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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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BFCSA: ASIC admit pre 1 Jan 2011 was irresponsible lending by LENDERS - we know!!! Banks are still engineering the same toxic loans

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Gladys found this cracker.  ASIC suggesting that any loans pre 1 Jan 2011 was irresponsible lending.  Well yes we agree, but ASIC trying to negate what parliament told ASIC to do about this problem in 2001 when they had powers under ASIC Act "unconscionable conduct."  This is a law, regulation that ASIC Has sat on for 13 years and did not take action against any LENDER.  None............................

14 March 2013  Staff Reporter Jessica Darnbrough

The industry watchdog is calling on all Australian Credit Licensees (ACLs) to implement better practices to ensure they comply with national responsible lending laws.  Yesterday, the Australian Securities and Investments Commission (ASIC) revealed the findings of its recent review of credit licensees in a new report.  According to the report – a review of licensed credit assistance providers’ monitoring and supervision of credit representatives – ACL holders must have the “appropriate practices in place to undertake compliance reviews of their credit representatives”.  In addition, ASIC recommended that all ACL holders have “direct access to preliminary assessments, or the documents that form the basis of the assessment”.  ............  According to ASIC commissioner Peter Kell, ACL holders have started commencing “regular reviews of their representatives’ compliance and upgraded their IT systems to better track credit assistance provided by their representatives”.  The review also found a marked reduction in mortgage brokers suggesting and assisting borrowers to apply for low doc loans.  The volume of credit assistance for home loans promoted as low doc in the three months from 1 January 2011 – when the responsible lending obligations commenced for most home loan lenders – was nearly half that of the three months before.................“I recommend that everyone take the time to read the report and read ASIC’s ACL recommendations and then take the appropriate action if and where necessary,” he said.

22 April 2014  Nick Bendel


The Commonwealth Bank has wound up a brokerage that had 80 staff at its peak but never recovered from the GFC.    Brisbane firm Powerhouse Finance Group collapsed last month, with BDO appointed liquidator. BDO had not replied to The Adviser’s request for comment by press deadline.  Powerhouse, which offered mortgage broking and investment services, was liquidated with debts of at least $900,000, according to a report lodged with ASIC.  Brisbane developer Impact Homes is the largest creditor, with partly secured debts of $535,000. The Australian Taxation Office is also owed $160,000.  The Commonwealth Bank is owed $86,000, while Bank of Queensland is owed $11,000. Both debts are unsecured.  Powerhouse was founded in 2001. Director Gary Culverhouse told The Adviser the firm had been “flying” before the GFC“We had 80-odd staff, turnover was nice and strong and the company was in a very strong position,” he said.  Mr Culverhouse said Powerhouse was hit hard by the GFC............

MAY 8, 2014

In the credit bubble of the last decade, the housing market essentially became a tool of the financial system. To sate the banks’ demand for mortgage-related securities, many loans were made not on the basis of sound lending standards but on the unsound premise that house prices would rise forever — a practice that led to the bust and to the bailouts of Wall Street and of Fannie Mae and Freddie Mac, the federally backed mortgage companies. A bipartisan bill that the Senate Banking Committee is expected to vote on soon seeks to rejuvenate the housing finance market while guarding against the excesses of the past. Named the Housing Finance Reform and Taxpayer Protection Act of 2014, it aims to ensure broad and steady access to sustainable and affordable mortgages, in part by providing an explicit government guarantee to attract investment in 30-year fixed-rate mortgages and other loans. It also seeks to protect taxpayers from future bailouts partly by requiring those who package and sell mortgage loans to hold capital to absorb losses. Importantly, it includes a new financing provision, essentially a fee on government-guaranteed securities, to generate money for affordable housing. At its most basic, the bill would end Fannie Mae and Freddie Mac — with their implicit government guarantees and confusing ownership status — but would continue vital federal support for mortgages through a new entity, the Federal Mortgage Insurance Corporation. The idea is to ensure that mortgage loans are broadly available, while giving taxpayers a housing market that serves the long-term interests of families and the broader economy.

For all of its positive attributes, however, the Senate bill is fatally marred by two provisions buried in the text. One, named the “investor immunity” provision, is ostensibly aimed at protecting mortgage investors from legal liability for transgressions by lenders, guarantors or other participants in the mortgage process. But it is so broadly worded that it could shield most mortgage-market participants from liability for a broad range of transgressions, including violations of the federal Truth in Lending Act and of new laws, enacted after the crisis, requiring lenders to verify a borrower’s ability to repay before making a loan and to treat delinquent borrowers fairly. Another section of the bill, dubbed the “business judgment” rule, is ostensibly aimed at preventing the government from meddling in the decisions of mortgage-market participants as to which loans to include in various mortgage securities. .............The Obama administration, which has supported the Senate effort, should tell the committee’s Democratic members that the provisions are unacceptable and that deleting them is imperative.

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