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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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BFCSA Blog

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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MP dual nationality fiasco extends to bloodlines The Australian 12:00am July 28, 2017 Rosie Lewis  Howard’s divisively haunting words: “we will decide who comes to our country.”  (And who runs it?) Could cripple the LNP.  What ever happened to criteria of "decent multi cultural people?"   Malcolm Turnbull and Bill Shorten are preparing for a battle over more than 20 MPs facing ­questions about possible citizenship rights in foreign countries, in a widening crisis that could tip the balance of power in federal parliament. The Australian has identified 21 members of the House of Representatives who have spoken of their migrant heritage — many in their maiden speeches — including Deputy Prime Minister Barnaby Joyce, Trade Minister Steven Ciobo, Liberal MP Julia Banks, deputy Labor leader Tanya ­Plibersek and Labor MP Steve Georganas. The vulnerability of MPs who have at least one parent or grandparent born overseas and could be entitled to...
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    Consent_Withdrawn says #
    Just when you thought politics couldn't get any lower or dirtier... Scott Ludlum and Larissa Waters were two of the most socially
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APRA shadow bank oversight will be a 'reserve power', Treasurer says Australian Financial ReviewJul 26 2017 11:00 PM James Eyers   Treasurer Scott Morrison has reassured non-bank lenders the government wants the prudential regulator to use new oversight of them only as a "reserve power" and says he recognises the important role they play to provide competition against the major banks. After The Australian Financial Review reported shadow banks are concerned the new powers being provided to the Australian Prudential Regulation Authority may unnerve securitisation investors and, by restricting credit to legitimate borrowers, exacerbate a housing downturn, Mr Morrison said: "It is very reasonable for them to want to be sure that what we are doing is not creating anything more than a reserve power. "I would seek to reassure those organisations – which in their own way also provide greater choice options and competitiveness in the system, and we welcome...
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    Consent_Withdrawn says #
    What a circle-jerk it all is. Pathetic!
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Shadow banks fear APRA overreach Australian Financial Review Jul 25 2017 11:00 PM James Eyers   Shadow banks will protest over the extensive new powers being given to the prudential regulator which may curb their lending, increase funding costs and threaten to exacerbate the severity of any housing market downturn. Big non-bank lenders such as ASX-listed Pepper Group, Resimac, Firstmac, Latitude and Liberty Financial are preparing submissions to Treasury to highlight the risks of the law. These risks include the potential to restrict credit to home buyers who won't be able qualify for loans if the stricter rules now being applied to banks are extended to non-bank lenders. Investors in the non-banks' mortgage securitisations are also worried by the broad scope and uncertain application of the new laws, which could result in investors demanding higher returns and forcing up borrowing costs. "It is a bolt from the blue, it is extraordinary,...
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    Consent_Withdrawn says #
    I have had it with these clowns (from Stephen King's "It" no less) playing games with OUR lives. They ought to be forced to justi
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No reason for banks inquiry: Costello Australian Associated PressJULY 26, 20172:28PM Christian Edwards   Future Fund chairman and former federal treasurer Peter Costello says there is no purpose and no justification for a royal commission into the performance of the big banks or the financial sector. Speaking in Sydney, Mr Costello said a royal commission was a last a resort if there is a need to establish "some kind of schematic illegality," within an institution - a circumstance that does not apply to Australia's banks. "We've got a royal commission into youth detention - the suspicion is the Territory government might be covering up; a royal commission into sexual abuse, because the suspicion is institutions are covering up," Mr Costello told the Financial Services Council Leaders Summit.   "If you wanted to break up the banks you wouldn't need a royal commission to do it." Mr Costello, who was Australia's longest-serving...
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    Consent_Withdrawn says #
    Up to bank execs to keep an eye on themselves not to be a bunch of utter scum-sucking tapeworms, devoid of morality, conscience or
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OPENING STATEMENT –  Senate Inquiry into Lending for Primary Production Customers.   DENISE L BRAILEY, President of the Banking and Finance Consumers Support Association (Inc) 19th July, 2017  Perth WA. My Research into Australian Mortgage Fraud during the past 17 years has led me to conclude:   the Frauds and manipulated data, found on thousands of Loan Applications forms are a key indicator of the existence of a CONTROL FRAUD, engineered by well-known Lenders.   Australia is now recorded as having the second highest HOUSEHOLD DEBT in the World.  The amount of Subprime Interest Only loans being sold per annum (85% by our Major Banks) has grown to more than $139 billion per annum.  The total mortgage loan books are reported as being $1.7 Trillion and rising.  The collective evidence of our members who include Farmers and “asset rich and income poor” ARIPs, are described by Banks as “The Target Market,” those...
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    Consent_Withdrawn says #
    On point 14, if as APRA says there are no low doc loans in the system then it could only be due to all of them having imploded - a
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ASIC fines Financial Choice, run by Greg Medcraft's cousin Russell Colin Kruger 25 July 2017 http://www.smh.com.au/business/cbd/asic-fines-financial-choice-run-by-greg-medcrafts-cousin-russell-20170724-gxhw9a.html Every family has its black sheep, and the family of our top corporate cop, ASIC chairman Greg Medcraft, is no different. On Tuesday, ASIC announced that Financial Choice - founded and run by Greg's cousin, Russell Medcraft - was pinged not once, but twice for "making misleading representations in marketing emails sent to consumers and on its website".   Financial Choice, founded by Greg's cousin, Russell Medcraft, was pinged not once, but twice for "making misleading representations in marketing emails". Photo: Tamara Voninski   The first infringement related to emails sent to 215,000 consumers in 2016 that "falsely stated" that the financial advice group had been asked by the consumer's super fund to conduct a survey. The other was related to representations made on one of the group's web sites, findmysuper.com.au, which allegedly led consumers...
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It’s all in the wording ...banks in Ireland must call loan application fraud re-modelling the applicant Mike Smith of ANZ prefers to call fraud just a case of misselling....got the utube link from 2012 saved to prove a point     https://www.thestar.com/news/world/2012/05/05/the_ghost_houses_of_ireland_foreclosure_and_eviction.html   In 2010, Dublin lawyer Vincent Martin and his colleagues were contacted by a man who was at loggerheads with the Irish Nationwide building society, a local bank. After obtaining the bank’s files on his account, the man had discovered the bank, which has since merged with Anglo Irish Bank, had created a new version of him for their credit committee.  So they could lend him more money during Ireland’s bull market, banking officials had changed the man’s occupation, inflated his roughly $39,000 annual salary to $78,000, and forged both his and his employer’s signature.      ...
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Matt Canavan: The High Court's question after the latest citizenship resignation ABC News 26 July 2017 Antony Green   ANALYSIS  The problems of Scott Ludlam, Larissa Waters and now Matt Canavan are over-simplified by saying there is a constitutional ban on dual citizens serving as members of parliament or standing for election. In fact, the constitution does not make reference to "dual citizenship" and the constitutional issues involved are not entirely clear. All three senators have fallen foul of Section 44(i) of the constitution that sets out a rather archaic definition of foreign allegiance. It has the potential to make it impossible for some Australian citizens to serve in the Australian Parliament or even contest election. The difference in Senator Canavan's case is that he is entitled to citizenship by descent rather than by birth, a category of citizenship that the High Court has not previously ruled on. The first part...
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Give banks and an inch and they take a mile knowing they will always be bailed out...so much for allowing banks to self-regulate and control the economy!     Banks – and their regulators – had been blind to the basic fact that more debt meant greater risk of loss....Alex Brazier warning speech comes just ten years after the start of the global financial crisis in August 2007.   Bank of England warns of complacency over big rise in personal debt Banks, credit card companies and car loan providers told they face action against reckless lending Larry Elliott Economics editor Tuesday 25 July 2017 03.40 AEST Last modified on Tuesday 25 July 2017 09.50 AEST https://www.theguardian.com/business/2017/jul/24/bank-of-england-household-debt-bank-credit-card-car-loans The Bank of England has told banks, credit card companies and car loan providers that they risk fresh action against reckless lending as it warned of a looming “spiral of complacency” about mounting consumer debt. In its...
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Everything Turnbull is involved in turns into the Midas touch for crooks and bull-dust for everybody else...now we have to play Spooks with a Home Office!   Could the NBN become a stranded asset? By Unconventional Economist in Australian Economy at 10:10 am on July 25, 2017 | 48 comments https://www.macrobusiness.com.au/2017/07/nbn-become-stranded-asset/ By Leith van Onselen When the National Broadband Network (NBN) arrived in my area late last year residents were greeted with a barrage of junk mail advertisements from all manner of internet service providers offering competitively priced internet at fast speeds. At the time, I was under contract with Telstra, so I did not consider moving from Bigpond cable to the NBN. And thank goodness I didn’t. Over the past six months or so, I have heard numerous horror stories from neighbours, acquaintances and friends from my area who have suffered from connection problems with the NBN, dropouts, painfully slow...
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The Murray Darling Basin is topical.....did you catch 4 corners last night? The land grab includes all the water...everything Turnbull was involved with turns to gold for him and mud for everybody else All involved with John Howard approving the growth of genetically modified canola in 2003 followed by cotton and goodness knows what else.....farmers were outraged!   Pumped: Who is benefitting from the billions spent on the Murray-Darling? By Linton Besser, Mary Fallon, Lucy Carter Updated July 24, 2017 21:07:00 http://tvdaily.com.au/four-corners/ "People are profiteering... It's the biggest water grab in Australia's history." Grazier  In Australia's most important river system, the water is so precious, it could be liquid gold.  "People want to get water in their hands because if you get water in your hands that's big money." Grazier  Pumped, reported by Linton Besser and presented by Sarah Ferguson, goes to air on Monday 24th July at 8.30pm. It is...
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BFCSA:  Why Malcolm Turnbull is finished as Prime Minister and un-electable   We have watched the a raft of "ad hoc" powers given to ASIC and APRA by the Turnbull government to try to keep at bay calls for a Royal Commission. We know that Turnbull is attempting to bury the bodies and do the bidding of the Puppet Masters: The Bankers. No longer are we all suffering in silence re the predatory lending of Banks. Their activities are not a matter of "behavioural" problems as in naughty child!!! Bankers have been running a criminal Ponzi financing scam. They have been "asset-stripping" on a level to match the size of the Colosseum! That is also a CRIME. The INTENTION TO DECEIVE is written on every document robo approved by these bankers.....aka FRAUD. Where are the criminal court cases against these CEO's?  If we Mr and Mrs Citizen robbed a bank, we...
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    Consent_Withdrawn says #
    Turnbull you are toast. Liberal voters: you need to know that a vote for Turncoat is a vote for Murdoch - one of the most evil ex
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Labor to review the regulators - again Australian Financial Review Jul 24 2017 11:45 PM Phillip Coorey   EXCLUSIVE  Soaring household debt and the rapidly increasing disruption of financial services have spurred Labor to expand its promised royal commission into banks to incorporate yet another extensive review of the financial regulators. Less than three years since the release of the Financial System Inquiry, chaired by David Murray, shadow treasurer Chris Bowen says the scale of change over that time to both the powers of the regulators and their remit warranted another "stocktake". While Labor's royal commission would still have a strong focus on bank behaviour, it would also be a "prudent and timely examination of our financial regulation architecture", Mr Bowen will tell the Financial Services Council leaders' summit in Sydney on Tuesday. Mr Bowen cited three "compelling" reasons for the new look at the financial service regulator, the Australian Prudential...
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    Consent_Withdrawn says #
    FOR GODS SAKE HURRY UP AND DO SOMETHING LABOR!!!!!!! I am DYING here. This is destroying my family. This has almost destroyed m
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FARMERS FIGHT BACK AGAINST THE URSURY OF THE BANKS  - Jim from NSW   Paying interest on a debt, $60 000 per year at one stage, we have a situation akin to, borrow a million dollars, pay a million dollars, still owe a million dollars. This is ludicrous, predatory and usurious. Upon reading the land newspaper, two excellent articles by John Carter, under the headings of “Gods of Finance bank on Poverty, Debt” (January 12, 2017) and “Pillars of banking are Failing Australia” (May 25, 2017), where he refers to “They (the banks) have been granted the privilege of creating credit”. My research shows this to be absolutely true. There are many quotes from prominent people to test attest to this fact. • “The process by which banks create money is so simple the mind is repelled” (John Kenneth Gailbraith). • “The modern banking system manufacture money out of nothing. The process is...
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https://www.youtube.com/watch?v=Bs6Xcr81Mrc   21 July 2017 - The CEC Report - The big lie in housing / Turnbull's ministry of terrorism   21 July 2017 - The CEC Report - The big lie in housing / Turnbull's ministry of terrorism www.youtube.com 1. Supply and demand is the big lie that is about to crash Australia's house prices and banks 2. Turnbull's Home Affairs ministry brings UK terrorism to Aust...   https://www.youtube.com/watch?v=Bs6Xcr81Mrc ...
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Consent_Withdrawn - Posted on Tuesday, July 25, 2017     BFCSA Member   Distortion is the name of the game. Politicians Protecting Banker and Bank devised INEQUALITY must be outed. Why does a bank even have a right to profit from risk borne solely by the "borrower", and why should the "borrower" be required to create three to four times the value of what was "lent"in order to satisfy a contract with terms beyond their power to negotiate - by parasitic businesses which steal thirty billion a year from citizens of in this country alone whilst contributing absolutely nothing of real value?! Where is the sense in that idea? Bankers have created a bloody Casino and it's destroying people's lives their security and well being, and even worse, most people are misinformed by these criminals so badly that they actually think there's some integrity in these arrangements. Numbers don't lie, and these...
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And 1million Australian properties are vacant?  Could tell stories involving investment properties and VISA rorting that would make your hair curl!   Melbourne rents: $150 a bed ads raise concerns of overcrowding and exploitation Christina ZhoutwitterDomain Reporter Jul 23, 2017 https://www.domain.com.au/news/melbourne-rents-150-a-bed-ads-raise-concerns-of-overcrowding-and-exploitation-20170720-gxf3uv/ Online advertisements are blatantly asking tenants to pay $150 a week to squeeze into a two-bedroom city apartment with seven others.  A profiteering operator could potentially pocket $1200 a week from a set up like this – triple Melbourne’s median unit rent.  The exorbitant asking price for a bed, typically in a shared furnished room, raises concerns about overcrowding and exploitation of international students.  Despite a Fairfax Media investigation into illegal high-rise rooming houses two years ago, many properties with rooms occupied by up to four people continue to fly under the radar of regulators. Source: Gumtree Experts are calling for the state and local governments to ramp up their...
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    Consent_Withdrawn says #
    A million to live somewhere that cold? Only if I can have it in a lump sum payment and move somewhere warmer after a year B)
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Sums it up.....our regulators are part of the Chickenshit Club!   Did The US Government Stop Caring About White Collar Crime? By David Sirota 07/20/17 AT 12:34 PM   http://www.ibtimes.com/political-capital/did-us-government-stop-caring-about-white-collar-crime-2567419 In 2008 Wall Street banks created a financial crisis that incinerated the economy. It was only a few years after the Justice Department had aggressively prosecuted Enron and Arthur Anderson, and so many folks expected similar prosecutions of financial executives, especially because Democratic presidential candidate Barack Obama promised to “bring a new era of responsibility and accountability to Wall Street.” But as recounted in a new podcast with Pulitzer Prize-winning journalist Jesse Eisinger, it never happened. Eisinger has just released a new book called “The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives.” It tracks how a furious pressure campaign by corporate America fundamentally changed the culture of the Justice Department. Instead of going after executives who commit white...
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    Consent_Withdrawn says #
    We have a few chickenshit senators who we could do without here too. CROSS THE FLOOR OR GO HOME FULL ROYAL COMMISSION NOOOOOOOOO
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Big business influence wanes as public rejects 'bizonomics' Ross Gittens 24 July 2017 http://www.theage.com.au/business/comment-and-analysis/big-business-influence-wanes-as-public-rejects-bizonomics-20170722-gxgli1.html The collapse of the "neoliberal consensus" is as apparent in Oz as it is in Trump's America and Brexitting Britain, but our big-business people are taking a while to twig that their power to influence government policy has waned. Their trouble is the way the era of micro-economic reform initiated by the Hawke-Keating government in the 1980s eventually degenerated into "bizonomics" – the pseudo-economic belief that what's good for big business is good for the economy. Part of this is the belief that when you privatise a government-owned business, or outsource the delivery of government services to for-profit providers – when you move economic assets and activity from the "public" column to the "private" column – you've self-evidently raised economic efficiency and wellbeing. These days, following the degeneration to bizonomics, making industry more competitive means granting concessions...
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    Consent_Withdrawn says #
    proportional representation ain't what it used to be.
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Skippy, the Aussie Fudging Income Computer - skipping over the facts, exported to the US in 2006? So What Is an Australian Mortgage? By Kate Bourland Services for Real Estate Pros with Marketing with Kate 1 November 2007 http://activerain.com/blogsview/258297/what-is-an-australian-mortgage-   November 01, 2007 07:34 AM Over the past year a new phenomenon has hit the the United States from the world Down Under.  It's called an Australian Mortgage and refers to a financial strategy that's been used in the Australian and European markets for many years.  The purpose of the Australian Mortgage is to decrease the amount of interest that you pay on a mortgage while increasing the amount of principal that you pay towards the mortgage.  The net effect is that you can own your home free and clear in 1/3 to 1/2 the time it would take to pay of a traditional 30 year mortgage.  If used properly homeowners...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Distortion is the name of the game. Why does a bank even have a right to profit from risk borne solely by the "borrower", and why
  • Consent_Withdrawn
    Consent_Withdrawn says #
    All we ever needed was an honest system run by honest people. Pity that we couldn't have either.
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Two tier real estate markets in Queensland - This Report goes back to 1998 when we were warning ASIC of this with our own detailed reports on the Mechanics of Two Tiered marketing and released by main stream media. TWO TIERED SCAM involving Banks in 1998. Report on an investigation conducted for the Queensland Office of Fair Trading.  Two tier markets can be defined as those where the one property can at the same time have two wildly divergent values, depending on how and to whom property is sold. What are referred to as two tier markets have a high price tier which is achieved when specialist organisations and techniques are used to market properties to persons normally residing somewhere remote from the market.   The argument that valuers are responsible for the fiction of a two tier market is disproved by the so called third tier market – where investors...
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Shorten confirms push on trusts, four-year terms Australian Financial ReviewJul 23 2017 6:34 PM Laura Tingle   Opposition Leader Bill Shorten will detail a Labor clampdown on trusts and other tax minimisation vehicles available to high-income earners next weekend as part of a wider bid to set the political agenda. Mr Shorten confirmed the push against trusts on Sunday as he also signalled he would push for a referendum on four-year terms for Parliament to be held at the next election as he sought to regain the policy initiative lost to the government with the federal budget. Asked if family trusts – estimated to hold about $3 trillion – were in Labor's sights for reform, Mr Shorten said trusts had sound legal protection. "But I've made it very clear that I do have a principle and that is we should have one tax system for all," he said on the ABC's...
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Foreign new apartment buyers to more than halve, Master Builders forecasts show Australian Financial Review Jul 23 2017 8:00 PM Michael Bleby   Foreign buyer-funded new apartments will more than halve in the three years from their peak last year to 2019, latest forecasts by MBA show. While foreign investment in detached housing is also likely to take a hit as local banks cut back funding to overseas buyers, and the effect of higher surcharges and taxes levied by state governments take effect, the biggest effect will be on apartments, where commencements of new units supported by foreign purchases will fall from the rolling 12-monthly peak of 48,251 in June last year to 23,304 in June 2019, the building lobby group's latest Industry Forecasts Australia June 2017 report shows. "Foreign investor activity is expected to fall considerably in the next two years as recent moves by the commonwealth government and by...
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CHARLES PONZI WOULD BE SMILING AT AUSTRALIA WITH ITS PUMP AND DUMP BANKERS   In Australia they are called RMBS Residential Mortgage Backed Securities. (USA calls them MBS). In 2012 8th August (2pm) I asked Senators "what percentage of the Tranches were Low Docs (ie Toxic Interest Only)?" Banks suggested 10% which I knew was false. More like 60% as Adelaide Bank chief admitted in 2004. In 2012 Banking Post GFC Inquiry, I warned the Government "Govt cannot ought not to profit from a fraud." It is not the mortgage that is securtised in Australia it is the INCOME STREAM.   This means the fraud is affecting the INVESTORS in the RMBS packs, who are unaware that many of the borrowers are on low incomes and pensions. The payments are being paid from more DEBT: LOCs Top Ups, Buffer's, Personal and Split Loans (ie not from income). Borrowers are paying...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    The difference between convictions and conditionings is the degree of scrutiny to which either will hold up.
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Very few people (with extremely strong minds) have really been able to come to grips with the reality which we all face. Nobody i
  • Consent_Withdrawn
    Consent_Withdrawn says #
    We punish victimless crimes, and tempt corrupt politicians into drafting legislation which removes protections for the vulnerable.
  • Consent_Withdrawn
    Consent_Withdrawn says #
    I firmly believe that we are all in this mess because we keep declaring certain questions too difficult (and the more difficult th
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Prime Minister quietly issues warning on house prices!!!     Jason Murphy THE Prime Minister has issued a quiet warning to Australians investing in housing that they cannot continue to assume house prices will only go up. “Clearly you need to remember that asset price movements go in two directions,” Prime Minister Malcolm Turnbull said after a speech to an economics conference this week. In particular, this is relevant to housing. “It has been a pretty good one-way bet for a long time — but it is going to be important for people to be prudent.” Mr Turnbull made the comments alongside an observation that interest rates have risen for many borrowers. Interest rates are a big factor in the housing market. The lower the interest rate, the more you can borrow from the bank and the more you can pay for a house. Australians have borrowed a lot, and for...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Come everybody put your security and your sanity on the line in Mal's Casino! The house always wins so you know they're blokes yo
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