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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.
120 labour market researchers sign an open letter calling for intervention to boost wage growth ABC News19 March 2019 Stephen Long   An open letter signed by more than 120 labour market experts has urged policy action to boost wages growth in Australia, amid perceptions that stagnant wages are threatening the economy and increasing inequality. The letter, endorsed by 124 economists, lawyers and specialist labour market researchers, has called for the adoption of measures to raise minimum wages, strengthen collective bargaining, relax wage caps on public sector workers, tackle pay inequity and constrain the outsourcing of "normal employment responsibilities". "If those proposals are implemented, in whole or in part, we expect they would support a moderate but meaningful improvement in wage growth in future years, lifting wage increases back above consumer price inflation and towards traditional benchmarks (of 3.5 per cent to 4 per cent per year)," the letter said. "The...
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Lenders defy market heat with smaller deposits and longer fixed terms Australian Financial Review Mar 18, 2019 3.45pm Duncan Hughes   Lenders are defying the market heat with new loans that reduce deposits a borrower needs to qualify, lower rates for borrowers with low deposits, or double the fixed-rate term, according to analysis of rates and conditions. Industry fund-owned ME Bank, Macquarie Bank and ANZ are improving their offers to marginal borrowers as analysts claim market sentiment continues to sour, causing sellers to rush to the exits amid "fears of not getting out before prices fall further", or FONGO. "Just when we thought banks were finding the kitchen a little too hot, lenders are encouraging borrowers at the higher end of the loan-to-value ratio," said Steve Mickenbecker, group of financial services for Canstar, which monitors rates ane prices. Lenders are attempting to juggle the need to boost net interest margins from...
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Sydney and Melbourne house price fall sharpest in five downturns since 1965 Australian Financial Review Mar 18, 2019 3.53pm Su-Lin Tan   The fall in Sydney real house prices is close to hitting its average downturn decline at only halfway through the average downturn cycle, setting it up for the sharpest drop for the city since 1965, a BIS Oxford Economics study shows. The average downturn for Sydney house prices is 14 quarters and the average total real price decline each downturn is 21 per cent. The current downturn has progressed through six quarters to December 2018, but real median prices – taking out the effects of inflation – are already down 16 per cent. This could mean Sydney house prices have either dropped faster than average downturn cycles – five cycles since 1965 were analysed – or it could bode tougher times ahead with more price falls to come, BIS...
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APRA warns against super fund activism Australian Financial Review Mar 18, 2019 10.30pm John Kehoe, David Marin-Guzman   Super fund boards must put member's interests first and manage investments "free from influence", the Australian Prudential Regulation Authority has warned in response to Coalition alarm about unions pressuring funds to take sides in workplace disputes. In response to a letter from the Treasurer, APRA chairman Wayne Byres said the regulator was strengthening the intensity of oversight of governance weaknesses that could hurt retirement incomes, in the wake of the Hayne royal commission. Mr Byres agreed with Josh Frydenberg's March 3 letter that super fund trustees were legally required to invest in line with the best interest duty and sole purpose test. "APRA therefore expects that trustees will carry out their role and meet their responsibilities free from the influence of sponsoring organisations or any other external parties," Mr Byres wrote in a...
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Westpac nears deal on financial planners with Viridian The Australian 12:00am March 19, 2019 Joyce Moullakis, Bridget Carter   EXCLUSIVE  Westpac Bank is set to decide the fate of its financial planning unit and dealer groups this week, as it inches toward a complex transaction with boutique Viridian Advisory. As revealed by The Australian online yesterday, the parties are said to be putting finishing touches on a deal that would see Viridian acquire a large portion of Westpac’s planners and include dealer groups Magnitude and Securitor. A divestment would see Westpac chief Brian Hartzer, the most committed of the major bank bosses to wealth management, jettison the businesses alongside a long-term referral arrangement. Unlike the other big four banks, Westpac has retained its life insurance division and Mr Hartzer has emphasised a belief that banks should forge ahead in wealth despite some parts of it plagued by scandals and limited profitability....
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Westpac: We're no Storm Financial Australian Financial ReviewMar 18, 2019 11.00pm James Frost   Westpac is digging in over a stoush with the corporate cop by rejecting a Federal Court finding that standards at the bank's superannuation arm were comparable with those at Storm Financial. The bank is giving no quarter as it prepares to face off against the Australian Securities and Investments Commission for a second time over an aggressive campaign that netted the bank $650 million in superannuation funds. Westpac won the case on its first hearing but argues that some of judge Jacqueline Gleeson's conclusions in December last year were wrong – including the finding that the bank's actions were unethical and that it failed to do all things necessary to ensure it provided financial services efficiently, honestly and fairly. While many believe Westpac sailed through the Hayne banking royal commission, its appetite for litigation has seen the...
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UK regulatory expert backs call for higher bank capital Australian Financial Review Mar 17, 2019 11.00pm Tony Boyd   EXCLUSIVE  The former head of bank regulation in the United Kingdom has backed the New Zealand Reserve Bank’s plan to force the big four banks to hold about $12 billion in additional equity capital. Lord Adair Turner, who was chairman of the UK Financial Services Authority from 2008 to 2013, said all the world’s major banks should hold common equity tier 1 (CET1) capital of 15 to 20 per cent. The RBNZ wants the New Zealand subsidiaries of the big four to hold CET1 of 18 per cent. Bankers have warned that the consequence of higher capital is likely to be higher interest rates for borrowers. But Lord Turner said the trade-off for banks having higher capital requirements could be simpler regulation. This could include a winding back of the complex array...
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Banks' big retreat may go too far, warn corporate advisers Luminis Australian Financial Review Mar 18, 2019 12.15am Sarah Thompson, Anthony Macdonald   EXCLUSIVE  Australia's big banks are in the middle of a giant retreat, selling and spinning off businesses worth billions of dollars in an effort to simplify and re-focus on their core purpose of writing loans and banking deposits – but they'd better be careful not to go too far. That's the view of some of Australia's most senior corporate advisers, the partners at boutique firm Luminis Partners, who are watching with interest the fallout from the banking royal commission and strategy shifts at the big four banks and other financial services companies. "In 10 years' time, people will look back and say 'why did they exit some of these businesses' and I wouldn't be surprised if in 10 years' time the cycle returns and they go back into...
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Hayne incites confusion over industry codes Australian Financial Review Mar 17, 2019 6.21pm John Kehoe   EXCLUSIVE  The Hayne royal commission has confused the government, regulators and finance lobby groups over how to implement its recommendation to make industry codes more legally enforceable. Existing self-regulatory industry codes for general insurers, life insurers and other non-banking financial services are not legally or contractually enforceable, creating a gap the Hayne report appeared to be concerned about. Treasury on Monday will publish a consultation paper, seen by The Australian Financial Review, asking a range of questions on the enforceability of financial services industry codes, in response to the royal commission. Stakeholders are uncertain how to proceed and believe policymakers need to be careful to strike the right balance to avoid deterring the banking, insurance and financial advice sectors from imposing self-regulation on their industries. "No one really knows what Hayne meant with that recommendation...
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Economy, small business may be hit by housing slump: Treasurer Sydney Morning Herald March 17, 2019 12.05am Eryk Bagshaw, Shane Wright   EXCLUSIVE  Treasurer Josh Frydenberg has raised fears the property downturn in Sydney and Melbourne could flow into the broader economy, hitting small businesses that have taken out loans on the value of their family home. The comments, in an interview with The Sunday Age and Sun-Herald in Canberra, a fortnight out from his first budget mark a shift from the top levels of the Morrison government which has prided itself on using a "scalpel" to treat over-heating housing markets but now faces price falls largely beyond its control. "Now the issue is different," said Mr Frydenberg. "People are concerned about the impact of lower prices on the future of the real economy and particularly that spill-over into household consumption and into the ability of small business to grow and...
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Sellers with FONGO race to beat property clock Australian Financial Review Mar 17, 2019 3.36pm Nick Lenaghan   Some investors are acting decisively to beat the the property clock, dropping their reserve prices to meet the market before it falls any further and wipes out whatever gains they have made on their investment. Following the revelation in AFR Weekend that the property downturn has left the buyers of as many as 450,000 properties in Sydney and Melbourne with homes worth less than what they paid, weak weekend clearance rates point to the emergence of FONGO, or the fear of not getting out before prices fall further. On preliminary results, the national clearance rate was at 56.1 per cent this week, increasing from last week's final clearance rate of 47.8 per cent, according to CoreLogic Final clearance rates are typically several percentage points lower than the preliminary numbers. One year ago, a...
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NAB breaks ranks on small business terms Australian Financial Review Mar 15, 2019 5.16pm Misa Han   National Australia Bank will boost the number of small business borrowers that will be extended greater protections, designed to relieve the power imbalance that favours lenders, in a move that breaks ranks with the three other big banks and the sector's lobby group. The embattled bank, which is still reeling from the exit of its chief executive and chairman last month, said on Friday that it supported 72 of the 76 recommendations put forward by Commissioner Kenneth Hayne in his banking royal commission final report. Interim NAB chief executive Phil Chronican, who was confirmed as chairman last week, said NAB was in the process of implementing 26 of the recommendations. The bank disagreed with six recommendations in critical areas such as mortgage broker commissions, the definition of small business and the banking executive accountability...
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Credit crunch is damaging the economy beyond property The Australian 8:11am March 15, 2019 Robert Gottliebsen   When there is a serious downturn just over the horizon, a pattern of apparently unrelated events provides the advance warning. And right now, veteran bankers are on the alert. They can see that their new lending criteria, which has slashed loan availability by between 20 and 30 per cent, is having an impact that is much wider than the property market. This week I ran into commercial banker who was shocked. Two of his retail clients had confronted a major shopping centre owner and said “lower the rents or we are out”. For as long as the banker can remember this major shopping centre chain would never countenance a rent reduction. But this time there was fear in its eyes, and it came to the party. For the banker, that meant that he can...
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More than 800,000 homes could end up being worth less than what they were bought for Australian Financial ReviewMar 15, 2019 10.00pm Ingrid Fuary-Wagner   The property downturn has left the buyers of as many as 450,000 properties across Sydney and Melbourne with homes worth less than what they paid for them and this figure will almost double if the market continues to fall, putting further pressure on household budgets as the RBA tries to fire up a slowing economy. An exclusive analysis by CoreLogic for AFR Weekend shows the potential scale of the downturn, which could, nominally, leave the buyers involved in 830,000 property sales in the two biggest cities under the water, if prices fall 25 per cent from peak to trough. The property clock has already wound Sydney prices back to June 2016 levels with values falling 13.2 per cent since they peaked in July 2017. In Melbourne,...
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Investment reporting shift understates debt The Australian 12:00am March 15, 2019 David Uren   The government’s net debt is being understated by as much as $70bn because of the way the share investments of the Future Fund and other government investment funds are reported. The Parliamentary Budget Office has called for a review of how investment funds are treated on the government’s books amid concern that ministers are favouring them as a way of getting around tight budget spending constraints. The office says that if a government were to set a fixed target for reducing net debt, it could be met simply by restructuring the way investments are held. “As the government’s balance sheet has expanded and it is being used more actively for fiscal policy purposes, transparency around these evolving structures and the impact on key fiscal indicators is important to understand underlying trends,” the PBO report says. While the...
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When it comes to tax, it’s Virgin by name and Virgin by nature michaelwest.com.auMar 15, 2019 Michael West   Virgin Australia founder Sir Richard Branson actually resides in a tax haven. He even has his own island, Necker Island, in the infamous archipelago of tax secrecy, the British Virgin Islands. You don’t get more tax-haveny than that. Some may quibble that rival airline Qantas dodges far more tax. The national carrier has paid no tax on $62 billion in total income over the four years of Tax Office transparency data. Virgin, with its $18 billion in income and zero tax payable, is piddling by comparison. Yet, as explained in the methodology attached, the rankings are not only based on sheer magnitude of total income but also on how much taxable income the company managed to wipe out. Qantas still produced $336 million of taxable income (on which it still paid no...
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Two towers, two fires - but both signed off by same engineering firm The Age March 14, 2019 10.47am Clay Lucas   EXCLUSIVE  The fire safety engineering firm found by a tribunal to be most to blame for a 2014 flammable cladding blaze in Docklands also signed off on Neo200, the Spencer Street apartment tower that caught alight in February. Last month the Victorian Civil and Administrative Tribunal found that safety engineering company Thomas Nicolas, whose sole director is Con Nicholas, was responsible for the largest portion of the almost $6 million it will cost to reclad the Lacrosse apartment tower on Latrobe Street. That building started to burn about midnight on November 24, 2014, when it caught alight due to flammable cladding – the same type as in London’s deadly Grenfell tower fire. In the Lacrosse fire, French backpacker Jean-Francois Gubitta left a cigarette burning on the balcony of the...
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Apartment buyers could face a 20pc fall in valuation in upcoming settlements Australian Financial Review Mar 14, 2019 11.00pm Su-Lin Tan, Nick Lenaghan   Buyers of off-the-plan apartments could be "out of the money" by as much as 20 per cent as settlement falls due in coming months, raising the risk of greater defaults, according to UBS analysts. The issue of settlement and apartment values has now become acute for those buyers who contracted for off-the-plan apartments at the peak of the market around 2016 and 2017. With prices falling and banks' tougher stance on borrower scrutiny, fresh valuations ahead of loan approvals for settlement could sink as much as 20 per cent below original off-the-plan purchase prices, according to UBS. "What we are seeing now is that apartments are increasingly out of the money. That's where you get settlement issues," analyst James Druce said. Companies such as Mirvac are particularly...
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CBA's scrapped wealth spin-off paves the way for trade sales Australian Financial Review Mar 14, 2019 — 11.00pm James Frost   Commonwealth Bank's decision to suspend a planned spin-off of its wealth businesses opens the door for a series of cheaper and less troublesome trade sales, according to banking insiders. With CBA saying it remains committed to its strategy of exiting wealth management and mortgage broking, sources close to the transaction have suggested trade sales of individual businesses would be a less risky and equally desirable outcome. It is, however, unlikely to be welcome news for former Westpac banker and SocietyOne CEO Jason Yetton, who had been lured across to run a multibillion-dollar, ASX-listed company. The decision to delay comes hard on the heels of an announcement from NAB in February that it would delay the demerger of rival wealth management business MLC until 2020, due to the uncertain operating environment....
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APRA must immediately ban ANZ’s new Ponzi-mortgages MacroBusiness 12:10 am March 15, 2019 David Llewllyn-Smith   Today I am in shock, which isn’t easy these days. Via the AFR comes the ASIC chief referencing post Hayne Royal Commission bank reform efforts: “I am still not convinced that there’s enough wherewithal and ownership by leaders of these financial institutions to actually finish the job,” Mr Shipton told the Australian Competition and Consumer Commission’s national consumer congress in Melbourne on Thursday. You don’t say. Because at the AFR comes an ANZ gone absolutely mad: ANZ is set to overhaul lending to property investors by doubling the maximum interest-only period from five years to 10. It will also increase the maximum loan-to-value ratio from 80 per cent to 90 per cent. If these mortgage are even within APRA requirements then it’s time that they are not. Didn’t we just learn our lesson on interest...
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Housing market may never recover from downturn, expert warns news.com.au March 14, 2019 6:49pm Alexis Carey   Australia’s property market enjoyed a golden run for years on end — but according to one Aussie CEO, those days are now gone for good. That’s according to tech entrepreneur Matt Barrie, from freelancing marketplace Freelancer, who told news.com.au the country’s economy had now reached “crisis mode”. He said the combination of our weakened housing market coupled with global market trends meant we were entering a “new realm” of economic misery. And he believes the impact could be even worse than the effect of the global financial crisis, which brought certain countries such as Spain and Ireland to their knees. “The banking royal commission has been the catalyst that pulled the rug out of residential mortgages,” Mr Barrie said. “Now applications are being knocked back tenfold, banks are becoming withdrawn and the easy credit...
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Labor commits fully to Hayne,   flags special prosecutions unit.   "I'm not foreshadowing major law reform without further consultation. Commissioner Hayne has asked us to have a conversation about complexity, about carve outs, about whether the law clearly reflects community intent, about whether our regulators are capable of doing what we are asking of them. "That is a conversation we are up for." Until now, Labor has pledged full support for a handful of recommendations and declared only "in-principle" support for the rest. Ms O'Neil will today promise that Labor, if elected, will implement 75 in full as recommended by Commissioner Hayne. Like the government, Labor has baulked at the recommendation to make the borrower, not the lender, pay upfront fees to mortgage brokers. Instead, Labor will limit the upfront fees to 1.1 per cent of the draw down component of the loan. "But for the rest of the recommendations,...
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Aussie banks can afford $12 billion Kiwi safety net, says RBNZ Sydney Morning Herald March 14, 2019 12.00am Clancy Yeates   EXCLUSIVE  The Reserve Bank of New Zealand has mounted a firm defence of its plan to force Australia's major banks to hold $NZ12.5 billion ($A12.12 billion) more in capital in their banking operations across the Tasman, saying the "highly profitable" businesses would have to accept lower returns. In an interview on Wednesday, RBNZ deputy governor Geoff Bascand also justified the plan to bolster bank balance sheets by emphasising the social costs of banking crises and arguing New Zealand could not rely on Australian parent companies for a bail-out in severe shock. The RBNZ's surprise proposal to make the big four's Kiwi businesses build larger capital buffers, announced in December, has been a key drag on the share prices of the big four banks in recent months. The change, which is...
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$20 million missing: Broker's client money used to cover losses Sydney Morning Herald March 13, 2019 7.40pm Sarah Danckert   One of Australia's largest brokers, Halifax Investment Management, is set to head into liquidation after administrators discovered that some of the $210 million of client money was used to cover off losses on bad bets on investment products by other clients. Investigations by administrators from Ferrier Hodgson have found that just under $20 million of customers' money is missing. Ferrier Hodgson has likened the collapse of Halifax, which had 12,000 clients in Australia and New Zealand, to other high-profile stockbroker collapses in recent years including BBY, Sonray and Opes Prime. Action against the company by the corporate regulator is a distinct possibility, with sources saying the Australian Securities and Investments Commission was taking a close interest in the outcome of the administration. More than $190 million of client money remains frozen...
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Building approvals continue to plummet The Australian 12:00am March 14, 2019 Michael Owen   Construction trends across the country appear bleak as the number of building approvals continue to steadily fall, driven in part by ­reluctant bank lending. An analysis of the amount of approvals for new buildings in 2019 compared to the same period last year shows values across the country are plummeting in all states and territories except ­Tasmania and the ACT. The significant falls in NSW are creating growing concern about a big slowdown in the ­supply of new homes in the state. In South Australia, the construction industry warned it was heading for a crisis with a 33 per cent fall in building approvals ­during the past 12 months from $546 million in January last year to $362m in January of this year. South Australian opposition leader Peter Malinauskas said yesterday two more building companies — Cubic...
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