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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.
Home loans delayed, denied and dearer post-Hayne Australian Financial Review Apr 23, 2019 12.00am James Frost   Strict interpretation of responsible lending laws has created a bottleneck of mortgage applications with massive delays in the approval process contributing to a rise in the cost of credit and vastly reduced borrowing capacity in the post-royal commission environment. Analysis of more than 30,000 mortgages from online broker Lendi has found approval times have more than doubled for investors over the past 18 months while the wait time for owner-occupiers has increased by more than 50 per cent as the banks demand more information from borrowers. Lendi managing director and co-founder David Hyman said more the stringent approach from the banks could be traced back to the first hearings of the Hayne royal commission and was adding to the costs of originating and writing loans. “It means the market slows down. All lenders and...
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Property prices in Melbourne falling so fast – units in many suburbs cheaper than five years ago Daily Mail Australia 20:31 AEST, 21 April 2019 Nic White, Jon Talbot   Property prices are falling so fast in Melbourne that units in at least a dozen suburbs are cheaper than they were five years ago. Housing data shows falls of up to 22 per cent since 2014, let alone since the dizzying heights of 2017 before the property bubble deflated. Buyers are taking notice with traffic on real estate websites jumping as bargain hunters look to get in before the trend reverses again. The trendy inner suburb of Abbotsford saw the biggest fall with units averaging just $450,000 – 22 per cent cheaper than 2014. The median price in Travancore also took a hit of 18 per cent, meaning a property worth $425,000 in 2014 will now fetch $350,000. Central Melbourne suburb,...
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The world is caught in a debt-trap built by central bankers Sydney Morning Herald April 16, 2019 7.30pm Stephen Bartholomeusz   Could the current developed economy settings of low growth and low-to-negative real interest rates reflect a catch-22 interaction where the low rate environment established by the key central banks perpetuates low rates and low growth? That’s a question effectively posed, and answered tentatively in the affirmative, by a recent research paper issued by the Bank for International Settlements that builds on a thesis the BIS has been constructing in recent years that low rates beget lower rates, fuelling financial booms and busts and too much debt and too little growth. In what is a highly technical paper, BIS researchers, led by the head of its monetary and economic department, Claudio Borio, argue that monetary policies play a more important role than commonly thought in long-run economic outcomes. In the post-crisis...
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Economic growth unlikely to pick up in near term Australian Financial Review Apr 17, 2019 11.44am Matthew Cranston   Economic growth in the first two to three quarters of this year is likely to be below trend, according to the latest Westpac Melbourne Institute reading. The Index, which predicts the six month annualised growth rate using a number of existing measures such as dwelling approvals, rose from –0.54 per cent in February to –0.09 per cent in March. While that is an improvement, it still indicates economic growth is not expected to pick up any time soon. Westpac chief economist Bill Evans said the index had now registered four consecutive months in which the growth rate has been negative. "[The latest reading] continues to support the signal that growth through the first two to three quarters of 2019 is likely to be below trend." RBA to change growth forecasts Mr Evans...
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Record 1.3 million landlords cash in on negative gearing as shake-up looms The Australian 12:00am April 17, 2019 Ben Butler, Michael Roddan   A record 1.3 million property owners are running at a loss and claiming negative gearing for their investments, far outstripping the 856,000 who either break even or declare a profit, new Australian Taxation Office figures show. The figures paint a picture of a rental market in which investors are getting older, with nearly a quarter now over 60, and with the broader market increasingly reliant on negative gearing. They follow a warning from tax commissioner Chris Jordan that property investors are on the ATO hitlist due to a large number of questionable claims for deductions and come amid a fierce election battle over negative gearing. In the latest batch of tax statistics the ATO for the first time has provided detailed breakdowns of the age and taxable income...
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Housing slide biggest risk to economy: Treasury The Australian April 17, 2019 Michael Roddan   The sliding housing market is the key risk to the health of the economy that will be inherited by the government in the 46th parliament, according to Treasury’s pre-election forecasts, which reveal the deficit for the current financial year has blown out by $100 million following the federal budget energy assistance payment backflip. The late decision to include Newstart recipients and pensioners in the government’s energy assistance handout has seen the estimate for the underlying cash deficit for 2018-19 sunk a further $100 million to a projected deficit this year of $4.2 billion. Other than that, there were no major changes to the economic parameters underpinning the budget assumptions. However, Treasury has declared the government will be unable to deliver on its promise to cut income tax for low- and middle-income earners unless it drags back...
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More than the RBA: NAB expects 18pc decline in housing investment Australian Financial Review Apr 17, 2019 6.03am Michael Bleby   Australia's decline in housing new investment is likely to be twice as deep as the Reserve Bank expects, with a dip close to 20 per cent over the next two years, National Australia Bank says. While the decline will still leave home-building - which has surged in capacity over the population-driven boom of recent years - above its previous trough, it would still be worse than policymakers expected, NAB chief economist Alan Oster said on Tuesday. NAB's forecast of an 18 per cent decline in new housing investment over two years is not new - the bank made it in February. And while the lower house price expectations the bank published last week for Sydney homes increased the downside risks, NAB maintained its forecast, Mr Oster said. "We haven’t really...
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Australia’s big banks are losing their power The Australian 6:59am April 17, 2019 Robert Gottliebsen   Big banks represent well over half the market capitalisation of ASX top 10 companies so what happens to them will have a profound influence on the fortunes of Australian savers. And it has suddenly become apparent that the banks have lost considerable power over the distribution of what is the industry’s most profitable and biggest product - home loans. Although last week the banks received a nasty alert to the dangers of not controlling home loan distribution, analysts are not worried, so are boosting bank shares on the back of looming cost reductions and possible interest rate cuts. They argue that not only does outsourcing product distribution boost profits, but the banks have big staff and cost reductions in the pipeline. But while that might be true in the short term, in the longer term...
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CBA underpays 8000 staff after HR tech system failure Australian Financial Review Apr 17, 2019 12.01am James Eyers   Commonwealth Bank has underpaid about 8000 staff after its human resources technology systems failed to accurately calculate and process entitlements, forcing the bank to repay millions of dollars to current and former employees. The Finance Sector Union said it was notified by CBA about the issue, which the union is describing as a "blunder" relating to CBA's "antiquated computer systems".  CBA says it replaced the offending HR system last year and has apologised to affected staff. “This is a major stuff-up by the CBA and hard-working bank staff deserve an apology and a commitment from the CBA’s chair, Catherine Livingstone, and CEO Matt Comyn that this kind of pay bungle won’t happen again,” said FSU national secretary Julia Angrisano. Once compensation is repaid, including interest and additional superannuation payments, Ms Angrisano said...
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The man wielding APRA's big stick Australian Financial Review Apr 16, 2019 7.13pm Chanticleer   John Lonsdale timed his exit from federal treasury into the upper echelons of the prudential regulator perfectly. After a stellar 32-year career at federal treasury, including working as David Murray’s right hand man on the Financial System Inquiry, Lonsdale landed a job as deputy chair of the Australian Prudential Regulation Authority in May last year. He took up the position just as the Hayne royal commission was getting into its stride. Almost one year later, Lonsdale is in the box seat to be the man carrying APRA’s big stick. He deserves to be the face of enforcement in superannuation, banking and insurance. This is the logical outcome of Lonsdale leading the review into APRA’s inadequate enforcement culture. He was assisted in this review by an independent advisory panel comprising former judge Robert Austin, competition regulator Sarah...
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APRA adopts 'constructively tough' approach Australian Financial Review Apr 16, 2019 11.06am James Eyers  The report found APRA still had a way to go to embed this new enforcement culture. While there had been a recent positive shift at the top of APRA from its historical risk aversion to taking enforcement action, “such a shift has yet to be embedded across the whole organisation,” it said. Wilson Sy, a former head researcher at APRA, said more transparency would be needed to engender confidence that APRA was enforcing the law effectively. "APRA should be willing to disclose useful information to the public rather than use its secrecy provisions to protect the major banks," Dr Sy said. "APRA should be required, through an amendment of the APRA Act, to ensure a well-informed public. To this end, APRA should demonstrate regularly its knowledge and capabilities through publications in research journals and conferences so as...
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CBA underpays 8000 staff after HR tech system failure Australian Financial Review Apr 17, 2019 12.01am James Eyers   Commonwealth Bank has underpaid about 8000 staff after its human resources technology systems failed to accurately calculate and process entitlements, forcing the bank to repay millions of dollars to current and former employees. The Finance Sector Union said it was notified by CBA about the issue, which the union is describing as a "blunder" relating to CBA's "antiquated computer systems".  CBA says it replaced the offending HR system last year and has apologised to affected staff. “This is a major stuff-up by the CBA and hard-working bank staff deserve an apology and a commitment from the CBA’s chair, Catherine Livingstone, and CEO Matt Comyn that this kind of pay bungle won’t happen again,” said FSU national secretary Julia Angrisano. Once compensation is repaid, including interest and additional superannuation payments, Ms Angrisano said...
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The man wielding APRA's big stick Australian Financial Review Apr 16, 2019 7.13pm Chanticleer   John Lonsdale timed his exit from federal treasury into the upper echelons of the prudential regulator perfectly. After a stellar 32-year career at federal treasury, including working as David Murray’s right hand man on the Financial System Inquiry, Lonsdale landed a job as deputy chair of the Australian Prudential Regulation Authority in May last year. He took up the position just as the Hayne royal commission was getting into its stride. Almost one year later, Lonsdale is in the box seat to be the man carrying APRA’s big stick. He deserves to be the face of enforcement in superannuation, banking and insurance. This is the logical outcome of Lonsdale leading the review into APRA’s inadequate enforcement culture. He was assisted in this review by an independent advisory panel comprising former judge Robert Austin, competition regulator Sarah...
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APRA adopts 'constructively tough' approach Australian Financial Review Apr 16, 2019 11.06am James Eyers   Banks and super funds that fail to work constructively with the prudential regulator face public shaming, stiff capital penalties, operating restrictions and, potentially, litigation, under APRA's tough new enforcement approach that chairman Wayne Byres says will result in faster and more aggressive action. “We should be quicker and more forceful with unco-operative institutions,” Mr Byres said, after the regulator's own review into its enforcement culture decided it needed to be “constructively tough” to deter misconduct in the financial services sector. The Australian Prudential Regulation Authority will target not only financial risk but "behavioural risk" and says it will punish entities that fail to conduct business with "honesty and integrity", "due skill, care and diligence" and those that fail to deal with APRA "in an open, co-operative and constructive way". APRA will work more closely with the...
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Cartels cave as ACCC hits ‘three a year’ The Australian 12:00am April 16, 2019 Ben Butler   Competition tsar Rod Sims says he aims to change corporate Australia’s “disappointing” attitude towards criminal cartel behaviour by running three prosecutions a year for the foreseeable future. But in a sign the nearly decade-old criminalisation of cartel behaviour may finally be beginning to bite in the boardroom, the Australian Competition & Consumer Commission chairman said he would soon need extra funding due to a rush of applications for immunity by price-fixers keen to spill the beans on their ­conspirators. Mr Sims told The Australian a new memorandum of understanding signed with the US Federal Bureau of Investigations would allow the American authority to share information with the ACCC, bolstering the Australian regulator’s ability to prosecute cartel crimes. His remarks came after the ACCC, working with Federal Police, last week launched its latest criminal cartel...
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Sun’s not set on the paradise for white-collar crime The Australian 12:00am April 16, 2019 Adam Creighton   As the drama of the royal commission into financial services fades from memory, it’s clear the winners were not only the major banks, whose share prices have risen about 10 per cent, but their regulators, too. The corporate watchdog, the Australian Securities & Investments Commission, received another $404 million across four years in the federal budget, and the banking regulator, the Australian Prudential Regulation Authority, another $145m. There was $7m for a new regulator to oversee those two regulators, and a one-off $11.2m for a financial services ­reform implementation taskforce within the Treasury. The Office of Parliamentary Counsel, which drafts bills, scored an additional $900,000 to cope with an expected thicket of laws. Scott Morrison in 2016 insisted ASIC and APRA were “tough cops on the beat”. They weren’t, according to commissioner Kenneth...
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Citigroup to refund $3 million after ASIC investigation Australian Financial Review Apr 15, 2019 — 6.15pm James Fernyhough   Citigroup will refund more than $3 million to 114 customers, after an investigation by the Australian Securities and Investments Commission found the bank's financial advisers had over-stepped the limits of general advice. The refund relates to structured product investments sold between 2013 and 2017. On top of the refunds, Citigroup will write to more than 1000 customers still in the products,  giving them the chance to exit without cost. ASIC said the fixed-coupon structured products were "complex, capital at risk products tied to the performance of reference shares". It found that although Citigroup "considered its financial advisers to be providing general advice, elements of its practice may have led some customers to believe that Citigroup was providing personal advice". ASIC said Citigroups advisers had asked customers about personal circumstances such as risk...
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Just how steep is the negative equity cliff? The Australian 12:00am April 16, 2019 James Kirby   As property prices continue to drop, a serious split has emerged over just how many people are facing negative equity — where their house price is lower than the value of their mortgage. According to the Reserve Bank of Australia, it is just two borrowers in every hundred. But private researchers are generally pencilling in a figure closer to one in 10. Negative equity is little known in Australia, where decades of rising house prices insulated the wider population from the corrosive effect of sliding prices. But a spike in numbers could quickly hit consumer spending and ultimately shares in banks and construction companies. The alarming gap between private estimates and the RBA on the issue has prompted LF Economics founder Lindsay David to suggest the RBA figure — released last week as part...
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Four months on, Opal Tower faults remain unresolved MacroBusiness 12:30 pm on April 15, 2019 Leith van Onselen   Four months after cracks in Sydney’s Opal apartment tower led to residents being evacuated on Christmas Eve, around half of the complex remains unoccupied. From The ABC: Almost half of the apartments in Sydney’s troubled Opal Tower are still vacant, nearly four months after the building was first evacuated on Christmas Eve… A spokesperson for the tower’s builder Icon Co told the ABC it was recently given permission from the owner’s corporation — a collective body comprised of the tower’s residents — to proceed with rectification works to common areas of the tower. The tower’s Owners Corporation said it had taken so long because it was waiting on engineering advice before giving Icon the go ahead… Occupants were stranded in temporary accommodation after they were evacuated… Back in February, Bronwyn Weir –...
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Over 60pc of Sydney buyers better off renting Australian Financial Review Apr 16, 2019 12.00am Ingrid Fuary-Wagner   More than 60 per cent of Sydneysiders who bought properties in the past 25 years would have been financially better off renting and investing their money in the local stockmarket instead. An analysis by EY of the stockmarket and Sydney property prices across the city's 43 local government areas between 1994 and now found that in 62 per cent of like-for-like cases, it was financially advantageous – over a 10-year period – for would-be buyers to take the amount of money needed for a 20 per cent deposit for an apartment in a particular area, invest it in a leveraged ASX200 fund (with a margin loan at 50 per cent loan-to-value ratio)and to rent a similar property in the same location instead. "A lot of people assume you’re better off owning your own...
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ASIC chairman James Shipton is a child of the Melbourne establishment   Aaron Patrick Senior Correspondent Updated Oct 17, 2017 — 5.26pm,first published at 9.48am   When James Shipton wants to understand what's really going on in corporate Australia, he will be able to pick up the phone and call four men he's known almost 30 years who, like him, have stormed to the top of the finance industry in their 40s. Shipton, the new chairman of the Australian Securities and Investments Commission, lived as a Melbourne University undergraduate student with Ben Gray and Robin Bishop, who plan to become Australia's most powerful private equity investors, John Knox, the head of Credit Suisse Australia, and Christian Johnston, the head of investment banking at Goldman Sachs Australia. A child of the Melbourne establishment – he coached rugby at Geelong Grammar and his father was a patrician Liberal MP – Shipton was a resident student at...
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ANZ revamps dispute practice The Australian 12:00am April 15, 2019 Joyce Moullakis   EXCLUSIVE  ANZ will formalise new dispute resolution principles for matters involving individuals and small business as it seeks to reduce customer complaints and handle the fallout from the Hayne royal commission. The 15 general rules — which do not cover class actions or other legal cases involving groups — will be made public today. They include principles such as don’t defend the indefensible, be even handed, take quick action, assess ANZ’s position early and only litigate where there is no reasonable alternative. ANZ’s deputy chief executive Alexis George told The Australian the move to document the principles publicly was an “important step” for the bank to ensure they “cascade through” its staff and legal firms. “It has been a catalyst for discussion and we just didn’t talk about this internally,” Ms George said. “It will be an opportunity...
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ASIC doubles wealth investigations Australian Financial Review Apr 15, 2019 12.00am Edmund Tadros   The corporate regulator is investigating 90 cases of potential wrongdoing in the wealth management arms of major banks and financial institutions, double the number it was looking at last September. The update on the Australian Securities and Investments Commission's wealth management project, made during a Senate estimates hearing, also revealed that the regulator has beefed up its staffing of the investigations to 70 from 45. In addition, 76 of those investigations have involved the regulator using its powers to force companies to produce information, said Tim Mullaly, ASIC's executive director of financial services enforcement. "Currently in that project, there are now approximately 90 investigations afoot. Since September, that's an increase of 45 investigations ... so it is a significant amount," he told the Senate estimates hearing. He said that 14 of the 90 matters were at the...
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NAB bid to stop meltdown in mortgage broker business Australian Financial Review Apr 15, 2019 12.01am Duncan Hughes   National Australia Bank has lost the support of the country's largest mortgage broking group, with its market share among borrowers seeking to refinance more than halving from 8.5 per cent to less than 4 per cent, forcing it to begin offering sweeteners to shore up support. Brokers working for Australian Finance Group claim NAB's variable interest rate hike in January, the time it is taking to approve loans, senior management shakeout and fallout from the Hayne royal commission are behind the dramatic drop in the number of loans being referred. AFG says NAB has lost market share across fixed interest, investor, homeowner and refinancing over the past 12 months. NAB disputes the concerns, claiming it is committed to its existing customers, has "strongly improved" customer retention, and is the best-performing major bank...
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The housing bust and why it's likely to continue ABC News 15 April 2019 Ian Verrender Business Editor     That's the problem with tearaway booms. The more exaggerated the run-up, the greater the pain when the inevitable decline kicks in. Australian housing prices have been unwinding at a serious clip now for close to a year and a half, led by the cities that kicked off the boom, Sydney and Melbourne. Suddenly, what previously was brushed aside as a healthy correction, now has regulators and policy makers, including the Reserve Bank, concerned. While the declines so far are yet to present a threat to the broader economy, they are unlikely to be contained. Even normally cool heads are predicting a continuation of the great Aussie housing market unwind for at least the rest of this year. The problem now is that the fundamentals driving the slide cannot easily be altered....
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