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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Lindsay David http://www.switzer.com.au/video/lindsay-david/ LF Economics' Lindsay David says we're in the midst of a housing bubble, so what is the solution? To discuss, he joins Switzer TV (broadcast on Monday 27 March, 2017). Lindsay: "Get rid of INTEREST ONLY LOANS"   "Get rid of NEGATIVE GEARING"  ...
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A QUINTESSENTIAL MISSION FROM A WOMAN WHO MAKES SENSE. SALLY McMANUS Malcolm Stupid turned on the unions, and now they will turn on him. Despite his efforts and expenditure re RC into unions and his wasteful obsession with abcc, not against Bankers of course, Union membership is up 20% now. Malcolm has been great promoting united unionism. Consumers need the same collectivism and many union members are victims of banks!   New ACTU Secretary Sally McManus delivered a wonderfully inspirational speech as today's PRESS CLUB guest speaker, and slam dunked the idiocy that is LIBeral elitist protectionism and neo liberal politics. Ms McManus slammed the protection of CEO's and TAX HAVENS, and the cost to citizens of all the hidden tax perks for the elites that are making us poorer by the day. One in five of the largest companies pay no tax. Those that pay one million - claim that...
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More flawed data produced another F for fail report!  The Gloves are off.  Liberal Machine producing FAKE NEWS on daily basis to keep us in the dark like mushrooms and being fed continual stream of bulldust!  Another academic fails housing affordability By Unconventional Economist in Australian Property at 1:21 pm on March 28, 2017 | 6 comments By Leith van Onselen https://www.macrobusiness.com.au/2017/03/another-academic-fails-housing-affordability/    There are so many errors and omissions with this Alcock article that it is hard to know where to start. But here goes. Jamie Alcock, Associate Professor at the University of Sydney, has penned a highly spurious article claiming that housing affordability for today’s home buyers is better than when their baby boomer parents purchased. From The Conversation: A house in 2017 that costs nine times the median salary, when mortgage interest rates are less than 4%, is arguably more affordable than a house in 1990 that costs...
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Banks concede their code of conduct was 'primarily directed' to other banks Australian Financial Review Mar 28 2017 4:53 PM James Eyers   The banks have conceded their industry code of conduct is a "a long and detailed document [that] customers find difficult to relate to". They have pledged to substantially re-write it to boost consumer protections while also pushing back on some of the recommendations made in a recent independent review of the code, including the need for new restrictions on cross-selling products. The banking industry on Tuesday released its response to a February report by consultant Phil Khoury who made 99 recommendations for improving the Code of Banking Practice, a charter between banks and their customers. The complexity of the banks' response reveals many issues need to be resolved before a new code is finalised. The code looms as a priority for the in-tray of former Queensland premier Anna...
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Editorial: The case for a banking commission only gets stronger   The Prime Minister's refusal to institute an initiative supported by three quarters of voters is a bad look. For a long while Malcolm Turnbull resisted the call for changes to Section 18C of the Racial Discrimination Act. Then, under pressure from a small group of MPs at the extreme right of his party, and a relentless campaign from the conservative commentariat, he caved in. In so doing, the Prime Minister committed his government's valuable time and resources to an issue that most people, according to the latest Fairfax-Ipsos poll, do not consider a problem that needs fixing. Indeed, 78 per cent of Australians believe it should be unlawful to "offend, insult or humiliate" and 84 per cent believe it should be unlawful to "intimidate or vilify". SHARE SHARE ON FACEBOOKSHARE SHARE ON TWITTERTWEET LINK George Christensen joined the crossbench to...
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Thatcher's 'privatization' disaster spreads around the world by William Engdahl EIR Economics April 18, 1986 New French Premier Jacques Chirac presented his economic program to the National Assembly on April 9. The keynote of his proposals was a call for significant reduction of state intervention, so-called dirigisme, through a major selloff of national industrial and financial assets. Although this "privatization" program fell short of the worst that was feared, it marks an open door for speculative stock-market operations to loot what is left of the previously protected French national economy. Under the Chirac program, at least 200 billion francs in assets will be put on the auction block over the next five years including some of the world's most valuable industrial and financial holdings, for example, Europe's most advanced aerospace/military industry. The large nuclear and electric company, Compagnie Generale Electric; the advanced electronics firm Thompson; Rhone-Poulenc, Europe's seventh-largest chemical industrial company;...
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Property prices must drop by half, says expert Australian Broker27 Mar 2017 Miklos Bolza     Sydney's house prices need to be slashed in half and the average property value needs to decline by more than 35% to deal with the affordable housing crisis, according to a leading property analyst. Michael Matusik, who runs a consultancy in Brisbane, said this decrease in house prices was necessary to ensure an affordable ratio of average household income to median house price. While the accepted housing affordability benchmark puts dwelling prices at three or four times the average household income, Matusik took into account differences between various locales, adjusting this to six times for Sydney and Melbourne, five times for south east Queensland, Canberra and Perth, and four times for the rest of Australia. This means that house prices in Sydney would have to fall by $602,000, or 47%, to reach an affordable price...
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CBA to mortgage brokers: Beat rivals by churning Australian Financial Review Mar 26 2017 5:17 PM Duncan Hughes   Commonwealth Bank of Australia is encouraging brokers to churn mortgages rather than lose borrowers to competitors who are offering hot incentives to switch lenders, analysis of offers reveals. It comes as new strategies from major and smaller lenders rapidly emerge in response to changing regulatory, funding and marketing pressures, according to bankers and market analysts. CBA has written to brokers with clients concerned about rising rates to consider seven alternative strategies involving its existing product range. "With the introduction of new reference [interest] rates for investment home loans and the change to rates for interest-only investment home loans, you may see an increase in customers wanting to switch product types or change their repayment type," the bank stated in a memo to mortgage brokers. The memo went on to outline alternative loan...
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WHAT A CROCK FROM THESE BANKS!!!   Government needs to get very tough with these evil Bankers or suffer the mass wrath of Consumers who have been targeted and stung by Banks.   Bankers told Parliament they had not lowered lending practices.  Bankers then admit from 22 Inquiries: "we may have done that $1.6 Trillion Times." Now Banks say: We will lift our lending standards (not really) BUT because we will not meet our usual $40 billion profit per year (4 Major Banks), made from our ingenious asset stripping programs, we will now punish the punters who pay for our DODGY LOANS.  We will now hit the dumb customers who are on low incomes and pensions with INTEREST RATE RISES!!  Ha ha ha............................ "we are happy little Banker Boys as bright as bright can be....etc"   Interest rate hikes ‘threaten financial system’ The Australian 12:00am March 27, 2017 Michael Roddan   Rising interest rates for property investors are increasingly...
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No move on payday lenders three months after reform pledge Sydney Morning Herald March 27 2017 - 12:15am Patrick Hatch   Vulnerable Australians are still being sucked into paying extortionate interest rates on payday loans and leased household goods, three months after the government pledged to pull the industry into line, consumer groups say.   A government-commissioned review last year found some customers were paying interest rates equivalent to 884 per cent on goods through lease-to-buy agreements, with one customer paying $3042 for a clothes dryer worth $345. Revenue and Financial Services Minister Kelly O'Dwyer pledged in November to implement 21 of the review's 24 recommendations in part or in full. They included capping consumer lease fees at 4 per cent of the products' base price per month for a maximum of 48 months, and limiting payday loan repayments to 10 per cent of the borrower's income. Gerard Brody, chief executive...
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Looming budget black hole caused by housing crisis Retirees forced on to a pension due to white collar crime in banking and finance. Jessica Irvine 23 March 2017 http://www.smh.com.au/business/looming-budget-black-hole-caused-by-housing-crisis-20170322-gv3lt1.html   The federal budget has a multibillion-dollar hole in it because successive governments have failed to account for how declining home ownership will force more future retirees onto the aged pension. Super nest eggs are being increasingly eroded by rental payments or mortgage payments for the increasing proportion of retirees who do not own their homes outright, a report released on Thursday by the Australian Institute of Superannuation Trustees warns. Economist Saul Eslake says home ownership has long acted as the "fourth pillar" of the Australia's retirement system. Photo: Jesse Marlow   The report's author and independent economist, Saul Eslake, said home ownership had long acted as the "fourth pillar" of the Australia's retirement system, alongside superannuation, the age pension and voluntary...
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 L F ECONOMICS report on  The Great Australian Housing Market Bubble and Government Action (and Inaction) Property Prices under LNP Howard Government rose 121%.  A fascinating aspect of the Great Australian Housing Market Bubble is that most of the price growth has occurred under LNP governments, not ALP. Although a small housing cycle occurred during the late 1980s on the back of the enormous commercial and industrial real estate bubble, it deflated slowly throughout the early 1990s recession, reaching a cyclical trough during the mid-1990s.   From 1986 Q2 to 1996 Q1, housing prices, adjusted for inflation and quality, increased by a paltry 9.1% over the course of the ALP government. This amounts to a less than 1% annual increase in housing prices over a decade-long period.   Enter the Howard government. Prices escalated by 121.4% between 1996 Q1 and 2007 Q4, driven by the exponential increase in mortgage debt. While...
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Unpaid superannuation ‘far worse’ than first thought 23 March 2017 Jackson Stiles http://thenewdaily.com.au/money/superannuation/2017/03/23/unpaid-superannuation/   Senate committee has been told that the devastating problem of unpaid superannuation is at least $2 billion worse than previous estimates. Back in December, a joint Industry Super Australia (ISA) and Cbus report exploded into the headlines by estimating that bosses had ripped off 2.4 million workers to the tune of $3.6 billion worth of superannuation in the 2013-14 financial year – an average of $1489 per worker. ISA now believes even more workers were unpaid the superannuation they deserved, based on a revised estimate. A more realistic figure is 2.76 million workers owed $5.6 billion, ISA submitted to the Senate Standing Committee on Economics earlier in March. This updated figure, based on a slightly different measurement, works out to an average of $2025 per affected person, which ISA said was “unacceptable”. ISA had originally projected that...
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March 24, 2017 6.14am AEDT   https://theconversation.com/vital-signs-if-it-looks-like-a-bubble-and-sounds-like-a-bubble-75050   Vital Signs is a weekly economic wrap from UNSW economics professor and Harvard PhD Richard Holden (@profholden). Vital Signs aims to contextualise weekly economic events and cut through the noise of the data affecting global economies. This week: Australia’s housing obsession continues, and it’s difficult to assess the future path of interest rates. I didn’t think it was possible for there to be more focus on the Australian housing market than in 2016, but the last couple of weeks have proved me wrong. ABS figures revealed that in the December quarter, across the eight major Australian cities, house prices rose 8.9% and apartment prices rose 4%. Those are stunning figures, particularly on the back of the huge rises of recent years. This prompted renewed discussion about whether prices constituted a bubble. Many players weighed in, but former Liberal Party leader John Hewson put...
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What about owner-occupiers who ‘think’ they are repaying interest and principle?  But really   are paying Interest Only for 30 years....so will never ever own their own home.     If Dodgy Bankers do not do TOP UPs every two years, within five years loans will run into   default. Incomes will not support P & I.     CBA, ANZ, St George join rush to raise home loan interest rates By business reporter Stephen Letts Updated about 11 hours ago   http://www.abc.net.au/news/2017-03-24/anz-joins-the-rush-to-raise-home-loan-interest-rates/8383924   Commonwealth Bank, ANZ and St George have joined NAB and Westpac in another out-of-cycle increase in mortgage rates for investment and owner-occupier loans. ANZ has lifted investor home loans for existing customers by 25 basis points to 6.85 per cent from March, while existing owner-occupiers making interest-only repayments will see their rates rise by 2 basis points to 5.45 per cent in July. Owner-occupiers repaying interest and...
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BANKS ON NOTICE: How banks lost the ear of Britain’s government over Brexit By Andrew MacAskill, Anjuli Davies and Huw Jones Filed March 24, 2017, 10:45 a.m. GMT http://www.reuters.com/investigates/special-report/britain-eu-banks/?utm_source=Twitter&utm_medium=Social Banks used to have a cosy relationship with Britain’s government. Now they say they are struggling to be heard as the country prepares to leave the EU. LONDON - One afternoon in mid-January, Prime Minister Theresa May walked into a meeting room in the Swiss resort of Davos to face Wall Street’s most powerful bankers. May had delivered her vision two days earlier for pulling Britain out of the European Union’s single market. Now the Wall Street banks, fearing Britain was headed for trouble, wanted to hear more about her strategy. At stake was London’s future as a global financial centre. Among those present were Lloyd Blankfein, chief executive of Goldman Sachs, Jamie Dimon, chief executive of JPMorgan Chase, and James Gorman,...
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ASIC’s CommInsure pass shows why badly behaving bankers will never fear jail time March 24, 2017 10.46am AEDT   https://theconversation.com/asics-comminsure-pass-shows-why-badly-behaving-bankers-will-never-fear-jail-time-75059   In October 2014, the Australian Securities and Investments Commission (ASIC) Chairman, Greg Medcraft, was pretty forthright This is a bit of a paradise, Australia, for white collar criminals. Just a day later, reportedly after a phone call with Finance Minister Senator Mathias Cormann, he attempted to clarify his remarks. I correct that. Basically the point is that we want to make sure we don’t become a paradise. But as with much of what it has tried to do in the past five years, ASIC has been spectacularly unsuccessful, aiding the creation of a white-collar paradise, rather than hindering it. But what would a white-collar hell hole look like? Mr Medcraft, gives us his perspective: The thing that scares white-collar criminals is going to jail and that’s what scares them everywhere...
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One Billion in STORM VICTIM claims settled under duress for $34 million - what a disgrace. Big battle and small result and ASIC did nothing once again. Consumer Protection is a SHAM   Ironically, one of the committee members to oversee the inquiry is the controversial One Nation senator Rodney Culleton. Culleton, who has hitherto been one of the more strident advocates of a Royal Commission, is also a client of Levitt Robinson which, in December 2015, had his bankruptcy annulled, smoothing his path to the Senate   Revealed: CBA’s secret deal with Storm victims’ lawyer September 5, 2016 http://www.michaelwest.com.au/revealed-cbas-secret-deal-with-storm-victims-lawyer/ The Commonwealth Bank secretly struck a deal with class action lawyers for Storm Financial Group which left victims in a $1 billion claim against the bank with a return of just $34 million. Of that $34 million in compensation for Australia’s most devastating financial scandal, legal fees came to almost $10 million....
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Australian housing bubble’s great pro-cyclical blowoff   By Houses and Holes in Australian Economy, Australian Property at 12:20 am on March 24, 2017 | 61 comments   I’ve been tracking the Great Australian Housing Bubble for a decade and more but I have never before seen what is transpiring today. We are in a true volcanic blowoff now as pro-cyclical fiscal, monetary and population growth explode prices higher. The epicentre is Sydney and Melbourne:     Where fiscal incentives and a variety of state sponsored fiddles are are driving an huge investor blowoff:     APRA and the RBA are far behind the curve yet are too terrified to tighten. There is no chance of RBA rate hikes as the economy withers in the shadow of this huge mushroom cloud. Unemployment and inflation do not allow it. Macroprudential is coming but it is too late and regulatory timidity virtually ensures it...
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Turnbull under pressure as crossbench, Greens join forces for banking commission Adele Ferguson and Sarah Danckert 22 Mar 2017, 2:06 p.m. http://www.theherald.com.au/story/4546549/turnbull-under-pressure-as-crossbench-greens-join-forces-for-banking-commission/   Pressure is building for a commission of inquiry into Australia's scandal-plagued banking system after the Senate crossbench threw its weight behind a Greens bill to establish one. The private member's bill is co-sponsored by Greens senator Peter Whish-Wilson and crossbenchers Nick Xenophon, Jacqui Lambie, Derryn Hinch and the current One Nation senators after extensive discussions between them during the past few months over the terms of reference for the inquiry. The Labor Party is also expected to support the bill, which was tabled on Tuesday afternoon, while Nationals senator John Williams has confirmed he will cross the floor to vote for it. Senator Williams is a long-time supporter of a royal commission into the banks. The move follows stiff resistance from the government against a royal commission into...
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