold Rolex watches!   Andrew Robb takes China role at investment bank Moelis & Co 13 July 2016 http://www.afr.com/news/politics/national/andrew-robb-takes-china-role-at-investment-bank-moelis--co-20160713-gq4idu#ixzz4EGwYNVu   Former trade minister Andrew Robb has joined investment bank Moelis & Company, where he will focus on deals with China. It is Mr Robb's second appointment since leaving politics at the recent federal election, after he took up a role advising Geelong healthcare start-up, CNSDose. The role with Moelis, a New York-listed investment bank, will see Mr Robb mainly helping Chinese companies looking to enter the Australian market. He will have the title of independent adviser. Moelis also has an asset management business focused on wealthy Chinese wishing to obtain an Australian passport, through the...
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