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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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To all mortgage brokers, BDMs and loan approval officers! 
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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.
Macquarie admits to misconduct inside its foreign exchange trading arm Sydney Morning Herald May 19 2017 - 5:45pm Georgia Wilkins   Macquarie Bank will donate $2 million to charity and open up its foreign exchange arm to scrutiny after the corporate watchdog uncovered a series of breaches by its traders. It follows similar misconduct uncovered at the foreign exchange desks of the Commonwealth Bank, National Australia Bank, Westpac and ANZ. The Australian Securities and Investments Commission (ASIC) on Friday revealed it had reached a deal with Macquarie to enter a so-called enforceable undertaking with the bank over misconduct by traders working on its foreign exchange desk between January 2008 and June 2013. According to ASIC, traders disclosed confidential details of client orders to third parties and revealed material information about Macquarie's trading activity in relation to large Australian-dollar trades. Traders were also found to be deliberately "triggering" prices in order to...
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Labor plan to name and shame multinationals on tax evasion. Companies would be forced to disclose use of havens to shareholders in a bid to improve transparency A Labor government would publish sensitive information about where and how much tax is paid by large multinational corporations each year in a bid to crack down on global tax evasion, the shadow treasurer, Chris Bowen, says. Labor would also force companies to disclose their tax haven exposure to shareholders, revealing how much business they are conducting in known or suspected tax havens. Bowen, and the shadow assistant treasurer, Andrew Leigh, have released details about Labor’s latest tax transparency package. Shorten's budget reply: Labor will back Medicare levy hike for top income brackets     Read more They want to “radically increase” transparency on the use of tax havens by corporations and high net-worth individuals. Tax havens hold an estimated $7.5 trillion of the world’s...
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ACCC mortgage probe to demand banks' internal documents Sydney Morning Herald May 18 2017 Clancy Yeates   Banks will be forced to hand over sensitive internal documents on their interest rate decisions, including board papers, as the competition watchdog puts home loan pricing under the microscope. Australian Competition and Consumer Commission chair Rod Sims said on Wednesday he expected the inquiry, announced in last week's budget alongside the $6.2 billion bank tax, would change pricing behaviour in the mortgage market. With banks threatening to pass on the levy to their customers, the government has ordered the year-long inquiry into mortgage pricing as a way of pressuring the industry and lowering the chances of aggressive rate hikes in response to the tax. It is the latest in a string of inquiries touching on banking competition which have been triggered by political anger over the banks' interest rate decisions. However, Mr Sims said...
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ATO chaos as deputy Cranston charged The Australian 12:00am May 19, 2017 Brad Norington, Paul Maley   The Australian Taxation Office is in an unprecedented crisis, with some of its tax-avoidance investigations in jeopardy, a deputy commissioner facing charges­ and four of its offic­ials stood down, amid an alleged $165 million tax-fraud ­syndicate scandal. As nine people faced court yesterday over the alleged conspiracy, Australian Federal Police are set to lay a swath of new charges over the scandal. Deputy ATO commissioner Michael Cranston faces two charges of abusing his position as a public official by seeking inform­ation about the tax office’s investig­ation into the alleged tax fraud involving his son, Adam. Adam Cranston, 30, and his sister­ Lauren, 24, were among those charged yesterday for allegedly defrauding the commonwealth by skimming the funds of a company that provided payroll services for large corporate clients. The AFP says Michael Cranston was...
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AT LAST PEOPLE ARE WAKING UP!! You want a Royal Commission into Banks? OK so use your vote wisely as the next election will be your personal chance to change the course of history and expose these wretched Major Banks and the offenders at the top who are running massive Ponzi Financing scams both here and in two overseas countries. Enough is enough! A Royal Commission is on the first step to encourage prosecutions of the Major offenders. Not the underlings and in fact in a delicious irony, the RC will protect the whistleblowers. This is why the Bankers fear an RC including Malcolm and Mates. BFCSA has amassed the critical evidence required to blow the lid on this vile SCANDAL.   BFCSA require a table to dump the evidence on and for members to tell the truth about the evidence of widespread FRAUD in every case, in their own...
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Developers warn of 'dramatic slowdown' over stamp duty changes The Age May 17 2017 - 12:15am Simon Johanson   EXCLUSIVE  Property developers are leading a revolt against the Victorian government's stamp duty changes, with 24 industry leaders signing a letter warning of a "dramatic slowdown" and "significant impact" on construction jobs. A cohort of high-profile property developers including industry veteran Max Beck, Hickory's Michael Argyrou, young rich-lister Jonathan Hallinan and Evolve's Ashley Williams have written to Treasurer Tim Pallas saying the changes will hurt property buyers and the industry. Play Video Victorian budget 2017: Winners and losers Who are the winners and losers from this year's Victorian state budget? "We believe there will be a significant loss of construction jobs throughout Victoria," the developers said. About 83 per cent of cranes on Melbourne's skyline are building residential projects. From July this year, the Andrews government will cut off-the-plan stamp duty exemptions,...
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Commercial property the bigger risk to banks: Fitch Ratings Sydney Morning Herald May 17 2017 - 12:15am Clancy Yeates   Losses on commercial real estate loans pose a more immediate risk to Australia's banks than developments in the housing market, where regulators are putting the brakes on riskier lending, Fitch Ratings says. However, foreign banks are more likely than the local lenders to feel the pain if there is a sharp increase in buyers who cannot settle their off-the-plan purchases. After a recent surge in apartment building, the credit ratings agency on Tuesday highlighted losses on loans to property developers as a more pressing concern than residential mortgages, which dominate banks' loan books. Tim Roche, head of Australia and New Zealand financial institutions at Fitch, told the ratings agency's conference in Sydney that foreign bank exposure to Australian commercial property had roughly doubled since 2013. While the Commonwealth Bank, Westpac, National...
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ABA membership strained as banks turn on each other Australian Financial Review May 16 2017 7:23 PM James Frost   Tensions between Australia's banks are on the verge of boiling over as yet another second-tier bank has come out in support of the federal government's six basis point levy on the liabilities of our five biggest banks. Support for the measures will inflame the already strained relationships between members of the Australian Bankers Association which is caught between the haves and the have nots of Australian banking. ABA chairman and NAB boss Andrew Thorburn was among the big four to come out swinging against the tax at the same time as ABA deputy chair and Bendigo Bank boss Mike Hirst supported the initiative designed to raise $6.2 billion from the banks. ME CEO Jamie McPhee joined Bendigo Bank's Mr Hirst on Monday by expressing his support for the levy. ME, formerly...
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Government slams Ken Henry as Labor-leaning, self-serving 'big bank boss' Australian Financial ReviewMay 16 2017 8:49 PM Phillip Coorey, Patrick Durkin   The relationship between the government and the big banks is now toxic after Malcolm Turnbull and his senior ministers rounded on NAB chairman Ken Henry as a Labor-leaning, self-serving "big bank boss'' and accused him of producing flawed policies in his former life as Treasury secretary. As the government rejected the scathing critique of its bank tax and budget strategy by Dr Henry, the wrangle over the $6.2 billion hit on the big four banks plus Macquarie also sparked a row between Labor and the Greens. While both say they will vote for the bank tax, ensuring its passage through the Senate in time for the July 1 start date, Labor leader Bill Shorten will back a Senate inquiry that will enable the banks to make one last public...
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Banks warn new tax creates many dangers for economy Australian Financial Review May 15 2017 9:50 PM James Eyers   The government's bank tax is inconsistent with regulators' desire to create safer banks because it creates disincentives to fund loans with high quality and longer term borrowings and to provide liquidity to the financial system, the big banks have warned Treasury. After Treasury was not able to answer their questions on the shock $1.5 billion a year bank tax in the wake of the federal budget, the banks have provided submissions on Monday that illustrate the challenges the government has to design a law that does not introduce unintended consequences. Commonwealth Bank of Australia raised the prospect of "implementation failure" if the introduction of the legislation is not pushed back to September 30 because a new reporting template will need to be built given existing forms don't capture the liabilities the...
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ALP urged to jail bosses for ‘wage theft’ The Australian 12:00am May 16, 2017 Ewin Hannan   National union leader and former ALP vice-president Tony Sheldon has called for the Labor Party to make executives of companies ­engaged in “wage theft” subject to criminal prosecution and potential jail terms. Mr Sheldon said companies ­including 7-Eleven, Caltex and Domino’s would be held accountable if underpayment of wages was made a criminal offence. Mr Sheldon, the national secretary of the Transport Workers Union, said Australia was “gripped by a new crime spree”. “It’s not break and enter, it’s not drunken brawls ... it is the plague of billions of dollars in wages and superannuation which employers take from the pay packets of their employees,’’ he said. “It is wage theft. And it needs to be treated like any other form of theft by making it an offence, with jail sentences.” He said the...
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ASIC appoints external lawyers for bank fight The Australian 12:00am May 16, 2017 Richard Gluyas   The pre-trial manoeuvring ahead of D-Day in ASIC’s market ­manipulation case against three of the four major banks has just got a ­little more intriguing, after the watchdog’s appointment of an external law firm. Johnson Winter & Slattery has taken up the cudgels on behalf of the regulator. The appointment will trigger an inevitable round of speculation about whether it tips the balance in favour of all-out war, or makes Greg Medcraft more inclined to negotiate a truce. This column has previously held the view that litigation is more likely, mainly because Medcraft’s stated terms, which include an admission of liability, are untenable for the banks. The banks believe that admissions will trigger an avalanche of class actions, much like the case already launched in the US by two hedge funds and the wealthy commodities...
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House prices fall again as investment loans drop to lowest level in 10 months Sydney Morning Herald May 15 2017 - 2:39pm Eryk Bagshaw   Home loans to investors have fallen to the lowest level in 10 months following a regulatory clampdown and the Turnbull government's efforts to cool the Sydney and Melbourne housing market. Figures released by the Australian Bureau of Statistics on Monday show home loans to investors as a proportion of all loans dropped 1.25 percentage points in March to 48 per cent, down from a high of over half of all home loans in January. The slide has triggered a dip in property prices across five of Australia's capital cities, fuelling speculation of the end of the property boom. The latest results from CoreLogic show the price of homes across Sydney, Melbourne, Brisbane, Adelaide and Perth falling by 0.5 per cent for the week and 0.9 per...
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ASIC investigating Barclay Finance business loans, as consumer groups raise concerns ABC News13 May 2017 Josie Taylor   Company watchdog the Australian Securities and Investments Commission (ASIC) is investigating online lender Barclay Finance as consumer groups raise concerns about a new front of unregulated lending. Consumer Action Law Centre says Barclay is offering loans to vulnerable, low-income people who have no hope of paying the money back. The ABC is aware of three Barclay Finance customers on Centrelink benefits who stand to lose their homes after failing to pay back loans in time. As part of its contracts with these customers, Barclay Finance has taken out a mortgage on their property. The Soewardie family Carol and Robert Soewardie worked for 45 years as contract cleaners and now face losing everything. Their son James has a mild intellectual disability. Last year they helped him purchase a motel in country Victoria with $340,000...
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How Amex paid no tax in nine years on $10 billion michaelwest.com.auMay 13, 2017 Michael West   American Express has paid no net tax in Australia for nine years, according to its latest financial statements. That is zero tax on $10 billion in revenue. Well might this story end there. Enough has already been said. But Amex is by no means alone. Multinational reporting season is under way once again and the handful of reports that we have analysed so far evince the same patterns as in years gone by: offensive tax structuring, feeble disclosure, and audits ticked off by tax advisory giants EY, PwC, Deloitte and KPMG. Those who can afford to pay the most, the biggest companies in the world, pay proportionately the least tax. Their social licence to operate in this country surely hangs by a thread. We will get to Google, eBay, Facebook and Shell shortly. In...
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Federal budget 2017: Why Scott Morrison's bank levy doesn't go far enough ABC News15 May 2017 Ian Verrender business editor   Remember that phone call? You know, the one from the bank manager about a decade ago. "Hi, I know things have been tough out there for a while so I was just calling to let you know that we've decided to help you out with fee insurance and cut price rates. "And listen, if you get into strife, you know, like lose your job or something and can't repay your mortgage, we'll pick up the tab for as long as you need until you get back on your feet." Sound implausible? Let's face it, no commercial operation, and especially not an Australian bank, would ever even consider extending such generosity. This may come as a surprise, but that's exactly what you've been offering the five major banks for the past...
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Turnbull government's assault on big banks part of global trend -  What assault??  More like Canoodling! Australian Financial ReviewMay 14 2017 5:05 PM Karen Maley   As Australia's big banks bemoan the Turnbull government's decision to hit them with a new $6.2 billion levy, they might find some consolation in the idea that their US peers are facing a far more debilitating threat from the Trump administration. "Some people ... want to go back to the old system, right? So we're looking at that," US President Donald Trump said in a television interview a fortnight ago, referring to the 1933 Glass-Steagall Act. This legislation, introduced in response to the 1929 sharemarket collapse and the US bank crises of the 1920s and early 1930s, barred traditional commercial banking operations (which lend to individuals and businesses and take their deposits) from also engaging in riskier investment banking activities (such as trading shares and...
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Submission 64 (FOS response) from the aborted White Collar Crime Inquiry...   FOS needs to be demolished in our view!!! here is the reason why: FOS Banking Ombudsmen continue  (three days ago) to insist the Broker is the Agent of the Borrower;   THIS IS FALSE AND A GRAND FARCE. In 2001 Colin Neave (Ombudsman) wrote to the Lenders as a clear warning:  The Broker is the Agent of the BANK .  That if banks were dragged into court on this issue of suggesting the broker was the agent...they would lose the case.     Every FOS FILE needs to be re-investigated by independent investigators who understand the implications for consumers re THE ARGUMENT OF AGENCY.   For a decade and a half FOS has been peddling the same nonsense. The Ombudsmen clearly cut and paste this erroneous statement in EVERY DETERMINATION they deliver to the hapless consumer bank victims.   Call...
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Catherine Livingstone of CBA: which sector targeted next? The Australian 12:00am May 13, 2017 Glenda Korporaal  Banks have thrown manure into their own Playpen   Commonwealth Bank chair Catherine Livingstone has hit out at the federal government for its proposed $6 billion bank tax, warning that it will “impact the economy and business confidence” and ­increase the prospect of Australia facing “sovereign risk”. In a hard-hitting interview with The Weekend Australian, the most powerful woman in corporate Australia, a former president of the Business Council of Australia and chair of Telstra, said there had been an “egregious lack of consultation” in introducing the new $6bn tax, which she said was “driven by opinion polls rather than rigorous analysis”. As the sharemarket lost almost $30bn in value in the past few days, she warned that the Turnbull government was now sending “confused messages to global ­investors”. “The strength of Australia’s banks is...
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Sounds like a Spanish Bankwest coming up.......   Hit by Run on Deposits, Banco Popular Denies it’s Looking for Rushed Takeover to Avert Collapse   by Don Quijones • May 12, 2017    http://wolfstreet.com/2017/05/12/run-on-deposits-banco-popular-spain-denies-rushed-takeover-to-avert-collapse/   Spain’s 6th largest bank: “We have liquidity until the end of the year.” By Don Quijones, Spain & Mexico, editor at WOLF STREET. In the world of banking, confidence and trust are a precious currency. The moment a bank loses them, things tend to spiral down quickly. Spain’s sixth biggest and desperately troubled bank, Banco Popular, appears to be well along the process of losing the confidence of its customers, and with it their deposits. Last year the bank lost 6.5% of its deposit base. But now, according to a report by the financial daily El Confidencial, the deposit outflow is swelling from a trickle into a deluge. The bank responded by making its deposits more...
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'They’ve lost the lot': how the Australian mining boom blew up in property owners' faces Banks targeted ARIPs to destroy their financial well-being by offering unaffordable unsustainable loans and a flawed toxic strategy.  Greedy Bankers win big profits and the spruiked victims lose their own home!!!  Has to stop.   12 May 2017 Calla Walquist https://www.theguardian.com/australia-news/2017/may/12/theyve-lost-the-lot-how-the-australian-mining-boom-blew-up-in-property-owners-faces?CMP=share_btn_tw The calls to financial counsellors began about 18 months ago. Middle-aged, middle-class homeowners in Western Australia who had shifted their retirement nest egg from superannuation to property were suddenly unable to pay their mortgage. It typically started with an investment property, often in the Pilbara mining towns of Karratha, Port Hedland and Newman. Purchased for $750,000 in 2012, when the market was near its peak, the property was now worth $300,000 and falling. The rental return, which had been $1,600 a week, had fallen to $370. Not enough to cover repayments. Then came the kicker:...
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GADENS SENT OUT A WARNING TO LENDERS IN October 2006 Warned Major Lenders of Ripping off Customers in dodgy Lending Practices. Many lenders go to significant trouble to ensure the loans they make are not regulated by the UCCC. But does this make the loan safer?   LOANS ARE RISKIER FOR CUSTOMERS, But high risk for the banks if dragged into Court: shows INTENTION TO DECEIVE................. Proves a DECADE OF DECEPTION AND UNSAFE PRACTICES THAT COULD BRING DOWN THE BANKING SYSTEM GADENS Director/ Partner  JON DENOVAN Writes: I've generally come to the conclusion that unregulated loans secured over the borrower's principal place of residence are often riskier than regulated loans. The starting point in reaching this conclusion is that all loan contracts are subject to review on the basis that they are unconscionable. That's true for both regulated and unregulated loans. Once a court or tribunal varies or annuls a loan...
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  • organza
    organza says #
    The Super-Rich and Us - 1. Episode 1 http://www.dailymotion.com/video/x2eiirb_the-super-rich-and-us-1-episode-1_webcam The Su
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Royal Commission should be a certainty by now. (Perhaps it is?) The weirdest and most damning thing in my view has been that no f
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Banks running amok in NZ with interest only loans yet no NZ probe?   Interest-only mortgages touted to families who want a baby and a house Rob Stock 10 May 2017 http://www.stuff.co.nz/business/money/92162663/Interest-only-mortgages-touted-to-families-who-want-a-baby-and-a-house Heavily indebted young families struggling to cope when baby comes are helping cement the popularity of interest-only home loans. Interest-only mortgages were once considered the territory of property investors banking on capital gains, and an eventual sale, to repay their loans. But Reserve Bank figures show 16 per cent of owner-occupier home loans, or $26.5 billion of loans, were on interest-only terms at the end of February with the borrowers making no progress in paying off the money owed to the bank. The rise of interest-only home loans has authorities around the world worrying, with Australian regulator ASIC concerned that around 40 per cent of total home loan lending is in interest-only loans. READ MORE: * No justification for...
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Why has there been no Royal Commission into Bankers and Banking Products?    Banks: still the untouchables 12 December 2011 Evan Jones http://www.smh.com.au/federal-politics/editorial/banks-still-the-untouchables-20111212-1ug7i.html Ten years ago, this page published an article of mine on bank malpractice against small business/farmer clients. I wrote then: ''Major bank practices towards small business and the family farm range from the insouciant to the malicious, with parlous effects. This environment has been facilitated by comprehensive indifference to bank practices by borrower representative bodies, regulatory authorities and political parties.'' A decade later, nothing has changed. When a small business/farmer contracts for a substantial loan with a bank, they enter into the most asymmetric of any relationship in modern commerce. Henceforth, the bank has your assets and the future of your family at its discretion. Banks: still the untouchables Borrowers believe that they are negotiating with a professional, with attendant capacities and scruples. On the contrary; they are...
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Banks welcome review with reservations 8 May 2017 James Foot and James Eyres http://www.afr.com/business/banking-and-finance/financial-services/banks-welcome-review-with-reservations-20170508-gw06ap?&utm_source=social&utm_medium=facebook&utm_campaign=nc&eid=socialn%3Afac-14omn0053-optim-nnn%3Anonpaid-25%2F06%2F2014-social_traffic-all-organicpost-nnn-afr-o&campaign_code=nocode&promote_channel=social_facebook#ixzz4gX5YjIRh Australian Bankers' Association chief executive Anna Bligh says there is little left for a banking royal commission to investigate with 15 separate inquires into the sector under way including the Productivity Commission's review into competition. "We are getting very close to a full suite of issues that the public would want to look at. With this inquiry now about to start we are running out of things for  a royal commission to look into," Ms Bligh said. She said the industry did not want to speculate on what might flow from a focus on vertical integration in financial services - which could see the bank's retail and wealth arms separated - but had faith in the PC's processes. Treasurer Scott Morrison on budget night will announce a Productivity Commission inquiry into financial system competition as revealed by The Australian Financial Review on...
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