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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: Mr Greg "Global " Medcraft guilty of banking bias securing financial destruction of lives. Fails to Protect Consumers

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I feel a few Dear Greg letters will be heading his way, pointing to the EXIT DOOR.


SG Corporate & Investment Banking......... (SG CIB), an arm of Societe Generale, today announced it has created a U.S.Residential Mortgage-Backed Securities Group (RMBS) and hired a number of experienced RMBS professionals to launch the business. The new initiative allows SG CIB to develop U.S. RMBS capital market  capabilities to compliment its existing RMBS businesses in Europe and Australia.


SG CIB Securitization Group............. Active for more than a decade and organized on a global basis and led by Greg Medcraft, SG CIB's Securitization Group has over 100 professionals  providing arranging, structuring and advisory services in Europe (Paris,  London, Madrid, Milan, and Amsterdam), the United States (New York and  Chicago) and Asia-Pacific (Sydney...).  Our New York and London syndication  and trading teams provide global distribution capacity in the public and  private markets.

ASF members include securitization issuers, investors, financial intermediaries, legal and accounting firms, rating agencies, financial guarantors, and other professional market participants. Additional information concerning the ASF, including its full membership and activities, may be found at

Prior to going to the US in 1999, Greg was based in Sydney and headed the Société Générale Australian/Asian Securitisation Group, which he established in 1990 and which pioneered a number of firsts in the securitisation markets. In 1989, while based with Société Générale in Paris, he launched the first European non-mortgage asset backed deal in Europe. Prior to joining Société Générale in l980, he worked with KPMG in Melbourne, Australia.  ..........Greg is the co-founder of the American Securitization Forum and was its Chairman from 2005 until his recent return to Australia. In January Greg was appointed Chairman Emeritus of the American Forum and remains a member of that board and management committee. The American Forum is an industry group representing some 350 member institutions comprising all major stakeholders in the US$1 trillion US securitisation market. The American Forum has played a key role during the current credit crisis having worked with US Treasury Secretary Henry Paulson on a rescue package for troubled homeowners in the United States.

AmCham is Australia’s largest international Chamber of Commerce. We provide assistance to US and Australian companies and work to promote trade, commerce and investment between Australia and the US and in the Asia Pacific region. We have offices in Sydney, Melbourne, Adelaide, Queensland and Perth..............Greg Medcraft - The International Organization of Securities Commissions (IOSCO) is recognized as the global standard setter for the securities sector. It develops, implements, and promotes adherence to internationally recognized standards for securities regulation, and is working intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda.....In 2002, Greg co-founded the American Securitization Forum and was its Chairman from 2005 until 2007 when he returned to Australia. .......He has also been a director on the boards of various fund management companies both in Australia and internationally

7 April, 2008.............ASF gets former Societe Generale heavy..................Medcraft was last in Australia in the early 1990s when he established Societe Generale’s Australian and Asian businesses

CD: How do you believe ASIC’s structure and focus have changed since the start of GFC?

GM: Before the GFC, my predecessor, Tony D’Aloisio, launched a restructure of ASIC following a report by McKinsey & Company. That positioned us very well for the future.................The structure was a good one, but I have fine-tuned it.............I took the word "protected" out of the language because it is a bit misleading to claim you can protect people. ...........We have different objectives. We look at enforcing the law and not necessarily at recovering funds, although our action may be punitive.............Other jurisdictions have imposed rules to limit this which we could examine – for example, the UK’s "put-up-or-shut-up" system...........In raising these issues, we are talking about tweaking the rules

Amid what is being labeled as ''The Sub-Prime Mortgage Crisis of ‘07’ in the United States, Greg Medcraft, Managing Director and Global Head of Securitization at Societe Generale Corporate and Investment Banking, speaks this month to Matthew Smith about the market and what went wrong.


So it''s been a pretty interesting couple of weeks for you and your business?

Ha! That''s an interesting thing to say to someone who heads a global securitization business in the middle of a mortgage crisis.


What brought about this "dislocation" as you described it?

In the U.S. residential mortgage market there are 3 key sectors, the prime, the near prime and the sub prime. Like in Australia and other markets across the world, mortgage brokers generated a significant amount of origination; approximately 50 per cent of all mortgages in the US are originated by mortgage brokers/bankers. These broker/banker originated mortgages are acquired in the US directly by institutions or mortgage aggregators. Mortgage aggregators pool all these mortgages together and sell them on to Wall Street firms, which then securitize them and sell the resulting securities to investors. The aggregating companies don''t usually have a lot of capital; their business model is generally such that they pretty much pay out what they earn. The Wall Street firms they sell to have the right of recourse in the first few months if the mortgages they are sold default


Is the US experience here a warning to the Australian market?

The industry there is currently unregulated, and as interest rates rise, certainly there will be pressure on the sub prime mortgage lenders. What usually prompts the government to take it seriously is for there to be a problem, like we''ve had here.


How about you personally, you''ve lived in New York for a while now, any plans to head back to Australia?

I''ve been based here for the past eight-years and doing things I couldn''t do if I was in Australia like leading a global business. I could be based in London, Paris or New York; the European securitization market is growing, but the US market is still the biggest. I plan to go back to Australia at some point – Australia is a sophisticated market – but I''m enjoying it here the moment, I plan to take it one year and one bonus at a time.

Double standards as gutless ASIC targets the little guy  | Jul 05, 2013

Is there a bigger joke in Australian regulation than the Australian Securities and Investment Commission?  Journalist Adele Ferguson’s excellent exposé of ASIC’s stunning lack of interest in detailed evidence provided by whistleblowers on misconduct within the Commonwealth Bank, which has led to a Senate inquiry into the regulator, is only the latest revelations about ASIC’s remarkable ineptitude. It is unable or unwilling to do its job of corporate regulation properly, particularly when faced with having to go after big companies that might have the gall to fight back. But it’s a different story on the internet.   ASIC has emerged as one of Australia’s primary internet censors, using the untrammelled power of section 313 of the Telecommunications Act to censor the internet in aid, it maintains, of blocking scam sites

If you’re online and ASIC knows you’re just an individual, without corporate resources to fight it, then it will come down very hard on you indeed.”  ASIC is also one of the agencies that supported data retention in the recent joint committee on intelligence and security inquiry, insisting it was important that it be allowed to have access to Australians’ internet and phone records.  The double standard is blatant and sickening and reminiscent of that found in the United States, where online activists and hackers have been charged and jailed for embarrassing the US government and large US companies, but not one single bank executive has gone to jail in the wake of the global financial crisis. Even admitting to acting as a vast money-laundering outfit for the world’s most violent drug gangs doesn’t see anyone in the banking sector behind bars.

Chairman, International Organization of Securities Commissions (IOSCO)
Director, American Australian Association 



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