GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

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.

Visitors

Articles View Hits
610315

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
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.
Macquarie joins calls for election campaign interest rate cut The Australian 12:00am April 30, 2019 Perry Williams, David Rogers   Macquarie has joined a growing call for the Reserve Bank to cut interest rates ahead of the May 18 election as weak inflation, GDP growth and house price uncertainty stall momentum in the ­nation’s economy. The consensus among economists and traders has rapidly shifted towards earlier interest rate cuts since the surprisingly low inflation data for the March quarter was released last week. The bank’s chief economist, Ric Deverell, said momentum had shifted to a cut at the RBA’s May 7 meeting followed by a second cut in the cash rate in August. “Governor (Philip) Lowe has talked about how he thinks wages and inflation are gradually moving back to more normal growth rates. And I think the CPI that came out last week was sufficiently weak that it brings into...
Last modified on
Hits: 100 0 Comments
Rate this blog entry:
0
Continue reading
RBA weighs alternatives to a cut Australian Financial Review Apr 29, 2019 2.24pm Christopher Joye   Industry participants believe the central bank and banking regulator are considering a targeted alternative to a cut to the official cash rate, which would involve lowering the minimum 7.25 per cent interest rate banks use when assessing a home loan borrower’s repayment capacity by 50 basis points to 6.75 per cent. This would improve the average home buyer’s borrowing capacity by more than 5 per cent and increase demand in the weak housing market, which was a key driver of the low March quarter inflation numbers (newly built house price inflation declined by 0.2 per cent while rental inflation was very soft at 0.1 per cent). In December 2014 the Australian Prudential Regulation Authority (APRA) introduced the minimum 7 per cent interest rate on all home loan serviceability tests as a part of its suite...
Last modified on
Hits: 70 0 Comments
Rate this blog entry:
0
Continue reading
Banks, financial institutions may face criminal legal action from banking inquiry before federal poll Herald Sun April 28, 2019 4:58pm Jeff Whalley   Major financial institutions including banks are bracing for possible criminal legal action over scandals unearthed at the finance royal commission - and they are not ruling out facing the first of these before the election. The corporate cop — the Australian Securities and Investments Commission — has a shopping list of more than 20 matters it is looking at in the wealth management area in which criminal offences could have been committed. ASIC chief James Shipton has tipped a more aggressive approach by the regulator after claims at the commission it was too timid. Financial institution insiders talked to by the Herald Sun said they were not ruling out seeing some criminal claims coming before the May 18 poll. In his February 4 final report commissioner Kenneth Hayne...
Last modified on
Hits: 139 0 Comments
Rate this blog entry:
0
Continue reading
APRA warns climate uncertainty 'no excuse for inaction' Australian Financial Review Apr 29, 2019 12.00am James Fernyhough   The prudential regulator told financial services companies there is now "no excuse for inaction" on climate change, warning there is a "high degree of certainty" that financial risks will materialise as a result of the warming climate. The warning came in a new report in which the Australian Prudential Regulation Authority rates the sectors it regulates on their actions to address the risks posed by climate change. The paper gives the industry a broadly positive review, with general insurers, banks and super funds doing particularly well. However life insurers and private health funds were singled out as the laggards among APRA-regulated firms. It also found only a minority of companies – about one in five – were meeting voluntary climate risk disclosure targets set out by the Task Force on Climate-related Financial Disclosures,...
Last modified on
Hits: 74 0 Comments
Rate this blog entry:
0
Continue reading
Huge loophole in law to ban commissions Australian Financial Review Apr 29, 2019 12.00am Joanna Mather   Draft laws designed to eliminate conflicted remuneration are ineffective and “disingenuous”, AustralianSuper says. In a submission to Treasury, AustralianSuper strategic policy advocate Louise du Pre-Alba says draft legislation and regulations for ending grandfathered conflicted remuneration will in fact entrench the payments. This is because the regulations allow for the establishment of a scheme under which “benefits that would otherwise have been paid as conflicted remuneration are rebated to affected clients”. “Allowing conflicted remuneration to continue in regulations supporting a bill designed to end grandfathered conflicted remuneration is disingenuous and arguably misleading to Parliament and its constituents," the submission says. The Future of Financial Advice laws banned billions of dollars in upfront and trailing commissions but a concession by the then Labor government allowed pre-2013 arrangements to continue; they were "grandfathered". The final report of...
Last modified on
Hits: 75 0 Comments
Rate this blog entry:
0
Continue reading
Australian house prices plunge by $40,000 from 2017 peak, research shows By 9Finance a day ago Property values across Australia have plunged by more than seven per cent since the 2017 peak as the housing slump deepens. New CoreLogic research shows dwellings lost $40,590 in value – a 7.4 per cent drop - since October 2017. But the declines across the combined capital cities are even more stark, with values plummeting 9.2 per cent – or $59,478 – since September 2017. Perth and Darwin suffered the biggest losses, with values down by 18.1 per cent and 27.5 per cent respectively. In the biggest property markets, Sydney and Melbourne, values were down by 13.9 per cent and 10.3 per cent respectively. CoreLogic research analyst Cameron Kusher said seeing the declines as dollar figures “is a stark reminder of the actual losses”. The percentage change in Australian property values from the 2017 peak...
Last modified on
Hits: 68 0 Comments
Rate this blog entry:
0
Continue reading
Reserve Bank should call in the helicopters to drop money on Australian households: Citi ABC News26 April 5:27pm Stephen Letts   The RBA showering Australian households with money from above may sound like a desperate move, but it is one worthy of consideration according to the economics team at the big investment bank Citi. Rather than slashing interest rates to zero, or below — a ploy adopted by several big central banks — Citi argues the RBA would be better off embracing the unconventional policy of "helicopter money". "It could take the form of government cash handouts to households for spending, financed by a permanent increase in RBA money supply," Citi's chief Australian economist Paul Brennan said. "Unlike negative interest rate and quantitative easing policies, helicopter money can be designed to boost economic efficiency [e.g. lower unemployment] whilst limiting negative spill-overs to other areas like financial system stability [e.g. asset bubble...
Last modified on
Hits: 73 0 Comments
Rate this blog entry:
0
Continue reading
APRA hits IOOF with show cause notice The Australian 12:00am April 27, 2019 Ben Butler   Troubled financial services group IOOF has breached its licence conditions by failing to meet a deadline to set up a special office to oversee its role as a superannuation trustee, stalling a deal in which it hopes to take on 700,000 clients of big four bank ANZ. IOOF on Friday said it had failed to meet a March 31 deadline to set up the office that the Australian Prudential Regulation Authority slapped on it in December as part of a package of action against that company that included legal action to ban key IOOF executives including then-managing director Chris Kelaher and then-chairman George Venardos from the super industry. The failure to comply makes it even more difficult for IOOF to complete its takeover of ANZ’s wealth business, OnePath, which is dependent on trustees at the...
Last modified on
Hits: 66 0 Comments
Rate this blog entry:
0
Continue reading
Banks under pump as costs soar The Australian 12:00am April 27, 2019 Richard Gluyas   The major banks will have “nowhere to hide” when they unveil their interim profit reports, as revenue pressure intensifies, the bad debt cycle bottoms out and remediation and compliance costs continue to soar. The gloomy outlook is contained in analyst reports ahead of ANZ Bank kicking off the half-year profit reporting season on Wednesday, followed by National Australia Bank on Thursday and Westpac on Monday, May 6. “We expect underlying revenue trends to be weaker than expected,” Macquarie said. “Furthermore, while credit conditions remain generally supportive given an uncertain economic outlook, we see downside risk to impairment charges.” Macquarie said its underlying forecasts were below consensus, and there was a risk that the outcome could be worse than expectations. The major-bank sector suffered extreme turbulence in 2018 as the Hayne royal commission spotlighted widespread misconduct. The...
Last modified on
Hits: 73 0 Comments
Rate this blog entry:
0
Continue reading
  Cutting interest rates won’t lift inflation, it will only hurt retirees The Australian 12:00am April 27, 2019 Alan Kohler   Don’t bother cutting rates, it’s pointless. That 0.0 for the March quarter headline CPI will sit for a long time as a badge of the Reserve Bank’s impotence. Coming up for three years of the cash rate on hold at the record low of 1.5 per cent, on top of the longest economic expansion in history, and just a week after news of another solid lift in full-time employment, inflation has fallen to zero. So now economists are clamouring to predict a May rate cut and the headline on the story in The Australian on Wednesday went as far as predicting: “RBA could cut rates four times this year”. As if reducing retirees’ incomes again is going to make any difference. Apart from anything else, the borrowers who theoretically benefit...
Last modified on
Hits: 70 0 Comments
Rate this blog entry:
0
Continue reading
Don't expect rate cuts to end the housing slump Sydney Morning Herald April 26, 2019 5.00pm Elizabeth Knight   Australians may be already suffering from election fatigue, but house prices is a topic that never gets old. There will be many homeowners desperately hoping that a widely-predicted cut in the Reserve Bank’s cash interest rate in May will breathe some life into the property market. The bad news is that even a 50 basis point (half a percentage point) cut, which most economists are expecting by later this year, is unlikely to make much of a difference to the demand for housing. And demand is one of the main determinants of price. That is because unlike in previous property cycles, the fall in house prices which began some 18 months ago was not a response to higher interest rates. Nor was a slowing down in economic growth a trigger for the...
Last modified on
Hits: 68 0 Comments
Rate this blog entry:
0
Continue reading
Housing bust could be over quickly Australian Financial Review Apr 26, 2019 11.31am Christopher Joye   If the RBA cuts interest rates, which financial markets are handicapping as certain by July, Australia’s housing bust will be over. The RBA’s own internal research estimates that a 1 percentage point reduction in the cash rate would boost house prices by 28 per cent, assuming it is fully passed on by banks (and borrowers consider the change permanent). This column was the first to flag a radical reduction in bank funding costs and predict that banks would start unilaterally lowering home loan rates, doing some of the heavy lifting for the RBA. We "faded" the blowout in these funding costs in 2018 by buying exceptionally cheap assets linked to them. The bank bill swap rate (BBSW), which proxies the major banks’ short-term borrowing costs, and longer-term major bank credit spreads have both compressed sharply...
Last modified on
Hits: 87 0 Comments
Rate this blog entry:
0
Continue reading
Labor will make tax haven blacklist a 'first-order priority' Australian Financial Review Apr 23, 2019 6.22pm Joanna Mather   The Cayman Islands, Monaco and Samoa are likely contenders for a European Union-style blacklist of tax havens to be drawn up as a "first-order priority" by a future Labor government. If it wins on May 18, Labor will amend the Corporations Act to require companies to declare to shareholders any dealings in "international material risk jurisdictions". The Corporate Tax Association describes the measure as unnecessary given the large number of transparency initiatives already in place. CTA executive director Michelle de Niese said her organisation had been a "strong and vocal advocate" for tax transparency. But she questioned the need for more regulation in addition to the 28 integrity and disclosure changes to the corporate tax system over the past six or so years. "Our concern is and always has been the misleading...
Last modified on
Hits: 76 0 Comments
Rate this blog entry:
0
Continue reading
Ross McEwan’s exit from RBS fuels NAB leadership chatter The Australian 5:34pm April 25, 2019 Richard Gluyas   The odds have shortened on Ross McEwan as the next chief executive of National Australia Bank after his surprise resignation yesterday from Royal Bank of Scotland. Mr McEwan, who has been chief executive of RBS for 5½ years, said it was the right time to leave, with most of the restructuring work done and the trouble-plagued bank on a “strong and profitable footing”. “I have delivered the strategy that I set out in 2013 and now feels the right time for me to step aside and for a new CEO to lead the bank,” he said. RBS said Mr McEwan had a 12-month notice period and would remain in his position until the appointment of a successor and completion of an orderly handover period. A departure date would be confirmed “in due course”....
Last modified on
Hits: 117 0 Comments
Rate this blog entry:
0
Continue reading
'Dangerous' low interest rates need infrastructure boost Australian Financial Review Apr 26, 2019 — 12.00am John Kehoe   EXCLUSIVE  The federal government must unleash a bigger infrastructure stimulus  to save the Reserve Bank of Australia cutting interest rates dangerously low, former senior RBA and Treasury officials said. Leading economists Warwick McKibbin and Peter Downes said Canberra should use record-low government borrowing costs to invest in high-return projects to add immediate inflationary pressure to the economy and lift productivity longer term. They also called for the government to revamp how it separates capital spending and recurrent payments in the federal budget, to put less emphasis on the underlying cash balance. Mr Downes, a former top economic forecaster at Treasury and the OECD, said macroeconomic policy was in a “very dangerous position” because the RBA’s cash rate could approach zero during potential international economic shocks and a downswing in apartment construction. “That means...
Last modified on
Hits: 71 0 Comments
Rate this blog entry:
0
Continue reading
Falling house and land prices a drag on inflation Australian Financial Review Apr 25, 2019 11.08am Michael Bleby   Falling prices of house-and-land packages - which have prompted property giant Frasers to invite buyers to negotiate prices on unsold projects - are one of the biggest drags on Australia's weak inflation figures. Melbourne new dwelling prices dropped 1.2 per cent in the March quarter, official inflation figures on Wednesday showed, the biggest driver of an overall 0.2 per cent decline in new owner-occupier homes nationally. "It came from Melbourne," said NAB economist Kaixin Owyong. "That new project homes in Melbourne are offering large, large discounts, is showing up in CPI numbers." Discounts and incentives worth up to $45,000 are some of the measures developers are offering to get sales over the line in a once-hot land market that is now falling sharply. New home buyers who purchased Melbourne housing lots at...
Last modified on
Hits: 77 0 Comments
Rate this blog entry:
0
Continue reading
House prices have further to fall Australian Financial Review Apr 26, 2019 12.00am Jonathan Shapiro   A sharp fall in house prices should not trouble mortgage bond investors but further price declines in Sydney and Melbourne are likely, according to securitisation analysts that have tracked house prices relative to the earnings of full-time workers. The analysis prepared by National Australia Bank's corporate finance staff for clients showed that while nationwide house prices were in line with average multiples of full-time earnings, Sydney and Melbourne prices would need to fall further to correct to what is considered an average level. "With price-earnings multiples in the major Sydney and Melbourne markets still above their 10-year averages and comfortably above their bottom 25 per cent quartile levels, further declines should probably be expected," National Australia Bank director Ken Hanton said in a note to clients. "However there is still some way to go before...
Last modified on
Hits: 76 0 Comments
Rate this blog entry:
0
Continue reading
Time to bury the banking hatchet The Australian 12:00am April 23, 2019 Richard Gluyas   The brutal calculus of politics ahead of the May 18 federal election is summed up by a Labor Party hardhead: “When they (the government) go immigration, we go the banks.” It would be no surprise for the banks to hear this. Kicked from pillar to post for years, they’re either a direct target for Labor or a convenient distraction when the Morrison government goes all in on border protection. In their fondest dreams, however, senior industry figures cling to the notion that Bill Shorten as prime minister will have no option but to tone down the anti-bank rhetoric. They look to treasury spokesman Chris Bowen as a policy grown-up — someone who understands that relentless attacks on a critical industry are fine from the opposition benches, particularly when they chime with the electoral mood, but responsible...
Last modified on
Hits: 109 0 Comments
Rate this blog entry:
0
Continue reading
The new risk to the big four's NZ dominance Australian Financial Review Apr 24, 2019 12.00am Lucas Baird   A push to harmonise the adoption of open banking across the Tasman could pose a risk to big four Australian banks' dominance in the New Zealand market, according to a leading bank analyst. The subsidiaries of ANZ Banking Group, Commonwealth Bank, National Australia Bank and Westpac are responsible for 86 per cent of bank lending in New Zealand, the country's reserve bank says. However, this market share could come under pressure from new players emboldened by the rollout of open banking, CLSA analyst Brian Johnson said. Open banking will allow customers to transport their financial data between different financial institutions to find the best deal for them on products such as home loans. Australia is set to implement the regime in stages from July. "Smaller players are more likely to become competitive...
Last modified on
Hits: 80 0 Comments
Rate this blog entry:
0
Continue reading
Blowout in loan losses to hit bank dividends The Australian 12:00am April 24, 2019 Richard Gluyas   The catalyst for a cut in major-bank dividends was likely to be a blowout in loan losses rather than any increase in capital requirements or spike in remediation and compliance costs, according to investment bank Citi. Citi said in a report yesterday that investors were “unnecessarily concerned” about high bank dividend payout ratios. While payout ratios were indeed high, the banks were likely to absorb one-off costs, although National Australia Bank was facing another tough decision about its dividend when it reported its first-half result on May 2. “Our base case (for the industry) assumes flat dividends,” Citi analyst Brendan Sproules said. “Low risk-weighted asset growth will continue to enable high payout ratios while delivering neutral capital outcomes, and the absence of a pick-up in risk-weighted asset growth will allow boards to look through...
Last modified on
Hits: 87 0 Comments
Rate this blog entry:
0
Continue reading
RAMS mortgage move angers brokers and borrowers Australian Financial Review Apr 23, 2019 4.35pm Duncan Hughes   RAMS Home Loans, which is owned by Westpac, has angered mortgage brokers by withdrawing a low doc loan popular with self-employed borrowers. But the lender claims its removal was the result of a regular product review and that self-employed and first time borrowers remain its core market. “RAMS remains committed to self-employed customers and will continue to support self-employed lending,” a spokesman said. “RAMS will continue to support our existing customers who have these loans with us. “Self-employed customers, along with first home buyers, remain our target segments and are key to our RAMS strategy moving forward.” Edwin Almeida, property specialist with Ribbon Property, said: “A lot of mortgage brokers are upset. These loans constituted 50 per cent of their loan book.” Mr Almeida said the loans were popular with borrowers who were building...
Last modified on
Hits: 76 0 Comments
Rate this blog entry:
0
Continue reading
NAB deep dive probe into borrower debt sparks backlash fears Australian Financial Review Apr 23, 2019 11.16am Duncan Hughes   NAB is set to crack down on new lending, with an exhaustive probe into borrowers’ total debt ranging from tax bills to family loans, overdrafts and lines of credit. The bank is trying to head off a potential backlash from mortgage brokers, borrowers  and financiers who fear the deep diving into borrowers’ applications will slow loan processing, particularly for property investors. It follows NAB’s bruising criticism from the Hayne royal commission into lending standards and disclosures that contributed to the departure of the chairman and chief executive and a top-level shake-up. Lenders are increasingly worried about borrowers’ capacity to repay as household debt levels peak at record highs and mortgage arrears begin to rise, albeit off a low base. “We are committed to lending responsibly and continue to back Australians with...
Last modified on
Hits: 73 0 Comments
Rate this blog entry:
0
Continue reading
Mega ombudsman too powerful say financial planners Australian Financial Review Apr 23, 2019 4.44pm James Frost   The Financial Planning Association of Australia says new powers to enable the Australian Financial Complaints Authority to revisit cases from 10 years ago will lead to a spike in the cost of professional indemnity insurance and may even put some planners out of business permanently. FPA head of policy Ben Marshan said the organisation, which represents the interests of 14,000 financial advisers, was concerned that looming rule changes allowing AFCA to expand the period for eligible disputes back to 2008 were unfair and unreasonable. “The FPA recommends this issue warrants urgent consideration and further investigation,” Mr Marshan said. AFCA was a forced amalgamation of the Financial Ombudsman Service, the Superannuation Complaints Tribunal and the Credit and Investments Ombudsman. It has awarded customers $67 million in compensation since it opened its doors on November 1....
Last modified on
Hits: 72 0 Comments
Rate this blog entry:
0
Continue reading
Hayne puts wrecking ball through super fund brand The Australian 12:00am April 23, 2019 Richard Gluyas   EXCLUSIVE  The Hayne royal commission has caused a dramatic collapse in the level of trust across the financial services industry, with the once-muscular AMP brand now the weakest of the nation’s top 26 superannuation funds, according to independent research consultancy CoreData. The sharp decline of AMP and IOOF, which emerged as the villains in the royal commission’s public hearings on advice and super, is captured in CoreData’s “Future of Advice” survey, which is only distributed to industry players. A survey on the brand strength of the top 26 funds measured by number of members reveals that the $47 billion Cbus scheme — the largest super fund for the building and construction industry — comes out on top, followed by Australian Super, HESTA and QSuper. IOOF, AMP and the ANZ unit OnePath record the lowest...
Last modified on
Hits: 79 0 Comments
Rate this blog entry:
0
Continue reading
Savers rates fall eight times more than mortgages Australian Financial Review Apr 17, 2019 5.03pm Duncan Hughes   Interest rates for popular online savings accounts have fallen eight times more than rates for standard variable mortgage borrowers, forcing savers to shop around for higher interest or seek more riskier options, such as equities. It is likely to get even worse for savers, many of whom are retirees, if the Reserve Bank realises market expectations and continues to cut the cash rate, which are already at a record low 1.5 per cent. “Savers can no longer put their money into an account and forget about it,” said Steve Mickenbecker, group executive of Canstar, which monitors rates and fees for financial products. “Now is the time to manage savings, or put up with low returns.” Rates on flexible savers, online savers, bonus accounts and terms deposits are all being trimmed by authorised deposit...
Last modified on
Hits: 74 0 Comments
Rate this blog entry:
0
Continue reading