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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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RMBS ARREARS Low Docs currently at 5.72%.

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"Where does this sit with Denise Braileys work, and 100000 people affected by dodgy low doc loan practises? Are banks hiding defaults?"



From Moodys:


Sydney, August 31, 2012 — The prime 30-plus arrears rate remained steady in the second quarter at 1.66% in June, and unchanged from March. In addition, the rate has not moved much from the same period last year when it was at 1.67%.

While the overall index is at 1.66%, considerable variation exists within the market. Historically, major bank deals have performed better than those of non-major bank ADIs (i.e. other ADIs), which have, in turn, outperformed non-ADIs. The prime 30-plus arrears rate for the major banks is at 1.23%, other ADIs at 2.10%, and non-ADIs at 2.69%.

The 30-plus arrears rate for deals with 100% low doc loans has continued to rise and is currently at 5.72%. If this trend continues, it will reach 6% in the coming months. Borrowers in these deals are not asked or are not obliged to certify or give proof of their income in the form of an income statement. The higher delinquency of these loans can be explained by the cash flow volatility of the borrowers, who are typically self-employed. Excluding 100% low doc deals, the prime 30-plus arrears rate would have been nine basis points lower, at 1.57% in June.

Overall losses are still very low by international standards with the worst performing vintage, 2004, having incurred 28 basis points of losses to date. Further, many of these losses are covered by excess spread and lenders mortgage insurance.

The redemption rate has been around 18%-21% since mid-2011 and was at 18.75% as of June.

The non-conforming 30-plus arrears rate increased to 12.47% in June from 12.06% in March. However, this is still 59 basis points lower than at the same period last year when the 30-plus arrears rate was 13.06%.

The redemption rates for non-conforming deals have fallen over recent quarters, likely the result of limited refinancing opportunities. In June, total redemption rate for non-conforming deals was 25.20%.

Economic indicators were mixed in the second quarter of 2012.

Unemployment remained relatively constant at 5.25%, but regional variation was strong. Unemployment in Western Australia continued to fall but Tasmania and South Australia have seen rising unemployment.

Home prices ended the second quarter with a negative year-on-year change. Perth was the least affected with a decrease of 1.4%, while Melbourne and Brisbane were down 6.6% and 4.7% respectively. Sydney home prices were down 3.6% for the year.

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  • doyla66
    doyla66 Monday, 03 September 2012

    of course its much worse than they reveal but dont forget to take into consideration all the homes they have already repossessed and on sold, those numbers have been taken off the stats

  • doyla66
    doyla66 Monday, 03 September 2012

    Is there any way of getting stats on the homes repossessed, sold under duress, sold out of fear of default and banks etc? ie. the full picture? Many people in south east Queensland dumped their properties last year.

  • Denise
    Denise Monday, 03 September 2012

    Like everything else in this sordid tale of bankster pillaging, the figures have been hidden or skewed.
    I mentioned in Parliament that I have at least 60 people in their homes, paying no payments (frozen) and yet loan in default.

    The defaults only translate into figures when writs are served but then withdrawn when complainants go to FOS and COSL. The day after I deleivered my evidence to Parliament, APRA responded with letter to bankers to have a second look at their figures as it means APRA's figures to treasury are false!!! How embarrassing? Get the picture? I also mentioned the number of pensioners "affording payments" with Buffer Loans and more and more debt piled on top of debt. $600,000 loans turns into $4 million in debt - few short years.

    APRA is jittery....its handing out fudged how about that?....Even RBA, APRA and ASIC cannot trust these dirty little bankers.....and none trust each other!!!! Neither do we. All denied a problem with FULL DOCS and golly gosh...we have just burst that bubble.

    Bring on the Royal Commission.
    [email protected]

  • doyla66
    doyla66 Monday, 03 September 2012

    I can see the heads of all the regulators being moved on - the sooner the better! They presided over the cover up. Australians don't like people in public office living off the public purse indulging their personal pocket and their personal economic theories. Who picks these clowns? Not being racist or anything like it but wouldn't it stand to reason that the last person Australia needs is a person with "experience" in high levels of government and or banking in the US!!

    When is the government going to demand the real figures from the banks?
    The banks and the regulators are making the government look like a bunch of wallies both here and overseas.

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