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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
Housing risks 'catastrophic': Grattan Institute Sydney Morning Herald 4 March 2018 — 7:55pm Peter Martin   Australia’s eight-year house price boom has savaged the living standards of poorer Australians while so far leaving the wealthy untouched, a new Grattan Institute analysis finds. But the report, to be released on Monday, warns of a “catastrophic” impact on all income groups should mortgage rates rise by more than a few percentage points. The institute’s chief executive, John Daley, said Australians who already owned their houses had been little affected by soaring prices to date because they had been “hedged”. If they moved, they could buy again for about the price they got when they sold. Property investors had done well out of the explosion in Sydney and Melbourne prices because they had always been planning to sell. But new buyers had been locked out. Home ownership had plummeted among Australians aged 25 to...
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Labor vows to step up assault on the wealthy who are rorting the system Australian Financial Review Mar 4 2018 11:45 PM Phillip Coorey   Shadow treasurer Chris Bowen will pave the way for more policies targeting the wealthy and possibly paring back legislated company tax cuts in a speech in which he will badge Labor's approach as "Hawke-Keating refurbished". In a scene-setting address to Per Capita to be delivered today, Mr Bowen says Labor will build on its announced plans to curb negative gearing, halve capital gains tax exemptions for investors, increase the top rate of income tax, and change the tax treatment of trusts. He said the medium-term assumptions that have the budget staying in surplus beyond 2020-21 are "crude" and, to shore up the nation's finances, Labor will target the structural deficits left over from the days of the Howard government. But only those that apply to the...
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CBA, Westpac cut rates but 220,000 interest-only loans face $100b crunch Australian Financial Review Mar 2 2018 5:45 PM Duncan Hughes   Commonwealth Bank of Australia and Westpac, the nation's two largest lenders, have announced cuts across its fixed rate interest-only loans of up to 50 basis points. CBA also cut fixed rates on fixed rate principal and interest loans and increased rates by up to 20basis points on some principal and interest products. While the cuts will give some borrowers relief, across the banking sector more than 220,000 interest-only property fixed term loans totalling upwards of $100 billion could face a credit crunch as their loans come up for renewal over the next five years, analysis of lending reveals. That's more than one-in-seven current interest-only loans measured by volume and about one-in-six by value, it shows. Some investment property borrowers could face big hikes in repayments as they transition to...
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Banking royal commission: Hayne’s world of banking pain The Australian 12:00am March 3, 2018 Richard Gluyas   Black humour abounds in the ­office towers of Melbourne and Sydney, as the relentless royal commission machine piloted by Ken Hayne chews into the daily routines and sleep patterns of countless lawyers and bankers. On hearing a rival legal team had stayed back the previous night until almost 4am, a senior banker deadpans: “So you’re ­telling me they had an early night, right?” Like a casino, the 24/7 micro-economy spawned by the financial services royal commission has its own artificial time zone where the lights are always on. Canteens operate through the night, with UberEats on standby as highly priced legal talent sweats on the arrival of another “Friday afternoon special” — a notice from the commission to electronically transmit all documents on a ­specified topic within 48 hours. Weekend plans are quickly ­discarded...
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  Hayne rejects CBA bid to keep evidence secret Australian Financial Review Mar 2 2018 9:13 PM James Frost   Commissioner Kenneth Hayne is poised to reject a series of requests from the banks to keep statements and other submissions made to the financial services royal commission secret. Late on Friday afternoon the Commissioner said that following a request from Commonwealth Bank to keep all or a part of a draft statement confidential, the commissioner had agreed to not publish the name of the customer or the number of the insurance policy. It is just the first in a series of directions the Hayne royal commission is expected to make following requests from the banks to keep details of its submissions out of the public eye. The statement in question is a draft statement written by the bank's executive general manager of retail products Clive Richard van Horen and is believed...
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APRA relaxing as home price boom ends The Australian 12:00am March 2, 2018 Michael Roddan   The banking regulator has acknowledged the housing boom may be drawing to a close, revealing its strict limits on the rate of lending to investors are “potentially becoming redundant” as the property market cools. The comments come amid signs banks are preparing to ramp up lending to housing investors again, mostly by winding back interest costs, bringing them closer to owner-occupied mortgage rates. Appearing before a Senate estimates hearing, Australian Prudential Regulation Authority chairman Wayne Byres said the need to maintain a 10 per cent annual growth limit on investor lending was reducing. “At the aggregate level, demand seems to have subsidised,” Mr Byres told senators yesterday. “So the general dynamics in the market suggest is it potentially becoming redundant, although there are some institutions still growing quite quickly.” Statistics this week showed the growth...
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A focus on responsible lending will uncover huge problems for the banks ABC News1 March 2018 6:54pm Phillip Lasker business reporter   Investment guru Warren Buffet wasn't commenting on the Australian mortgage market when he said, "Only when the tide goes out do you discover who has been swimming naked", but it is no less relevant. When interest rates start rising and/or if property prices fall, the market's vulnerabilities will be exposed. The prospect of higher interest rates is considered a distant threat because inflationary pressures will take time to build. We also know households are sitting on a mountain of property debt and one false interest rate move by the RBA could trigger a collapse with far-reaching consequences. That isn't the only trigger. Overstated income The banks' Achilles heel — irresponsible lending — is shaping up as a major threat to the banks and financial system, depending on the outcome...
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Bankers’ charm offensive starts with a lick of paint — and a name change Herald Sun March 1, 2018 8:16pm Jeff Whalley   THE lobby group for the big Aussie banks has dropped the word “bankers” from its title, arguing the change better ­reflects its work. It comes as the ­industry tries desperately to charm the public following a string of disastrous scandals. Formerly the Australian Bankers’ Association, the lobby group on Thursday circulated correspondence with a new name. It is now calling itself the Australian Banking Association — keeping the ABA acronym that it has long used. A spokesman for the lobby group told the Herald Sun on Thursday that the changes took effect last week.  “The name change better reflects the work of the association, which is primarily ­focused on banking — how it’s conducted, how it’s regulated, how it contributes to the Australian economy and how it can...
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The Australian companies you didn’t know were owned by the big four banks The New Daily11:00pm, Mar 1, 2018 James Fernyhough   Everyone knows Australia’s big four banks are huge, accounting as they do for almost one quarter of the value of all the companies on the entire ASX. But they are actually even bigger than they seem, thanks to a network of other brands and subsidiaries that often carry no obvious sign that they belong to a big bank. This is part of a controversial practice known as ‘vertical integration’, which sees single companies controlling several links in the supply chain. It’s a practice fraught with potential conflicts of interest, and the big banks absolutely love it. This week The New Daily revealed a prime example of vertical integration – NAB’s deal with realestate.com.au to sell ‘white labelled’ (ie disguised) home loans through the property website. But there are many,...
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Productivity Commission and banks at loggerheads on competition Australian Financial ReviewMar 1 2018 6:47 PM James Eyers   The widening spread between the Reserve Bank's official cash rate and interest rates paid by borrowers since the GFC provides evidence that price competition is lacking in banking, Productivity Commission chairman Peter Harris told two major banks, as their smaller rivals pleaded for changes to regulatory capital levels and a stronger role for the competition regulator to help level the playing field. But during a second day of public hearings in Sydney, National Australia Bank chief operating officer Antony Cahill described competition as "truly intense" and said this was reflected in falling level of return on equity and net interest margins over the past 15 years. He said competition must be balanced against stability, and while competition could be defined, as the PC suggested, as a market where customers benefit from "high quality...
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Banking royal commission: financial tsars kept in the dark before inquiry called The Australian 6:36am March 1, 2018 Michael Roddan   Treasury did not consult any member of the Council of Financial Regulators before the Turnbull government announced a royal commission into the banking and financial services sectors. Treasury deputy secretary John Lonsdale revealed during a Senate estimates hearing on Wednesday the department provided advice and a draft terms of reference for a potential royal commission to Scott Morrison two days before the Treasurer announced the inquiry in late November. Mr Lonsdale said the Australian Prudential Regulation Authority, the Reserve Bank of Australia and the Australian Securities & Investments Commission were not consulted on the draft terms of reference prior to Mr Morrison’s announcement. The Turnbull government has said the royal commission was triggered by the chief executives and chairmen of the four major banks — Commonwealth Bank, Westpac, National Australia...
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Buy now, pay in 5 years: Brisbane developer offers deferred settlement on units Australian Financial Review Feb 28 2018 11:00 PM Michael Bleby   A Brisbane developer backed by Johnny Kahlbetzer's business Jemalong is giving buyers five years – when credit curbs should have eased – to settle purchases of the 20 remaining apartments. Reed Property Group is offering the handful of apartments left in the 228-unit Belise project in Brisbane's Bowen Hills on a deferred settlement basis out of recognition of the difficult financing environment for investors, director Richard Ash said. Under the plan, buyers who pay a "reasonable" deposit – of $60,000 or more – can take possession of a unit and pay monthly lease fees – equivalent to rent – and settle only in five years, when the developer would hand over the title, Mr Ash said. Reed, which is 45 per cent owned by Jemalong Property Group,...
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Financial doomsayer says Australian property prices could crash by 50 per cent in coming global crisis news.com.au FEBRUARY 28, 2018 Frank Chung   AUSTRALIAN property prices could crash by up to 50 per cent in a looming global crisis tipped to be worse than the GFC and possibly even the Great Depression, according to a well known doomsayer. Harry Dent, a US demographer and financial commentator who correctly predicted the 2008 crash, has warned of a “major political and social revolution brewing” very similar to the American Revolution of the late 1700s. He argues the global real estate and stock market “bubble”, artificially inflated by central bank money printing policies, will pop within the next five years — but most likely some time between the end of 2018 and early 2020. “I’m talking about a second global crisis because we never solved the problems of the first one,” he said. “We...
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'Shrouded in shadow': Australia's 'absurd' mortgage market Sydney Morning Herald 26 Feb 2018 — 3:41pm Sarah Danckert   The most important financial product in the lives of many Australians - the household mortgage - is “shrouded in smoke and shadow”, making it nearly impossible to assess if we are getting a good deal, the man responsible for reviewing competition in the banking sector says. Productivity Commission chairman Peter Harris on Monday criticised the lack of transparency on prices for mortgages. He also took aim at the lack of clarity around how mortgage brokers are paid by the banks and how they save the banks money. The Productivity Commission was asked by the government to review competition in the banking sector amid concerns that there are little variances between interest rates set by major banks and mortgage brokers. "On its face, in fact, it is pretty absurd that customers still have to...
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This year a 'critical test' for housing market: Westpac Australian Financial Review Feb 28 2018 3:17 PM Patrick Commins   A sharp slowdown in price growth in 2017 leaves Sydney's annual house price growth "poised to dip into negative for the first time in 5½ years", Westpac economists say. Macro-prudential restrictions, weaker foreign buyer demand, stretched affordability, and a lift in new dwelling supply have all weighed on house price growth, and those factors remain in place, the bank's economics team told clients. As such, this year is "shaping as a critical test of the [housing] market's resilience". "While most other markets [outside Sydney] are holding up better, all major states have seen price growth moderate and turnover fall to historically low levels." The warning from one of the country's largest banks comes even as the Reserve Bank of Australia modulates its rhetoric on property market risks. In a recent speech,...
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Home loan fraud, brokers in banking royal commission spotlight The Australian 12:00am February 27, 2018 Ben Butler   Home loan fraud at National Australia Bank and Commonwealth Bank-owned mortgage broker Aussie Home Loans, together with CBA’s dealings with its network of mortgage brokers, are among issues to be examined by the royal commission into the banks at its first public hearing in a fortnight. The commission, headed by former High Court judge Kenneth Hayne, is to turn its blowtorch on to all four big banks over consumer lending issues including home loans, car finance, credit cards and insurance add-ons. CBA, which has been at the centre of many of the scandals that have engulfed the financial services industry in recent years, is to receive the most attention, with four case studies scheduled to examine its practices. These included “Aussie Home Loans fraudulent brokers and broker arrangements” and “CBA accreditation of brokers...
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CBA sought meeting before new Austrac claims laid The Australian 12:00am February 26, 2018 Michael Roddan   The Commonwealth Bank asked the anti-money-laundering regulator Austrac to hold quarterly meetings between the two organisations’ chief executives a day before the financial intelligence watchdog filed an expanded suite of allegations against the bank in the Federal Court in December. According to internal documents obtained by The Australian, CBA also asked Austrac to meet “every second month” to talk about the bank’s regulatory overhaul, known as the “program of action”. The program, aimed at helping the bank comply with anti-money-laundering legislation, was launched after the bank first discovered it had failed to send the regulator thousands of legally required transaction reports, which originally sparked the landmark legal suit against the company. When Austrac widened its extensive claims against the nation’s largest lender on December 14, it included the allegation that CBA was considered to...
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APRA to face questions on 'liar loans' review Sydney Morning Herald26 Feb 2018 12:15am Clancy Yeates   Banking regulator Wayne Byres is expected to face questions about an official probe into fraud risk in the $1.6 trillion mortgage market when he appears at Senate estimates this week, after it was confirmed major banks provided the regulator with external audits on the topic at least nine months ago. The Australian Prudential Regulation Authority (APRA) in late 2016 kicked off a review covering mortgage fraud control, and in response to a Freedom of Information (FOI) request from Fairfax Media, APRA said it received external audits from five major banks in April and May last year. APRA  declined to release the audits under FOI laws, citing strict secrecy provisions in the APRA Act, and said it had not produced a final report on the topic "yet". Even so, APRA chairman Mr Byres is likely...
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Banks ‘belong to you’ campaign is a stretch The Australian 12:00am February 26, 2018 Adam Creighton   For sheer hubris it’s hard to go past the “Australian Banks Belong to You” campaign — the Australian Bankers Association effort to soothe community anger against banks during a potentially incendiary royal commission. You would have had to have lived under a rock not to have been reassured by Gracie, a Westpac ­receptionist for 33 years, that banks don’t keep all their profit: “Nearly 80 per cent go back to shareholders. The majority of those shareholders are everyday Australians.” “Australian bank profits belong to Australians,” chimes in Jake, a home-loan specialist at SA Bank, while Wesley, a branch manager at National Australia Bank, tells us that the profits go to “everyday Australians”. It’s seems former Labor PM Ben Chifley, who wished to nationalise the banks, has received his wish. The idea “our” banks “belong”...
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Of course Prime Minister in a Muddle Turnbull would state this when right in the thick of it himself...........Prime Minister Malcolm Turnbull has not ruled out forming such a body, he says he still needs to be convinced of the need for it. Australia slides further in global corruption index in wake of scandals 22 February 2018 Adam Gartrell http://www.smh.com.au/federal-politics/political-news/australia-slides-further-in-global-corruption-index-in-wake-of-scandals-20180220-p4z12o.html Revelations of dodgy donations, travel rorts and the cosy relationship between politicians and industry lobbyists appear to have battered people's trust in Australia's public sector, pushing the nation downwards in a global corruption index. Transparency International's annual Corruption Perceptions Index shows Australia's score has fallen another two points - from 79 out of 100 down to 77 - reflecting growing community scepticism about the integrity of the nati of the nation's institutions. The anti-corruption organisation says while Australia's ranking is unchanged - it remains equal 13th out of 180 countries -...
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Doesn’t matter if a victim is gullible and uneducated or astute and knowledgeable ..... remember when s 51A was added to Trade Practices Act  five decades ago?   Little reported in Australian media, the NAB has come in for serious criticism in the British Parliament as a bank that engages in unethical practices. Dr Evan Jones commences his two-part series. NAB’s Clydesdale subsidiary (Part One) The Clydesdale and Yorkshire Bank: Long under the media radar https://independentaustralia.net/business/business-display/the-parlous-history-of-the-nabs-clydesdale-bank-part-1-long-under-the-radar,11228 The National Australia Bank previously owned a subsidiary in Britain: the Clydesdale and Yorkshire Bank (Clydesdale). When Andrew Thorburn became NAB CEO in August 2014, he soon announced an intended divestment of Clydesdale. The NAB finally sold off Clydesdale in early 2016, with a “de-merging” to NAB shareholders and a partial listing.  In non-existent to spotty coverage in the Australian press over many years (usually in reporting of the NAB’s financial results), Clydesdale has been...
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So Turnbull has just offered the US $2.53 trillion of our super funds....nothing to do with this – i.e. payback time?........the banks have a total of $2.59 trillion of on-balance sheet assets. Nothing has changed since 2010.  There’s only so long that banks can keep the ponzi going. They’ve scraped through by the skin of their teeth thanks to an unprecedented bail-out by the taxpayer.  In 2010 NAB chief executive Cameron Clyne, referred to Australian banks’ dependence on wholesale funding markets as their Achilles heel…  Banks have been borrowing funds for mortgage monies from international wholesalers on Lines of Credit for over a decade.   Aussie Banks In Market Crosshairs 11 May 2010 https://barnabyisright.com/tag/credit-default-swaps/ The markets have begun lining up Australia’s banking system in the crosshairs.  How do we know?  Late last week, the spreads on credit default swaps (CDS) for Australia’s banks widened the most of all banks in the world. By...
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Nationals MP George Christensen calls for an end to the Coalition  Is this political HIGH NOON?   Eryk Bagshaw 17 Hours ago https://www.msn.com/en-au/news/australia/nationals-mp-george-christensen-calls-for-an-end-to-the-coalition/ar-BBJvY1q?ocid=ientp Nationals MP George Christensen has called for the end of the Coalition, after the scandal engulfing former deputy prime minister Barnaby Joyce threatened to tear the partnership apart. The maverick MP, who has a habit of making provocative comments and threatening to leave the government, said he wanted to see a National Party in coalition with regional Australia "rather than wedded to a Liberal Party lurching further away from the values we still hold". Putting an end to the Coalition would risk the collapse of the Turnbull government and the century-old agreement between the two parties, leaving the Liberal Party reliant on the Nationals to guarantee supply and confidence. In December, Mr Christensen reneged on his threat to desert the Coalition if Prime Minister Malcolm Turnbull was still...
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Mortgage broking fees to be targeted by Hayne royal commission Australian Financial Review Feb 22 2018 7:25 PM James Eyers   The Hayne royal commission's latest briefing paper calls out mortgage commission payment structures and part-ownership by big banks as areas of inquiry, providing the strongest indication yet that the broking industry will be in its sights. In the second of its "background papers", the financial services royal commission suggested it may seek to quiz lenders and brokers at hearings next month on potential conflicts of interest in the industry, which were also identified by the Australian Securities and Investments Commission in a major report last year that called for banks to stop paying brokers bonus commissions. The royal commission's paper, published on Thursday afternoon, recognised mortgage broking plays an increasingly prominent role in the economy, with loans placed by brokers increasing from 44 per cent of new residential home loans...
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Banks warned interest-only loans will irk APRA The Australian 12:00am February 22, 2018 Michael Roddan   Australia’s biggest banks risk provoking the prudential regulator if a move to attract new interest-only borrowers results in strong growth in sales of the riskier type of loan. The largest banks in the sector are all well below the Australian Prudential Regulation Authority’s 30 per cent limit on interest-only loans, which was forced on the sector last March. Lenders were given until the September quarter last year to comply with the rule, which was aimed at reducing the amount of new mortgages going to investors who don’t pay down the principal amounts on loans over time. But analysts now believe the major lenders will start to drop ­interest rates to encourage borrowers to take up interest-only loans, having reduced interest-only flow to well below the cap. ANZ on Tuesday revealed only 14 per cent of...
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