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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: Next the Insurers' Loan Mortgage Insurance scam - back to 2007 and Dig Deep Down into murky Insurance

Posted by on in Corruption Exposed
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ANZ & Westpac have been undertaking  their own in house LMI since well before 2007

What you need to do is bury a level deeper than this.

Look instead at the capital requirements for Lenders Mortgage Insurance providers (AGN 112 I think).

Look at how APRA watered down the capital requirements on LMI providers post their consultation papers, with only 1 real LMI provider in the market. 

Look at how much capital APRA makes LMI providers set aside for the riskiest of risky mortgages it insures for the banks. 

Remember these are the mortgages that people take insurance out against because they don’t have the cash for a decent deposit. 

Then the banks take this risky mortgage insurance and use it as a credit mitigant to offset the cost of their capital. 

Talk about insurance leverage, on bank leverage, on an asset bubble ( housing ), geared to a leveraged commodity bubble (China). 

Follow it ALL through to the bank leverage and capital.

Look at the correlation risk ( ie all banks insuring their riskiest mortgages in a correlated market to 1 event and 1 insurer) . 

Look at the mortgage assessment criteria ( ie Henderson Poverty Index). 

Look at the cross-holding and correlated risk that the new APS210 is too….all there in annual reports and APRA websites……..

 

If the banks do fail, the taxpayer will not be able afford to bail them out, and as we are part of the G-20, bail-ins will be preferred,  AKA seizure of YOUR money 

or the RBA will have to extend Financial Repression for 30 years… probably both

 

2 or 3 fingers of scotch........?

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  • doyla66
    doyla66 Wednesday, 05 March 2014

    Delusional economists, fortune tellers and Banksters still running/ruining Australia's true wealth

    A terrifying proposition, the Australia Financial Industry leveraged to the max.
    Property build on a foundation of champagne bubbles and regulatory hot air.
    Rather than allow it to collapse what is our government doing about slowly deflating this dangerous situation?
    Would they prefer to cut the strings and let the whole lot float off into space - or another country or planet perhaps?
    We will be rebuilding Australia for a very long time if our Treasurers and other parliamentarians insist on pretending that "debt" is real, requiring repayment with whatever money is available including capital proceeds from the sale of Australian Commonwealth assets (they're supposed to belong to us, people, not the government.) Even we know that credit is not capital or borrowings!
    Back to basic small business training for all politicians before any delusional economist or ex-banker gets fast and loose with the cheque book!
    Hands up all those who are willing to work their fingers to the bone to prop up a totally dysfunctional system for the next 30 years? If not, let those in power know how you feel about it.
    It's becoming easier to see why increasing numbers of Australians believe Iceland was right.

  • doyla66
    doyla66 Thursday, 06 March 2014

    Yes sneaky things going on behind backs and bail-in I believe selected from the menu so everybody better check out this site and check for the big black seal (if anybody has any money of course). One can bet nobody will be told until after it happens and it's already been well in place in NZ for a good while with fact sheets all up and ready on the RBNZ site. AND, if you do happen to have some money or know people who do make sure if you spread between different banks to protect it you don't make the big mistake of not knowing who owns what for they have all become so incestous it's downright sinful and now breeding very very bad genes indeed http://www.asic.gov.au/asic/asic.nsf/byheadline/Australian+Government+guaranteed+deposit+seal?openDocument

  • doyla66
    doyla66 Thursday, 13 March 2014

    "Bail in"

    It is my understanding that they have already (very quietly) imposed a .1% levy,charge, tax (insert your own definition) on ALL savings accounts in this country for the purpose of saving the banks if they fail. Late 2012 if I remember correctly.

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