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BFCSA
MORTGAGE
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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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Denise Brailey

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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Denise

Denise

Denise Brailey has dedicated the past 20 years of her life to being a Consumer Advocate - a voice for the people and former President of RECA (Real Estate Consumer Association. She has helped thousands of investors and is currently President of the BFCSA (Banking & Finance Consumers Support Association). Denise was also awarded and presented with the Rona Oakley Award for Consumer Protection in 2010.
Laker tipped to lead CBA inquiry The Australian 12:00am September 8, 2017 Richard Gluyas   John Laker has emerged as a leading contender to conduct the prudential regulator’s independent inquiry into the culture of Commonwealth Bank. The former chairman of the Australian Prudential Regulation Authority is likely to be one of about three panellists to undertake the six-month inquiry announced last month by Wayne Byres, who was Mr Laker’s successor. Mr Laker was unavailable for comment yesterday and an APRA spokesman declined to identify the panellists. APRA announced the inquiry into CBA’s governance, culture and accountability several weeks after the financial intelligence agency Austrac alleged multiple breaches of anti-money laundering legislation in a Federal Court statement of claim. Austrac has alleged that CBA, between 2012 and 2015, failed to lodge more than 53,000 threshold transaction reports (TTRs) for cash deposits in excess of $10,000 made through its network of smart ATMs....
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Issuing new loans against unrealised capital gains has created an Australian ‘house of cards’ THIS very common tactic used by investors in Australia could spell big trouble for our mortgage market “house of cards”.  by Frank Chung THE Australian mortgage market has “ballooned” due to banks issuing new loans against unrealised capital gains of existing investment properties, creating a $1.7 trillion “house of cards”, a new report warns. The report, “The Big Rort”, by LF Economics founder Lindsay David, argues Australian banks’ use of “combined loan to value ratio” — less common in other countries — makes it easy for investors to accumulate “multiple properties in a relatively short period of time despite high house prices relative to income”. “The use of unrealised capital gain (equity) of one property to secure financing to purchase another property in Australia is extreme,” the report says. “This approach allows lenders to report the cross-collateral...
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Commonwealth Bank in new lawsuit over climate risks Byron Kaye 8 August 2017   http://www.reuters.com/article/us-australia-cba-climatechange/commonwealth-bank-in-new-lawsuit-over-climate-risks-idUSKBN1AO0C3   SYDNEY (Reuters) - A husband and wife filed a lawsuit against No. 2 Australian lender Commonwealth Bank of Australia on Tuesday accusing it of failing to disclose investment risks associated with climate change, adding to publicity headwinds for the bank. The unprecedented lawsuit comes less than a week after a government regulator took the A$140 billion ($111 billion) bank to court for alleged breaches of anti-money-laundering rules, a case some analysts believe will lead to hefty fines. Both legal actions will overshadow proceedings when CBA reports what is expected to be a record annual net profit on Wednesday. The legal firm running the environmental case, Environmental Justice Australia, said it was a world first with potentially far-reaching ramifications for corporate Australia. It was the first time shareholders of a financial services firm had sued for...
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So ‘suasion’ is the APRA code for secret economic business and Macroprudential regulation for credit creation regulation!  Pluck a duck!   APRA and credit creation regulation: Economic secret business Posted on 05/09/2017 by The Glass Pyramid https://theglass-pyramid.com/2017/09/05/apra-and-credit-creation-regulation-economic-secret-business/ It is that day of the month when the RBA board meets to pluck some wings off bats, boil them with eyes of newt and distil the resulting mixture down to an interest rate decision.  Across the nation thousands pay close attention to every aspect of the deliberations and complete secrecy is maintained to ensure that everyone gets the news at exactly the same time. But what about APRA and its regulation of credit creation by the Australian Banking sector? Good question because while the RBA has a spotlight on every action it takes, APRA engages in regulation of economic activity, that has equally important effects on the Australian economy, in almost complete darkness. ...
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ASIC's responsible lending battle with Westpac heats up Australian Financial Review Sep 4 2017 5:54 PM Joanna Mather   The shortcomings of indexes for assessing mortgage applications have been highlighted by the Australian Securities and Investments Commission (ASIC) as it pursues Westpac over alleged breaches of responsible lending laws. ASIC has launched civil proceedings against Westpac for allegedly failing to properly assess whether borrowers could repay their home loans – a claim the bank strongly denies. Key to ASIC's case is its allegation that Westpac relied on an index, University of Melbourne's Household Expenditure Measure (HEM), to help determine how much to lend to would-be borrowers. The regulator alleges Westpac approved loans in circumstances where a "proper assessment" of a borrower's ability to repay, based on actual spending, would have shown a monthly shortfall. In court filings obtained by The Australian Financial Review, ASIC said the HEM benchmark was based on...
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    Duped says #
    Westpac Rams used this same HEM benchmark in our fraudulent loans back in 2009 at least, which of course we didn't even realise un
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Identity theft: another day, another scandal at CBA michaelwest.com.auSeptember 4, 2017 Michael West This column, co-published by The Conversation, is part of the Democracy Futures series, a joint global initiative between The Conversation and the Sydney Democracy Network. The project aims to stimulate fresh thinking about the many challenges facing democracies in the 21st century.   Barry Lakeman has had a gutful. “I’ve got bone cancer,” says the 59 year old farmer from outback Western Australia. “The chances of pulling through are about 60/40”. Worse, he says, his son is disabled. He has epilepsy and a brain tumor and requires special medical treatment. On top of all this, Lakeman is a victim of identity theft. Last month, local police called to ask him if he’d lost his gun licence. They had found it, they told him. It displayed his photo but the licence number didn’t match. “It was a forgery …...
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CBA's alleged transaction monitoring problems spark American probes Sydney Morning Herald September 4 2017 Nathan Lynch, Ajay Shamdasani (Thomson Reuters)   The Commonwealth Bank of Australia's apparent failure to properly monitor transactions for money laundering and possible terrorism funding makes action from American regulators inevitable say financial crime experts. American lawyers have told Thomson Reuters that CBA was already responding to information requests from a number of US agencies with differing mandates and enforcement agendas and the announcement of a formal investigation, a precursor to enforcement action, is now only a matter of time. Edward Wilson jnr, partner at Venable in Washington, DC, said American financial intelligence unit FinCEN would already be involved in the case through various agreements with Australia's anti-money laundering (AML) regulator Austrac. "FinCEN is already interested in this case. CBA has US branches and deals in US dollars. For both reasons, CBA will be required to comply...
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CBA says AUSTRAC case will involve 174 'mini-trials' Australian Financial Review Sep 4 2017 5:57 PM James Eyers   Commonwealth Bank of Australia will not file its defence against AUSTRAC's allegations it failed to report suspicious transactions until 10 days before Christmas. The transactions regulator will take another three months to respond in a case barristers told the Federal Court would be highly complex and drawn out. Each of AUSTRAC's 174 allegations that CBA failed to file suspicious matter reports will involve a "mini trial" of its own, John Sheahan QC, representing CBA, told the court on Monday. "Proceedings of this kind are unusually complex," Mr Sheahan said. The defence would take "an enormous amount of work, it is not going to be a vacation camp of any description." In the first case management hearing before Justice David Yates in Sydney, CBA's counsel said that although the bank received AUSTRAC's claim...
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ASIC's Greg Medcraft says traditional bank accounts may be obsolete in a decade Australian Financial ReviewSep 3 2017 11:00 PM James Eyers   Bank accounts could become unnecessary within the next decade because central banks will create digital currencies and allow customers to hold deposits directly with them, predicts Greg Medcraft, chairman of the Australian Securities and Investments Commission. The issuance by central banks of digital versions of their fiat currencies onto distributed ledgers would lead to widespread disaggregation for commercial banks, which would be forced to fight much harder to attract funding alongside market-based funds in a radical upheaval of financial markets. Banks and policy makers should be studying the ramifications for the Australian economy given central bank-issued digital currencies could start to appear globally in the next five to 10 years, he added. In Australia "there is a lack of lateral thinking. You can't think in terms of the...
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CBA shares look like they are on the big slippery dipper ride....regulators and   shareholders will be furious!  When are Rules not really Rules?  When lazy   APRA relaxes them the moment they are announced.   Did APRA already relax macroprudential 2.0? By Houses and Holes in Australian banks, Australian Property at 11:09 am on September 1, 2017 | 14 comments https://www.macrobusiness.com.au/2017/09/apra-already-relax-macroprudential-2-0/ Via Macquarie: Following the introduction of APRA’s 30% interest-only cap there has been a material reduction in interest-only flow and assuming current trends continue banks will be well below the cap by the required timeframe (Sep-17). This was achieved by a combination of aggressive repricing, tightening of credit standards and some concessions from the regulator.   We understand that adhering to the IO cap appears less onerous after the regulator relaxed their   treatment of existing loan roll-overs into another interest-only period and lines of credit being   excluded...
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His  partner in crime  cover-ups David Cohen resigned as CBA company Secretary  on 30 June 2016...wonder where the third musketeer David Turner is hiding out?   Commonwealth Bank responds to report it failed to monitor international transactions By business reporter David Chau Posted 30 minutes agoFri 1 Sep 2017, 1:03pm   http://www.abc.net.au/news/2017-09-01/cba-responds-to-reports-it-failed-to-monitor-transactions/8863242   Commonwealth Bank has responded to media reports it commissioned an internal review showing "large-scale" failures in transaction monitoring across its US, Asia and Europe businesses. In a statement to the ASX on Friday, Australia's largest bank said it maintains "proactive" relationships with "all relevant global regulators". According to a confidential document obtained by Sky News Business, the review was brought to the attention of CBA's senior executives in February. It reportedly showed that the monitoring of transactions — across nearly two-thirds of CBA's Institutional Banking and Markets division — was either minimal or non-existent.   Verrender: Profit at...
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Turnbull has again put foot in mouth and stirred up a hornets nest  China slaps would-be-warrior Turnbull’s “blah, blah” By Houses and Holes in Australian Politics at 3:51 pm on September 1, 2017 | 15 comments https://www.macrobusiness.com.au/2017/09/china-slaps-warrior-turnbulls-blah-blah/ Via Domainfax: Prime Minister Malcolm Turnbull’s call for China to cut off its oil pipeline to North Korea has prompted a fierce rebuke from a high-circulating Chinese newspaper, which accused him of going beyond even Donald Trump. The Global Times, which sells more than one million copies, devoted an editorial to Mr Turnbull’s “indiscreet” and “absurd” comments, and saying Australia was a “second class citizen of the West”. “Although President Trump has complained about China in contradictory statements, he has so far never publicly asked China to cut North Korea’s oil supply,” the Global Times wrote. The editorial said Australia had become America’s loudspeaker in the Asia Pacific. “This speaker works very hard, and...
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Do-nothing Malcolm muscles-up for Korean war By Houses and Holes in Australian Politics, Featured Article at 4:07 pm on August 31, 2017 | 44 comments https://www.macrobusiness.com.au/2017/08/do-nothing-malcolm-muscles-up-for-korean-war/   The mind absolutely boggles at what kind of military commander-in-chief the great waffler would make but it appears he’d like to add that notch to his shiny little belt: Malcolm Turnbull says China must step up and contain North Korea economically, including by cutting off the regime’s oil supply.   Ratcheting up the diplomatic jawboning of Beijing, the Australian prime minister told the John Laws radio program in Sydney the best chance of resolving the crisis on the Korean peninsula without conflict was to make sure the regime in Pyongyang was completely economically isolated.   Turnbull said China needed to be resolute in turning the economic screws against its neighbour, and if it took tough action, the regime “would struggle to survive”. “China has...
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It's time to get banks back to nation-building basics Sydney Morning HeraldAugust 30 2017 - 12:15am Stephen Anthony Stephen Anthony is chief economist at Industry Super Australia   Public confidence in Australia's banks has been steadily eroding since financial deregulation in 1983 to the point where now the brand of the Big Four banks, and especially the Commonwealth Bank, is at its nadir. It appears Australia's banks are more satisfied with earning a fast buck than supporting real investment in projects and jobs for the betterment of all Australians. Consider the loan book of major deposit-taking institutions: Around 60 per cent of new lending is for housing; around 80 per cent of all housing loans are for the purchase of existing property; around 60 per cent of all new loans are made to investors for negatively geared investments; and around 40 per cent of housing loans are interest only. Somewhere along...
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What were our banks doing pre 2009 if banks were only required to keep records for 7 years?   Wells Fargo Review Finds 1.4 Million More Suspect Accounts By STACY COWLEY 31 August 2017 https://mobile.nytimes.com/2017/08/31/business/dealbook/wells-fargo-accounts.html?referer Nearly a year after Wells Fargo’s fraudulent account scandal burst into public view, the bank said it had turned up more than a million additional accounts that customers may not have authorized.  The news set off a fresh wave of criticism from those frustrated by the bank’s slow pace in coming clean about its misdeeds.......An investigation commissioned by Wells Fargo’s board found signs of abuses that surfaced in 2002.  The company said it could look back no earlier than 2009 because it did not have sufficient data on previous periods, Mr. Sloan said. ..... The review focused on retail bank accounts, and did not expand into other areas in which the bank has been accused of...
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CBA was ‘aware’ of risk shortfall The Australian 12:00am September 2, 2017 Leo Shanahan, Michael Roddan  Finance Minister Mathias Cormann said CBA had some “serious work to do.”    Seriously Mathias: is it not the case that Government and its sleepy regulator named APRA have very serious work to do in locking up those responsible???”   The crisis facing Commonwealth Bank has widened, after it confirmed the existence of an explosive internal review of large gaps in its global transaction monitoring compliance, which Scott Morrison said was evidence of “further serious matters” facing the nation’s largest bank. The internal review of the bank’s compliance with Australian and global anti-money laundering and terrorism financing laws, obtained by Sky News Business, revealed that billions of dollars worth of transactions in the US, Europe and Asia were not being monitored, which could put the bank in the firing line of global regulators. The review of the Institutional...
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Pepper to be snapped up for $675m James Mitchell 11 August 2017 https://www.mortgagebusiness.com.au/breaking-news/11368-pepper-to-be-snapped-up-for-675-million   California-based investment manager KKR will pay a significant premium to acquire non-bank lender Pepper after the group today announced that it has entered into a scheme implementation deed.  The board of the ASX-listed non-bank lender announced on 10 August that it has entered into a scheme implementation deed with an entity owned by California-based KKR Credit Advisors.   The KKR entity, known as Red Hot Australia Bidco, has proposed to acquire all of Pepper’s shares. If granted, Pepper shareholders will receive a cash payment of $3.60 per Pepper share plus a 3 cent dividend.  With more than 181 million shares on issue, KKR will acquire Pepper for close to $675.9 million, $37 million more than the current market cap of $638 million.  Pepper shares were valued at $3.43 before the market opened this morning.   “After careful...
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Bank propagandists play hide and seek September 1, 2017 https://www.michaelwest.com.au/bank-propagandists-play-hide-and-seek/   We are yet to hear boo from the banks’ propaganda machines about the CBA’s money-laundering crisis. Not a squeak so far. They have wailed long and hard about the dastardly injustice of bank taxes but peak body, the Australian Banking Association (ABA), is still yet to respond to questions about its own murky disclosures and secretive financial status despite questions raised with them a number of times in July. Same deal with the Financial Services Council (FSC) which is terrific, and prolific, at pontificating to governments on how to conduct their financial and regulatory affairs but deathly silent when questioned about its own affairs. When it comes to hypocrisy however the FSC is not in the same league as the Australian Bankers Association. In a long and windy consultation paper to Treasury in March the ABA went on and on about...
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Home prices cool in August as Sydney market stalls, says CoreLogic Sydney Morning HeraldSeptember 1 2017 - 11:19am Reuters   Home prices in the nation's major cities rose only marginally in August as Sydney's blistering run stalled, a tentative sign of cooling that would be a relief to regulators seeking to head off a debt-driven bubble. Property consultant CoreLogic said its index of home prices for the combined capital cities edged up just 0.1 per cent in August from July, when it surged 1.5 per cent. The index had also been updated using a new hedonic index methodology, CoreLogic said. Annual growth in prices slowed to 9.7 per cent, from 10.5 per cent in July. Prices in Sydney were dead flat for August, after jumping 1.4 per cent the month before, although annual growth remained strong at 13 per cent. Melbourne saw gains of 0.5 per cent in August and 12.7...
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Property bust our big threat, warns Wesfarmers chief Richard Goyder Herald Sun September 2, 2017 12:00am John Dagge   OUTGOING Wesfarmers chief Richard Goyder says taking the heat out of red-hot property markets in Melbourne and Sydney looms as the nation’s key economic challenge. Assessing the state of the economy ahead of standing down as the chief of the nation’s biggest employer, Mr Goyder said a sharp downturn in the property market posed the biggest risk. But it was a risk he was confident regulators were on top of, he said. “Our housing market needs to be carefully managed and I think it is, between the Reserve Bank and the banks,” Mr Goyder said. “Just moderating what has happened with housing prices, particularly in Sydney and Melbourne, we certainly don’t want a bubble bursting there. “The thing to avoid is a house price bubble and I think all our policymakers are...
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CBA at risk of investigations by ­global regulators The Australian 12:00am September 1, 2017 Leo Shanahan Sky News business reporter   Billions of dollars in Commonwealth Bank transactions in the US, Europe and Asia have not been properly monitored, the bank’s internal review has found, potentially exposing the institution to investigation by ­global regulators. The confidential review of the bank’s compliance with Australian and ­global anti-money laundering and counter-terrorism laws revealed large-scale failures in transaction monitoring across a multitude of businesses around the world. Obtained by Sky News Business, the review was presented to senior bank executives in February and showed non-existent or minimal transaction monitoring across almost two thirds of the CBA’s Institutional Banking & Markets division. It also found that “product fin­ancial crime risk assessments” across the group “have not been updated since 2013”. Institutional Banking & Markets manages global corporate, government and institutional ­clients, and according to CBA’s...
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Scott Morrison says ‘good debt’ to underwrite Future Fund The Australian 12:00am September 1, 2017 Andrew White Scott Morrison has defended a decision to increase commonwealth borrowings to pay public sector superannuation rather than drawing from the Future Fund, arguing that the sovereign wealth fund was delivering higher returns than the cost of borrowing. As the Future Fund yesterday reported annual returns of 8.7 per cent — beating its benchmark by 1.8 per cent — chairman Peter Costello said a deal with the federal government to delay draw-downs of the fund by five years until 2026 would ensure that it could cover the full unfunded superannuation liability and carry on until the end of the century. But Mr Costello warned that the fund was preparing for rising interest rates, which was likely to have a major impact on returns and asset values that have been inflated by years of easy money....
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Inside the bitcoin-fuelled 'ICO' bubble Sydney Morning Herald September 1 2017 - 12:15am John McDuling   This week was arguably the most significant yet for "crypto-currencies" in Australia. At least since a guy from the nondescript Sydney suburb of Gordon claimed to be the mastermind behind bitcoin. If your eyes have already glazed over, I don't blame you. I don't particularly enjoy writing about crypto-currencies, but given the genuine technological breakthroughs involved and the potentially damaging financial bubble that's building, they've become impossible to ignore. This week a Perth-based energy trading start-up called Power Ledger said it raised $17 million from speculators and crypto enthusiasts in Australia's first ICO (initial coin offering). An ICO is a bit like an IPO, except digital tokens created from thin air are up for grabs, rather than small pieces of ownership in a business. There are no regulators or stock exchanges involved. To describe ICOs...
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HSBC joins mortgage war with 3.6pc loan The Australian 12:00am September 1, 2017 Glenda Korporaal   HSBC is planning to step up its Australian business with a more aggressive push into mortgages and plans to open new branches and expand its role in agribusiness and infrastructure. The bank will today launch an aggressively priced mortgage rate of 3.65 per cent for owner-occupied housing that will be available for customers who sign up for home loans between now and the end of the year. This follows a deal it struck recently to sell its mortgages through home loan brokerage Aussie Home Loans. It also plans to raise its profile in Australia with another 16 new branches over the next 18 months, mainly in NSW and Victoria, to boost its existing 31 existing shopfronts. “We have ambitious plans for HSBC in Australia,” chief executive Martin Tricaud said in an interview with The Australian...
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Neoliberalism has failed, time for a new deal, says Sally McManus The Australian 12:00am September 1, 2017 Ewin Hannan   ACTU secretary Sally McManus will today call for a “new deal” for unions and workers to address record inequality caused by the “failed ideology of neoliberalism”. Ms McManus says Australia is nearing the end of a 30-year “neoliberal experiment” that has seen concerted campaigns to systematically weaken unions and leave workers “with little protections in the face of the King Kong-sized power of multinational corporations”. In a speech to be delivered in Brisbane, Ms McManus will call for the scrapping of the Coalition’s planned corporate tax cuts while backing Labor proposals to tackle negative gearing and capital gains tax concessions. She will say workplace laws must be changed to remove incentives to casualise work; increase the powers of the Fair Work Commission; change bargaining laws to benefit unions; and rebuild a...
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