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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Sandhurst-Wickham class action set for first court date 21 July 2015 Jason Spits http://www.moneymanagement.com.au/news/financial-planning/sandhurst-wickham-class-action-set-first-court-date   A class action worth up to $32 million being brought against Sandhurst Trustees, which acted as trustee for failed property lender Wickham Securities, will proceed with the first court date set for next week. The action, which will have its first hearing in the Federal Court of Australia on July 27, will include around 150 investors with the lead plantiff — Graeme and Marion Clark — seeking to recover $220,000 in lost funds. However the head of Shine Lawyers Professional Negligence team Jan Saddler said the total claims against Sandhurst would be much higher with Wickham liquidators PBB Advisory estimating total losses suffered by investors to be between $28 million and $32 million. Saddler said the 150 investors had signed funding agreements with more investors expressing interest now that a court date has been confirmed. In...
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    http://download.asic.gov.au/media/1325059/co04-1526.pdf   [CO 04/1526] Securitisation special purpose vehicles Issued 23/12/2004 Effective 11/1/2005: ASIC Gazette 01/05 Class Order [CO 04/1526] grants conditional relief from the requirement to hold an Australian financial services licence for certain securitisation special purpose vehicles. [CO 04/1526] revokes the interim relief provided under [CO 03/1098] from 1 July 2005....... Dated this 23rd day of December 2004 Signed by Brendan Byrne as a delegate of the Australian Securities and Investments Commission   [CO 03/1098] Securitisation special purpose vehicles and securitisation managers Issued 22/12/2003 Gazetted 23/12/2003: ASIC Special Gazette 50A/03 ASIC has been working with the securitisation industry for some time regarding the application of the FSR regime to the special purpose vehicles established in the course of a securitisation transaction. Class Order [CO 03/1098] grants temporary licensing relief to enable final discussions with industry about the appropriateness and form of any permanent relief. This includes further consideration...
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  • organza
    organza says #
    Time to call their bluff - cancel direct debits and pay by cheque??? from http://www.austlii.edu.au/au/journals/MonashULawRw/2007
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New shady bank tricks...     Attention state attorneys general:   Deeds of Trust   31 December 2014   http://www.democraticunderground.com/111662817#post17     The mortgage industry may be about to make fools of you, and dupes of homebuyers whose legal rights you are supposed to protect. In a $26 billion deal in 2012, five of the biggest banks settled with state and federal officials over allegations of widespread foreclosure abuse. The deal, along with other post-financial crisis reforms, was supposed to bring some order, fairness and transparency to the foreclosure process. Mortgage lenders, however, may have figured out a way around all of that by changing the legal paperwork involved in buying a home. Foreclosing on a mortgage in many states requires a lender to go to court and give the borrower a certain amount of notice. Not so with a deed of trust, which generally can be foreclosed upon without a court’s involvement or...
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The more you learn the uglier it gets..     Foreclosure Fraud: How You Can Be Driven to Default Even if You Pay On Time   Last Updated Oct 16, 2010   http://www.cbsnews.com/news/foreclosure-fraud-how-you-can-be-driven-to-default-even-if-you-pay-on-time/     The new nation-wide investigation into foreclosure frauds comes as no surprise to people who follow the mortgage service business. Shoddy, deceptive paperwork has plagued homeowners for years. In the industry's slimy underside, firms push borrowers into default and foreclosure, even when they've been making payments on time.   Their business model makes defaults profitable, says Marie McDonnell who has been auditing mortgages for accuracy since 1986. The ugly chain of deception starts with the way a servicer might handle your escrow account.A mortgage service company collects your monthly payments, deducts a fee, and passes the remainder to the investors who own the loan. The majority of the servicing is done by big banks, such as JPMorgan Chase, Wells Fargo, and Bank...
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15-200MR ASIC moves to recover costs of its investigations   Wednesday 29 July 2015   http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-200mr-asic-moves-to-recover-costs-of-its-investigations/   ASIC will now use its power to recover expenses and costs of its investigations.  ASIC’s new approach and the factors it will consider before using its power has been detailed in Information Sheet 204Recovery of investigation expenses and costs (INFO 204), which has been released today. Generally, ASIC must pay the expenses of investigations it conducts. However, under s91 of the Australian Securities and Investments Commission Act 2001, ASIC may make an order to recover investigation expenses and costs where that investigation has led to a successful prosecution or civil proceeding against a person. To date, ASIC has rarely recovered its investigation expenses and costs. However, ASIC has reviewed its approach and considers that it should more frequently seek to recover the expenses and costs of an investigation from the person who has caused those expenses and...
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15-203MR ASIC takes action to remove administrators of failed land banking company   Friday 31 July 2015   http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-203mr-asic-takes-action-to-remove-administrators-of-failed-land-banking-company/   ASIC has commenced proceedings in the Federal Court in Victoria against Mr David Anthony Ross, Mr Richard Albarran and Midland HWY Pty Ltd (Midland HWY) (administrators appointed). Messrs Ross and Albarran, of Hall Chadwick Chartered Accountants, are the current appointed administrators of Midland HWY. Their appointment on 14 July 2015 is the subject of ASIC's proceeding in which ASIC seeks their removal as administrators or to invalidate the first meeting of its creditors held on 14 July 2015. On 2 July 2015, Midland HWY appointed Messrs Nicholas John Martin and Craig David Crosbie of PPB Advisory as joint and several administrators. Prior to being placed into voluntary administration on 2 July 2015, Midland HWY was the developer of a land banking scheme known as, 'Hermitage Bendigo' (formerly, 'Acacia Banks'), located just...
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Does this include a determination said to be final (in red)???   Time for Consumers to fight the prejudicial Ombudsman's services   http://www.asic.gov.au/about-asic/contact-us/how-to-complain/external-dispute-resolution-what-to-do-if-you-are-dissatisfied-with-a-decision/   THE AGGRIEVED CONSUMERS ARE ALL "DISSATISFIED."  WAKE UP ASICKERS!  A DECADE OF WRONGFUL DETERMINATIONS NEED URGENT REVIEWS ON EVERY FILE! External dispute resolution - what to do if you are dissatisfied with a decision How does a scheme decide if it can deal with your complaint? External dispute resolution (EDR) schemes have rules which set out the complaints they can deal with. When you first make a complaint to an EDR scheme, the scheme considers whether the complaint is within its rules or terms of reference.  In some cases, the scheme will not be able to deal with your complaint because of the rules under which it operates.  For example, if the value of your claim exceeds the amount that the scheme is allowed to deal with under its...
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Aha..more truths being revealed...     Westpac interest rate computer glitch shows IT could be bank's biggest challenge Date July 28, 2015James Eyres http://www.smh.com.au/business/banking-and-finance/westpac-interest-rate-computer-glitch-shows-it-could-be-banks-biggest-challenge-20150728-gilugl.html   In the new digital world, banks have essentially become big technology companies; their multi-billion dollar core banking systems are the economy's organs.  While Westpac Banking Corp may yet come up with a fix for its computer glitch over the coming weeks, its inability to immediately charge different interest rates to property investors and owner-occupiers inevitably raises questions about the technological capability of the nation's second largest bank.   For new-ish chief executive Brian Hartzer, who ran the retail bank under his predecessor Gail Kelly and understands the power of technology and importance of computers, the fragmentation of Westpac's IT systems was always going to be a key challenge. Westpac's multibrand strategy including the acquisition of St George has left it with disparate computer systems in desperate need of "modularisation",...
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  HSBC pays Swiss authorities record-breaking fine   4 June 2015   http://www.icij.org/blog/2015/06/hsbc-pays-swiss-authorities-record-breaking-fine?utm_campaign=impact_2015&utm_medium=digest&utm_source=button_middle&goal=0_ffd1d0160d-92f8c2c032-100247253&mc_cid=92f8c2c032&mc_eid=e091424ead   The Swiss prosecutor has dropped its investigation into alleged criminal wrongdoing at HSBC’s Swiss branch after the bank agreed to pay a record-breaking CHF40 million ($43 million) compensation without admitting guilt. HSBC Private Bank’s Swiss offices were raided by Swiss police 10 days after ICIJ, Le Monde, and media partners published the Swiss Leaks investigation, which revealed widespread tax avoidance and questionable conduct through the bank. The ICIJ investigation was based on files leaked from inside the bank to French authorities, and included details on 100,000 clients linked to the HSBC Swiss branch. At a Thursday press conference the Geneva prosecutor leading the investigation into alleged money laundering announced no criminal charges would be filed against the bank. Tax evasion is not a crime in Switzerland. Prosecutor Olivier Jornot used the announcement to rebuke his country’s own financial laws,...
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Off-market home sales fuelled by Chinese social media By Unconventional Economist in Australian Property at 1:15 pm on July 2, 2015 | 76 comments http://www.macrobusiness.com.au/2015/07/another-avenue-to-foreign-investment-revealed/   By Leith van Onselen From Domain today comes fresh insight into how Australia’s real estate agents are offloading homes to the Chinese, some of whom are likely non-residents: Agents are posting an increasing number of properties on Chinese social-media platforms such as WeChat before advertising them to the general market, meaning many of them are being snapped up behind closed doors… Jellis Craig agent Greg Bowring said he had sold a number of properties to buyers who saw his posts on the free messaging and calling app, including an off-market sale at 31 Stott Street in Box Hill South… “There has been a couple of ones that are strictly undisclosed…including a big $4 million sale in central Balwyn”… Lucy Jiang of Marshall White, who originally...
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Murky stuff..............   Tranche two: building the next pillar in Australia's AML/CTF regime   By Nathan Lynch, Thomson Reuters 24 April 2015   http://www.clmr.unsw.edu.au/article/compliance/market-conduct-regulation/tranche-two-building-next-pillar-australias-amlctf-regime   ...........In Australia, for example, governments of all political persuasions have been conspicuously evasive on their bipartisan commitment to follow through with a second tranche of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The second tranche of the legislation would rope in accountants, lawyers, jewellers, real estate agents, trust and company service providers and other designated non-financial businesses and professions (DNFBPs) as reporting entities.   The proposed reforms are deeply unpopular among those that the laws would capture. Some of the sectors are proficient and influential lobbyists — most notably the Law Society of Australia, which maintains a "strident and steadfast opposition to the proposed extension of the AML/CTF regime to the legal profession in Australia."  Likewise, representatives from the accounting profession have advocated...
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  • TJ
    TJ says #
    Here are some little 'gems' I picked up out of this one! 'The second tranche of the legislation would rope in accountants, lawyer
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YES THE BROKER IS THE AGENT OF THE BANK!!!!!     This is some of the amazing things written by Justice Heenan.  We have hundreds of such cases!  Victims win, Banks lose. http://www.austlii.edu.au/au/cases/wa/WASC/2015/234.html EM HEENAN J: Who would lend more than $840,000 to a couple, each of whom was on a disability pension with no prospects of any form of employment, with the husband partially blind and the wife with a long-term disability, when each had nothing to offer but the desire to speculate in real estate? The answer is that the plaintiff did lend that money in a series of six loans to the defendants through intermediaries in what are termed 'low doc (documentary) loans' when any semblance of precaution or independent advice for the vulnerable borrowers was absent and where the intermediaries were entities for which the plaintiff disavows any responsibility or relationship of agency. Now that the defendants'...
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Automated underwriting down under   1 March 1995   http://www.thefreelibrary.com/Automated+underwriting+down+under.-a016783611   Australia's mortgage market provides a living laboratory of what happens when automated underwriting becomes a fixture in a market. American lenders can get a look at what the future might hold by examining the Aussie model.   The potential power of automated underwriting is just starting to be felt in the American mortgage market. While everyone agrees that automated underwriting will create change for mortgage lenders, no one knows exactly what those changes will be. But a system similar to those being introduced here by Fannie Mae and Freddie Mac has existed in Australia for some time. The results there, while not guaranteed to replicate those that will occur in the United States, still might suggest a scenario of market developments that could follow from such change. What makes this comparison more valuable and enlightening is that the market changes being...
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  • organza
    organza says #
    Famous last words........."It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very man
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IOOF scandal puts spotlight on vertical integration Adele Ferguson Jun 21 2015 http://www.afr.com/business/banking-and-finance/financial-services/ioof-scandal-puts-spotlight-on-vertical-integration-20150621-ghtmb3   A scandal at financial services giant IOOF involving claims of insider trading, front running and "misrepresentation" of performance numbers raises issues about culture and the insidiousness of vertical integration. The expose comes as the federal government prepares its response to a Parliamentary joint commission inquiry into ethics, education and professionalism of financial planners and David Murray's financial system inquiry. The industry has been rocked in the past couple of years by scandals inside the Commonwealth Bank's financial planning division, National Australia Bank, Macquarie Private Wealth and now IOOF, the former friendly society, which manages more than $150 billion of customer money. Internal emails and documents obtained by The Australian Financial Review reveal breaches and errors in unit pricing in some of IOOF's cash management trusts. A July 2014 Risk and Compliance Committee (RCC) document prepared for the...
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Consumers are slowly being placed in the driver's seat. Lloyds bonds: victory for investors as court rules against compulsory repurchase By Richard Evans 10:40AM BST 03 Jun 2015 http://www.telegraph.co.uk/finance/personalfinance/investing/bonds/11648034/Lloyds-bonds-victory-for-investors-as-court-rules-against-compulsory-repurchase.html Lloyds bondholders have won their attempt to stop the bank buying back their investments and cutting off generous interest payments. A High Court judge has ruled that the bank is not entitled to redeem the bonds early at face or "par" value.   The ruling follows an admission by the bank that it had made an error in the original drafting of the bonds' terms and conditions. Investors agreed to swap holdings of other assets such as building society "Pibs" during the financial crisis as part of attempts to bolster the bank's financial position. In return they were promised interest rates of as much as 16pc until redemption at various dates between 2019 and 2029. • You can't keep your 12pc income, Lloyds...
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Sharp increase in debt write-down deals - Irish Mortgage Holders’ Organisation says it is dealing with 2,000 AIB or EBS clients Eoin Burke-Kennedy 20 March 2014 http://www.irishtimes.com/business/personal-finance/sharp-increase-in-debt-write-down-deals-1.1730844 A group involved in brokering deals between banks and distressed mortgage holders has reported a sharp increase in activity.   The Irish Mortgage Holders’ Organisation (IMHO) said it had recently negotiated 97 deals involving customers of Allied Irish Banks that included some form of debt write-down. In one case, involving a couple in Cork, the bank had written off €195,000 in mortgage debt while allowing the couple and their two children to remain in the house.  The deal is believed to be one of the largest mortgage write-downs agreed by the State-owned bank. The couple had borrowed €478,000 to buy their home. Under the terms of the deal, the family will have to service a new 30-year variable rate mortgage of €200,000, with an additional...
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Clients look for compensation after mis-selling wealth manager goes bust By Katherine Denham   28 April 2015   http://www.international-adviser.com/news/1019164/clients-look-compensation-mis-selling-wealth-manager-goes-bust   A Scottish-based wealth management firm has gone bust after it was unable to pay back clients who were mis-sold high risk investments, and customers are now turning to the Financial Services Compensation Scheme to get their money back. The Financial Ombudsman Service (FOS) ruled that Turnberry Wealth Management had sold unregulated investment schemes which were unsuitable for clients in four separate cases. But clients now have to make a separate application to the FSCS to try to get compensation after Turnberry went into liquidation at the end of last month. This means those clients with investments in excess of the FSCS’s £50,000 limit will lose money. Regulatory Legal Solicitors, which represents one of Turnberry's clients, said it suspects there are other people who have been mis-sold investments by the wealth manager....
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http://kangaroocourtofaustralia.com/2015/04/23/ian-narev-ceo-commonwealth-bank-shows-his-contempt-for-the-australian-senate-and-his-customers/  
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The Big New Year warning for 2015...NO TRUST or confidence should be attached to Bankers and Bank Financial Products such as mortgages and credit cards unless you wish to become one of tens of thousands of "slaves to bank debt." These iniquitous bank products have no financial escape - only financial ruin. I am consistently asked: can you recommend a good financial planner.  It is my job to tell the truth and warn consumers the fraudulent mortgage and credit products are engineered by the four major Australian Banks.  If you are thinking of applying for a loan you suspect is unaffordable from income and may not last for 30 years, the answer is simple: no matter what strategy that sellers are trained to convince you that this loan is affordable  the truth is its a bank engineered scam of magnificent proportions - all states in  Australia. A couple ask: Dear Denise, There are plenty of...
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Jamie Dimon himself called to urge support for the derivatives rule in the spending bill  By Steven Mufson and Tom Hamburger    December 11, 2014   at 8:28 PM    http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/11/the-item-that-is-blowing-up-the-budget-deal/?tid=pm_business_pop    The acrimony that erupted Thursday between President Obama and members of his own party largely pivoted on a single item in a 1,600-page piece of legislation to keep the government funded: Should banks be allowed to make risky investments using taxpayer-backed money? The very idea was abhorrent to many Democrats on Capitol Hill. And some were stunned that the White House would support the bill with that provision intact, given that it would erase a key provision of the 2010 Dodd-Frank financial reform legislation, one of Obama’s signature achievements. But perhaps even more outrageous to Democrats was that the language in the bill appeared to come directly from the pens of lobbyists at the nation’s biggest banks, aides said....
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