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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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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.
Greg Medcraft, the corporate regulator, goes on trial Australian Financial Review Oct 22 2017 11:00 PM Aaron Patrick and Patrick Durkin   The ANZ Banking Group, National Australia bank and Westpac Banking Corp will be in the dock on Monday, but it is Greg Medcraft and the Australian Securities and Investments Commission's reputation that is on trial. Medcraft's prosecution of the banks for allegedly fixing the benchmark interest rate – the trial begins in a Melbourne Federal Court Monday – is a pivotal moment in the regulator's history and could have a decisive impact on its future. If ASIC loses the case, which could cost more than $100 million, new chairman James Shipton will be under even more pressure to change what ASIC does and how it does it from a government unhappy with its performance. "ASIC is like a fire engine that turns up after the village has burnt down,"...
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150 basis points on lending would trigger a recession: property exec Australian Financial Review Oct 22 2017 11:30 PM Matthew Cranston   Taxes, higher interest rates and rising construction cost pressures caused by competing infrastructure projects pose the biggest risk to Australia's housing market and economic performance say four chief executives who control more than 10 per cent of new housing. Lendlease's chief executive for property Kylie Rampa, Mirvac chief executive Susan Lloyd-Hurwitz, Stockland chief executive Mark Steinert and Frasers chief executive Rod Fehring all raised concerns at the Property Council of Australia Congress about the future of country's housing supply and its importance to the health of the economy. Mr Fehring said the sensitivity of interest rates would have the biggest impact on the housing construction market and therefore the economy. "About six to 12 months ago we formed the view that if interest rates in the broad-based mortgage market...
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“If there is a bubble, it is not obvious what to do about it.” We need a Royal Commission into the Banking system, then Turnbull can retire to the Cayman Islands, taking the loot with him, and a PM pension. Bank CEO's and Turnbull & Co will leave this nation a damaged economy!!! Financial Terrorists.....................are a blight on us all.     Is an addiction to property stifling the economy? The Bull23.10.2017   Housing as a wealth generator drains investment from other areas Sydney and Melbourne voters who took part recently in focus group research conducted by Ipsos had a long list of complaints about the cost of living, but it was soaring house prices that attracted the greatest ire. Younger voters feared never being able to buy a home, while older voters held the same fears for their children. It’s not news that Australians are worried about housing affordability. In...
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The LNP backbenchers are throwing tantrums again over their mates in the big end of town having interventionist policies applied to their dodgy business practices. Liberal backbenchers are warning they will not tolerate any more direct intervention in the affairs of big business, saying this week's party room unrest over the new accountability regime for banking executives was just the tip of the iceberg. Coalition MPs said the protest registered this week by three Victorian Liberals against the Banking Executive Accountability Regime was not a defence of the banks but a message to Malcolm Turnbull and Scott Morrison of a growing unhappiness with the interventionist approach by the government. While some conceded the direct intervention in the energy sector may yield a political dividend, there was a view the government's measures against banks had flopped politically because they were seen as a response to Labor's calls for a royal commissions. "The political...
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Borrowers not saving any money add to fears around interest-only loans The Australian 12:00am October 20, 2017 Michael Roddan  Is the Government so STUPID it does not understand Bank Approval Fraud re Interest Only loans?   Many interest-only borrowers are failing to put aside money, even though their monthly mortgage repayments are about 40 per cent below home loans paying off principal and ­interest. It’s a further concern added to a growing list of worries about the threat interest-only loans present to the financial system. Interest-only loans, which don’t require any payment on the loan’s principal for about five years, have come under intense scrutiny over the past year. The Australian Prudential Regulation Authority introduced strict rules in March limiting interest-only loans to 30 per cent of a bank’s new lending. That came on top of a 10 per cent annual growth cap on investor lending. Interest-only loans make up more...
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Shadow banks warn on new APRA powers Australian Financial Review Oct 19 2017 11:00 PM James Frost   New powers granted to APRA over non-bank lenders may lead to a wholesale lessening of competition as niche lenders are forced to scale back their activities and others consider exiting the sector altogether. Liberty Financial, Pepper Group and Resimac warn that if APRA exercises powers under the new legislation and introduces caps on loan growth, or otherwise restricts the types of loans they write, large segments of the population may be unable to access housing finance. The view is confirmed by experts, who say if bank-style regulation is imposed on the non-bank sector they will lose their competitive advantage and will be forced to reinvent themselves in order to remain profitable. Liberty Financial chief executive James Boyle said the introduction of caps similar to those placed on Australian banks may force it to...
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Interest-only loans are a huge problem for the Australian economy, but our top bankers don't seem to care Richard Holden 3 days ago http://www.msn.com/en-au/money/homeandproperty/interest-only-loans-are-a-huge-problem-for-the-australian-economy-but-our-top-bankers-dont-seem-to-care/ar-AAtmQ4I I’m not normally a fan of parliament hauling private sector executives before them and asking thorny questions. But when the Australian House of Representatives did so this week with the big banks it was both useful and instructive. And, to be perfectly frank, terrifying. Let’s start with Westpac CEO Brian Hartzer. First, he confirmed the little-known but startling fact that half of his A$400 billion home loan book consists of interest-only mortgages. Yep, half. Of A$400 billion. At one bank. Oh, and ANZ, CBA and NAB are all nearly at 40% interest-only. Hartzer went on to make the banal statement: “we don’t lend to people who can’t pay it back. It doesn’t make sense for us to do so.” So did it make sense for all those...
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Peter Dutton vows to fight for citizenship shake-up The Australian 12:00am October 19, 2017 Joe Kelly   Immigration Minister Peter ­Dutton’s overhaul of Australian citizenship laws has suffered a major setback after his changes failed to pass parliament before a Senate-imposed deadline — an outcome hailed yesterday as a “major victory” by Labor and the Greens. The proposed shake-up would have increased the permanent residency requirement for citizenship from one to four years and imposed a tougher English-language requirement on ­aspiring Australians. Mr Dutton yesterday flagged that negotiations would continue with crossbench senators, although no timeline has been set on the passage of any revamped package. “It’s a shame that Bill Shorten is so weak that he has to capitulate to the hard left of the Labor Party against the national interest,” Mr Dutton said. Labor’s citizenship spokesman Tony Burke said the failure of the bill was a “great victory for...
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Welfare spending rises as home ownership declines: report Sydney Morning Herald October 19 2017 - 1:19am Andrew Taylor   Australia has one of the lowest rates of home ownership among rich countries as the dream of owning a home fades for young people and the lowly paid. The latest report card into the nation's wellbeing also found welfare spending increased by $40 billion in the past decade, growing to 9.5 per cent of gross domestic product. Rates of home ownership - either with or without a mortgage - declined "modestly" over the past two decades - from 71 per cent in 1994–95 to 67 per cent in 2013–14, according to the Australian Institute of Health and Welfare report Australia's welfare 2017. This put Australia 29th among the 35 countries in the Organisation for Economic Co-operation and Development, behind Hungary, the Czech Republic, Iceland and Ireland. "Home ownership rates have tended to...
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Catholics want a seat for the poor on the RBA board Australian Financial Review Oct 18 2017 6:15 PM Laura Tingle   The Catholic Church is calling for welfare payments to be set by an independent board – not the government – to depoliticise them, and for a new position on the Reserve Bank board representing the poor, in a push against the free market, neoliberal policies which it says dominate our politics. Catholic Social Services Australia released a policy document on Wednesday, which reflects a statement from Catholic bishops distributed in churches around the country in recent weeks, which argues Australia's political leaders have to radically rethink policy settings, which are leading to growing inequality and exclusion. The intervention is significant at a time when both major political parties are recognising – privately and publicly – the need to address the issue of economic inequality. "We need our leaders to...
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BHP labelled Australia's 'worst tax dodger' by former treasurer Wayne Swan Sydney Morning Herald October 18 2017 - 5:10pm Adam Gartrell  Rampant Corporate and Regulatory Malfeasance in Australia due to slack “free market” Government Policy   Former treasurer Wayne Swan has launched another extraordinary attack on mining giant BHP, labelling it Australia's "worst tax dodger" and linking a million dollar bonus to the company's CEO to his success at minimising tax. Under the cover of parliamentary privilege, Mr Swan called BHP "a fiscal termite eating away at the foundations of our corporate tax system" and rubbished the company's claims to be a global leader in tax transparency and corporate responsibility. The world's biggest miner has been in a long-running dispute with the Australian Tax Office over assessments spanning 11 years that total $661 million in primary tax, plus interest and penalties that take it to more than $1 billion. Under dispute...
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Rio Tinto case exposes Australia as the laggard of regulators Australian Financial ReviewOct 18 2017 7:05 PM Tony Boyd   The Rio Tinto accounting fraud allegations provide a window into the radically different approaches of corporate regulators in Australia, the United Kingdom and the United States. Sadly, a comparison of the performance of the regulatory agencies in each country and the way they have dealt with Rio does not inspire confidence in the Australian system for corporate law enforcement. The Australian Securities and Investments Commission comes out of the Rio Tinto accounting scandal case study looking distinctly like it is asleep at the wheel. Worse, the Rio case will almost certainly expose the piddling weak financial penalty regime under the Corporations Act for breaches of continuous disclosure. The penalties are as weak as peach cordial even though a breach of the continuous disclosure regime may constitute a criminal offence. It is...
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Rates on hold for a lot longer, RBA believes The Australian 12:00am October 18, 2017 David Uren   The Reserve Bank believes it can keep its benchmark cash rate at its record low of 1.5 per cent for a lot longer and says it is under no pressure to follow global peers like the central banks in the United States and Canada in raising rates. The minutes of the bank’s last board meeting, released yesterday, show it remains optimistic about Australia’s economic outlook but expects only a very gradual return of inflation to the middle of its target 2 to 3 per cent band. The Reserve Bank has used the minutes to quash speculation that it was preparing to lift rates for the first time since 2010 as part of a global move to return interest rates to more normal levels. The minutes noted that the US Federal Reserve was still...
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Housing affordability worsens: Moody’s The Australian 12:47pm October 18, 2017 Michael Roddan   Australia’s housing affordability crisis is worsening, with record-high debt levels exposing borrowers to greater risk of defaults and making them more vulnerable to economic and property market shocks, according to global ratings agency Moody’s. In a new report, Moody’s found housing affordability continued to decline across the whole of Australia, on an average basis, although it was most severely felt in Brisbane and Melbourne. Sydney, where housing prices have recently started to cool, saw an improvement in the proportion of household income being spent on mortgage repayments. “However, with affordability deteriorating on average on an Australia-wide basis, we believe housing market imbalances and the large build-up of household debt continue to pose risks to the performance of Australian residential mortgage-backed securities,” Moody’s vice president and senior analyst Alena Chen said. Australia’s decade-long debt binge has left the nation...
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Lenders blacklist more than 100 suburbs in new apartment crackdown Australian Financial Review Oct 18 2017 10:14 AM Duncan Hughes   Big banks are set to announce tougher measures to crack down on high rise apartment purchases including blacklisting more than 100 Brisbane suburbs, doubling the minimum apartment to qualify for funding, evidence of rental cash flows and tough new valuation criteria. Lenders such as Adelaide Bank are introducing "minimum funding requirements" requiring apartments to have their own bathrooms, kitchens, laundries and windows in key rooms, such as bedrooms and lounge rooms. Others, such as Suncorp Bank, the nation's fifth largest mortgage lender, are circulating a confidential list of 39 Brisbane postcodes covering more than 100 city and metropolitan suburbs where the new lending restrictions will apply from next Monday. "Our settings have been adjusted for postcodes based on recent weakness in the investment unit market in Brisbane, with evidence of...
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Coalition splits over BEAR law: 'It's against everything we stand for' Australian Financial Review Oct 17 2017 7:00 PM Phillip Coorey   The federal government faces internal unrest over plans to regulate the salary and appointment of banking executives, with at least one MP threatening to cross the floor to oppose the legislation and others voicing their discontent during a meeting of Coalition MPs on Tuesday. The Banking Executive Accountability Regime (BEAR) is to be voted on in the House of Representatives next week, but on Tuesday Victorian MP Russell Broadbent criticised the legislation as a contravention of Liberal Party philosophy, and reserved his right to cross the floor. His concerns were echoed by fellow Victorians Sarah Henderson and Tim Wilson. Mr Broadbent argued a Liberal government had no business being so interventionist to the point it was replicating the role of boards and creating more red tape. "It's opposite to...
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ACCC prepares to take on the big banks Australian Financial Review Oct 18 2017 2:00 PM Jonathan Shapiro   The chairman of the competition watchdog says it will ramp up its work on the banking sector in July next year, as it responds to demands from the government to scrutinise the market power of the big four banks. The chair of the Australian Consumer and Competition Commission, Rod Sims told an audience at the Citi annual investment conference that from July next year it will be free to "explore competition topics of our choice" "The fun bit starts in July next year," he said explaining that until the end of the current financial year the ACCC will have a mandate to examine how the banks are passing through the recently imposed bank levy that formed part of Federal Treasurer Scott Morrison's May budget. "We have a few interesting ideas – we...
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James Shipton appointed ASIC chairman Australian Financial ReviewOct 17 2017 5:49 PM Patrick Durkin   The new head of the corporate regulator, a lawyer at Harvard who worked at the Hong Kong securities regulator and Goldman Sachs, has been given a mandate by the government to shake-up the regulator and make significant cultural change at the Australian Securities and Investments Commission. James Shipton, the son of former Victorian Liberal MP Roger Shipton, was appointed yesterday to replace Greg Medcraft and has vowed to continue the "important work" of stamping out bad culture in the financial sector. "One of the reasons I left to become a regulator is that I genuinely believed that financial institutions, big and small, had lost their way and were losing the trust of the broader community and this public service mindset which had been instilled in me, made me think I have to do something about it,"...
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RBA and the PM blames Australians for taking on too much household debt.......no blame to predatory banks who handout $25k credit cards to all mortgage victims.  Yep, blame everyone but the banks.............that’s why we have a BIG Household DEBT problem. APRA and ASIC crowing they have fixed the banking system by lowering number of toxic loans sold!!!  There ought to be NONE you turkeys!!   ASIC admits serviceability details were not being rigorously tested, and that activity is still rampant amongst the Banking Cartel.   Refinancing Bankers caught in the crossfire of APRA’s tightening plan   Meredith Boot Oct 17, 2017 https://www.domain.com.au/money-markets/refinancers-caught-in-the-crossfire-of-apras-tightening-plan-20171017-gz2js5/ Some Australian home owners looking to refinance their mortgage to reduce debt have discovered they are “stuck” with their current loan due to stricter rules enforced by the banking regulator. One lender says tighter controls are penalising people with a good credit history on loans granted before the Australian Prudential...
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Westpac ‘rips off clients’ with life insurance The Australian 12:00am October 13, 2017 Anthony Klan   Westpac has ripped off its own banking customers by selling them overpriced life insurance products identical to cheaper policies it sells to the public through independent financial advisers, a class action legal case alleges. Shine Lawyers has lodged the action against the nation’s ­second-biggest bank, alleging it abused its position of power and breached its fiduciary duties by using its in-house financial planners to sell its customers policies it had loaded with “excess premiums”. The case has the potential to embroil Westpac in a financial services controversy after ANZ and National Australia Bank in 2015 said they had compensated clients after wrongdoing relating to financial advice. The Commonwealth Bank has announced the sale of its ­insurance business after the bank was rocked by scandals at its ­financial services arm. Chief executive Ian Narev announced plans...
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CBA joins bank teller incentives overhaul The Australian 12:00am October 14, 2017 Michael Roddan   Commonwealth Bank surprised the other major lenders when it was the first to dump ATM fees, but the bank has trailed its rivals in scrapping financial incentive payments for branch tellers. CBA yesterday announced the move to pay its branch staff based on customer service outcomes, while blocking bonuses for tellers, in line with recommendations made in Stephen Sedgwick’s review of remuneration in the banking system. Westpac was the first big bank to remove product-related incentives for its 2000 tellers across the branch network, announcing the move in January. CBA’s move will affect about 2000 bank tellers, and comes as the lender fights a public relations battle to restore its image after a string of scandals, including the latest allegations it breached anti-money laundering laws more than 53,000 times. It also comes ahead of CBA chief...
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IMF warning to Australia over rapidly growing debt The Australian 12:00am October 16, 2017 David Uren   Debts have risen faster over the past decade in Australia than in most other G20 nations, leading the IMF to warn that the ­nation is testing the financial market’s tolerance for risk. The International Monetary Fund is particularly worried about Australian household debts, which are 23 per cent larger than annual gross domestic product, a level by far the highest among G20 nations, with Canada the only other nation with household debts larger than the economy. “Household leverage and high house prices in Australia and Canada make these economies more susceptible to risk premium shocks,” the fund’s analysis of financial stability says. “There is a particularly strong need for financial-sector policy vigilance to guard against further build-up of imbalances.” The combined debts of government, business and households in Australia are now 147 per cent...
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Crossbench senators consider throwing a spanner in lobbying revolving door Sydney Morning Herald October 16 2017 Mario Christodoulou, Patrick Begley   Crossbench senators are discussing the biggest clampdown on federal lobbying in a decade, including five-year bans on former government ministers working as lobbyists and the creation of a new "integrity commissioner". The proposal, drawn up by independent Tasmanian senator Jacqui Lambie, is aimed at increasing transparency and includes new restrictions aimed at disrupting the revolving door between Parliament and the lobbying industry. Under the proposal, there would be new legislative penalties for those who breach the lobbying code of conduct and an independent umpire with investigative powers to provide oversight of the industry. Unions, industry groups and in-house lobbyists for the first time will come under a mandatory industry code, policed by the Australian Competition and Consumer Commission. "This plan is a fix – it radically transforms the way the...
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'Miners are dying': The human cost of WA's FIFO economy WA Today October 16 2017 - 2:52pm Hannah Barry   "Our forefathers went away for war, our generation go away for work, but sadly now the only enemy killing us is in our minds." This is how Robert* describes the reality of the fly-in, fly-out lifestyle. Having worked in the industry for over 10 years on West Australian sites, he said the stress from his job, his workmates and his family had him lose his hair "in clumps" at one stage. Two years ago, the WA government conducted a 10-month investigation into the factors that lead to suicide among fly-in, fly-out workers. "The impact of FIFO work practices on mental health" report made 42 key findings and 30 recommendations regarding depression, workplace bullying, alcohol, harassment and suicide. In cruel happenstance, the report was tabled in parliament on the same day a...
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Bendigo and Adelaide Bank kicks off $300m hybrid offer Australian Financial Review Oct 16 2017 7:29 PM Jonathan Shapiro, Joyce Moullakis   Regional lender Bendigo and Adelaide Bank has kicked off a $300 million hybrid debt raising to replace maturing securities and bolster its regulatory capital. The bank's Converting Preference Share 4 offer, flagged by the The Australian Financial Review's Street Talk column, is set to pay investors a margin of between 3.75 and 3.95 percentage points over the bank bill rate of 1.7 per cent. That will result in an initial yield between 5.45 and 5.65 per cent. The 3.75 per cent to 3.95 per cent margin range compares to a 3.50 per cent trading spread on the existing BENPF securities that are due to be called in June 2021. The notes have a call date set in June 2024 and will refinance an existing issue of $269 million of...
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