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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.
Austerity 'populism' burdens households, RBA: PIMCO Australian Financial ReviewMay 9, 2019 12.32am Jonathan Shapiro   Global bond giant PIMCO says the Australian economy will remain reliant on ultra-low interest rates and a highly geared consumer until politicians can achieve a better mix of fiscal and monetary stimulus. The $2.5 trillion fund’s Australian portfolio management head, Robert Mead, says a failure of governments to borrow money to spend on productive investments such as infrastructure represents poor economic management and will only serve to increase the burden on monetary policy at a time when the economy is weakening. “It has been a populist approach to balance budgets, which is all good in a perfect world, but we are not living in that world,” Mr Mead told The Australian Financial Review. “This is a world where the consumer has been asked to do all the borrowing and somehow that is OK, and we have...
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Austerity 'populism' burdens households, RBA: PIMCO Australian Financial Review May 9, 2019 12.32am Jonathan Shapiro   Global bond giant PIMCO says the Australian economy will remain reliant on ultra-low interest rates and a highly geared consumer until politicians can achieve a better mix of fiscal and monetary stimulus. The $2.5 trillion fund’s Australian portfolio management head, Robert Mead, says a failure of governments to borrow money to spend on productive investments such as infrastructure represents poor economic management and will only serve to increase the burden on monetary policy at a time when the economy is weakening. “It has been a populist approach to balance budgets, which is all good in a perfect world, but we are not living in that world,” Mr Mead told The Australian Financial Review. “This is a world where the consumer has been asked to do all the borrowing and somehow that is OK, and we have a government...
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Australian savers doomed to be worse off after forecast interest rate cuts ABC News 9 May 2019 David Taylor   Millions of Australians who have stashed money at their local bank branch could soon be earning next to nothing, if the Reserve Bank cuts interest rates as expected. "It's potentially a gigantic issue," CLSA banking analyst Brian Johnson warned. Despite enormous pressure from financial markets, the Reserve Bank held its nerve on Tuesday and left the cash rate unchanged at the record low level of 1.5 per cent. But most economists expect it will cut the cash rate this year, probably twice. Normally when the Reserve Bank cuts the cash rate the banks follow suit by passing that rate cut onto borrowers. Mr Johnson said that was even more likely now in the wake of the banking royal commission. "When you think of the politics of where we are right now,...
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Austerity 'populism' burdens households, RBA: PIMCO Australian Financial ReviewMay 9, 2019 12.32am Jonathan Shapiro   Global bond giant PIMCO says the Australian economy will remain reliant on ultra-low interest rates and a highly geared consumer until politicians can achieve a better mix of fiscal and monetary stimulus. The $2.5 trillion fund’s Australian portfolio management head, Robert Mead, says a failure of governments to borrow money to spend on productive investments such as infrastructure represents poor economic management and will only serve to increase the burden on monetary policy at a time when the economy is weakening. “It has been a populist approach to balance budgets, which is all good in a perfect world, but we are not living in that world,” Mr Mead told The Australian Financial Review. “This is a world where the consumer has been asked to do all the borrowing and somehow that is OK, and we have...
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Fact check: Employment in Australia is worse than you think MichaelWest.com.auMay 6, 2019 Alan Austin Alan Austin is a freelance journalist with interests in news media, religious affairs and economic and social issues.   In case RMIT/ABC Fact Check have missed this, Alan Austin analyses the facts and refutes the claims by the Coalition that it has served workers well and is the better economic manager. VIRTUALLY THE entire developed world has enjoyed a phenomenal boom in investment, jobs and profits since 2014. Only a few poorly-managed economies have missed out on near-record employment growth. That dismal group includes Australia. Comparable countries The biggest winners in the jobs boom over the last five years have been the economies whacked most severely by the 2008 Global Financial Crisis (GFC). Spain’s jobless rate has tumbled from 26.09 per cent of the work force in 2013 down to 14.70 per cent now. More than...
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Westpac defends lending habits The Australian 12:00am May 8, 2019 Anthony Klan   Westpac has criticised the corporate regulator’s enforcement of responsible lending laws as a “new idea” and says its wronged borrowers could make lifestyle changes to meet repayments in its defence of allegedly breaking lending laws more than 260,000 times. Fronting the second day of hearings in the Federal Court in Sydney, lawyers for Westpac said the bank had “done its utmost to meet its legal requirements” and that it was not in the bank’s interests to make loans to borrowers who could not afford them. The Australian Securities & Investments Commission has claimed Westpac engaged in a “systemic approach” of ignoring the living expenses that borrowers declared when applying for loans 261,987 times between December 2011 and March 2015. ASIC and Westpac had agreed the bank would pay a $35 million penalty, however last November the Federal Court...
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  Fitch: RMBS investors spooked by housing crash MacroBusiness 12:15 pm on May 8, 2019 David Llewellyn-Smith   Via Fitch today: Housing Downturn Fears Escalate: Within the space of a year, falling house prices have risen to be the most serious threat to Australian credit markets, according to Australian fixed-income investors. Fitch Ratings’ 2Q19 survey reveals that 70% of investors rank a domestic housing-market downturn as the top risk to Australian credit markets over the next 12 months. When we asked the same question a year ago as part of our 2Q18 survey, only 29% of investors rated a housing downturn as a high risk. Weak House-Price Outlook: The vast majority (95%) of investors expect house prices to keep falling over the next 12 months –15% foresee falls of greater than 10%, while not one investor believes prices will rise. In light of this, it is no surprise that investors assess...
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Will the house price collapse result in a recession? UNSW Newsroom 08 May 2019 Julian Lorkin   Policies proposed for the federal election risk making a bad situation worse, says UNSW Business School's Jonathan Reeves. “If the current downward house price trend continues at a similar rate for the remainder of this year, this will take the fall past 20 per cent from the peak,” says senior lecturer Jonathan Reeves from UNSW Business School. “How far house prices will drop will depend on the level of timely fiscal stimulus provided by government.” Property prices fell in every capital city except Canberra last month, with Sydney and Melbourne continuing to lead the annual price declines. There were double-digit falls over the past year, including a 0.7 and 0.6 per cent decline respectively in April. Dr Reeves feels some policies suggested ahead of the forthcoming federal election may exacerbate the declines. “Proposals to...
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ASIC tallies Westpac’s responsible lending law breaches The Australian 12:00am May 7, 2019 Anthony Klan   Westpac broke responsible lending laws more than 260,000 times in just over three years, the corporate watchdog had told the Federal Court in Sydney this morning. Lawyers for the Australian Securities & Investments Commission said between December 2011 and March 2015, Westpac engaged in a “systematic approach” of ignoring the living expenses loan applicants had stated on application forms. Instead it relied on broad living expense “benchmarks”, which, if they were true, would in some cases have meant the loan applicant was already living on, or close to, the poverty line, ASIC told the court. ASIC said Westpac failed to properly verify the actual financial positions of borrowers a total of 261,987 times. In 154,351 of those cases, the bank also failed to use correct figures when assessing if borrowers taking out interest-only loans could...
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Foreign banks 'distort' home loan market Australian Financial Review May 6, 2019 5.18pm James Frost, James Eyers   Westpac says foreign banks and non-banks are creating “distortions” in the market as they chase market share unencumbered by the restrictions placed on mainstream lenders. Westpac chief executive Brian Hartzer said he expected the situation to normalise, but for the time being the regulators remained almost exclusively concerned with the activities of the big four banks. “We are certainly seeing very aggressive growth in the home loan market from foreign banks and I should also say non-banks” Mr Hartzer said. “My sense is that regulators don’t like distortions in the market and this will return to normal over time.” Westpac’s first-half result was marred by the comparatively weaker performance of the consumer bank, where cash earnings fell 11 per cent to $1.5 billion. Net operating income fell 10 per cent from the previous...
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Desperate savers create 'diabolical' dilemma for banks Australian Financial Review May 6, 2019 7.30pm Duncan Hughes, James Eyers   Ultra-low interest rates on online savings and transaction accounts have created a "floor" that will make it more challenging for banks to manage additional cuts to official interest rates, the chief financial officer of Westpac Peter King warns. Mr King was speaking after Westpac reported a 22 per cent lower half-year profit and as analysts flagged concerns that savers will suffer if the Reserve Bank reduces the official cash rate to 1.25 per cent. While the major banks offer term deposits where interest rates averaging 2.3 per cent could still be cut further on the back of an RBA cut, many deposits are held in accounts paying much lower interest. For example, of Westpac's total deposits of $512 billion, $146 billion, or 29 per cent, is held in transaction accounts which pay...
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Nicholas Moore exits Macquarie with $27.9m payout The Australian 12:00am May 4, 2019 Joyce Moullakis   Macquarie Group’s former boss Nicholas Moore has departed the Millionaire’s Factory with a $27.9 million bumper payday, and continues to “provide services” to the asset manager and investment bank. Macquarie’s annual report, released to the ASX, showed Mr Moore’s exit pay sitting at $27.9m, including total direct remuneration for his time as CEO during Macquarie’s 2019 year of $13.6m. His retirement at the end of November spurred the bringing forward of previous-year share awards of about $18.2m, boosting the final payday. That figure relates to retained pay since 2011, the vesting of which was accelerated because of Mr Moore’s departure. The payment included a salary of $554,645, short-term bonuses of $3.2m and equity awards including shares of $20m. Mr Moore also has $81.5m, as at the March 31 Macquarie share price, of restricted share units....
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NAB, Clydesdale sued in UK over business loans The Australian 7:18am May 3, 2019 Kirstin Ridley (Reuters)   About 150 companies have launched a London lawsuit against Britain’s Clydesdale Bank and its former owner, National Australia Bank, alleging they were deceived when they took business loans from the bank up to 18 years ago. RGL Management, a company managing the group claim for the small and medium- sized businesses, said it expected to add hundreds more claimants to the lawsuit by year end and recover hundreds of millions of pounds in losses. James Hayward, the CEO of RGL Management, said Clydesdale’s conduct towards its customers has been “utterly disgraceful”. He said RGL had also instructed lawyers in Scotland, where Clydesdale is based, to bring proceedings as soon as legislation is changed to allow group claims there. A spokeswoman for Clydesdale said the bank had yet to receive details of the case....
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Westpac to continue bank profit pain Australian Financial Review May 6, 2019 12.00am Lucas Baird   Westpac won't cut its interim dividend despite a growing bill for customer refunds, but investors and analysts will be looking anxiously at half-year results on Monday for signs of further pressure on the bank's local revenue and earnings. Westpac's interim profit will follow on from ANZ and NAB last week, which showed that the slowing housing market was weighing heavily on the profitability of their Australian operations. Analysts are expecting Westpac will report a cash profit of about $3.3 billion for the six months to March 31, which would represent a fall of 22 per cent on forecasts from Macquarie Research. Last week the financial services giant announced it would set aside $753 million to refund customers and to restructure its wealth division in the wake of the banking royal commission. Morningstar analyst David Ellis...
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IOOF skimmed super members: APRA Australian Financial Review May 1, 2019 12.00am James Frost   Former IOOF managing director managing director Chris Kelaher ran the financial services company like a personal fiefdom and once unilaterally refused a request from Optus to move its staff super fund elsewhere without a reason, according to court documents. The allegations are contained in a 190 page statement of claim bound for the Federal Court where Australian Prudential Regulation Authority is seeking to have five of IOOF’s former and current directors and executives banned from acting as superannuation trustees. APRA also alleges that IOOF broke the law when it sought to fix its mistakes by compensating customers with more than $5 million in funds taken from the members own reserves instead of penalising itself for making the mistake. It says raiding the members reserves demonstrated a failure or unwillingness to understand its obligations. APRA compared the...
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Westpac hit by $510m provision, and Hayne compo costs could rise Australian Financial Review Apr 30, 2019 6.22pm James Eyers   Failings by financial advisers operating under Westpac Banking Corp's licence have triggered a $510 million pre-tax provision and the bank has flagged compensation bills could rise even higher. Chief executive Brian Hartzer described the $357 million after-tax hit to the first-half profit as "disappointing" but said it was part of Westpac's efforts to mop up "outstanding issues" in the scandal-prone financial advice sector. Before its first-half profit numbers were released on Monday, Westpac said advisers operating under its Magnitude and Securitor licences would trigger "potential repayments" to customers of $297 million. This is more than the $260 million by which first-half profit will fall due to the conduct of the bank's own salaried advisers, announced on March 25. The customer repayments for misconduct by "authorised representatives" represent 31 per cent...
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ANZ flags 'stubbornly low' wages as mortgage stress climbs Australian Financial Review May 1, 2019 10.51am James Eyers, Sarah Turner   ANZ Banking Group chief executive Shayne Elliott is concerned about a spike in customers struggling to repay their mortgages, warning "stubbornly low” wage growth in a weakening housing market could prompt more defaults. ANZ said on Wednesday that 5 per cent of its home loans are in negative equity as at March, non-performing loans have ticked up and mortgages more than 30 days due had risen sharply. The bank told analysts during a briefing the spike in short-term bad debts reflected borrowers taking longer to work out their financial situation as housing prices fell. “The market will be nervous about the sharp deterioration in mortgage arrears in our view,” said UBS analyst Jonathan Mott. The rise in mortgages more than 30 days overdue to around 2.25 per cent as at...
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Developers exploiting loophole on property advice Australian Financial Review Apr 30, 2019 6.26pm Duncan Hughes   Developers are exploiting a regulatory loophole to offer lucrative commissions to accountants, financial advisers and mortgage brokers for recommending real estate, according to industry specialists. The regulatory gap excludes real estate as a financial product, or investment, which means advisers can lawfully accept more than 8 per cent commission to recommend property, or more than three times the usual rate. Some advisers failing to rebate part, or all, of the commission payments are also disguising the windfall by disclosing payments as consultancy, or marketing fees, in statements provided to clients, according to industry specialists. “Ethical financial advisers abhor the commission offerings that are being continuously sent to us,” said Paul Moran, principal financial planner with Moran Partners. “There are a lot of people masquerading as financial advisers who are fundamentally accountants or mortgage brokers. Wearing...
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'We are devastated': 200 homeowners caught up in Darwin's non-compliant building probe ABC News 1 May 2019 Jano Gibson   When Troy Rivers was searching for an apartment to buy in Darwin four years ago, he found the perfect place, in a brand-new 12-storey building in the CBD. "I just wanted somewhere safe for [my wife], so she would feel secure," Mr Rivers said. "I liked the look of it … and thought this would be a nice place to live." But yesterday he received a letter from the Northern Territory Government, advising that his building, named Catalyst, on Finniss Street contained non-compliant structures requiring urgent assessment and rectification. "We are pretty devastated because obviously it's going to cost us more money," he said. Mr Rivers is one of about 200 property owners in nine separate residential apartment blocks caught up in a situation that centres on the work of a...
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Business leaders urge RBA to resist rushed cuts Australian Financial Review May 1, 2019 4.53pm Vesna Poljak, William McInnes, Angela Macdonald-Smith, Carrie LaFrenz   Business leaders from the utilities sector to car parts and insurance are unified in their view that the Reserve Bank of Australia should not cut interest rates, and definitely not before the federal election, because the cash rate is already so low that further easing seems pointless. "I don’t think it’s going to make any difference," NIB Holdings chief executive Mark Fitzgibbon said on the sidelines of the Macquarie Australia conference in Sydney on Wednesday. "The cost of money is clearly not the issue for investment or growth anymore." Mick McCormack, the CEO of gas pipeline owner APA Group, warned a pre-election interest rate reduction ran the risk of "tainting" the political messages in the run-up to the poll. The Reserve Bank's next meeting is on Tuesday...
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Big Four: inquiry into government consultancy binge gets buried MichaelWest.com.au Apr 26, 2019 ‘Triskele’   The inquiry into the federal government’s spendathon on government contracts, especially on that global elite of corporate welfare recipients, the Big Four audit firms, has been axed — because of the federal election, we are told. The paradox is that the blow-out in government costs comes despite claims by the Government that the outsourcing binge is all about “small government”. Triskele reports. AFTER three days of public hearings and dozens of submissions into the Government’s unexplained splurge on consultants – particularly the biggest winners the Big Four accounting firms – the federal Joint Committee of Public Accounts and Audit has quietly taken the Inquiry into Australian Government Contract Reporting out into the back paddock and dispensed it with a quick bullet to the head. Or, in other words, it has let the inquiry lapse without issuing...
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ASIC mulls test case on CBA directors’ duties The Australian 12:00am April 30, 2019 Richard Gluyas   There’s widespread nervousness among company directors ahead of a decision by ASIC on whether to mount a directors’ duties case against Commonwealth Bank over its response to 2016 warnings from Austrac that the bank’s ATMs were being used for money laundering. The watchdog is likely to make an assessment of its options before the end of the year. For directors, the big issue is ASIC’s adoption of a broad or narrow interpretation of their duties. Given the Hayne royal commission’s spotlight on culture and ASIC’s new-found aggression, the fear is that the agency’s new enforcer, Daniel Crennan QC, could mount a test case, arguing that the CBA directors failed in their duty to set an appropriate culture. If successful, a significant breakdown in institutional culture would become a recognised breach of directors’ duties. An...
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Housing price decline is slowing, analysis reveals The Australian 12:00am April 30, 2019 Mackenzie Scott   Green shoots may be appearing in the housing market, with signs that credit is loosening as the ­national house prices decline slowed in April, according to preliminary monthly data from property researcher CoreLogic. The daily Hedonic Home Value Index, which aggregates data from the five largest capitals, has shown the national rate of decline improved in the first 28 days of April. The rate sits at -0.5 per cent this month compared to -0.7 per cent in March. But it is not all good news, with CoreLogic head of research Tim Lawless warning weak housing conditions are likely to cement downward trends. “Values aren't falling quite as much as they did the month prior, but we are also seeing more capital cities and regional markets move into a downturn. On one hand we are seeing...
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'A milestone': Sydney prices could fall below $1m Australian Financial Review Apr 30, 2019 12.01am Ingrid Fuary-Wagner, Michael Bleby   Sydney's median house price will fall below $1 million within the next two months even if the property downturn eases slightly from its current pace. Sydney house prices have now fallen 14.3 per cent from their mid-2017 peak, including a drop of 3.1 per cent over the March quarter, according to Domain Group's latest house price report. House prices in Brisbane stalled over the year, recording a slight drop of 0.3 per cent, after six years of continuous annual growth, while in Canberra prices fell by 2 per cent over the 12 months to March, the largest price fall recorded in a decade. Melbourne house prices fell 10.4 per cent over the year and 2.4 per cent over the quarter. Unit prices declined in all capital cities over the quarter except...
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$10bn housing splurge one way to boost spending, inflation The Australian 12:00am April 30, 2019 Adam Creighton   Japan, here we come. Not literally, but it’s increasingly clear the land of anime and sushi has reached our economic destiny — zero interest rates and massive central bank interference — first. A little more than 20 years ago, when the euro was still a baby and Pokemon was on the drawing board, the Bank of Japan cut its official interest rate to zero to spur its economy. Where is that rate today? Negative 0.1 per cent, more or less zero, still. Since then, official interest rates in every developed country have trended towards zero. Australia’s has fallen from 4.75 per cent in 2011 to 1.5 per cent in 2016. Despite repeatedly suggesting the next move would be up, the Reserve Bank of Australia is again under pressure to cut after it emerged...
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