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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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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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FBAA defends commission model to Senate inquiry   1 May 2017   Annie Kane   https://www.theadviser.com.au/breaking-news/36012-flat-fee-model-could-lead-to-poor-consumer-outcomes-fbaa   The industry association has defended the current broker commission model to the Senate economics references committee and warned that switching to a flat fee model could lead to “extremely poor consumer outcomes”.   At a public hearing in Sydney last week, the executive director of the Finance Brokers Association of Australia (FBAA), Peter White, was questioned on the Australian Securities & Investments Commission (ASIC) report into remuneration and whether there were any poor consumer outcomes happening in the broker sector.   Touching on the ASIC recommendation that lenders “change their standard commission arrangements so that brokers are not incentivised purely on the size of the loan”, the senate questioned whether fees for service, rather than commissions, would be a suitable alternative.  However, Mr White told the senators that this would not be in the best interest of the...
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Record numbers under mortgage stress   1 May 2017 Duncan Hughes http://www.afr.com/personal-finance/record-numbers-under-mortgage-stress-20170501-gvw2vt Record numbers of Australian households face mortgage stress as large loans and rising interest rates start to bite, according to detailed analysis of lending, repayments and household incomes. Affluent suburban postcodes feature among an estimated 1000 households a week expected to face mortgage default over the next 12 months, the analysis reveals. "Debt stress momentum is unprecedented," according to Martin North, principal of research firm Digital Finance Analytics, who has been doing the survey for more than 15 years.  "This is not just about mortgage battlers. It is also hitting the households with bigger incomes and more leverage. It is worrisome," Mr North said. Numbers of borrowers in severe distress has increased by about one-third to about 32,000 in the past 12 months, he said.  Concern that 767,000 households – or one-in-four across the nation – are facing financial distress...
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ASIC admits product manufacturers try to shift blame   1 May 2017   Mike Taylor   http://www.moneymanagement.com.au/news/financial-planning/asic-admits-product-manufacturers-try-shift-blame   The Australian Securities and Investments Commission (ASIC) has acknowledged that product manufacturers have too often blamed distributors such as financial planners when product failures have occurred.   ASIC deputy chairman, Peter Kell has told the Senate Economics Committee inquiry into consumer protection in the banking, insurance and financial sector that such instances have occurred over many years.   Explaining why ASIC was pursuing a product intervention power, Kell said there had been an unwillingness on the part of product manufacturers to take responsibility.   Related News:   ·         Investment leaders need to transform their business   ·         Average 3.8 days for approval to go off APL   “… one of the problems we have typically encountered over many years in this sector is that if something goes wrong you often have the product...
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300,000 Victorian households struggling to meet repayments Michael Mata 28 April 2017 http://www.yourmortgage.com.au/article/300000-victorian-households-struggling-to-meet-repayments-235555.aspx   Hundreds of thousands of Victorian households are under mortgage stress, and many more would be pushed to the brink of defaulting on their loans if banks continue to hike their interest rates, warns consulting firm Digital Finance Analytics (DFA).  Some 300,000 Victorian homeowners are struggling to meet their mortgage repayments – a figure that would nearly double if interest rates were to rise by 2%. As the Turnbull government scrambles to tackle the housing affordability crisis in the upcoming May budget, economists warn that rising interest rates would hurt those who’re barely holding onto the property ladder.  Modelling produced by the DFA shows that property-owning, working-class families in Narre Warren, Craigieburn, Endeavour Hills, and Berwick are facing the most acute mortgage stress. Even a mere 0.5% interest-rate rise would put an additional 50,000 owner-occupiers and investors...
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The financial curse - watch the video!       We can't 'hold back the tide' in housing market: APRA's Wayne Byres   Clancy Yeates   28 April 2017-04-28   http://www.smh.com.au/business/banking-and-finance/we-cant-hold-back-the-tide-in-housing-market-apras-wayne-byres-20170428-gvuqk4.html   Australia's powerful banking regulator has stressed it cannot "hold back the tide" of the property cycle and exert control over house prices, underlining the limitations of recent curbs on bank home lending.  Wayne Byres, chair of the Australian Prudential Regulation Authority, highlighted this reality as he also flagged "further tightening" from banks in the $1.5 trillion mortgage market.   In response to a rapid build-up of household debt and soaring Sydney and Melbourne house prices, Mr Byres last month unveiled new caps on interest-only lending by banks, causing lenders to raise interest rates for some borrowers.  ANZ was the latest bank to respond on Friday, raising fixed interest rates for customers taking out interest-only home loans by up to 0.4...
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  Inside the House of Reps banking inquiry   By Christian Edwards   1 Day ago   Banking   https://www.rfigroup.com/australian-banking-and-finance/news/inside-house-reps-banking-inquiry     The political divide within the House of Representatives Standing Committee on Economics inquiry into the banking sector has been thrown into stark relief with the public release of its second report, revealing the frustration of non-government members forced to march to the majority’s beat.   In November 2016 the government-heavy, ten-member committee - including three Opposition and one Greens member - tabled its first ten recommendations to improve the banking system for Australian consumers.   According to committee chair, Liberal MP David Coleman, the second report affirms these and calls on Government implementation, as well as backing the abolition of non-monetary default clauses for loans to small business – a matter examined by the Australian Small business and Family Enterprise Ombudsman, Kate Carnell.   “Each of these Recommendations should...
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Banks want implementation of AML II but Turnbull has deferred doing so indefinitely!   Another PM Turnbull FAILURE to make a decision.     Legal profession faces ‘dire outcome’ if forced to comply with counter-terrorism financing laws   Guardian AustraliaFriday 17 March 2017 17.34   Nick Evershed and Paul Farrell   Extending anti-money laundering and counter-terrorism financing laws to Australia’s legal profession would erode lawyer-client privilege and could cost the industry 10% of the entire revenue of the legal profession, the Law Council of Australia has claimed.   The federal government has been consulting with industry groups about extending Australia’s anti-money laundering and counter-terrorism laws to different industry groups.   The consultation is focused on expanding the types of industries required to report suspicious matters, undertake certain types of due diligence requirements and verify identification now limited to certain types of financial institutions.   The range of bodies that could...
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 Banks pull back in loan stress zones - TOO LATE!!! $1.6 trillion in toxic lending and rising...........Catastrophic consequences for victims of Low Doc Lending   The Australian 12:00am March 18, 2017  Michael Bennet Banks are scrambling to pull back lending to stressed parts of the country and riskier borrowers, amid fears rising interest rates will exacerbate risks in a highly leveraged $1.5 trillion mortgage market that is “fraying at the edges”.   As Westpac yesterday followed National Australia Bank in hiking interest rates, former ­Reserve Bank board member Warwick McKibbin warned that an “adjustment” was looming and property prices could dive if overly leveraged borrowers stumbled under rising borrowing costs and investors ran for the exit.  He slammed governments for failing to undertake structural ­reform since the global financial crisis and relying on the RBA to prop up the economy by cutting rates to record lows, saying inaction had placed the property...
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Banks don't dob on their dodgy advisers for up to six months – ASIC   18 March 2017    Mario Christodoulou    Watch the show http://parlview.aph.gov.au/mediaPlayer.php?videoID=342550&operation_mode=parlview    http://www.smh.com.au/business/banking-and-finance/banks-dont-dob-on-their-dodgy-advisers-for-up-to-six-months--asic-20170317-gv0npr.html    Australia biggest banks are taking up to six months to notify the corporate watchdog when they find misbehaving advisers and frequently fail to properly check the background of the financial planners they employ. An Australian Securities and Investments Commission review released on Friday looked at how Australia's biggest financial institutions – Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and AMP – dealt with dishonest and incompetent financial advisers over a 5½-year period ending in June 2015. The five firms represent almost 9000 financial advisers or 40 per cent of all financial advisers in Australia. ASIC discovered as part of its review that nearly half of advisers the banks knew to be dishonest, incompetent or fraudulent had...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Umm, pretty weird how long it takes for these things to be sussed out by ASICJOKE. 5 years? Bloody hell theyre fast! Wouldn't ha
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 Banks under investigation as ASIC targets dodgy mortgage lending At last ASIC admits sellers not to blame.  We agree.  Banks responsible for creation of dud mortgage products, deceiving sellers, and the wicked APPROVAL of unaffordable loans.  $1.6 Trillion worth of toxic mortgages.  Exclusive by Elysse Morgan and business editor Ian Verrender    http://iview.abc.net.au/programs/business#playing – 8 minutes in interview with Medcraft – brokers not to blame. Its the Banks, the Banks, the Banks   Thu Mar 16 19:45:09 EST 2017  http://mobile.abc.net.au/news/2017-03-16/banks-under-investigation-as-asic-targets-dodgy-lending/8361446?pfmredir=sm  Dodgy mortgage lending practices have become so rife that the corporate regulator has confirmed it has a significant proportion of Australian banks under investigation.  Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft told The Business that, in addition to charges against Westpac Banking Corporation for allegedly failing to adequately assess clients, a further 10 institutions were in the firing line.  "When we are talking to lenders, it usually means we think they...
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 Interest-only loans a matter of no principal  Adam Creighton  The Australian 12:00am March 17, 2017   Negative Gearing is a perverse Government incentive to PUMP and DUMP property so the wealthy can gain even more riches.  But those who took out INTEREST ONLY LOANS will lose every asset and spend the rest of lives in POVERTY – guaranteed!  Here is why. Families and sellers of bank mortgage products were lied to BY THE BANKS as to LOW DOC Loans as the best product for them.  Victims were spruiked and did not ask for these loans.  They were sold the loans as being 'ordinary mortgages' needing less docs.  NO MENTION was made to BDMs or Sellers of the words INTEREST ONLY.  This is critically THE FRAUD. Most loans in Australia: $1.6 Trillion worth..................were being sold as LOW DOCS.  There is no such thing as an IO Loan that is not a Low Doc....
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 Hold on tight: the great property sell-off has begun  PropertyRoger MontgomeryMarch 17, 2017  http://rogermontgomery.com/hold-on-tight-the-great-property-sell-off-has-begun/  The much derided prediction of a sell-off in Australian property prices has finally started.  Prices in some cities are starting to fall.  Rental yields are becoming unsustainably low.  And many property buyers are now at the point of ‘no return’ (yes, the pun is intended).  Of course, you wouldn’t think the property bubble had reached its finale if you looked at the headline-grabbing median prices and the ridiculous prices being paid for shoe boxes in Sydney’s Paddington – “Hey, what’s an extra million when the additional interest is $45,000 a year.”  And that is the point. We know that the boom in property prices has little to do with anything other than historically low interest rates, which have made paying an extra million at auction as insignificant as an impulse purchase of a bar of chocolate at...
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  Property investors 'materially dependent' on rent face steep rate hike   Australian Financial Review   Mar 15 2017 11:00 PM   James Eyers    www.afr.com/business/banking-and-finance/financial-services/...    Property investors who are "materially dependent" on income generated from renting their property face steep increases to interest rates in the coming years, as banks respond to global regulatory changes that will require them to hold higher levels of capital against such loans.    An alarming report published by JPMorgan on Wednesday says regulatory reforms known as Basel 4 will require banks to hold up to five times the amount of capital against investor loans materially dependent on rental income to repay the loan.    This could lead to interest rates for loans to investors with deposits of less than 20 per cent rising 3 percentage points, lifting from the present rate of about 4.5 per cent to 7.5 per cent – even if...
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Captured APRA caught pants-down on mortgage fraud By Unconventional Economist in Australian banks, Australian Property at 10:38 am on October 21, 2016 | 48 comments   By Leith van Onselen   “Only when the tide goes out do you discover who’s been swimming naked.” – Warren Buffett, 2001     http://www.macrobusiness.com.au/2016/10/captured-apra-caught-pants-mortgage-fraud/     Exactly one year ago, Australian Prudential Regulatory Authority (APRA) head, Wayne Byres, gave testimony to the Senate Standing Committee on Economics in Canberra, whereby he admitted that APRA had acted too late in addressing lending standards, which in some cases had fallen to “horribly low” levels that lacked “common sense”.   Since 8th August 2012, numerous reports of systematic mortgage fraud have emerged.  Again 20th February 2014.   In February 2016, further reports surfaced,which uncovered widespread poor lending standards at the banks:    Underwriting standards are very poor at the big banks. We spoke to many mortgage brokers...
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Wells Fargo CEO resigns, bank president succeeds   Published time: 12 Oct, 2016 21:59 Edited time: 12 Oct, 2016 22:06   https://www.rt.com/usa/362564-wells-fargo-ceo-john-stumpf-resigns/   Chairman and CEO of Wells Fargo & Co. John Stumpf has retired under pressure amid a scandal involving fraudulent sales tactics. Some two million accounts were created without customers’ permission. President and COO Timothy J. Sloan will replace him.   Stumpf stepped down from both of his leadership posts Wednesday, the Wall Street Journal reported, citing a person close to the situation.   Wells Fargo, which until recently had been the most valuable big bank in the US for years, settled a lawsuit with regulators and a city official last month for $185 million.   To meet sales quotas, the bank created accounts for unwitting customers, some of whom paid fines and fees on them. It is estimated that millions of customers were impacted. More than 5,000 Wells...
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Revealed: Treasury Given Confidential Information About RBS Investigation Ahead Of Share Firesale   “This information is not in the public domain and we would be grateful if you could ensure it is kept confidential.”   13 October 2016   https://www.buzzfeed.com/tomwarren/keep-it-confidential?utm_term=.tljMzPQvB#.siLYgkA7P   Top Treasury officials obtained confidential information about a regulatory investigation into the taxpayer-owned Royal Bank of Scotland in order to help fix the timing of a massive sale of government shares, BuzzFeed News can reveal.   Internal emails show that John Kingman, second in command at the Treasury, sought and received information that was not publicly available about the timing of the Financial Conduct Authority’s ongoing investigation into RBS’s alleged abuse of small businesses from the head of the regulator, Martin Wheatley.   The tip-off “in the light of potential sales of RBS shares” was used to help time the shotgun sale of a £2.1 billion stake in the bank at...
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The Dash For Cash: Leaked Files Reveal RBS Systematically Crushed British Businesses For Profit   The RBS Files expose the bank’s secret scheme to boost revenues during the financial crisis by draining businesses of cash and stripping their assets, blowing apart its previous statements to the public and parliament.   10 October 2016   https://www.buzzfeed.com/heidiblake/dash-for-cash?utm_term=.ni8qxYDzN#.re4L5OexB   The Royal Bank of Scotland killed or crippled thousands of businesses during the recession as a result of a deliberate plan to add billions of pounds to its balance sheet, according to a leaked cache of thousands of secret documents.  The RBS Files – revealed today by BuzzFeed News and BBC Newsnight – lay bare the secret policies under which firms were pushed into the bank’s feared troubled-business unit, Global Restructuring Group (GRG), which chased profits by hitting them with massive fees and fines and by snapping up their assets at rock-bottom prices.  The internal...
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Malcolm Turnbull confirms federal government will create new banking tribunal       7 October 2016   Tom McIlroy   http://www.smh.com.au/federal-politics/political-news/malcolm-turnbull-confirms-federal-government-will-create-new-banking-tribunal-20161006-grwvu5.html       The federal government will establish a new low-cost tribunal for victims of poor practices by Australia's biggest banks, in Prime Minister Malcolm Turnbull's sixth attempt to stave off Labor's calls for a royal commission.   After the heads of Australia's big four banks faced three days of hearings before a committee in Canberra this week, Mr Turnbull said the government was taking action on the tribunal plan, first proposed by a group of Coalition backbenchers amid Labor's popular push for a powerful and potentially damaging royal commission.    "It's a proposal that we are working towards," Mr Turnbull told 5AA radio on Friday.    "We have Professor Ian Ramsay conducting a review of a number of bodies, ombudsmen-type, tribunal-type bodies that deal with claims in the financial services sector, with banking, with insurance, with...
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Bill shock: Deutsche Bank bailout denials spark 2008 Lehman Brothers comparisons       29 September 2016   http://www.news.com.au/finance/business/banking/bill-shock-deutsche-bank-bailout-denials-spark-2008-lehman-brothers-comparisons/news-story/01f281e6beaff4e5815500f3d1b168f1       THE German government and Deutsche Bank were at pains Wednesday to quash speculation of a rescue plan for the troubled lender, in an effort to reassure investors spooked by a potentially massive US fine.  The denials came after Deutsche’s share price sank to a record low this week on reports that Germany’s biggest bank had asked Berlin for help after US authorities demanded an unaffordable $US14 billion ($18.21 billion) fine over the subprime mortgage crisis.   State aid “is not on the table”, chief executive John Cryan told Germany’s biggest-selling newspaper Bild.  But investors were further rattled when news weekly Die Zeit on Wednesday reported that German and EU officials were working on an emergency plan for Deutsche “if the worst comes to the worst”.   Germany’s finance ministry...
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ASIC bans rogue Deutsche Bank trader Andrew Donaldson for life       29 September 2016   Georgia Wilkins   http://www.smh.com.au/business/banking-and-finance/asic-bans-rogue-deutsche-bank-trader-andrew-donaldson-20160929-grr3ek.html     A former Deutsche Bank currency trader has been permanently banned from the industry after a series of false trades artificially boosted the bank's revenue by 28 million Euros ($40 million).     Andrew Donaldson, of Sydney, was a foreign exchange options and futures trader with the bank when he carried out the false trades in 2013 and 2014.     An investigation by the corporate watchdog revealed Mr Donaldson entered a significant number of false entries into Deutsche Bank's records designed to cover up trading losses he had suffered.     The false trades artificially boosted the bank's revenue result by approximately 28 million euros.     The Australian Securities and Investments Commission said it found that Mr Donaldson had breached financial services law by engaging in misleading and deceptive conduct and that his conduct was "extremely serious".  ...
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Who are the banks really screwing on interest rates?    26 September 2016   Michael Pascoe   http://www.smh.com.au/business/banking-and-finance/who-the-banks-are-really-screwing-on-interest- rates-20160925-gro9i0.html     Who are the banks screwing over most on interest rates? You probably think it's home buyers or credit   card users, but you'd be wrong.   In both of those cases, if someone is paying high rates it's most often their own fault. Generally, they   chose to do so by being too lazy to shop around and negotiate on a mortgage or, with credit cards,   because they have no idea of their own financial habits.   And it's certainly not big business which increasingly has the option of raising funds through the bond market to keep their bank finance cheap.  The mob really copping it is small business. The margin over   the cash rate banks charge small businesses soared when the GFC hit and has stayed high.   ...
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The big banks have paid out $200 million in compensation       28 September 2016   Adele Ferguson       http://www.smh.com.au/business/banking-and-finance/the-big-banks-have-paid-out-200-million-in-compensation-20160927-grpnlq.html       We now have a pricetag for the recent spate of "bank bastardry" – as government MP Warren Entsch has colourfully characterised a mounting litany of poor behaviour.     Figures from the corporate watchdog for the year to June 30, 2016 show more than $200 million in compensation was clawed back for customers and investors who suffered losses due to such "bastardry".     Yes, it seems compensation schemes are becoming a common occurrence after a myriad of financial scandals revealed customers were being done over in one form or another.     The Australian Securities and Investments Commission (ASIC) tallied up the figures as part of a guidance note into a review and remediation conducted by Australian Financial Services Licensees (AFLS) that offer personal...
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ANZ wins Fat Cat super fund gong once again September 28, 2016   http://www.michaelwest.com.au/anz-wins-fat-cat-super-fund-gong-once-again/   Mike Smith left ANZ at the turn of the year. The bank’s share price deflated 6 per cent during his time at the helm. The centrepiece of his corporate strategy, expansion into Asia, is now unwinding. Though he was still paid almost $90 million for his eight year stint. Not bad for a taxpayer-backed job. The banks are underpinned by the Reserve Bank’s Committed Liquidity Facility, effectively a bail-out fund to prop them up if they get into strife. In light therefore of the lavish remuneration and low risk enjoyed by the country’s big bankers it is galling that ANZ seems to have done nothing to unwind its bevy of poorly performing, high-fee super funds. Unwitting customers are stuck in these things, while ANZ executives live high on the hog. Once again we unveil Stockspot’s...
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https://www.facebook.com/OVHRepro   ** BREAKING NEWSAN URGENT MESSAGE TO EVERYONEWE POSTED THIS STORY AROUND NINE PM LAST NIGHT. IT CREATED ROCKETING NUMBERS AND RESPONSES BY READERS - YET IT WAS MYSTERIOUSLY REMOVED BEWTEEN 5.00 AM AND 6.30 AM THIS MORNING. ... AMERICA AND ENGLAND DO NOT ALLOW DONATIONS BY FOREIGNERS TO POLITICAL PARTIES. THE MASSIVE SIZE OF THE DONATIONS THAT ARE NOW BEING MADE TO THE LIBERAL PARTY BY FOREIGNERS MEAN THAT WE BELIEVE THAT AUSTRALIANS MUST BE GIVEN THE DEMOCRATIC RIGHT TO KNOW THE TRUTH. WHAT IS HAPPENING TO OUR COUNTRY?WHY ARE WE NOW BEING PREVENTED FROM KNOWING ABOUT IT?   2 Chinese Property Developers Tied to Outsized Aussie Political Donations 2016/02/29 by Michael Cole http://www.mingtiandi.com/real-estate/outbound-investment/2-chinese-property-developers-tied-to-outsized-aussie-political-donations/ 2 Chinese Property Developers Tied to Outsized Aussie Political Donations 2016/02/29 by Michael ColeLeave a Comment   China’s investments in Australia’s property market have often been hailed by politicians as a source of economic...
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  • Duped
    Duped says #
    The plot thickens with corruption and appears the Liberals are up to their necks in it.
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Poor culture on display as customers lose out again   Date May 7, 2016http://www.smh.com.au/business/comment-and-analysis/poor-culture-on-display-as-customers-lose-out-again-20160505-gon9r7.html   Adele Ferguson: The cost of whistleblowing   In the lead-up to the federal election there are a lot of last-minute parliamentary reports being released. What happens next has a big question mark hanging over it.  This week the latest report to being handed down was a parliamentary joint inquiry into impaired consumer loans, which calls for a range of recommendations that should be made regardless of who wins the election.  A key focus of the inquiry was to look at whether the banks used constructive defaults to impair loans by getting the loan revalued to change the loan to value ratio. It looked at the role of property valuers and insolvency practitioners.   The key targets were Commonwealth Bank's acquisition of BankWest and ANZ Bank's acquisition of Landmark, both which resulted in many people suffering hugely. The...
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    organza says #
    Ian Narev, CBA/Bankwest unconscionable: The Hon. Philip Ruddock MP 5th May 2016 https://www.youtube.com/watch?v=YZMSwNAlSFM&featur
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