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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.
EPA keeps contamination hidden to protect property prices Sydney Morning Herald May 27 2017 - 6:00am Mario Christodoulou, Patrick Begley   The state's chief environmental watchdog has been keeping "significant" chemical contamination hidden to protect residential property prices, internal documents show. The Environmental Protection Authority told a government review that it wanted to avoid "unnecessarily blighting" land values and could be trusted to manage the contamination without its usual public disclosure. Macquarie University professor Mark Taylor, who led the review, found the authority had decided "not to routinely declare all sites where the contamination is significant enough to warrant regulation". "I remain uncomfortable about this inconsistency," Professor Taylor told Fairfax Media. Real estate agents and a key environmentalist behind the creation of the state's land contamination laws said they were alarmed that residents throughout the state could be living unknowingly on top of dangerous chemicals. On Friday, authority chairman and chief...
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'Taxpayers sabotaged': Companies not paying tax despite receiving $6 billion in government contracts Sydney Morning Herald May 27 2017 - 12:24am Eryk Bagshaw   EXCLUSIVE  Multinational companies winning taxpayer-funded contracts worth hundreds of millions of dollars are not paying tax, a Fairfax Media investigation of Tax Office and tender data has revealed. Computer giant IBM, software company SAP and military arsenal provider Northrop Grumman are among those paying little or no tax in Australia, while scoring hundreds of government contracts. A Fairfax Media analysis of 20 of the largest tender-winning companies over the past decade has found taxpayers shelled out $6 billion for services ranging from tank maintenance to software. But those top 20 companies paid only a combined $42 million in tax in the last financial year, Tax Office data shows, meaning Australia may have missed out on as much as $264 million in tax if the companies paid the...
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RBA deputy Guy Debelle promises to liberate world's foreign exchange traders Australian Financial Review May 25 2017 6:04 PM Aaron Patrick   On Anzac Day 2015, Guy Debelle, an assistant governor at the Reserve Bank of Australia, was walking along Bondi Beach at dawn when he got a call from the New York Federal Reserve. Simon Potter, one of the most powerful figures in financial markets regulation, wanted to strategise with Debelle a global response to an unfolding scandal in foreign exchange trading, the sprawling and mostly unregulated market that influences almost every economy on earth. By the time he reached his home in the adjacent suburb of Bronte, Debelle had had three conversations with counterparts overseas. A week later they set up a taskforce that thrust Debelle into the heart of efforts to tame corruption that had shaken confidence in the world's biggest financial market. For the past two years...
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Banks should get out of wealth management The Australian 12:00am May 27, 2017 Alan Kohler   The banks have been internally investigating their wealth management businesses lately, inspecting individual advice files and trying to head off more PR problems. The whisper is that, on average, eight out of 10 files are “disastrous” — the advice inappropriate. Whether that is eventually confirmed officially, or it only turns out to be half of them, or the whole exercise is kept quiet, it’s clear that the big four banks’ wealth management acquisitions about 15 years ago were ruinous. It all seemed like such a good idea at the time: wealth management seemed like a splendid add-on to banking services and a way for the banks to maintain profit growth as the expansion in housing credit inevitably fell from the 20 per cent a year it reached in the early 2000s. “More products per customer”,...
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Can you think of a compelling reason why the big banks shouldn't be taxed more heavily? Key points: Bank levy expected to raise $6 billion Levy will apply only to CBA, Westpac, NAB, ANZ and Macquarie Bank Financial Ombudsman recorded a 34 per cent rise in general insurer disputes Two weeks on from the federal budget, the big banks are failing in their attempts to muster any sort of meaningful support for a campaign against the Government's $6 billion tax impost. With scandal after scandal, where innocent ordinary people have been badly hurt, the banks' reputations are mud. In recent times, the Commonwealth Bank's insurance arm, CommInsure, has been in the headlines for the heavy-handed way it has treated customers trying to make claims on their life insurance policies. Now CommInsure's general insurance division is showing the same mean spirit. In 2015, as a result of some of the worst storms in many...
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Small banks are also too-big-to-fail Australian Financial Review May 26 2017 10:25 AM Christopher Joye   If Australia's beloved banks were implicitly government guaranteed before the global financial crisis (aka "too-big-to-fail"), they are far more so today. You cannot minimise these guarantees given they cornerstone the entire financial system (nor pretend they don't exist). All the prudent policymaker can do is mitigate them via recognising the subsidies, pricing them, and minimising the probability they are called upon through, among other things, ensuring our banks retain world-class equity buffers. Before the GFC we never had an explicit government guarantee of deposits. We had never seen taxpayers insure the banks' wholesale bonds, as they did (and NAB's learnt chair Ken Henry says they will do again). We did not have a permanent bank bail-out fund via the Reserve Bank's globally unique Committed Liquidity Facility, which is designed to furnish banks with $200 billion...
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Bank levy makes guarantee explicit, may make APRA more hawkish Australian Financial ReviewMay 25 2017 11:00 PM James Frost   Fallout from the government's surprise tax grab continues to reverberate as some argue that the levy represents an explicit government guarantee, amid concerns the levy could see capital requirements racheted even higher. Treasurer Scott Morrison came close to acknowledging the implicit guarantee that the government would step in and save the big four and Macquarie in a crisis when he spoke of the "special position" the banks hold during question time on Wednesday. Former Future Fund managing director and newly appointed chairman of industry fund HESTA's investment committee, Mark Burgess, said the federal government's decision to raise a new tax on the five banks that benefit from the guarantee made it explicit. "The real story here is not only has the government introduced a tax but perhaps also that it has...
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WHO IS CHARLES PONZI? Who is the Aussie Ponzi?   Charles Ponzi (a Sicilian emigrant to America), started his financing scams re postage stamps in 1920's, after doing a bit of time for theft in Canada. The ambitious and personable Mr Ponzi, travelled to the US shortly after his release from jail aged 18, and later on ripped off a Banker, purchased the Bank and then turned his Bank in Boston into one giant swindling operation. Charles managed to swindle one third of the Boston Police Force by collecting their savings. Essentially, Ponzi stole large funds from one person to pay others small amounts of interest on their funds from monies previously stolen. The scam makes the retiree investors and shareholders believe their funds are safe. WORD OF MOUTH sees more and more people enter the PONZI and place their investment monies with the Banker. The word went around: Mr...
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DAMAGE TO THE ECONOMY. Caused by the LNP in 1996 I raised the issue of White Collar Crime burden on the Nation with PM John Howard via letters in 1999 re Managed Investment Scams whereby RETIREES were offered Ponzi Financing MIS and Agricultural investment that proved to be pure scamming activities. I asked that same question: How do we justify turning Retirees into Pensioners by permitting criminals to steal their nest eggs and profit from those frauds? Retirees were pouring into Centrelink after being told they have lost 100% of their life savings. How does the additional dependence on welfare assist the economy? Centrelink were telling older people they could NOT get the pension as they were still "deemed" as having the funds, which may return at some date in the next few years of dubious creditors meetings. I lobbied the Minister Vanstone re the Centrellnk issue. The following day Centrelink...
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Labor targets dodgy company directors with crackdown on phoenix schemes Sydney Morning Herald May 24 2017 - 12:15am Adam Gartrell   EXCLUSIVE  All Australian company directors would be assigned special ID numbers under a new Labor policy designed to prevent them deliberately tanking their companies to avoid paying workers, creditors and the Tax Office. The federal opposition is also promising tougher penalties for dodgy directors and stronger protections for employee entitlements under its plan for a crackdown on what is known as "phoenix activity". The scourge of corporate Australia, phoenix activity costs the economy billions of dollars a year, but little has been done to stamp it out. It occurs when a company collapses with a mountain of debts and then rises from the ashes – like the mythical bird – with the same assets and customers to avoid paying bills. Under Labor's new policy – to be announced by frontbenchers...
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S&P's rating cuts stir up the 'too big to fail' debate over the banks Australian Financial Review May 23 2017 3:01 PM Jonathan Shapiro   Rating agency Standard & Poor's threat to downgrade Australia's AAA credit rating has prompted much fear and loathing within political and financial circles. And while this month's budget fixes, which included a big bank tax, did enough to delay the cut to the sovereign rating, it seems the agency has other deeper fears about the state of the nation. This week, an S&P downgrade did come in the form of increase in S&P's economic risk factor that the agency uses to set the ratings of the banks. The catalyst for the increase of the risk factor score from three to four was a dangerous build-up of household debt and rising property prices that S&P believes has made the financial system vulnerable. In the aftermath of the...
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BFCSA SUBMISSION TO RAMSAY REVIEW OF EDR SYSTEM 7th October, 2016         Ms Denise L Brailey      This email address is being protected from spambots. You need JavaScript enabled to view it.            The Financial Ombudsman’s Service (“FOS”) and the Credit Industry Ombudsman (“CIO”) were part of a regulatory grand plan to assist consumers with basic complaints against Banks and Lenders.  These two External Dispute Resolution services (“EDRs”) have become the defacto Gatekeepers for consumers and yet, according to the Determination files, both have systematically succeeded in tarnishing the original concept of consumer protection.  Their periodical feedback to the regulatory authorities have assisted in clouding the real problems within the system and has, during the past decade, created an overflow of complaints from consumers relating to EDRs.  Consequently, this unfair decision making has led consumers to band together and lobby for a Royal Commission into the Banking and Finance Industries.  I would respectfully ask that the Panel seriously listen to the voices of long suffering consumers who are...
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Our stupidly dumbo Prime Minister fails to understand you have the ROYAL COMMISSION FIRST. Then, if you are sensible, you create a Government controlled Federal Consumer Protection Bureau, to enable consumers to hold the Government to Account. The Prof. Ian Ramsay Report will be pure farce, influenced by the dumbo's at ASIC. CONSUMER COMPLAINTS mainly against the Major banks have been mishandled by the corrupt EDR for two decades. Now, CIO calls for ROYAL COMMISSION INTO THE BANKS!!!! BFCSA agrees the EDR system is hopelessly flawed and needs to be demolished.  BFCSA Members have experienced the disastrous CIO system and with NO satisfaction at all:pure bias to CIO Members.  FOS complaints have the Ombudsman taking no notice of  the lead of the courts and are utterly monstrously, biased to Major Banks.  OUR BFCSA SUBMISSION WAS NEVER PUBLISHED ON THE SCO-MO TREASURY WEBSITE, yet I took part in the discussions. I lobbied for the...
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Are Australian Banks lying to APRA?  FAKES STATS?   More like 60-90% Interest only loans?  Who TRUSTS Banks Stats? NEEDS A BIG AUDIT!!!  Guesstimates from 60% to 90%  INTEREST ONLY LOW DOCS   BANK STATS - MCH 2016 From BANKS TO APRA   http://www.smh.com.au/business/banking-and-finance/apra-moves-to-tighten-mortgage-rules-20170330-gvaigd.html   IO:  Interest Only              OO Owner Occupied             INV  Investor Loan                                   OO                         INV                        OO/IO                   INV/IO                 TOT IO’s               ANZ                       51%                       12%                       15%                       22%                        37% CBA                        48%                        12%                        17%                       23%                        40% NAB                       47%                        14%                        11%                        28%                        39% WESTPAC                46%                       12%                        14%                       28%                        42% BENDIGO               47%                        13%                        15%                       25%                        40% BOQ                       44%                        14%                        14%                       28%                       42%     YOU BE THE JUDGE OR THE WHISTLEBLOWER...............................    ...
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APRA orders Australian Banks to slam brakes on SUB PRIME LOW DOCS interest-only loans Georgia Wilkins   Borrowers looking to buy a house with an interest-only loan will find it much harder under new rules brought in to curb "heightened risk" in the housing market.  The Australian Prudential Regulation Authority wrote to all banks on Friday, saying it expected them to tighten their lending practices particularly on interest-only and investor loans. It follows a warning by Treasurer Scott Morrison that regulators needed to crack down harder on high-risk loans, particularly to real estate investors. "Our objective with these new measures is to ensure lenders are recognising the heightened risk in the lending environment, and that their lending standards and practices appropriately respond to these conditions," said APRA chairman Wayne Byres. This means lenders will have to put the brakes on interest-only loans to both investors and owner-occupiers.  "There will probably be some people who...
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TO ALL THOSE WHO ARE STRUGGLING TO UNDERSTAND THE FACTS RELATING TO AUSTRALIAN BANK DRIVEN MORTGAGE FRAUD VIA PONZI FINANCING. I appreciate you are learning something new by reading this site. You mention: "reports so far said that people borrowed supplying false information."    Hmm at Uni we are taught to check all sources. These reports are written by the Bankers and the Corrupted officials at ASIC and APRA -  the regulators who have been in cover up mode for 19 years. So the TEST IS: are these reports accurate? Did those concerned test the evidence presented by the banks by investigating consumer files? Answ: No! How do I know?   ASIC carried out no examination of consumer files?  The files I have been opening for over a decade show conclusively, borrowers did not even fill in those APPS. NO borrower in Australia was permitted to fill in the LAF form....
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New twist in property market has long term impact on Sydney The Australian 6:50am May 23, 2017 Robert Gottliebsen   With some 15,000 Melbourne apartments due for settlement around June 30 — just over five weeks away — new twists are taking place in the property market which may also have long term implications our largest city, Sydney. Meanwhile a new property speculative game is opening up in outer suburban Melbourne which threatens to be nearly as deadly as the old apartment game which led to the 15,000 problem settlements. And while this new game looks like it is mainly confined to Melbourne, it has national ramifications because inexperienced banks are in danger of being caught. At the Australian Leadership Retreat on the Gold Coast over the weekend I learned that of the 15,000 vulnerable apartments, in the vicinity of two thirds — mainly the big developments — are owned by...
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Property crash fears downgrade Australian banks The New Daily22 May 2017 Jackson Stiles Money Editor   Fears of a property market crash have prompted S&P to downgrade the creditworthiness of almost all of Australia’s finance sector. The global ratings agency issued a statement on Monday explaining its decision was founded on the “economic imbalances” caused by soaring private-sector debt and property prices. “Consequently, we believe financial institutions operating in Australia now face an increased risk of a sharp correction in property prices and, if that were to occur, a significant rise in credit losses,” the agency wrote. “With residential home loans securing about two-thirds of banks’ lending assets, the impact of such a scenario on financial institutions would be amplified by the Australian economy’s external weaknesses, in particular its persistent current account deficits and high level of external debt.” The rating downgrades applied to 23 financial institutions, including AMP, Bank of...
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Banks Still Continuing to Profit From Fraud Tuesday, 7 August 2012, 12:20 pm Press Release: BFCSA http://www.scoop.co.nz/stories/BU1208/S00225/banks-still-continuing-to-profit-from-fraud.htm Banking and Finance Consumer Support Assoc (BFCSA Inc) FOR IMMEDIATE RELEASE: 07 August 2012 Consumer Group Reveals Banks Still Continuing to Profit From Fraud PERTH WA. It’s no secret that consumers are not happy with the performance of the ‘big 4’ banks in Australia, with only 76% of people recently polled, saying they were happy. Mortgage default and foreclosure are becoming more prevalent every day in Australia, but most people don’t realize that many large banks and non-bank lenders are using mortgage and loan application forms to make a grab for peoples’ homes and the Titles to their properties. Banks use ‘Loan Application Forms’ (LAF’s) and ‘Service Calculators’ to determine a person’s ability to repay a loan by using their income, expenses and assets and calculating a maximum amount they can borrow. Award-winning consumer...
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Citizens Electoral Council of Australia Media Release Friday, 19 May 2017  http://www.cecaust.com.au Do Big Five banks fear levy will expose derivatives danger lurking beneath their books? The Big Five (Big Four plus Macquarie) banks are frantically trying to get most or all of their derivatives obligations excluded from the government’s levy on their liabilities. The government has said the bank levy applies to derivatives, the financial bets that far exceed in size all other trades in the financial system. For instance, while Australia’s GDP is just shy of $2 trillion, the derivatives contracts held by Australia’s banks amount to around $35 trillion.  Globally, official BIS figures record derivatives at around US$500 trillion (compared with US$50 trillion world GDP), but as there is so much dodgy accounting involved, others estimate them at US$1.2 quadrillion (US$1,200 trillion). According to James Eyres in the 15 May Australian Financial Review, Westpac, ANZ and NAB have...
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Interest-only loans could be 'Australia's sub-prime' Australian Financial ReviewMay 21 2017 11:00 PM   Jonathan Shapiro, Jacob Greber  High-risk mortgage loans to young families, professionals and other over-extended borrowers amounting to more than six times household incomes could wipe out 20 per cent of the major banks' equity base, institutional investment fund JCP Investment Partners has warned. The fund manager's study warns that official estimates of average household indebtedness are depressed by the sizeable number of mortgages that are effectively full paid off.   In a proprietary study of the nation's record high-and-growing household debt mountain, the Melbourne-based fund said Irish-style housing losses for the bigger-than-recognised pool of riskier borrowers could wipe out half of the banks' equity capital. Interest-only loans, said JCP – which is one of three Australian equities managers appointed by the Future Fund – could be "Australia's sub-prime". As regulators crack down on interest-only lending and the...
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WHY THE BURDEN OF BANK FRAUD AND SUB PRIME LENDING IN WILL FALL ON EVERY AUSTRALIAN   Many people have a P & I and such loans are affordable from day one. The big problem for every Australian is what if banks have been selling unaffordable, unsustainable and unverified loans riddled with fraud? How does that affect our economy? The fraud occurs inside the Processing Centre and on orders from the TOP to push through dud approvals via a computerised system. Data clerks do not know the entire process is a fraud.   The Australian sub prime fraud is very clever. The evidence contained in thousands of borrower files shows that is exactly the case and such lending practices are criminal and driven by greed of bankers. We have a sub prime industry selling around $140 billion per year of Ponzi loans that are INTEREST ONLY but that phrase has...
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 Most Australian Mortgages sold are TOXIC loans generated by blatant predatory lending.  70% - 90% of all loans are subprime.   Now Banks are trying to suggest they are "tightening policy???" Most Mortgages sold are TOXIC loans generated by blatant predatory lending. Our evidence suggests 90% of all loans in Australia are subprime. Banks say 40%. Experts say 60% plus. We say the figure of "normal loans" is more likely to be only 10% of the TOTAL LOAN BOOKS for the Major Four Banks. So what has changed apart from the regulators mumbling they may get tough? Sheer rot and nonsense. Australian Major Banks are so riddled with subprime they would collapse if they stopped selling their Gold Star Profit Enhancing Product known as Low Doc Mortgages and now undergoing a name change to INTEREST ONLY. Problem for the CEO's is that they ensured no consumers of this product knew their "mortgages"...
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CBA tightens policy on interest-only loans Sydney Morning Herald May 19 2017 - 8:44pm Georgia Wilkins   The Commonwealth Bank has tightened its policies on interest-only home loans, removing incentives to refinance such loans and demanding that new customers hold larger deposits. The decision of the country's biggest lender follows similar moves by Westpac and ANZ Bank. The changes, which come into effect on June 10, were announced two months after the banking regulator announced new restrictions on interest-only lending. CBA said it would no longer offer a $1250 rebate to interest-only customers who want to refinance their loan with the bank. It will also require customers who want to take out interest-only loans to hold a 20 per cent deposit - up from 5 per cent for owner-occupiers and 10 per cent for investors previously. Australia's lenders are being forced to reduce the amount of interest-only loans they provide under...
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