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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 Mortgage arrears at lowest December level in four years..(why? because of refinancing skewing the figures & forced sales)

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Mortgage arrears at lowest December level in four years

Updated Wed 5 Mar 2014, 11:02am AEDT

An analysis of mortgage securities shows the lowest proportion of people falling behind on repayments since 2009.

Ratings agency Fitch does a quarterly study of Australian residential mortgage backed securities, called the Dinkum RMBS Index, and found that the rate of arrears in the December quarter 2013 was 1.21 per cent - the lowest year-end figure since 2009.

The result was up 2 basis points on the previous quarter, but Fitch says there is typically a much bigger rise in December, as Christmas spending tends to put household finances into difficulty.

Fitch says 30 and 60-day arrears were up very slightly on the September quarter, but 90+ day arrears eased very marginally by 1 basis point - 90+ day arrears are the point at which lenders typically repossess properties.

In good news for lenders, Fitch says rising house prices and a strong property market meant selling time for repossessed properties had fallen, with foreclosed loans cleared quickly.

Fitch also says improved performance among low-doc borrowers is a positive sign for the health of the mortgage market, as these are typically the first borrowers to get into trouble due to their less stable incomes.

However, given that low interest rates have been a major factor behind the fall in arrears over recent years, Fitch is warning lenders to maintain tight standards on new loans.

"The ability of lenders to maintain tight lending standards and realistic serviceability tests remain essential, as these directly affect a borrower's capacity to deal with an economic downturn," the ratings agency cautioned.

"Higher levels of unemployment, a slowdown in the housing market, and rising interest rates, could lead to servicing pressure, and in turn, higher delinquencies and low foreclosure activity."

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  • doyla66
    doyla66 Sunday, 09 March 2014

    Wonder why there is no mention of all that off-shore buying and all the house for cash sales going on behind our backs? Or that the FIRB is so willing to help the bankster gambling habit they are wearing out rubber stamps faster than top athletes wear out their ASIC runners! If you wanna come and live in Sydney the NSW Govt. is more than happy to give you a special $5,000 grant per property purchase so long as you are prepared to invest a minimum of $1.5million in Waratah bonds. Oh - what's that? You say you would rather buy a house than an apartment for you already own a few of those? No problem - let me just make a quick call to one of our bankster mates and arrange for them to boot out some more struggling aussie home owners to accommodate your every need and we will get back to your immigration lawyer as soon as we have some good news!

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