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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.
Banks must change their way on pay, says APRA The Australian 12:00am September 5, 2018 Michael Roddan   Australia’s best-paid bankers are still failing to get the message that huge bonuses and remuneration drive bad behaviour, the chairman of the prudential regulator says. At the annual Risk Management Association conference in Sydney yesterday, Australian Prudential Regulation Authority chairman Wayne Byres told a gathering of chief risk officers and other financial managers that they needed to change the way they paid their most senior executives to prevent excessive risk taking and punish badly behaved bankers. The government in its 2017 federal budget forced the nation’s biggest banks — Commonwealth Bank, Westpac, ANZ and National Australia Bank — to put their executives on a potential bad behaviour register that would also require handing over 40 per cent of their bonuses to the regulator to defer financial rewards. But Mr Byres said the banking...
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ANZ will be honest and open in future: David Gonski The Australian 12:00am September 6, 2018 Damon Kitney   EXCLUSIVE  ANZ chairman David Gonski has issued a strident defence of the banking sector and its importance as the “vital arteries of the community”, but promised that if his bank made a mistake in the future, “we will own up to it, we will rectify it and we will learn from it”. In his first public comments since the banking royal commission started earlier this year, Mr Gonski said bankers had the ­ability to become multipliers for changing lives and that he took on the ANZ job “to be part of doing something good”. Mr Gonski also defended the integrity of ANZ chief executive Shayne Elliott as all of the four major bank bosses and their executives have been tarnished by damaging revelations in the hearings. “If we make a mistake we...
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Record penalty for Westpac’s dodgy home loans ‘immaterial’ The Australian 12:00am September 6, 2018 Michael Roddan   A record $35 million penalty agreed to by Westpac over its irresponsible sale of home loans has been labelled “immaterial” to the lender. Westpac is continuing to reap an estimated $25m in revenue each year from the dodgy loans it provided, which is more than the penalty still to be approved by the Federal Court. While the shares of all major banks fell yesterday, Westpac tumbled the hardest, losing more than 1 per cent amid renewed scrutiny of the second-largest lender’s mortgage book. Westpac shares have slid almost 10 per cent since the start of the year. The Australian Securities & Investments Commission’s $35m civil penalty agreement with Westpac derailed a scheduled three-week Federal Court trial that was due to start this week. But Westpac’s admission it failed to properly assess borrower incomes when...
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Westpac ponders sale of planning arm in readiness for commission fallout Australian Financial ReviewSep 5 2018 11:45 PM Joyce Moullakis   EXCLUSIVE  Westpac Banking Corp is weighing a sale of its financial planning arm, as it joins rivals in the scramble to prepare for any fallout from the Hayne royal commission. Sources told The Australian Financial Review that Westpac - the lender most staunchly wedded to its wealth business - had quietly tested appetite in the market to offload its inhouse financial planners. It is understood to have also weighed an asset swap or retaining the division. The assessment is part of the bank preparing for a myriad of possible outcomes and worse case scenarios, that may emerge from the interim or final reports of the royal commission. Among its key areas of focus, the commission has investigated potential conflicts in financial services companies which provide advice and push sales of...
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New probe by APRA into banks’ superannuation rorts The Australian 12:00am September 4, 2018 Ben Butler, Michael Roddan   The superannuation regulator has launched a raft of fresh investigations into some of Australia’s biggest financial institutions, ­including the nation’s biggest bank, CBA, after being embarrassed by revelations of wrongdoing exposed during bruising royal commission hearings. Australia’s biggest banks have scrambled to deny they have broken multiple laws requiring that they act in the best interests of super members, while hosing down suggestions they have treated regulators like doormats. Revelations at the hearings last month included that NAB charged dead people fees, that AMP whittled away savings through high fees and that CBA committed at least 13,000 crimes by failing to move fund members from a high-fee fund to a low-fee MySuper fund. In a series of submissions to Kenneth Hayne’s year-long ­inquiry yesterday, NAB, CBA and AMP attempted to argue their...
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APRA savages IOOF chief Kelaher at royal commission The Australian 12:00am September 4, 2018 Michael Roddan, Ben Butler   The prudential regulator has launched a scathing attack on the fitness of IOOF chief executive Chris Kelaher to lead the ­company, throwing fresh doubts over its billion-dollar takeover of ANZ’s wealth management business. In a submission to the financial services royal commission, the Australian Prudential Regulation Authority heaped pressure on Mr Kelaher to stand down, telling the banking royal commission he did not understand superannuation law or the obligations of a trustee and made an important “untrue” statement in a letter to it. APRA said it had launched fresh investigations into IOOF and two other big financial institutions tarred in last month’s round of commission hearings into super, CBA and Suncorp. In a series of submissions to Kenneth Hayne’s year-long ­inquiry yesterday, NAB, CBA and AMP attempted to argue their way out...
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How to fix the banks after the royal commission Australian Financial Review Sep 3 2018 7:02 PM Ben Potter   Break up the banks, tax banks more than other firms, and lay siege to them with low-cost competition from public financial institutions such as the Reserve Bank of Australia and the Future Fund. These are some of the ways to bring the banks to heel after the royal commission's disclosures of conflicts of interest, alleged criminal conduct and customer rip-offs to be discussed at the Melbourne Economic Forum on Tuesday. The Productivity Commission also found banking highly concentrated in favour of big banks. Allan Fels, a former dean of the Australian School of Government and chairman of the Australian Competition and Consumer Commission, will tell the forum that the Australian Competition Law should be rewritten to include a general power of divestiture, administered by the courts, for extreme cases of abuse...
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Paul Keating says all super funds should be non-profit Australian Financial Review Sep 3 2018 11:00 PM Tony Boyd, Joanna Mather   EXCLUSIVE  Former prime minister Paul Keating has called on the Hayne royal commission to recommend that retail super funds be stopped from putting profits ahead of super fund members. "We need to be able to peer through the corporate entity to what is in the best interests of their members," he said. "What the royal commission is revealing, and what I am trying to say, is that trustee structures should not be the overlord of the corporate organisation handing out contracts to related parties." Mr Keating said that corporate trustees owned by banks were "a front" for those institutions and this represented a conflict of interest. In an exclusive interview with The Australian Financial Review, Mr Keating also took a swipe at the performance of the two regulators –...
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Deloitte, EY, KPMG, PwC should be probed for cartel conduct: Labor Australian Financial Review Sep 3 2018 6:11 PM Edmund Tadros, Tom McIlroy   Labor has asked the competition regulator to investigate the big four accounting firms Deloitte, EY, KPMG and PwC over allegations of cartel-like behaviour, warning of conflicts of interest between their audit functions and lucrative consulting businesses. The written request, by shadow treasurer Andrew Leigh and Labor member Julian Hill, asks Australian Competition and Consumer Commission boss Rod Sims to examine the structure of the auditing market given the dominance of the big four firms. The Labor figures write that one area "of immediate concern" is the revelation, which was made during a hearing into the government contracting and procurement, that the big four CEOs have met for private dinners. The request, sent on Monday morning, has no formal power, as only the Treasurer can direct the competition...
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Westpac and peers shouldn't rely solely on HEM, one of its authors says Australian Financial Review Sep 3 2018 11:00 PM Misa Han  NB Document show they were using HPI which is worse................ One of the experts responsible for developing a benchmark on household expenditure says banks are not supposed to solely rely on it to approve loan applications, as Westpac and the corporate regulator moved closer to settling a test case on the issue. The corporate regulator is fighting a case about whether Westpac breached responsible lending laws by using a household expenditure measure (HEM) benchmark to automatically approve home loan applications. Monday was supposed to be the first day of a three-week hearing before Justice Nye Perram in the Federal Court, but the regulator and Westpac spent the day negotiating a settlement. They have given themselves until 9am on Tuesday to settle the case. If it doesn't settle, the...
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Housing Bubble Pops in Sydney & Melbourne, Australia Wolf StreetSep 3, 2018 Wolf Richter   And with impeccable timing, an immense flood of new construction. In Sydney, breeding ground for one of the world’s biggest housing bubbles, prices of single-family houses dropped 7.3% in August, compared to a year earlier. Prices of “units” — condos in US lingo — fell 2.2% year-over-year. Price declines were the sharpest at the high end, with prices down 8.1% in the most expensive quarter of home sales. Prices of all types of homes combined fell 5.6%, according to CoreLogic’s Daily Home Value Index. The index is down 5.8% from its peak last September. Melbourne, where the inflection point has been lagging a few months behind Sydney’s, is in the process of catching up. Over the three month-period, June-August, prices fell 2.0%, making Melbourne the weakest housing market among the capital cities. By segment, house prices...
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CBA recalculates loan book to invite customers to pay debt slower Sydney Morning Herald 2 September 2018 7:30pm Caitlin Fitzsimmons   Commonwealth Bank’s review of its loan book to reduce customers’ minimum monthly repayments extends to personal loan customers as well as mortgagors. Fairfax Media previously reported that CBA home loan customers with savings in a redraw facility would have their minimum repayments reduced to extend the debt over the contracted period of the loan. This could result in customers paying thousands in extra interest repayments, scupper attempts to repay debt early and eat up savings made in a redraw facility. Fairfax Media has now learned the change, which took effect on September 1, applies to variable rate personal loan customers as well. One customer posted a public Instagram photo of her personal loan statement showing her minimum repayment was now $235 instead of the $598 originally contracted. "Now that they...
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Savings savaged by bank margin squeeze The Australian 12:00am September 3, 2018 Richard Gluyas, Samantha Bailey   Savers are being slugged by ultra-low deposit rates as the nation’s banks work hard on both sides of the balance sheet to prop up their flagging interest margins, while borrowers suffer out-of-cycle rate rises. Comparison website RateCity says the days of attractive term deposit rates are “long gone”, with the average rate for deposits locked up for 12 months barely moving over the past year. “Term deposits were once one of the most popular places to park your cash, offering a guaranteed return on investment and protection against a falling cash rate,” RateCity research director Sally Tindall said. “But those days are long gone, with the RBA almost certain to leave rates on hold when they meet (tomorrow).” The average term deposit rate in July was about 2.2 per cent — barely above inflation...
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Industry super funds ready to lend to business Australian Financial Review Sep 2 2018 11:00 PM Joanna Mather, James Thomson   Industry fund supremo Garry Weaven has pledged to help businesses borrow more from the $2.7 trillion superannuation pile, amid fears that the Hayne royal commission will force banks to restrict lending to business. Figures released last week revealed that union-affiliated industry funds are now larger than bank-owned retail funds amid signs that they are winning the bitter political battle against the banks. Mr Weaven said industry funds were keen to play a greater role in the economy and to deploy capital to create jobs, including corporate debt financing. "The money is there to be channelled and attracted," he said. "The banks, in order to keep growing their residential book, are probably going to have to reduce the proportion that they lend to the corporate sector, and super funds can fill...
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CEOs warn banking royal commission could put clamps on lending Australian Financial ReviewSep 2 2018 11:00 PM James Thomson   Chief executives from outside the financial services sector are concerned reforms flowing from the Hayne royal commission could hurt the economy if they dry up credit for small business and consumers. "The risk is that if banks and financial institutions become so risk averse they slow down the provision of credit to individuals and businesses. That would be the key risk which I hope doesn't happen," Wesfarmers chief executive Rob Scott said. Wesfarmers' retail chains, such as Bunnings and Officeworks, are exposed to both business borrowers and individuals. "It's a risk if the regulatory response is too heavy handed," Mr Scott said. The issue is also playing on the minds of BlueScope Steel chief executive Mark Vasella and Downer EDI chief executive Grant Fenn, whose companies either sell to, or are...
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Coalition ‘ignored official advice’ on reef fund The Australian 12:00am September 3, 2018 Rick Morton   EXCLUSIVE  A grant of almost half a billion dollars to the Great Barrier Reef Foundation was more than double the recommended amount and handed over as a single payment against the advice of the Department of Finance. The Australian can reveal a cautious Finance Department recommended the budget allocation to help protect the Great Barrier Reef be set at $200m over six years, but the government’s expenditure review committee took another view. According to senior government sources, the decision to shovel $443.4m out the door immediately and give it to a non-government organisation as a tied grant was taken because it allowed the administration to “look like heroes” without making the budget look worse. Unlike the Finance Department option, this alternative would have the money off the government’s books and effectively gone in a year,...
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Turnbull’s plan to spend billions before election The Australian 12:00am September 3, 2018   Former prime minister Malcolm Turnbull personally approved a $7.6 billion roads and rail package aimed at saving marginal seats across the country as part of his ­re-election blueprint, a leak has ­revealed. The package was one of 10 major projects fully funded and listed in the May federal budget under “decisions taken but not yet announced”, according to the ­Herald Sun. The list of major projects, leaked to the newspaper just days after Mr Turnbull’s successor as Prime Minister, Scott Morrison, took office, reveals ­secretly approved infrastructure projects were included in the budget for the Coalition to unveil progressively in the lead-up to next year’s federal election. Among the major projects is $1.5 billion towards planning and pre-construction of high-speed rail along the east coast, with ­priority on linking Melbourne, Canberra, Sydney and Newcastle. More than $3bn...
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Minority government one more challenge for shaky Morrison government Australian Financial Review Aug 31 2018 11:00 PM Andrew Clark   A recent earthquake on the Indonesian island of Lombok was marked by terrible after-shocks. Australian politics is now undergoing its own version of the Lombok after-shocks. The political earthquake was the August 24 Liberal party room ouster of prime minister Malcolm Turnbull. After-shocks in coming weeks will range from a boil-over in former Liberal prime minister Tony Abbott's seat of Warringah to a hotly contested byelection in Turnbull's old seat of Wentworth, tensions over the Liberal party's treatment of women and deep divisions over energy policy and climate change. For a Coalition that has temporarily lost its one-seat majority in Parliament after Turnbull's departure from Wentworth, the after-shocks could test its hold on power, suggesting parallels with the dragged-out political crisis that hit Australia in 1941 in the dark days of...
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Banking royal commission pushes billions into industry super Australian Financial Review Aug 31 2018 11:00 PM Joanna Mather   Billions of dollars pouring out of bank-owned superannuation funds and into industry funds in response to revelations of misbehaviour at the banking royal commission are turning the union-backed funds into the country's fastest-growing investors in Australia's infrastructure boom. AustralianSuper says it received more than $1 billion from new customers in each of July and August – double the amount of the same time last year. Chief investment officer Mark Delaney said the gains were due to transfers out of retail funds and were undoubtedly in response to the Hayne royal commission. "We can see where the money is coming from," he said. "It's money being rolled in and it's coming from retail providers." With more than $140 billion in funds under management, AustralianSuper is the nation's largest super fund. That might was...
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Adelaide Bank, Suncorp join Westpac and raise variable rates Australian Financial ReviewAug 31 2018 2:22 PM Duncan Hughes   Suncorp and Adelaide Banks are blaming "challenging" market conditions for raising variable rates across their range of investor and owner-occupied mortgage products by up to 40 basis points. The move closely follows Westpac Group's decision to raise variable rates by 14 basis points and will fuel heated market speculation that other majors will follow with out-of-cycle rate rises to cover increased capital costs. Rising rates on the eve of the spring real estate season, traditionally the busiest period for sales, is also expected to subdue already sluggish clearance rates amid growing home buyer and investor fears of more increases, particularly in Melbourne and Sydney. Bankers are warning that rising funding pressure is also putting pressure on commercial and agribusiness lending costs. Adelaide Bank is increasing rates for eight products covering its range...
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Michaelia Cash declined to give AFP statement on union raids: fresh claims Australian Financial Review Aug 30 2018 11:00 PM Phillip Coorey   Cabinet minister Michaelia Cash has become the latest target of the payback culture inside the Liberal Party, after allegations emerged that she declined to provide a witness statement to the Australian Federal Police investigating the leaking of a union raid from within her office. Senator Cash, who was demoted in Sunday's leadership reshuffle after turning on Malcolm Turnbull, rejected any assertion she refused to cooperate. It is understood she told the officers that she did not need to make a fresh statement because she had been quizzed on the matter many times in Parliament and everything she knew was on the public record. The AFP was investigating a tip-off to the media about a raid on the offices of the Australian Workers' Union last year. The raids were...
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NZ minister lashes Australian banks over country services The Australian 2:39pm August 30, 2018 AAP   New Zealand’s regional development minister has lashed out at Australian-owned banks, saying they take a miserly approach to their rural Kiwi customers and that a review of the law might be in order. Minister Shane Jones, who styles himself as the “champion of the regions”, on Thursday criticised the Aussie companies over the closure of regional branches. “If the Aussie banks are going to continue to profit at $5 billion a year then in my view it’s not unreasonable they be required to maintain a level of service,” he told Radio NZ. “I can guarantee you that the Aussie-owned banks are offering a range of services that are more efficient and cheaper to their own people than we’re putting up with in provincial New Zealand.” Mr Jones said he would be seeking advice from New...
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Borrowers under increased risk The Australian 12:00am August 31, 2018 Michael Roddan   One of the best insurance protections Australia has against a sharp rise in mortgage defaults may be weakening, as some borrowers show signs they are no longer able to get ahead on repayments. Global ratings agency Standard & Poor’s warned that while arrears were holding largely steady “for the moment”, prepayment rates on mortgages have slowed. “This slowdown could be attributable to factors such as the growth in interest-only lending in recent years, refinancing pressures for some borrowers, and the growth in loan-offset facilities,” S&P analyst Erin Kitson said. “A slowing in prepayment rates can precipitate a rise in arrears if it reflects a slowdown in refinancing activity, a common way for borrowers to manage their way out of financial difficulty,” she said. “Borrowers of a lower credit quality are more susceptible to this risk.” The RBA has...
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Westpac’s bank rivals may hold off on rate hikes: analyst The Australian 6:02pm August 30, 2018 Stuart Condie (AAP)   Westpac’s major rivals may not rush to follow the lender’s move to raise mortgage rates, with regulators’ glare and the threat of an increased bank levy keeping them on hold, according to one leading analyst.   Westpac has announced it will raise variable home loan rates by 0.14 percentage points from September 19, blaming increased wholesale funding costs.   That caused the Australian dollar to drop on speculation Commonwealth Bank, National Australia Bank and ANZ would follow suit, potentially forcing the Reserve Bank of Australia to offset rises by cutting a cash rate that has stood at a record low 1.5 per cent since 2016.   Mr Mott says Westpac’s rivals are not under the same pressure to raise rates, while the consumer watchdog’s brief to ensure lenders do not pass...
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ASIC fires broadside at cold calling insurers, threatens intervention Australian Financial ReviewAug 30 2018 11:00 PM Joyce Moullakis  The nation's under fire life and funeral insurers are bracing for more enforcement action by the corporate regulator, as it looks to stop sales cold calling and potentially draw on new intervention powers to ban accidental death cover. In two damning reports released on Thursday, the Australian Securities and Investments Commission told the direct life insurance sector to lift its game after it uncovered "aggressive selling," pressure tactics and poor consumer outcomes. ASIC's senior executive leader Michael Saadat said the reviews had identified an array of staff selling incentives such as vespa motorcycles and holidays, which encouraged the wrong behaviour. Cold calling targeted He thinks cold calling and telemarketing to customers to sell them life insurance should stop. "We haven't landed on a concrete method for doing this… but we don't think there...
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