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BFCSA
MORTGAGE
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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.
11 Loopholes The World’s Biggest Corporations Use To Skirt The Rule Of Law https://mic.com/articles/78669/11-loopholes-the-world-s-biggest-corporations-use-to-skirt-the-rule-of-law#.W3eUvJHQ4   For all itsmajesty, the law is imperfect, and, if you're willing to pay a room full of corporate lawyers seven-figure salaries, they're likely to come up with all kinds of clever (and legal) ways of circumventing the spirit, if not the letter, of the law. Such corporate loopholes have allowed multi-billion dollar corporations to do things like circumvent campaign finance law, stiff the IRS and get generous tax subsidies for criminal malfeasance. Here are 11 of the worst legal loopholes corporations have come up with:   1. Tax havens and transfer pricing Multinational corporations don't have to pay taxes on overseas profits; that is, until they transfer those profits back home. This would make sense, if it weren't for a practice known as "transfer pricing," where a multinational corporation can transfer the profits of a U.S....
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APRA seeks to grant actuaries greater powers The Australian 12:00am September 29, 2017 Michael Roddan   The prudential regulator has proposed giving actuaries unprecedented access to insurance company boards, auditors and senior executives as it looks to put companies on the hook if they ignore the advice of their boffins. The Australian Prudential Regulation Authority yesterday revealed a consultation package on cementing greater powers for appointed actuaries within insurance, life insurance and health insurance companies across the nation. The package of guidelines is an attempt to rectify years of mispricing and poorly managed risk in the industry, which has seen huge losses in life insurance, budget blowouts for natural-disaster cover and rising unsustainability in health insurance. APRA is concerned senior executives had not taken seriously the advice of their actuaries, who help insurers assess financial risks when designing insurance policies and pricing. APRA member Geoff Summerhayes said appointed actuaries played a...
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Sacked Commonwealth Bank of Australia manager charged over bribery in US Australian Financial Review Sep 29 2017 5:16 AM John Kehoe   A former Commonwealth Bank of Australia technology executive and a contractor to the bank have both been charged by law enforcement authorities in the United States for participating in a multi-million dollar bribery and kickback scheme. Jon Waldron was one of two Commonwealth Bank technology managers in 2013 and 2014 who allegedly shared in $US2.5 million of bribes facilitated by an American software contractor to the bank, Eric Pulier. Mr Waldron, 47, and Mr Pulier, 50, were indicted in Los Angeles on Thursday for conspiracy to commit securities fraud and wire fraud, charges that carry maximum jail sentences of 25 and 20 years respectively. The scheme allegedly involved ServiceMesh founder Mr Pulier orchestrating bribes to Sydney-based Mr Waldron and CBA colleague Keith Hunter to approve more than $10 million...
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Central banks unfairly blamed for woes, government also responsible Australian Financial Review Sep 28 2017 8:28 PM Jacob Greber   Reserve Bank of Australia deputy governor Guy Debelle has launched a staunch defence of central bank independence, hitting back at a growing tide of post-2008 critics who blame faceless and unelected policymakers for a litany of woes. Acknowledging that public criticism is a key "quid pro quo" for independence, Dr Debelle said, however, that inflation targeting and independence were unfairly blamed for economic results that were unrelated to either of those things. Warning that the current arrangements were under threat on a number of fronts – including from those who blame it for worsening inequality and low wage growth around developed countries – Dr Debelle suggested governments must share responsibility for the unhappiness over weak growth, jobs and wages since the crisis. One result of more than 20 years of inflation-targetting...
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  BIG BAD Bankers kept funding Developers and not a PLAN on site!  Welcome to the Land of Empty Houses and streets crowded with Homelessness.  Banks ignored ABS.   Bloomie does Australia’s ghost towers By Unconventional Economist in Australian Property, Featured Article at 1:04 pm on September 22, 2017 | 56 comments https://www.macrobusiness.com.au/2017/09/bloomie-australias-ghost-towers/ From Bloomberg comes an interesting report on Australia’s vacant apartment buildings and the futile plans for a vacancy tax: On a wet, midweek evening when most Australians are home cooking dinner, less than a third of the lights are on in the apartments in Melbourne’s Docklands. Most shops and restaurants are closed. The only people passing through seem to be on their way elsewhere. These “ghost towers,” as the high-end residential property with three-bedroom apartments costing almost $1 million have been dubbed, are popular with Chinese investors who mostly live abroad… Now, policy makers are seizing on public...
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It’s a big farce to give banks something positive to say when quizzed again in October.....never ever expect a bank to give with one hand without taking back double with the other!    Comment: Banks' ATM fee moves an attempt to stave off a royal commission Peter Ryan http://www.msn.com/en-au/money/personalfinance/comment-banks-atm-fee-moves-an-attempt-to-stave-off-a-royal-commission/ar-AAspV3M?li=AAabC8j&ocid=ientp   No-one should be hoodwinked into believing that the move by the big four banks to drop withdrawal fees on automatic teller machines is all about putting the customer first. While consumers will no doubt benefit from avoiding pesky $2 slugs that can add up to hundreds of dollars over a year, the planned, if not coordinated, decision is mostly about banks doing what it takes to avoid a royal commission into bad banking behaviour. The Commonwealth Bank's play was media strategy 101 — roll the ATM decision out on a normally quiet Sunday, dominating news bulletins and forcing Westpac, ANZ and...
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Politics at its worst.....Anna Bligh as CEO of the ABA and now a Turnbull mate and ex CBA banker to head ASIC?   Worst kept secret: CBA banker to head ASIC 24 September 2017-09-25 https://www.michaelwest.com.au/worst-kept-secret-cba-banker-to-head-asic/ It is the worse kept secret in the business world; that is the impending appointment of former Commonwealth Bank counsel, John O’Sullivan, to head up the corporate regulator. The optics are not good. CBA to the Australian Securities & Investments Commission via a stint as chairman of Credit Suisse investment bank. As Liberal Party donor and mate of PM Malcolm Turnbull, O’Sullivan has the Opposition crying foul. This has been one of the most leaked appointments in memory and the press coverage enshrines the culture wars going on in financial media. The Australian and the Australian Financial Review have been deployed by “sources” to soften up public opinion. How could a CBA executive possibly head up...
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Brisbane off-the-plan unit losses affirm RBA fears The Australian 12:00am September 25, 2017 Rosanne Barrett   Apartments bought off the plan at the start of Brisbane’s unprecedented unit-construction wave are selling at losses of up to 36 per cent, underscoring concerns from the Reserve Bank about the city’s concentrated inner-city market. Property searches of high-rise apartment towers in Hamilton, Bowen Hills and Fortitude Valley built about five years ago show most sales this year had been at a loss. The heaviest falls were a $152,000 plunge from an original price of $522,000 for a Hamilton two-bedroom unit with river views; a $150,000 decline on a smaller two-bedroom unit in the same complex; and a $145,000 loss on a $400,000, 60sq m unit in Bowen Hills. RBA assistant governor Luci Ellis last week said it was “crunch time” for Brisbane’s potential oversupply but warned the older apartment market was particularly vulnerable to...
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Westpac’s Lindsay Maxsted says bank won’t sell BT Financial The Australian 12:00am September 25, 2017 Scott Murdoch   Westpac chairman Lindsay Maxsted has indicated that Australia’s second-largest bank has no plans to follow its major rivals by offloading its wealth management. The bank retains full ownership of BT Financial Management but it did earn about $600 million by selling down a large parcel this year of its shareholding in the separately listed BT Investment Management. In an online editorial published by Westpac, Mr Maxsted said the bank was keen to keep investing in BT Financial and believed wealth management would remain a core asset for the bank for the foreseeable future. “Similarly in wealth management — which some peers are ­exiting — choosing where to play and how to do it better, as we are doing within BT Financial Group, will be another differentiator. We have recently invested more than $500m...
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Scott Morrison warns banks to absorb cost of dumping ATM fees Australian Financial ReviewSep 24 2017 9:00 PM Phillip Coorey $500 million is a drop in the bucket to the $200 Billion a year gleaned by stealing homes from Mortgage Fraud   Australia's top four banks have been warned against trying to pass on costs after they stampeded to dump about $500 million in ATM fees as part of a public relations offensive designed to rebuild their reputations and ward off a royal commission. After Westpac, ANZ and National Australia Bank rushed on Sunday to copy Commonwealth Bank of Australia in terminating fees on their ATMs for customers from other banks, Treasurer Scott Morrison applauded the move but cautioned all four that they must absorb the costs. "This is a victory for consumers," he told The Australian Financial Review. "Australians are sick and tired of these types of fees. We will...
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Australian Bankers' Association: Don't pin banks for all 'serious crimes' Sydney Morning Herald Sept. 20 2017 - 5:07pm Eryk Bagshaw   Banks should not be liable for all kinds of "serious crimes" committed through money being laundered in their institutions, Australia's peak banking body says as it pushes the government to put limits on tough new legislation. On Wednesday, a Senate inquiry into anti-money laundering and counter-terrorism financing was told new legislation targeting the banks should be limited to apply only to "serious financial crimes". Play Video APRA's probe 'quite serious' for CBA The fallout from the Commonwealth Bank of Australia's money-laundering scandal has widened, with the banking regulator launching an inquiry into the lender's culture and governance. Such a limitation could make it difficult for law enforcement agencies to punish banks when money is laundered to fund drugs and child pornography, but would still take in terrorism financing in its...
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Sydney, Melbourne property 30pc overvalued, may fall 10pc: Capital Economics Australian Financial Review Sep 20 2017 2:23 PM Michael Bleby   Housing prices in Sydney and Melbourne are up to 30 per cent above their historical fair value but any fall in value, once interest rates start rising, will be limited to about 10 per cent, Capital Economics says. A comparison of historical house price-to-earnings ratios showed that Hobart, Brisbane, Adelaide and Canberra were also as much as 10 per cent over fair value, while prices were in line with fair-value in Perth and could even be undervalued in Darwin, the consultancy said on Wednesday. But even though the current average house price to earnings ratio for the eight capital cities of 5.8 was well above the 1980-2016 historical average of 3.6, prices were unlikely to slump. That's because a "structurally lower" level of interest rates now compared with that of...
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Interest rate rises to trigger $1.6trn debt bomb Australian Financial Review Sep 20 2017 11:00 PM Philip Baker   It's springtime here in Australia and there's clearly something in the air. A week ago it was the National Australia Bank and now it's the ANZ predicting that if all goes to plan the Reserve Bank will be hiking interest rates twice in 2018. In contrast, Westpac still expects there will be no change to interest rates next year, thanks to the ongoing weakness in household income growth, while the Commonwealth Bank doesn't think the RBA will lift the cash rate until late next year. But in a note to clients on Wednesday, the CBA was quick to add the risk of an earlier move is definitely on the rise. For sure the big call from the ANZ and NAB means the economic data has to eventually bloom like the flowers do...
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Commonwealth Bank bolsters 'risk' executive ranks Australian Financial Review Sep 20 2017 11:00 PM James Frost   Commonwealth Bank has poached the chief risk officer from subsidiary Bankwest to head up the risk function for its flagship retail bank and bolster its credentials as the regulator begins its landmark inquiry into Australia's biggest bank. Michael Kavanagh will join Commonwealth Bank as chief risk officer for retail and small business after spending the past eight years at the Perth-based subsidiary Bankwest. Before joining Bankwest he was the head of risk analytics at Halifax, a division of Bank of Scotland. [BOS is the former government-owned commercial bank, founded by Scots Parliament in 1695. It was acquired by Lloyds Banking Group in 2009. Not to be confused with the Royal Bank of Scotland, which the Crown set up in 1727 in an attempt to drive BOS out of business. –RJB] Mr Kavanagh will replace...
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RBA, ACCC want more competition in banking Australian Financial ReviewSep 20 2017 8:00 PM James Eyers   The Reserve Bank of Australia and the competition regulator have endorsed the government's budget policies to boost banking competition including the regime that will force incumbent banks to provide data to customers to allow them to shop around for better deals. In a submission to the Productivity Commission, the Reserve Bank said competition in banking is being restricted by bundling of products, particularly with cross-subsidisation "obscuring the pricing of individual products", which makes customers less willing to switch banks. The central bank said it backed the push towards "open banking", "comprehensive credit reporting" and recent moves to increase transparency around banks setting interest rates via oversight by the ACCC. The Australian Competition and Consumer Commission described retail banking as being "characterised by oligopolies comprising the large banks, who can influence products, prices and other...
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Global investment scam robbing Australians of millions each year as Government urged to act ABC NewsSeptember 21, 2017 Matthew Doran, Henry Belot   Exclusive  The Federal Government is being urged to ban a highly speculative investment scheme that has been hijacked by international fraudsters to steal millions of dollars from Australians. So-called "binary options trading" allows investors to speculate on whether a stock or commodity price will go up or down. A form of fixed-odds betting, such trading sees investors cash in — or lose everything. Many established traders consider the investments too risky but naive amateurs are being aggressively sold the products by scammers promising huge returns. Fraudsters in countries with few financial regulations are using gambling industry tactics and cold calls to pressure Australians into sending them money, which they falsely claim to invest on their behalf. Some Australians have lost more than $1 million to these scams, alleging...
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Commonwealth Bank sells life insurance arm to AIA for $3.8bn The Australian 2:21pm September 21, 2017 Michael Roddan   Commonwealth Bank, fresh from striking a $3.8 billion deal with AIA Group for the sale of its life insurance business CommInsure, is now considering the future of its global asset management business, Colonial First State Global Asset Management. CFSGAM, which is known outside the country as First State Investments, has around $219 billion in assets under management. Commonwealth Bank today said it was considering a range of options for the division, including a separate float, confirming reports in The Australian’s DataRoom column today. “This review will consider long-term Commonwealth Bank shareholder value, including whether a separately listed CFSGAM would be better able to grow its business, serve the interests of its clients and attract and retain key personnel,” the bank said. With the sale of its life insurance division CommInsure and its...
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Banks propose governance model for open banking Australian Financial Review Sep 21 2017 11:00 PM James Eyers   Banks have called for the creation of a new independent utility to govern access to an open banking regime, and are keen for the federal government to progress economy-wide rules for customer data sharing to inform specific banking industry standards. Submissions to the open banking review being conducted by King & Wood Mallesons partner Scott Farrell are due with Treasury on Friday. His report proposing a model for "open banking" is due with Treasurer Scott Morrison by the end of the year. In its submission, the Australian Bankers' Association suggests an "industry accreditation utility" should determine whether recipients of banking data meet minimum standards on security and privacy, and have an ability to meet costs of potential breaches. The banks say they are willing to establish working groups to address specific issues, including...
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Regional banks say they're also 'too big to fail' Australian Financial Review Sep 21 2017 11:00 PM James Eyers  Banks want the federal government to tell international ratings agencies it is willing to support all banks in a financial crisis, a move that would reduce the funding cost advantage of the big four, which are perceived to be "too big to fail". A submission to be lodged with the Productivity Commission on Friday – on behalf of Bank of Queensland, Bendigo and Adelaide Bank, AMP, ME and Suncorp – will argue that while the budget's $1.5 billion bank tax has reduced the funding cost advantages of the big banks, it "only recoups a small proportion of the overall credit rating uplift enjoyed by the majors and further reform should be considered". When S&P Global Ratings downgraded the banking industry country risk assessment score for Australia in May, the issuer ratings of...
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Shadow bank loans surge to $28b amid APRA crackdown Australian Financial ReviewSep 21 2017 6:00 PM Jacob Greber   Tougher bank lending rules have driven an increase in shadow banking, according to RBA research that suggests unregulated loans to developers may amount to as much as $28 billion. While the Reserve Bank's cautious that there are no hard numbers on the sector, its own talks with industry players suggest there has been an increase in lending to property developers outside the traditional banking system since 2014. Even though shadow banks still account "for only a small" portion of residential mortgage lending, loans to property developers may have reached $28 billion, which is what managed funds lent to non-financial corporations. Another measure cited by the Reserve Bank in its latest quarterly bulletin suggests registered financial corporations' share of residential property development loans has risen to a little under 4 per cent in...
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Signs point to housing slowdown The Australian 12:00am September 23, 2017 Elizabeth Redman   Anxious vendors are turning to Gumtree and social media as well as traditional listings websites in the hope of selling their homes as the housing market softens. Off-the-plan resale apartments and suburban houses are being listed with labels of “urgent” and “huge discount”, particularly in Melbourne and Brisbane where concerns have been raised over the volume of apartment supply. The listings come amid a regulatory clampdown on investor lending aimed at cooling housing prices while the Reserve Bank ­recently again singled out the Brisbane apartment market as cranes dot the skyline. There is some evidence the clamps are working, with slowing price growth and a slip in auction clearance rates, but results are mixed and prices still edging higher on average. Dozens of inner-city and outer-suburban apartments in Melbourne have been listed on Gumtree this month, including...
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APRA regulation ‘hurting small banks’ The Australian 12:00am September 23, 2017 Michael Roddan   The nation’s smaller banks say they are paying the price for the misdemeanours of Australia’s biggest banks, as the country’s regional banks put on a united front calling for a radical overhaul of financial system regulation. In a joint submission to the Productivity Commission inquiry into competition in the financial system, a collective of regional lenders has broken ranks with the Australian Bankers Association industry body to argue against current “unfair” capital rules, the funding benefit the too-big-to-fail lenders receive, opaque relationships between major banks and their mortgage broker networks, and prudential limits on loans that “lock in” the dominance of the big four banks. Commonwealth Bank, Westpac, National Australia Bank and ANZ Banking Group control around 80 per cent of the nation’s home loans, and are overwhelmingly dominant in other financial services such as insurance, financial...
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Tell us more about your other debts to get a loan, banks tell borrowers Australian Financial Review Sep 22 2017 5:42 PM Duncan Hughes   Major lenders are demanding more financial information from property borrowers in response to growing regulatory concern about spiralling household debt, static incomes and the growing threat of rising interest rates. Westpac Group, which includes Bank of Melbourne, St George and BankSA, this week cut a fixed interest principal and interest rate by 11 basis points. At the same time it increased what it wants to know about applicants' financial commitments, ranging from reverse mortgages to lines of credit. National Australia Bank is expanding tough changes to credit policy that originally targeted interest-only borrowers to all new home applications. It is the latest move in an ongoing effort by major banks to improve the quality of their loan books and follows the storm over "liar loans", in...
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CBA shielding behind the Reserve Bank Australia - RMBS Timebomb.   How long were the CBA (and others) off- loading toxic mortgages to the RBA?   Is the Commonwealth Bank cashing in or crashing? What are we to make of CBA's latest announcement to the ASX, wonders Glenn Dyer. May 9, 2008 https://www.crikey.com.au/2008/05/09/is-the-commonwealth-bank-cashing-in-or-crashing/ In a presentation to a Macquarie Capital Conference in Sydney yesterday, Commonwealth Bank CEO Ralph Norris handled an upbeat assessment of the bank’s current state, one that helped turn around the market from a big loss to a gain of almost 1% at the end.   His presentation included the following phrases: “No reliance on securitisation”, “Approximately $39bn in liquid assets (~$10bn surplus)”, “Strong capital position” and, “No current plans (or need) to raise additional capital”. It was the last comment that caught the attention of the market and led to all banks rebounding.   What then are we to...
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  Rosanna's Story - NAB Customer Complaints System upset Customers There is scandal after scandal in the banking system.  There is also a widespread problem of bullying customers who complain and attempts to wear consumers down to force them to settle for 10% of the agreed loss.  NAB excels at this type of behaviour.  The EDR system as via my own experience has been captured by the Major Banks.  They are all behaving as a law unto themselves. I was a loyal customer of NAB for 12 years. My property portfolio held a mix of residential and investment properties. The rental income from my properties was stable. I had never missed a payment with NAB for the past 12 years.   My Loan facilities were due for renewal.  I decided to transfer my mortgage to another lender.     Prior to the transfer, I received a phone call NAB  asking me “what it would take to stay with them?”  I was told the process...
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