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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.
Criminal law review to target boards, executives Australian Financial Review Apr 10, 2019 12.15am Michael Pelly   The federal government has ordered a comprehensive review of white-collar crime laws, with the aim of making it easier to sheet home responsibility for misconduct to senior executives and directors. Attorney-General Christian Porter will announce on Wednesday that the Australian Law Reform Commission will be asked to consider ways to "strengthen" the regime. Mr Porter said a key task for the ALRC would be to consider whether the Commonwealth Criminal Code "needs to incorporate provisions enabling senior corporate officers to be held liable for misconduct by corporations". Former Federal Court judge Robert Bromwich will be appointed a part-time member of the ALRC for the project, which will also consider options for implementing recommendations of the banking royal commission and the ASIC Enforcement Review Taskforce. Mr Porter said the terms of reference would include "consideration...
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Advisers eye legal challenge to Hayne’s trailing commission ban The Australian 3:42pm April 9, 2019 James Kirby   The financial advice industry is planning a significant rearguard action against the Hayne royal commission with the launch of “fighting fund” to finance a High Court challenge against planned reforms. With an estimated cost of up $1.5 million, the Association of Independently-owned Financial Professionals (AIOFP) is asking its 5000 members and affiliated professionals to donate money which will specifically challenge the Hayne commission’s recommendation to scrap trailing commissions. The financial advisers “Regulatory Challenge Fund” has clearly been emboldened by the recent success of mortgage brokers who successfully convinced both sides of parliament that a Hayne plan to change the commission structure of mortgage broking was unrealistic. In financial advice, trailing commissions have been “grandfathered” under previous legislation, namely the Future of Financial Advice laws of 2014 (grandfathering allows previously existing arrangements an exemption...
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S&P concerned banks may lose support in a crisis Australian Financial Review Apr 9, 2019 3.03pm James Eyers   S&P Global Ratings says there's a one-in-three chance it will cut its assessment of government support of the major banks in a financial crisis, a move that would trigger a downgrade to their credit ratings and push up the cost of funding. But for now, the international ratings agency says it believes both major political parties will "continue to hold a pragmatic view" that a taxpayer-funded bailout of any major banks would be more likely to maintain financial system and economic stability than forcing losses onto bond holders. After the Australian Prudential Regulation Authority said in November the major banks would need to lift capital buffers by up to 5 percentage points, forcing them to raise $75 billion of additional capital, S&P said on Tuesday its "base case" remains that the Australian...
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NAB: Aussie house price crash worst since Great Depression MacroBusiness 1:00 pm on April 9, 2019 David Llewellyn-Smith I reckon we’re going to redo the 1890s in real terms in Sydney and Melbourne.    Blowout in time needed to sell property   Australian Financial Review Apr 9, 2019 9.00am Duncan Hughes  KEY STATISTICS ·         69 days Median time on the market in Sydney. ·         54 days Median time on the market in Melbourne. ·         Close to 80 days Median time on the market in Perth and Darwin. ·         $1500-$5000 How much it costs to get your property up to the top of online sales for your postcode. Property owners are taking four times as long to sell their Sydney dwellings than at the peak of the market, forcing many into expensive bridging finance and costly extended sales campaigns. For Melbourne it is twice as long and for other capitals, such as...
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Housing affordability could see exodus of essential workers in Sydney and Melbourne Nine.com.au9 April 2019 Tim Rose   Sydney and Melbourne could be faced with a shortage of essential workers because they are unable to afford to buy a home in the two cities, a new report has warned. PwC's Deposit Gap Dilemma report, commissioned by Teachers Mutual Bank and Genworth Mortgage Insurance Australia and based on a CoreData survey of more than 1000 people, found the two cities could see an exodus of "key workers" without government intervention. The report defined key workers as teachers, nurses, ambulance officers, paramedics, fire and emergency service staff. An alarming 79 per cent of workers surveyed in those professions in Sydney and Melbourne believed home ownership was not achievable, with around a quarter looking to either relocate or even change careers. And not without reason. According to the report, they would need to save...
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AMP’s David Murray facing backlash The Australian 1:00am April 9, 2019 Joyce Moullakis   Under-fire wealth group AMP and chairman David Murray are going on the offensive before next month’s annual general meeting, as several investors flag plans to vote against him. The Australian understands Mr Murray will this week ramp up meetings with institutional investors and other key stakeholders to reiterate the board’s view the company can be revived under a new model and leadership. The Australian Council of Superannuation Investors (ACSI) is understood to be hosting a detailed conference call with Mr Murray on Tuesday, allowing its members to ask questions, while the Australian Shareholders’ Association (ASA) has a meeting with him late this week. AMP and Mr Murray will also make their case to influential proxy advisers as they seek to avoid a second strike against the group’s remuneration report. Last year, investors hit AMP with a 61...
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Boards urged to create 'social risk officers' in banks Australian Financial Review Apr 9, 2019 12.05am James Eyers   Banks boards have been urged to appoint "social risk officers" as senior executives to help directors deal with exposure to a growing list of non-financial risks that have emerged as they struggle to manage relationships with customers, regulators and employees. A report by the Actuaries Institute, to be released on Tuesday, could help boards and management teams quantify and respond to “non-financial risks”, after the Hayne royal commission called for financial institutions to assess culture regularly, deal with problems, and determine whether changes were effective. Ian Laughlin, a former deputy chairman of the Australian Prudential Regulation Authority, co-wrote the discussion paper, which suggests compiling a "social condition report" will help boards measure and control “relationships and associated risks”. “This can generate rich information that does not exist at the moment, which you...
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Stretched Australians unable to reduce debt Australian Financial Review Apr 8, 2019 6.00pm Matthew Cranston   Less than a third of Australians expect to reduce their debt load this year – down from 60 per cent last year – and not because they don't want to but because they can't, a survey by EY shows. Australia's household debt-to-income ratio is 190 per cent, and the Reserve Bank of Australia says it remains one of the biggest vulnerabilities in the economy. The heightened level of debt is unlikely to change even with interest rates expected to fall over the coming year, and the introduction of income tax cuts helping some to reduce debt rather than increase spending. When survey respondents were asked whether they expected to reduce, increase or keep personal and household debt at the same level, 28 per cent said they would reduce their debt level, down from 60 per...
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Albanese vows clean out of Infrastructure fat cats The Australian 1:00am April 8, 2019 Richard Ferguson   Top infrastructure advisers face the sack if Labor wins the next election, with opposition frontbencher Anthony Albanese promising a “renewal” of the ­Infrastructure Australia board. Infrastructure spending received a $100 billion boost in last week’s budget, but Mr Albanese said yesterday the board’s ­oversight of projects was too political. “Well what we need to have is a renewal of the Infrastructure Australia board and we will be asking for that,” he told Sky News. “And we will be consulting the opposition on who should be ­appointed to the board. It is quite extraordinary that this week a new appointment was made to the Infrastructure Australia board who immediately on day one — on day one — attacked the Labor Party. “I have been consulting with the sector, with organisations like Infrastructure Partnerships Australia, with...
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Labor using estimates to turn up the head on Coalition The Australian 1:00am April 8, 2019 Richard Ferguson   Labor plans to use a week of Senate estimates hearings to hold the government’s feet to the fire over taxpayer-funded advertising before the election is called. The Australian understands the government’s post-budget ads rollout will be probed by opposition senators in Canberra, and they plan to continue attacking the government over issues like energy supplements, environment grants and Joe Hockey. Labor Senate leader Penny Wong noted last week’s estimates led to the disclosure that Newstart recipients were added to a series of one-off energy payments while the Treasurer’s budget speech was still being delivered on Tuesday. “Senate estimates has uncovered the utter chaos that characterises the government’s 2019 budget,” she said. “Even before the ink on the budget papers was dry, they were being rewritten, with a backflip that blew an $80...
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Insurers told to 'step up' and take code of practice 'seriously' Sydney Morning Herald April 8, 2019 5.50am Clancy Yeates   Insurance companies have been given a rebuke by the body that supervises the industry's code of conduct, after a review found "questionable' and "inconsistent" reporting of breaches. In the wake of the royal commission into misconduct in financial services, there is pressure for major changes in how the sector's various codes of conduct are enforced, after commissioner Kenneth Hayne called for tougher powers for companies that fail to live up to the promises in such voluntary codes. In general insurance, the commission sparked a review of how well insurers have been monitoring their compliance with the industry's code of practice, which sets standards including being "open, fair and honest" with customers. The review, by the General Insurance Code Governance Committee, will be published on Monday alongside annual insurance statistics. It...
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Chinese investment in Australia drops to a decade low Australian Financial Review Apr 8, 2019 12.05am Michael Smith   Shanghai | Australia experienced its sharpest drop in Chinese investment for more than a decade last year due to Beijing’s clampdown on capital outflows and the demise of big mining and commercial property deals, a report released on Monday shows. Chinese investment fell 36.3 per cent, or $8.2 billion, in 2018, confirming Australia has caught up with the United States, Canada and the United Kingdom as a less favourable destination for Chinese capital. China’s state-owned companies are instead diverting capital into Belt and Road infrastructure projects in Asia and central Europe under the government's instructions, while private firms are increasingly focused on smaller deals in healthcare. Chinese investors also remain pessimistic about the investment environment in Australia, where they said it was becoming harder to raise capital, particularly in the property sector....
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'Under stress': One in five auctions pulled Australian Financial Review Apr 7, 2019 1.50pm Ingrid Fuary-Wagner   Sydney homeowners are increasingly pulling their homes from auction before the big day while some Melbourne properties are now selling for less than their council valuations. Melbourne recorded a preliminary clearance rate of 56 per cent over the weekend from 775 scheduled auctions compared to a slightly higher success rate in Sydney of 58 per cent, albeit it from a smaller pool of 621 scheduled auctions, according to Domain Group data: But with more auction results going unreported in an unfavourable market, the final clearance rate is expected to fall to about 49 per cent in Sydney and about 52 per cent in Melbourne, according to AMP Capital's chief economist Shane Oliver. Sydney auctioneer Damien Cooley said there was "no question" prices were still down. "The good quality properties are still selling well but not...
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'Delicate': IMF warns on property slide Australian Financial Review Apr 7, 2019 — 11.44pm Jacob Greber   Washington | Australia's housing market contraction is worse than first thought, says a top IMF analyst, leaving the economy in what he called a "delicate situation" that boosts the need for faster infrastructure spending and even potential interest rate cuts. In an exclusive interview, the International Monetary Fund's lead economist for Australia, Thomas Helbling, endorsed last week's federal budget forecasts for recognising the "weaker outlook" and its use of sober commodity price forecasts. However, Dr Helbling warned the negative fallout from what the IMF will this week admit is a greater-than-anticipated property market downturn in Australia requires more effort by governments to deliver new sources of growth to make up for a worsening shortfall. Dr Helbling implied the pace of infrastructure spending – as measured in the national accounts – has fallen short of...
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Off-the-plan apartments bomb for investors Australian Financial Review Apr 4, 2019 4.23pm Duncan Hughes   Two out of three Melbourne apartments sold off the plan during the past eight years have made no price gains, or have lost money upon resale, despite a property boom and record immigration, according to analysis by BIS Oxford Economics. In Brisbane about half are selling at a loss, or no profit, over the same period, while for Sydney it is about one in four since 2015, the analysis reveals. Numbers of properties losing money are rising as the slump in prices, a slowdown in overseas buyers and fears grow about the dangers of living in high rise because of negligent construction, particularly the use of inflammable cladding. Nervous lenders are also demanding a bigger deposit from buyers, which means buyers routinely having to pay more before the purchase can be completed. Property investors and BIS...
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'There's no one to deal with': Why ANZ is yet to sell to IOOF Australian Financial Review Apr 6, 2019 12.00am James Frost   ANZ is no closer to approving the deal to sell its wealth management business to IOOF after the departure of managing director Chris Kelaher, with the bank expressing concerns the company remains on autopilot after the regulator sidelined five key decisionmakers late last year. ANZ’s deputy chief executive and former wealth management boss Alexis George told AFR Weekend there were still some roadblocks in the way of the deal, including the fact IOOF did not have a fully functioning executive suite. “It’s good that we now have a permanent chairman [to deal with] but we just need to understand how we can deal with the capacity issue at the senior level,” Ms George said. “You have to remember there is no CEO or CFO or a head...
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Home Affairs accused of misleading senators on Paladin contract Australian Financial Review Apr 4, 2019 4.25pm Angus Grigg, Lisa Murray, Jonathan Shapiro   The Home Affairs Department has been accused of misleading a Senate committee over its failure to disclose that Craig Thrupp, the managing director of security firm Paladin, was removed from a $423 million refugee service contract on Manus Island. During an often heated morning of estimates hearings in Canberra on Thursday, Home Affairs Secretary Mike Pezzullo and his staff came under repeated attack from Labor and crossbenchers over their handling of the lucrative refugee contracts. Labor's Kim Carr asked why the department didn't think it relevant to disclose the removal of Mr Thrupp, when being questioned about Paladin's performance during estimates hearings in February. At the time, when questioned if the department had any concerns about Paladin's performance, the committee was told "none whatsoever". Just a day later...
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Financial services: the blitz begins as new regulations kick in The Australian 12:00am April 5, 2019 Joyce Moullakis, Michael Roddan   An era of stronger regulation and enforcement is set to begin in financial services, allowing shoddy products to be weeded out earlier and the banking regulator to compel underperforming superannuation funds to merge or exit the industry. Parliament has passed a wave of new legislation including Treasury Laws Amendment bills — which aim to beef-up the powers of financial regulators — and separate legislation to help mutual lenders more easily raise capital. Among other things, the bill relating to the Australian Prudential regulation Authority will empower it to collect data on expenses from super funds to “better understand whether trustees are spending members’ money in line with their obligations”. The James Shipton-chaired Australian Securities & Investments Commission gets formal product intervention powers, enabling it to step in if a product...
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APRA looks to boost staff numbers The Australian 12:00am April 5, 2019 Joyce Moullakis   The banking regulator has joined the rush to hire compliance and data-literate employees, in its first major recruitment drive in 15 years. It is understood the Australian Prudential Regulation Authority is open to boosting its headcount by as many as 100 staff, following a long period of stable numbers at around 630. As the post-Hayne royal commission landscape takes shape, after last year’s scathing assessment of APRA and the corporate regulator, both are knee deep in assessing their broader remits and topped-up budget allocations. It comes as the banks and wealth groups also bolster their compliance and data skills in the wash-up of the royal commission and a stricter interpretation of responsible lending standards. For APRA, the scaling up includes enforcement, but also goes well beyond that. It is looking to implement a much broader Banking...
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Super regulator gets powers to 'weed out duds' Australian Financial Review Apr 4, 2019 6.16pm Joanna Mather   Major public sector superannuation funds in NSW and Victoria announced plans to merge to create the nation's second largest fund after AustralianSuper, as federal Parliament cleared new laws giving the prudential regulator greater power to force exits and tie-ups. First State Super, which has $91 billion in funds under management, and VicSuper, with $22 billion, have signed a memorandum of understanding to explore the benefits of a potential merger. First State Super chief executive Deanne Stewart said initial discussions indicated a strong cultural alignment between the funds. “We both have a member-first culture and a heritage in the public sector," she said. "Many of our members work in education, community services and health and we’re both seeing strong private-sector growth." The announcement coincided with passage of legislation giving the Australian Prudential Regulation Authority...
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ASIC faces hurdle with 'fairness' prosecutions Australian Financial Review Apr 4, 2019 11.00pm Michael Pelly   Obligations on financial services companies to ensure their services are provided "efficiently, honestly and fairly" look set to be a key source of tension between ASIC and banks as part of the regulator's "why not litigate" approach. ASIC deputy chair (enforcement) Daniel Crennan told The Australian Financial Review that the "fairness" provision of Corporations Act – Section 912A – will now be a vital part of the regulator's arsenal. Until March, 912A had no teeth, but there are now civil penalties of up to $525 million for some companies and $1.05 million for individuals. Mr Crennan also pressed for changes to the federal criminal code to make it easier to pursue prosecutions that involve a mixture of state and federal offences in the Federal Court. The enforcement sector got a budget boost this week with...
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Compared with the rest of the world, Australia’s economy has deteriorated badly across the board michaelwest.com.auApr 4, 2019 Alan Austin   Australia is falling behind other countries on a range of economic metrics. Alan Austin reports on Budget 2019 and the country’s performance against its global peers. BURIED AT the end of Tuesday’s Budget papers are 18 pages of tables with numbers going back to 1971. Therein lies a wealth of data revealing the disastrous impact Coalition policies have had on Australia’s economy. We see, for instance, that gross debt rose from 16.8 per cent of gross domestic product (GDP) in 2013, to a thumping 28.8 per cent last June. This is the key area in which the Coalition and its mainstream media cheer squad still try to condemn Labor. Treasurer Josh Frydenberg twice in Tuesday’s budget speech referred disparagingly to “Labor’s debt”. They want voters to think it was Labor...
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How Australia’s housing crash compares internationally MacroBusiness 12:15 am on April 4, 2019 Leith van Onselen   On Tuesday, I produced a chart pack benchmarking Australia’s current housing bust against prior episodes over the past 30-plus years, which showed that: ·         Australia’s current price decline at the capital city level is the third longest since the early 1980s, but the deepest in terms of depth; ·         Sydney’s is the second deepest decline versus prior episodes, as well as the third longest in terms of duration; ·         Melbourne’s decline is the deepest thus far and the third longest in terms of duration; and ·         Perth’s decline is both the longest and deepest in recorded history. Today, I have benchmarked Australia’s current decline against those experienced by the US, UK, Ireland and Spain from the mid-2000s, commonly referred to as the Global Financial Crisis, as measured by the Bank for International Settlements:  ...
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Housing turnaround 'not in sight' Australian Financial Review Apr 2, 2019 3.30pm Duncan Hughes   There is no turnaround in sight for property prices as a slowing economy worsens the "grinding down" for at least the remainder of the year,  according to analysis by global investment bank Morgan Stanley. Prices have been falling for 18 consecutive months, with the decline in Melbourne surpassing those of 1989, when Bob Hawke was prime minister and Madonna topped the charts with Like a Prayer. The federal budget was unlikely to include any measures that would kick start prices or buyer confidence, Morgan Stanley said. A turnaround remained “some way off”, with key indicators pointing to a broadening of weakness. This was despite a seasonal bounce to national auction clearance rates, albeit off much lower volumes. “Prices look like they are continuing their grind down. We see little prospect of conditions improving over 2019,” warned...
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AMP Capital upbeat on post-Hayne opportunities The Australian 12:00am April 4, 2019 Ben Wilmot   EXCLUSIVE  AMP Capital’s $28 billion real ­estate funds management unit has come through the worst of the publicity from the banking royal commission raising fresh capital and touting ambitions to launch new products. Helmed by three-year global head of real estate Carmel Hourigan, the group has put its stamp on key parts of major cities, most notably at Sydney’s Circular Quay, where it is undertaking a multi-billion-dollar mixed-use precinct. The group, which admits that parts of the property cycle are relatively toppy, is working up new products that could expand its purview into real estate debt and, potentially, distressed property, if the cycle turns, in addition to its traditional core property mandates. Ms Hourigan said AMP Capital was well positioned as a fund manager and the partner of choice for key developers, citing ties with Brookfield,...
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