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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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 Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
RBA, ACCC want more competition in banking Australian Financial ReviewSep 20 2017 8:00 PM James Eyers   The Reserve Bank of Australia and the competition regulator have endorsed the government's budget policies to boost banking competition including the regime that will force incumbent banks to provide data to customers to allow them to shop around for better deals. In a submission to the Productivity Commission, the Reserve Bank said competition in banking is being restricted by bundling of products, particularly with cross-subsidisation "obscuring the pricing of individual products", which makes customers less willing to switch banks. The central bank said it backed the push towards "open banking", "comprehensive credit reporting" and recent moves to increase transparency around banks setting interest rates via oversight by the ACCC. The Australian Competition and Consumer Commission described retail banking as being "characterised by oligopolies comprising the large banks, who can influence products, prices and other...
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Global investment scam robbing Australians of millions each year as Government urged to act ABC NewsSeptember 21, 2017 Matthew Doran, Henry Belot   Exclusive  The Federal Government is being urged to ban a highly speculative investment scheme that has been hijacked by international fraudsters to steal millions of dollars from Australians. So-called "binary options trading" allows investors to speculate on whether a stock or commodity price will go up or down. A form of fixed-odds betting, such trading sees investors cash in — or lose everything. Many established traders consider the investments too risky but naive amateurs are being aggressively sold the products by scammers promising huge returns. Fraudsters in countries with few financial regulations are using gambling industry tactics and cold calls to pressure Australians into sending them money, which they falsely claim to invest on their behalf. Some Australians have lost more than $1 million to these scams, alleging...
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Commonwealth Bank sells life insurance arm to AIA for $3.8bn The Australian 2:21pm September 21, 2017 Michael Roddan   Commonwealth Bank, fresh from striking a $3.8 billion deal with AIA Group for the sale of its life insurance business CommInsure, is now considering the future of its global asset management business, Colonial First State Global Asset Management. CFSGAM, which is known outside the country as First State Investments, has around $219 billion in assets under management. Commonwealth Bank today said it was considering a range of options for the division, including a separate float, confirming reports in The Australian’s DataRoom column today. “This review will consider long-term Commonwealth Bank shareholder value, including whether a separately listed CFSGAM would be better able to grow its business, serve the interests of its clients and attract and retain key personnel,” the bank said. With the sale of its life insurance division CommInsure and its...
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Banks propose governance model for open banking Australian Financial Review Sep 21 2017 11:00 PM James Eyers   Banks have called for the creation of a new independent utility to govern access to an open banking regime, and are keen for the federal government to progress economy-wide rules for customer data sharing to inform specific banking industry standards. Submissions to the open banking review being conducted by King & Wood Mallesons partner Scott Farrell are due with Treasury on Friday. His report proposing a model for "open banking" is due with Treasurer Scott Morrison by the end of the year. In its submission, the Australian Bankers' Association suggests an "industry accreditation utility" should determine whether recipients of banking data meet minimum standards on security and privacy, and have an ability to meet costs of potential breaches. The banks say they are willing to establish working groups to address specific issues, including...
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Regional banks say they're also 'too big to fail' Australian Financial Review Sep 21 2017 11:00 PM James Eyers  Banks want the federal government to tell international ratings agencies it is willing to support all banks in a financial crisis, a move that would reduce the funding cost advantage of the big four, which are perceived to be "too big to fail". A submission to be lodged with the Productivity Commission on Friday – on behalf of Bank of Queensland, Bendigo and Adelaide Bank, AMP, ME and Suncorp – will argue that while the budget's $1.5 billion bank tax has reduced the funding cost advantages of the big banks, it "only recoups a small proportion of the overall credit rating uplift enjoyed by the majors and further reform should be considered". When S&P Global Ratings downgraded the banking industry country risk assessment score for Australia in May, the issuer ratings of...
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Shadow bank loans surge to $28b amid APRA crackdown Australian Financial ReviewSep 21 2017 6:00 PM Jacob Greber   Tougher bank lending rules have driven an increase in shadow banking, according to RBA research that suggests unregulated loans to developers may amount to as much as $28 billion. While the Reserve Bank's cautious that there are no hard numbers on the sector, its own talks with industry players suggest there has been an increase in lending to property developers outside the traditional banking system since 2014. Even though shadow banks still account "for only a small" portion of residential mortgage lending, loans to property developers may have reached $28 billion, which is what managed funds lent to non-financial corporations. Another measure cited by the Reserve Bank in its latest quarterly bulletin suggests registered financial corporations' share of residential property development loans has risen to a little under 4 per cent in...
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Signs point to housing slowdown The Australian 12:00am September 23, 2017 Elizabeth Redman   Anxious vendors are turning to Gumtree and social media as well as traditional listings websites in the hope of selling their homes as the housing market softens. Off-the-plan resale apartments and suburban houses are being listed with labels of “urgent” and “huge discount”, particularly in Melbourne and Brisbane where concerns have been raised over the volume of apartment supply. The listings come amid a regulatory clampdown on investor lending aimed at cooling housing prices while the Reserve Bank ­recently again singled out the Brisbane apartment market as cranes dot the skyline. There is some evidence the clamps are working, with slowing price growth and a slip in auction clearance rates, but results are mixed and prices still edging higher on average. Dozens of inner-city and outer-suburban apartments in Melbourne have been listed on Gumtree this month, including...
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APRA regulation ‘hurting small banks’ The Australian 12:00am September 23, 2017 Michael Roddan   The nation’s smaller banks say they are paying the price for the misdemeanours of Australia’s biggest banks, as the country’s regional banks put on a united front calling for a radical overhaul of financial system regulation. In a joint submission to the Productivity Commission inquiry into competition in the financial system, a collective of regional lenders has broken ranks with the Australian Bankers Association industry body to argue against current “unfair” capital rules, the funding benefit the too-big-to-fail lenders receive, opaque relationships between major banks and their mortgage broker networks, and prudential limits on loans that “lock in” the dominance of the big four banks. Commonwealth Bank, Westpac, National Australia Bank and ANZ Banking Group control around 80 per cent of the nation’s home loans, and are overwhelmingly dominant in other financial services such as insurance, financial...
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Tell us more about your other debts to get a loan, banks tell borrowers Australian Financial Review Sep 22 2017 5:42 PM Duncan Hughes   Major lenders are demanding more financial information from property borrowers in response to growing regulatory concern about spiralling household debt, static incomes and the growing threat of rising interest rates. Westpac Group, which includes Bank of Melbourne, St George and BankSA, this week cut a fixed interest principal and interest rate by 11 basis points. At the same time it increased what it wants to know about applicants' financial commitments, ranging from reverse mortgages to lines of credit. National Australia Bank is expanding tough changes to credit policy that originally targeted interest-only borrowers to all new home applications. It is the latest move in an ongoing effort by major banks to improve the quality of their loan books and follows the storm over "liar loans", in...
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CBA shielding behind the Reserve Bank Australia - RMBS Timebomb.   How long were the CBA (and others) off- loading toxic mortgages to the RBA?   Is the Commonwealth Bank cashing in or crashing? What are we to make of CBA's latest announcement to the ASX, wonders Glenn Dyer. May 9, 2008 https://www.crikey.com.au/2008/05/09/is-the-commonwealth-bank-cashing-in-or-crashing/ In a presentation to a Macquarie Capital Conference in Sydney yesterday, Commonwealth Bank CEO Ralph Norris handled an upbeat assessment of the bank’s current state, one that helped turn around the market from a big loss to a gain of almost 1% at the end.   His presentation included the following phrases: “No reliance on securitisation”, “Approximately $39bn in liquid assets (~$10bn surplus)”, “Strong capital position” and, “No current plans (or need) to raise additional capital”. It was the last comment that caught the attention of the market and led to all banks rebounding.   What then are we to...
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  Rosanna's Story - NAB Customer Complaints System upset Customers There is scandal after scandal in the banking system.  There is also a widespread problem of bullying customers who complain and attempts to wear consumers down to force them to settle for 10% of the agreed loss.  NAB excels at this type of behaviour.  The EDR system as via my own experience has been captured by the Major Banks.  They are all behaving as a law unto themselves. I was a loyal customer of NAB for 12 years. My property portfolio held a mix of residential and investment properties. The rental income from my properties was stable. I had never missed a payment with NAB for the past 12 years.   My Loan facilities were due for renewal.  I decided to transfer my mortgage to another lender.     Prior to the transfer, I received a phone call NAB  asking me “what it would take to stay with them?”  I was told the process...
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Australians stuck in a debt trap with wages having risen by just $3 a year over the past decade Sydney Morning HeraldSept. 19 2017 - 6:39am Michael Heath (Bloomberg)   Australians' average weekly household income grew by $213 between 2004 and 2008. Since then, it's increased by a total of just $27. The extremes roughly reflect a surge and fall in export income -- as industrialising China sent demand for iron ore and coal rocketing. But despite their stagnant wages, just over a quarter of Aussies have amassed debts equal to three times their income - mostly as housing surged during a central bank easing cycle designed to cushion the end of the mining investment boom. "Wages growth was very, very strong, but there weren't the productivity gains to match it, so now it's very weak because we're simply not competitive," said Alex Joiner, chief economist at IFM Investors. "So there...
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China shuts down Bitcoin industry; bans executives from leaving the country Australian Financial Review Sep 18 2017 11:00 PM Lisa Murray   China has stepped up its regulatory onslaught against cryptocurrencies, forcing major bitcoin exchanges operating on the mainland to shut down and banning their executives from travelling outside the country. State-owned media reported the travel ban on Monday, and a source close to one of the biggest exchanges, Huobi ,said its founder Li Lin was required to "report to the authorities and cooperate with their work at any time", which effectively means he is not allowed to leave China. Beijing's harsh crackdown on bitcoin exchanges has taken the industry by surprise. In previous years, Chinese exchanges accounted for more than 90 per cent of all bitcoin trades, but the increased regulatory scrutiny over recent months has whittled that down to just over 10 per cent. This share is expected to...
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Property investors locked out of small business low tax rate The Australian 12:00am September 19, 2017 David Uren   Property and share investors will be denied access to the Turnbull government’s special low small business company tax rate under amendments being pushed through by Revenue Minister Kelly O’Dwyer. Tax specialists say the changes, prohibiting firms that earn 80 per cent or more of their revenue from passive or investment income, will add to the complexity of the tax system and highlight the avoidance opportunities created by the new two-tier company tax rates. Ms O’Dwyer said yesterday that the government’s decision to cut the tax rate for small companies was not intended to apply to passive investment companies. “The Turnbull government is committed to lower taxes on business because we want to see them invest and grow,” she said. “These amendments will provide greater clarity about who qualifies for the lower company...
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Home-loan arrears hit five-year high: Moody's Australian Financial Review Sep 18 2017 4:39 PM Jonathan Shapiro   The disparity of Australia regional economies has been highlighted in a report by credit rating agency Moody's that showed mortgage arrears had reached a five-year high. While not a single mortgage payment was missed in seven Sydney and Melbourne post-codes during May, more than 7.5 per cent of home loans in the Western Australian outback were past due during that month, the report said.   The agency, which tracks the performance of home loans that are packaged up and sold to investors said mortgages more than 30 days overdue increased to 1.62 per cent in May 2017, from 1.50 per cent the prior year, even as delinquencies declined in NSW and Victoria.   Mortgage delinquencies increased to record levels in Western Australia, the Northern Territory and South Australia while also increasing in Queensland and...
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Banks gagged from sharing information on money laundering, law firm says Australian Financial Review Sep 18 2017 7:48 PM Andrew Tillett   Banks and other financial institutions will be blocked from informing their offshore parents and subsidiaries about suspicious customers referred to regulator AUSTRAC under plans to strengthen anti-money laundering laws, top law firm King & Wood Mallesons warns. KWM has told a Senate inquiry proposed amendments to Anti-Money Laundering and Counter Terrorism Financing Act continue to stop multinationals from sharing information within their own corporate structure, potentially exposing an institution to reputational risk. "In our experience, reporting entities that are part of a multinational corporate group have found that the AML/CTF Act prevents them from escalating potential AML/CTF issues to senior management and legal and compliance personnel," the submission to the inquiry said. "These personnel often form part of a global financial crimes team located offshore and have the expertise...
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Press Release Victims of Financial Fraud (VOFF Inc) September 17th 2017 Money Laundering. VOFF’s Press Release dated May 21 2017 highlights the “double standards” in the way a financial fraud is investigated depending on whether the fraud is against ordinary citizens or the fraud against the Commonwealth.1 Similar discrepancies can be seen in the way the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act is administered. VOFF fear another “double standard” exists, exposing about 15 million superannuation account holders in Australia because weaknesses in the Australian financial system are not disclosed. According to a former AUSTRAC senior advisor, ‘the failure of major banks and other financial institutions to carry out basic due diligence likely placed them in breach of “know your customer’ requirements.’ Furthermore ‘any criminal can get a company created today and bounce all the money into one account and then send it offshore and walk away from the company. No...
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CBA-AUSTRAC case has investor implications  http://www.financialobserver.com.au/articles/cba-austrac-case-has-investor-implications=   The scandal over misuse of Commonwealth Bank of Australia’s (CBA) ‘intelligent deposit’ machines, which will see the Australian Transaction Reports and Analysis Centre (AUSTRAC) allege that a lax approach by CBA allowed suspicious transactions valued at $625 million, was proof the authorities had known of the weaknesses for a long time, according to Victims of Financial Fraud (VOFF).VOFF – which was formed by victims of the $180 million Trio Capital fraud – asserted the AUSTRAC case against CBA strengthened its claim that the Trio victims should receive an apology and compensation for their losses in a crime that financial regulatory agencies should have expected, VOFF secretary John Telford said.“The AUSTRAC/CBA case has revealed that there were already known weaknesses in the system, which the law enforcement and banking communities already understood, that individuals starting up companies could deposit money with minimal scrutiny – even...
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Commonwealth Bank executives escape AUSTRAC blowback Australian Financial ReviewSep 18 2017 11:00 PM James Frost   Senior executives responsible for risk and security at Commonwealth Bank escaped suffering any consequences for the AUSTRAC reporting failures, despite being in charge of the functions as the bank rolled out its now infamous intelligent deposit machines. Veteran Commonwealth Bank security expert John Geurts retired from the bank last year while long time executive general manager for risk Gary Dingley moved on from the bank following a restructure at the same time. The Australian Financial Review understands that both reject assertions they were disciplined or otherwise punished for the errors that led to claims the bank delayed or failed to report 53,000 suspicious transactions. While the failure of the reporting systems would ultimately lead to the departure of the CEO, expose the bank to a class action from shareholders and prompt the banking regulator to...
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Iceland: UK should have been tougher on bankers after financial crisis Some of Iceland's bankers were jailed after the financial crisis and the country's PM says  more should have been done in the UK.     17:05, UK,Tuesday 12 September 2017 http://news.sky.com/story/iceland-uk-should-have-been-tougher-on-bankers-after-financial-crisis-11030843   People demonstrate against the financial crisis in 2008 in Reykjavik By Adam Parsons, Business Correspondent The UK should have taken stronger action against bankers involved in the financial crisis, according to the Prime Minister of Iceland. In an exclusive interview, Bjarni Benediktsson told Sky News that his own country's actions had helped to "heal" the effects of the crisis. But he said he was surprised other countries, including the UK, had not followed Iceland's example of sending senior bankers to prison. "I think there's frustration, from the outside world, that things were not at least investigated. "I'm not saying there was reason to prosecute all of those involved,...
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Westpac facing ASIC loan assessment allegations.   Westpac's usage of expenditure indexes to assess borrower suitability has come under fire by the Australian Securities & Investments Commission (ASIC) in its ongoing legal battle with the major bank.The civil proceedings allege the bank failed to conduct proper assessments to ascertain whether borrowers could afford to repay their home loans. Westpac has denied this claim.Court filings obtained by the Australian Financial Review put the spotlight on Westpac’s use of the University of Melbourne’s household expenditure measure (HEM) to determine borrower suitability.In these documents, ASIC claims that the bank reliance on the HEM to assess borrowers led to approvals where a “proper assessment” based on actual spending would have unveiled a monthly financial shortfall.ASIC said that the benchmark was based on “conservative” estimates of what a household would spend and “represents only an estimate of what Australian families consume”.Furthermore, the regulator said that the HEM used...
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NAB report finds 2.4 million Australians financially vulnerable The Australian 12:00am September 16, 2017 Michael Roddan Consumers made vulnerable and financially ruined by the Banks and still bankers continue selling Toxic INTEREST ONLY Loans to the poorest of people.  There is no enforcement of law so predatory lending continues.   More Australians are financially vulnerable with meagre savings, according to a new National Australia Bank report. The report, written by a team of researchers from the Centre for Social Impact in partnership with NAB, came as Australia’s largest mortgage insurance company Genworth warned more borrowers were using credit card debt and “cross-collateralising” house deposits with their parents, which could exacerbate risks in the housing market in an economic crisis. Despite the Reserve Bank this week claiming borrowers were better placed to pay off a mortgage as they had a proven track record of financial responsibility in saving for larger deposits, Genworth...
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High rise owners face bill for replacing dangerous cladding Australian Financial Review Sep 15 2017 5:01 PM Duncan Hughes   Apartment owners in buildings taller than three storeys will have to pay to replace dangerous cladding themselves because of a legal loophole that means neither builders nor insurers are not liable. The loophole in a 2003 agreement between state governments and the industry could be used by developers and insurers to shift the potentially huge cost of replacing dangerous cladding on high-rise buildings onto owners or taxpayers. A 'catastrophe' fund negotiated in the same agreement, by which builders would fund cash-strapped owners in a crisis, is empty because state governments never enforced mandatory contributions, industry chiefs claim. The agreement was first negotiated by the NSW and Victorian governments in the wake of the collapse of HIH Insurance and was subsequently adopted nationally under the Council of Australian Governments. The prospect of...
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Huge investments at risk as Treasurer slams door on build-to-rent The Australian 9:16pm September 15, 2017 Ben Wilmot  The signs are everywhere re economic downturn, property collapse, bank madness and mayhem.  Who is running this country?    Australia’s nascent build-to-rent sector has been thrown into turmoil by new federal government rules that cut off the main avenue for global players to invest in the area, with warnings that the failure of the sector could worsen the affordability crisis. The future of the build-to-rent sector — which has been pitched as potential $300 billion saviour to drive investment into Australia’s housing supply — was hanging in the balance after Treasurer Scott Morrison shut the door to foreign institutions receiving favourable tax treatment. The model of building apartments to rent has already been embraced by top companies, including Lendlease, Mirvac and shopping centre giant Westfield. Private groups like Grocon and Salta have also...
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Australian Banks Could Finally Head Down Under Wall Street Journal Sept. 15, 2017 5:58 a.m. ET Jacky Wong   Investors have been calling the Australian housing market a “bubble” for years, yet prices keep charting higher. The market, though, could finally be about to turn south. That won’t be pretty for the country’s banks. The property market has been skyrocketing Down Under—prices in Sydney have gone up 80% since 2012 while in Melbourne they have gained 54%. In turn, houses have become unaffordable for many Australians as prices keep outpacing income growth. An average home in Sydney now costs more than 12 times the median income there, according to research firm Demographia. To keep houses within the reach of buyers, banks seem to have loosened their lending standards. Home lending is big business for Australian banks—more than half of their loan books consist of residential mortgages, amounting to $1.2 trillion, a...
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