BFCSA Blog

Is Australia Open for business or is it for sale   6 December 2014 Roger Montgomery   http://www.theaustralian.com.au/subscribe/news/1/index.html?sourceCode=TAWEB_WRE170_a&mode=premium&dest=http://www.theaustralian.com.au/business/wealth/is-australia-open-for-business-or-is-it-for-sale/story-e6frgac6-1227146309692&memtype=anonymous   SOMETIMES investors need to look closely at the big picture. If I was recruiting 19 cabinet members to run our country, I would first ask for their CVs. If the majority of the CVs were from career politicians, career lawyers and a couple with any business experience, I guarantee I would not hire them to run a souvlaki chain, let alone the nation. But that’s what our political antipathy has elected to parliament and unless we see a third force rise to offer us a point of difference to the career lawyers on the one side, and career unionists on the other, this country many of us love so dearly, is headed towards a form of serfdom — working for foreign landlords at best, or at worst sidelined completely. Let me explain....

Its time the regulators ASIC and APRA investigated present major Lenders and cleaned up the unaffordable lending activity before other players are granted a licence to enter into this dark arena.  Consumers need an urgent fair go.  A Royal Commission is vital to find out how so many unaffordable loans were approved (approx 200,000) during the past fourteen years under ASIC's "watch!"  The Major Banks made a motza of money promoting toxic loans using toxic lending policies and reduction of standards, with acceptance of fraud as the "norm."  Now Coles and Woolies are saying "we TOO!"    This email address is being protected from spambots. You need JavaScript enabled to view it. Woolworths takes another step closer to mortgages       inShare by Adam Smith | 30 Jul 2014 http://www.brokernews.com.au/news/breaking-news/woolworths-takes-another-step-closer-to-mortgages-190189.aspx   The supermarket financial services war is on, as Woolworths has telegraphed its next move into the sector, which could include mortgages.According to a Fairfax report, Woolworths has trademarked the brand Woolworths Money. The trademark covers a range...

How can there be "no tolerance" promised when these toxic loan practices have escalated in past decade.  Ask Dr John Laker : "why is that so John?"  APRA and ASIC "tolerated" major crime in Banking Sector for years. Peter Kell uses the same throw away line: "we will not tolerate."  This email address is being protected from spambots. You need JavaScript enabled to view it. RBA spotlight on predatory lending Tuesday, 10 June 2014   |   James Mitchell 0 Comments     Facebook   0       Twitter   1       Google +   0             Linkedin   1 1inShare Australian lenders have been quick to defend non-conforming loans, as the RBA emphasises the danger of a rise in predatory lending. Last week the Reserve Bank warned lenders against dropping lending standards, stressing there will be no tolerance for predatory lending. RBA’s head of financial stability, Luci Ellis, emphasised the importance of regulation as a line of defence against an extreme easing...

ASIC finally wakes up to everyone else's nightmare DateJune 16, 2014 Read later John Addis http://www.smh.com.au/business/intelligent-investor/asic-finally-wakes-up-to-everyone-elses-nightmare-20140616-3a7me.html   Misconduct claims widen in CBA's planning scandal The Stockholm Syndrome is a psychological process whereby a hostage identifies with their kidnapper, to the point of defending the kidnapper's reasons for their own capture. For the past eight years ASIC appears to have been suffering from a similar condition, with only the public revelation of wrongdoing, rather than wrongdoing itself, provoking action. The Senate hearing into ASIC's performance shows the regulator emerging from its captive state to see the true state of financial planning at Commonwealth Bank. The daily revelations of big bank malpractice and regulatory inaction is a real-life horror show. In her work covering ASIC's investigation into Financial Wisdom and Commonwealth Financial Planning, both owned by CBA, Fairfax's Adele Ferguson reported on a 'mystery shopper' exercise conducted by ASIC in 2007. Covering 51 randomly selected planners, the...

We have hundreds of dodgy RAMS HOME LOAN files whereby the service calculator manufactured the fraudulent income.  Why is Broker/Agent punished by ASIC and not the LENDER.  Who is ASIC protecting?  ASIC has to be labelled the biggest protection racket in town.  Here is the problem.  Money Choice representatives were placing their loans via Major lenders and RAMS.  RAMS dealt with brokers directly.  Steven Kane now NAB exec, and director of FAST GROUP aggregated Money Choice deals.  Kane also was reported as contender for head of MIAA.  Any more info out there on these deals?  So if ASIC nailed RAMS for approval of fraudulent loan and for providing the dreaded service calculator that caused the fudging of incomes, surely that would stop this system issue dead in its tracks?  We kept warning Brokers you will carry the can.................  Peter KELL doesn't get it......yet again.................ITS THE BANKS STUPID..........................Then you say "this type...

ASIC cracks down on mortgage brokers NOT BANKS who approve loans....what is going on? Posted Thu 23 Jan 2014 The ABC reported "ASIC cracks down on Mortgage Brokers." "The corporate regulator is cracking down on fraud in the mortgage broking industry. The Australian Securities and Investments Commission says investigations into at least 20 brokers are underway. Mortgage brokers shop around for the best deals, usually for no charge, because they're paid a commission by the lender. But ASIC has accused some of falsifying loan applications."  READ THE TRANSCRIPT:  be prepared for nausea!   http://www.abc.net.au/news/2014-01-23/asic-cracks-down-on-mortgage-brokers/5215098 Yes embarrassingly for our Nation, ASIC is cracking down on Brokers BUT NO BANKS who approve the dirty loans.  Brokers are not qualified, nor licensed to approve loans.  Dirty Lending Policy starts with approvals of unaffordable mortgage loans to older Australians.  ASIC have given GREEN LIGHT to Banksters to continue with glee.....and immunity from charges being laid. Borrowers...