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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.
   FOR THOSE WHO WISH TO READ THIS EXTRAORDINARY REPORT - THE PLAN TO GIVE THE BANKERS THE GREEN LIGHT TO RUSH INTO SUB PRIME LENDING IN AUSTRALIA in 2001 and then the  2003 REPORT https://coolabahcapital.files.wordpress.com/2016/10/2003austpmtaskforcereport-1.pdf There is Volume 2 and 3  in this link........................  Denise Brailey...
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ASIC REPORT 59 Equity release products November 2005    Equity release products http://download.asic.gov.au/media/1337312/Equity_release_report_exec_summary.pdf   Page 8  - Regulation   Products The existing regulatory system was not designed  to address the issues raised by equity release products,which take the form of a credit arrangement but neverthelesshave some of the attributes of an investment product.   At the product level, the principal vehicle for regulation of credit, the Uniform Consumer Credit Code (UCCC), does not provide for disclosure of risk, nor provide a mechanism for disclosing elements of the cost of the product, such as the forgoing of equity, that are not translatable into an interest rate. Finally it will not apply at all where the funds obtained are to be used for investment purposes.   The principal vehicle for the regulation of investment products, the Corporations Act 2001 (Corporations Act), has limited application to some home reversion and shared appreciation products, depending...
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Summary of Findings for The Prime Ministerial Task Force on Home Ownership Vol. 1, 2 & 3 Reports Commissioned by The Menzies Research Centre for the Prime Minister’s Home Ownership Task Force Christopher Joye (Cambridge University), Andrew Caplin (New York University), Peter Butt (Sydney University), Edward Glaeser (Harvard University), Michael Kuczynski (Cambridge University), Joshua Gans (University of Melbourne), Stephen King (University of Melbourne), David Moloney (Booz Allen & Hamilton) and Alastair Bor (Booz Allen & Hamilton)   Chairman’s Preface The three reports published herein have been commissioned by the Menzies Research Centre as part of its Home Ownership Task Force which was undertaken at the suggestion of the Prime Minister in September 2003. No part of the Australian dream is more instinctively human than the desire to own our own home. In recent years, however, that worthy ambition has become harder for many Australians to attain. This is not a function of...
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HOW MALCOLM TURNBULL HELPED PUMPED UP JOHN HOWARD'S HOUSE PRICE BUBBLE   THIS IS THE SUMMARY OF THE 2003 REPORT “…it makes no sense whatsoever for the average Australian family to have to tie up over two-thirds of all their wealth in the world in one highly illiquid and very risky asset: viz., the owner-occupied residence. …we find that one in four families lose money (in real terms) when they come to sell the roof over their heads. For roughly one in ten dwellers, the situation is even more dire – these poor souls are subject to real price declines in excess of 13.4 percent.” – Summary of Findings for The Prime Ministerial Task Force on Home Ownership, 2003 Australian economics and political forums are full of good-hearted, well-meaning types, who argue passionately, and often cogently, for the need for policy changes to enable lower house prices. Criticism of the Howard Government’s...
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How Malcolm Turnbull helped pump Howard’s House Price Bubble https://barnabyisright.com/tag/malcolm-turnbull/  Click the LINK and read the LIST OF NAMES   Page 12 For centuries now, businesses in need of funds have been able to avail themselves of both debt and equity. Yet for households who aspire to expand, mortgage finance has been their one and only option. And so, despite the ever-growing sophistication of corporate capital markets, consumers around the world are forced to use only the crudest of financial instruments.3 3 This begs the question as to the absence of equity finance in the first instance. One answer instantly offers itself: securitisation. In the past, it was not practicable for a single unsponsored entity to go around gobbling up interests in individual properties in the vain hope that they could bundle these contracts into something that would look like a regulated holding. Fortunately, there has been spectacular progress of late...
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APRA faces pressure on liar loans The Australian 12:00am March 29, 2018 Michael Roddan   The banking regulator has repeatedly dodged questions from politicians who want to know why it overlooked “systemic” risks in the mortgage lending sector that have been uncovered in the first two weeks of the royal commission. Appearing before the powerful House of Representatives economics committee yesterday, APRA chairman Wayne Byres said much of the bad behaviour unearthed during the first two weeks of formal hearings at the royal commission fell under the responsibility of the corporate regulator, the Australian Securities & Investments Commission. Liberal MP Sarah Henderson, chair of the economics committee, asked Mr Byres repeatedly whether the Australian Prudential Regulation Authority could have been doing “a better job” of monitoring questionable behaviour including mortgage fraud at the nation’s major banks. Mr Byres said APRA was not responsible for policing much of the conduct at the...
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ASIC builds more legal muscle, with Daniel Crennan appointed enforcement commissioner The Australian 1:28pm March 28, 2018 John Durie   Daniel Crennan’s appointment as ASIC deputy chair has attracted wideranging support for both his own credentials and the concept of bringing external commercial legal experience into the regulator. The QC’s appointment, together with other changes introduced by Financial Services Minister Kelly O’Dwyer, came as the corporate plod updated its budget for this financial year with a bill of $238 million to be paid for by industry, depending on how much of its time is taken up looking after the sector. ASIC will be funded roughly two thirds by industry and the rest by government, with a direct levy on the different sectors. By way of example listed companies will have to pay $33.9 million, which works out at around $4,000 each, while banks will have to pay at least another $22.6...
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Corporate debt, interest rates and political uncertainty spook global markets Australian Financial Review Mar 28 2018 4:30 PM Karen Maley   How's this for a toxic cocktail for global sharemarkets? Take high levels of corporate leverage, add in rising interest rates and a large dollop of political uncertainty, and it's a recipe guaranteed to shake investor confidence. Let's take each of these ingredients in turn. Close to a year ago, the International Monetary Fund warned that US corporate debt had ballooned to levels exceeded those prevailing just before the global financial crisis, as US firms had taken advantage of ultra-low interest rates to load up on debt. The IMF warned that elevated corporate debt levels could cause problems down the track, as the US central bank continued to push short-term interest rates higher. But the warning went completely unheeded, as easy credit conditions spurred a fresh round of corporate debt raising...
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Project Group collapse just the first of many in overheated market, subbies warn Australian Financial Review Mar 28 2018 2:25 PM Michael Bleby   The collapse of builder Project Group is the first of many to come in the overheated Victorian construction market, according to subcontractors membership group Subbies United. Conditions that triggered Melbourne-based Project Group to go into voluntary administration last week, such as fixed fees and rising costs, were catching up with head contractors and would trigger the failure of other companies, Subbies United adviser Rob Berry said. "I think it's the start of many," said Mr Berry, who estimated Project Group's debts would more than double from the administrator's preliminary estimate of $22 million to about $50 million. "Prices are escalating. [Builders] are on a fixed-contract price. Their margins are disappearing and going into negative margin and it's catching up with them." The construction industry failures that had,...
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CBA report detailed compliance issues with Aussie Home Loans The Australian 12:00am March 28, 2018 Richard Gluyas   An internal Commonwealth Bank audit report last year identified a range of compliance issues with the bank’s Aussie Home Loans business, including a failure to ­enforce key CBA policies that the broker was contractually bound to observe. The nine-page report, which was released as an exhibit yesterday by the financial services royal commission, rated the control ­environment for Aussie as “marginal”, or unchanged since 2014. While the report recognised that CBA management under home-buying boss Dan Huggins was taking “significant” steps to improve assurance activities, it said the assessment should extend to employee due diligence, customer identification requirements including “know your customer”, and various assurance procedures over individual brokers. “Home buying do not have sufficient oversight of aggregators to confirm they are meeting key legislative requirements they are required to perform on behalf...
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'Systemic risks': RBA hits back on housing loan speed limits Sydney Morning Herald 27 March 2018 1:59pm Clancy Yeates   The Reserve Bank has hit back at criticism of the regulatory crackdown on the home loan market, saying such curbs were needed to contain "systemic risks" caused by a slide in lending standards. The Productivity Commission last month took aim at speed limits imposed on lending to property investors in 2014, and 2017 caps on interest-only lending, saying the policies were a "blunt intervention with detrimental effects on market competition". The commission's draft report on competition in finance said regulators were putting too much emphasis on stability, and argued the watchdog's loan caps had boosted big bank profits while making it harder for smaller banks to compete. In a submission to the commission lodged last week, the RBA stood by the loan caps - known as "macroprudential" policies - which have...
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Just how shabby are the big banks' loan books? Australian Financial ReviewMar 27 2018 5:33 PM Karen Maley   Bank shareholders, many of whom have followed the Hayne royal commission's public hearings with avid interest, remain deeply divided about one key question: Are the banks' poor lending practices confined to small pockets of their loan books, or is a sizeable chunk of the banks' assets of dubious quality? Unfortunately, senior executives at the big four banks proved to be of little help in answering this question. They are so petrified of attracting the attention of the Hayne royal commission, and of possibly being called to testify before it, that none were prepared to comment on the record about the quality of their loan books. The National Australia Bank showed the most courage, telling The Australian Financial Review that a NAB spokesperson could be quoted as saying that "we are comfortable with...
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APRA rejects claim it needs to do 'a better job', blames ASIC Australian Financial Review Mar 28 2018 12:56 PM James Frost   Australian Prudential Regulatory Authority chairman Wayne Byres has denied his organisation was unable to keep the banks in line and said there is little evidence of a lending free-for-all. After more than an hour of questioning of about revelations of lax lending standards from the Hayne royal commission, he told the House Economics Committee  that while there was a small cohort of borrowers who would have difficulty servicing loans when rates move higher there was no sign of a broader problem. "We are still dealing with an environment in which arrears are not particularly high, they are higher than they have been for a while, but if lending was a free-for-all in the way that some are suggesting I think arrears rates and other things, indicators of financial...
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Royal Commission spotlights the mortgage fraud that could implode the banking system In its first fortnight of hearings, the Banking Royal Commission drew the nation’s attention to the huge problem of mortgage fraud. The hearings showed that each of the big four banks, which together control 80 per cent of banking in Australia, have engaged in fraud on a massive scale. The fraud is not confined to the margins of the home loan business, but infects the majority of mortgages, which means most borrowers can’t afford their loans. The bottom line is there is nothing real propping up the Australian housing market—it is a bubble of lies, and it would only take a slight shock to burst the bubble and bring down the entire banking system. Until now, a small number of individuals and organisations, including the Citizens Electoral Council, have been warning of this danger. The Royal Commission has forced...
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Top reasons the Banking Royal Commission must investigate APRA The terms of reference that Malcolm Turnbull gave to the Banking Royal Commission only allow it to examine specific failings of regulators in relation to banking misconduct. It is not allowed to examine “macro-prudential policy”, which is the regulatory structure of the financial system, and the policies of the Australian Prudential Regulation Authority (APRA), the bank regulator. Issued with the approval of the banks and regulators, Turnbull’s terms of reference are clearly intended to hobble the Royal Commission and protect the banks. Here are the top reasons why Australians should demand that the Royal Commission be allowed to investigate APRA and the regulatory structure of the banking system. APRA is the supervisor of the banks, and their atrocious abuses occurred under its supervision. Numerous experts and bank victims who have interacted with APRA accuse it of protecting the banks, not policing them. APRA is...
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BFCSA: Sneaky Tony - Treasury forced to answer CEC and experts on bail-in bill. A POX on this Government! "Not our Intention but we can GRAB YOUR CASH if we want..." Tony Abbott & only several others passed this bill as everybody else slept all against objections of a Tasmanian politician, an ex banker, who fully understood the ramification of such a bill. The full story from CEC here:                 http://cecaust.com.au/releases/2018_02_16_Govt_APRA.html The government and regulators have been forced to answer objections raised in the flood of public submissions on the APRA “bail-in” bill. The Senate Economics Legislation Committee, which received more than 1,000 submissions to its inquiry into the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017, put a series of questions to the Treasury, Reserve Bank (RBA), Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC), based...
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NAB knew regulatory ‘risks were high for months’ The Australian 12:00am March 27, 2018 Ben Butler   National Australia Bank gave ­itself a “red”, or high, rating for regulatory and compliance risk for “many months” in 2015, according to bank board minutes released last night by the royal commission into financial services. Minutes of the principal board risk committee meeting also reveal issues, including $780 million on loan to debt-laden Anglo-Swiss miner and commodities trader Glencore, findings of “non-compliance” against the bank by anti-money laundering and counter-terrorism finance watchdog Austrac and inadequate disaster recovery plans for its data centres. The minutes of the meeting held at NAB’s Docklands headquarters in Melbourne at 8.10am on November 4, 2015, are among a cache of documents relating to a home loan bribery scandal among bank managers in western Sydney that was dealt with at the commission’s public hearings over the past fortnight. NAB initially failed...
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New CBA boss Matt Comyn executes purge of Narev old guard Australian Financial Review Mar 26 2018 6:04 PM James Eyers   Commonwealth Bank of Australia's new CEO Matt Comyn has executed a purge of Ian Narev's old guard as he works to restore the bank's battered reputation with sweeping changes to the senior management ranks leaving an unprecedented five group executive roles vacant. Kelly Bayer Rosmarin, group executive of institutional banking and markets, who was in the running for CEO but missed out to Mr Comyn, and David Whiteing, group executive of enterprise services and chief information officer, will be leaving CBA it was announced on Monday, along with Melanie Laing, group executive of human resources. Five of the top 13 executives at CBA, which is embroiled in a money laundering scandal and facing heat at the Hayne royal commission, will have departed since the AUSTRAC proceedings were filed last...
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Millions of Australians missing out on superannuation, amid rise of gig economy ABC News (Four Corners) 26 March 2018 Stephen Long, Janine Cohen   Millions of workers are missing out on superannuation or failing to gain enough superannuation to secure a decent retirement, sparking calls for the entire system to be overhauled. The coverage of the superannuation system is being undermined by: ·         The rise of the gig economy, with a growing number of workers not classed as employees and ineligible for compulsory employer-funded superannuation; ·         Billions of dollars of retirement savings lost to employees each year through unpaid superannuation; ·         A significant share of the workforce in low-paid or insecure work who do not accumulate sufficient retirement savings. By law, employers in Australia must pay superannuation to any employee who earns more than $450 a month. But 1 million workers in Australia are classed not as employees, but as independent...
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More banks will be compelled to sign up to new ABA code of conduct Sydney Morning Herald 25 March 2018 4:49pm Fergus Hunter   EXCLUSIVE  More Australian banks will be required for the first time to sign up to a new code of practice as part of their membership of the Australian Banking Association, marking a strengthening of the scandal-plagued sector's approach to self-regulation. The ABA's move to compel all banks with retail operations to adopt the rewritten code is likely to oblige members such as Macquarie, industry super fund-backed ME Bank and local offshoots of international institutions like the Bank of China – who are not signatories – to adopt the tougher and legally-enforceable set of rules. The new code will force banks with retail operations to adopt plain English contracts, stop unsolicited offers of credit card limit increases, give customers the ability to cancel credit cards online, and provide more transparency...
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Backbenchers accused of helping payday lenders evade scrutiny The Australian 12:00am March 26, 2018 Michael Roddan   The federal opposition is accusing the so-called “parliamentary friends of payday lenders” group of government backbenchers of working to undermine the financial services royal commission by pushing to exempt the scandal-plagued payday lending sector from the year-long inquiry. The Australian can reveal the country’s largest payday lender, Cash Converters, has not been included in the royal commission. A spokesman for Cash Converters, which was recently forced to refund $10.8 million to customers and paid a $1.35m fine after an ASIC action, said the company had not been invited to make a submission to Kenneth Hayne’s royal commission and was not expected to give evidence. However, the first two weeks of royal commission hearings have revealed widespread rorts in the consumer credit sector, including consumers getting bad deals from car dealers, hairdressers and gym managers...
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Banking Royal Commission could spark a credit crunch that drags down wider economy, UBS analysts say ABC News24 March 2018 Stephen Letts   It has just been going just two weeks but the royal commission into the banks has had a vastly more material impact than most observers expected. Banks have been absolutely crunched as evidence of all manner of dodginess and outright fraud mounted up. The Big Four have lost around 4 per cent of their value since Commissioner Ken Hayne and his redoubtable counsel assisting, Rowena Orr, started turning the screws earlier this month. But ruthless efficacy of the inquisition could trigger a far bigger and systematic crunch — one that hits not only bank profitability, but potentially the entire economy. The big investment bank UBS has marshalled its banking and economic analysts to look at the impact on future credit conditions that will inevitably tighten as banks are...
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Financial royal commission flags some big changes The Australian 12:00am March 24, 2018 Ben Butler   After just two weeks of hearings, the royal commission into financial services has flagged fundamental changes to the way the industry operates, including a ban on paying commissions to brokers and other third parties and an overhaul of a culture that puts making sales before looking after customers. Delivering an address closing a first round of public hearings yesterday in Melbourne, counsel assisting the commission, Rowena Orr QC, made dozens of allegations of misconduct, including misleading, deceptive and unconscionable conduct, against the big banks. She and commissioner Kenneth Hayne QC found it was open to the commission to make findings of misleading, deceptive or unconscionable conduct against National Australia Bank, the Commonwealth Bank and its subsidiary Aussie Home Loans. Ms Orr said that based on evidence before the commission over the past two weeks it...
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The banking royal commission may delay banking's artificial intelligence nirvana Australian Financial Review Mar 23 2018 11:00 PM James Frost   It is the banking industry's favourite narrative: advances in technology and automated processes will help solve everything from back office inefficiencies to sub-par customer experiences. But after just two weeks of public hearings observers would be within their rights to ask if the dream of an AI-powered bank is just a fantasy. At the same time as ANZ's Guy Mendelson was explaining to the royal commission on Thursday that the platform supporting the bank's asset finance business built in 1982 was being decommissioned, ANZ's online banking services were crashing around Australia. For about five hours customers were unable to use ANZ's internet banking, mobile apps or complete transactions with a value of more than $200. Queues at supermarket check-outs began backing up as transaction after transaction was declined. There is...
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Who is to blame for NAB's Introducer Program? Australian Financial ReviewMar 23 2018 11:00 PM Patrick Durkin   The National Australia Bank has denied that its chief operating officer and potential next chief executive Antony Cahill had accountability for the bank's "Introducer Program". Questions are expected to arise at the banking royal commission over blame for the flawed program. The royal commission has examined how the program – designed to reward businesses for referring home loan customers to NAB – led to staff being paid "cash bribes" in "white envelopes" to write loans based on fake documents to hit targets and collect bonuses and on Friday, the commission heard the program led to multiple possible breaches of the law. Further revelations emerged this week after Nicola D'Agostino pleaded not guilty to 49 charges of obtaining property by deception and other charges relating to allegations he conspired with former banker Andrew Matthews...
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