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BFCSA
MORTGAGE
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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
The financial curse - watch the video!       We can't 'hold back the tide' in housing market: APRA's Wayne Byres   Clancy Yeates   28 April 2017-04-28   http://www.smh.com.au/business/banking-and-finance/we-cant-hold-back-the-tide-in-housing-market-apras-wayne-byres-20170428-gvuqk4.html   Australia's powerful banking regulator has stressed it cannot "hold back the tide" of the property cycle and exert control over house prices, underlining the limitations of recent curbs on bank home lending.  Wayne Byres, chair of the Australian Prudential Regulation Authority, highlighted this reality as he also flagged "further tightening" from banks in the $1.5 trillion mortgage market.   In response to a rapid build-up of household debt and soaring Sydney and Melbourne house prices, Mr Byres last month unveiled new caps on interest-only lending by banks, causing lenders to raise interest rates for some borrowers.  ANZ was the latest bank to respond on Friday, raising fixed interest rates for customers taking out interest-only home loans by up to 0.4...
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  Inside the House of Reps banking inquiry   By Christian Edwards   1 Day ago   Banking   https://www.rfigroup.com/australian-banking-and-finance/news/inside-house-reps-banking-inquiry     The political divide within the House of Representatives Standing Committee on Economics inquiry into the banking sector has been thrown into stark relief with the public release of its second report, revealing the frustration of non-government members forced to march to the majority’s beat.   In November 2016 the government-heavy, ten-member committee - including three Opposition and one Greens member - tabled its first ten recommendations to improve the banking system for Australian consumers.   According to committee chair, Liberal MP David Coleman, the second report affirms these and calls on Government implementation, as well as backing the abolition of non-monetary default clauses for loans to small business – a matter examined by the Australian Small business and Family Enterprise Ombudsman, Kate Carnell.   “Each of these Recommendations should...
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Banks may have to sell rivals' products Australian Financial Review Apr 23 2017 11:00 PM James Eyers   Banks could be forced to sell financial products manufactured by competitors under new powers to be given to the corporate regulator. Australian Securities and Investments Commission chairman Greg Medcraft said the move could break down the economics of cross-selling and force banks to sell their wealth operations. Foreshadowing the end of the vertically-integrated banking model, Mr Medcraft said new laws will give ASIC a mandate to police competition while "product intervention" powers could be used to ensure banks only sell products that are in the best interests of their customers – which might not necessarily be their own. Mr Medcraft said the regulator could use its new powers to limit the ability of banks to "cross sell" customers additional products manufactured by another part of the bank, a common tactic that boosts bank...
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UBS is 'calling the top' of the property boom Australian Financial Review Apr 23 2017 11:00 PM Matthew Cranston   The booming housing market could finally be about to turn as auction clearance rates fell back over the weekend and analysts from investment bank UBS "calling the top". Clearance rates in the biggest housing markets of Sydney and Melbourne fell back into the mid-70 per cent range over the weekend – Sydney saw its lowest clearance rate for the year – after weeks of results above 80 per cent. While the weekend clearance results and number of listings were much softer compared to previous weeks due to school holidays, Easter and ANZAC day, some properties recorded results $350,000 to $900,000 over their reserve. With heightened concerns from the Reserve Bank of Australia and retail banks steadily increasing lending rates – the Commonwealth Bank lifted again on Friday – some are now...
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BFCSA - ON THE BANK BATTLEFIELD FOR 15 YEARS.   Mortgage Stress will have an ugly trickle down effect on the economy when only another creep of 0.05% bank rate rise will cripple so many families, entrapped into LOW DOC INTEREST ONLY SUB PRIME MORTGAGE LOANS.   Trust and Confidence in Australian Banks has been trashed by Major Bank CEO's. Depression likely, whilst we as a Nation. prepare to clean up the mess. The Royal Commission into Banking Scandals is a must have. We cannot move forward as a Nation whilst Al Capone and his cronies are in charge of the neighbourhood. Mortgage Stress will have an ugly trickle down effect on the economy when only another creep of 0.05% bank rate rise will cripple so many families. ABC speaking of this looming bloodbath this morning. The looming Mortgage SUB PRIME Crash is Australia's massive story of greedy bankers, toxic...
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Sweating on every word – how ASIC massaged the banking message Adele Ferguson http://www.theage.com.au/business/banking-and-finance/sweating-on-every-word--how-asic-massaged-the-banking-message-20170421-gvp9qt.html The executive was part of a process that saw ASIC taking weeks to draft press releases then submitting them for vetting to the very organisations they are supposed to be policing. It sounds like something out of a Monty Python or Yes Minister skit but sadly it is not. ASIC documents released in response to a freedom of information request made by News Limited two years ago show that it was commonplace until 2015 for ASIC to send draft press releases to the banks for feedback before issuing them to the media and the public. In some cases ASIC acted like an extension of the banks' PR team. By doing this it left itself open to being bullied into submission. Email correspondence between various ASIC staff reveals that sometimes the sugar-coating was self imposed, with some ASIC staff wanting to...
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Tikki Fullarton now with Sky News...7 min interview with Sedgewick within link....AS USUAL with Banker Controlled Crap and misinformation,  it infers the fault lies with brokers!  Last week Banks were blaming Borrowers!!! There is NO TRUST....its been trashed by the Bankers. Banks attack the Sellers.  Banks are the Crooks in ROBO approved lending scandal.  Medcraft has admitted the FRAUD is in the APPROVAL.   Desperate Banks to ditch sales incentives to ‘restore trust’ 20 April 2017 Frank Chung http://www.news.com.au/finance/business/banking/banks-to-ditch-sales-incentives-to-restore-trust/news-story/ad78f0bf0bd77d6c73a6b14773fba562#itm=newscomau%7Cfinance%7Cnca-finance-plmnt-trending%7C1%7Csection-finance%7Cstory%7CRBA%20warns%20of%20rising%20risk%20in%20housing%20market&itmt=1492701813951 Bank sales bonuses to go after review   THE toxic sales culture in Australian banks that sees customers saddled with inappropriate financial products may finally be coming to an end. All four big banks have committed to winding back the “deep-seated” culture of product-based incentive payments after an independent review into the practice handed down its final report on Wednesday. Stephen Sedgwick AO, the former Public Service Commissioner, was appointed by the...
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Yes Bankers in control of Engineering toxic products, the mortgage broker channel, paying commissions and dodgy approvals....we know that AND Banks are in charge of ASIC, APRA and Corp Cop Greg Medcraft.   Medcraft in favour of leaving everything toxic, as is,  for another four years. Onya Greggie!!!     MFAA boss rejects Sedgwick review, slams commission reforms James Mitchell 21 April 2017 https://www.theadviser.com.au/  James Mitchell Friday, 21 April 2017 Comments 13 Shares 2 The association has warned that Sedgwick’s recommendations will give the banks “complete oversight” of brokers, erode independence, and further empower the major lenders. The Mortgage & Finance Association of Australia (MFAA) has expressed serious concerns with some of the themes outlined in the Australian Bankers’ Association’s (ABA) Review, conducted by Mr Stephen Sedgwick AO, into commissions and payments, calling on banks to align with the “well-considered ASIC process” that is currently underway. The association stressed that ASIC...
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CBA raises interest rates on investor and interest-only loans 21 April 2017 Georgia Wilkins http://www.smh.com.au/business/banking-and-finance/cba-raises-interest-rates-on-investor-and-interestonly-loans-20170421-gvpcsl.html   APRA ordered Banks to cut back to “only 30%” IO Toxic Lending, but 90% of all mortgage are IO’s.    Spiteful Banks then said OK, so we will now raise interest rates for borrower victims!    Customers suffering from  unaffordable loan syndrome have lost all trust and confidence in Australian Bad to the Bone Bankers. Australia's biggest bank has hiked fixed interest rates on investor and interest-only home loans. The Commonwealth Bank said the move was to ensure it "continue[d] to meet our regulatory requirements". The Commonwealth Bank has hiked fixed rates for investor and interest-only loans.  Fixed rates on interest-only loans will rise by 25 basis points, while investor home loans that are principal and interest will rise by 25 basis points. Investor loans that are interest only will rise by between 25 and 50 basis...
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Watchdog alert: ‘Ralph Norris has spoken’ - NAREV was the Norris protege!!!! The Australian 12:00am April 22, 2017 Ben Butler   October 26, 2011, should have been a day of triumph for the corporate regulator. The Australian Securities & Investments Commission was about to announce the Commonwealth Bank was going to enter into an enforceable undertaking that was supposed to clean up its scandal-ridden financial planning arm. No doubt ASIC hoped that the agreement would put an end to the saga of shoddy advice given to customers at CBA’s Commonwealth Financial Planning by planners such as its notorious former star, “Dodgy” Don Nguyen. After days of painstaking drafting, ASIC was gearing up to send out a media release at 11am, documents released to The Weekend Australian under Freedom of Information laws show. The press release had been ­approved from the top, with chairman Greg Medcraft emailing his approval — “OK with...
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WHY ROYAL COMMISSION INTO BANKS AND FINANCIAL ADVICE IS ESSENTIAL for the future of consumer protection.   Sadly, some people are still under-informed and suggesting they do not understand the POWERS of a Royal Commission and its Officers. BFCSA aims to keep our consumer members fully and properly informed. See RC into FBs 2001, leading to 36 people jailed including other states, $300 million compo in 3 states. Laws changed Fed and State. RC's if conducted properly and not poor man versions, do advise the entire population on the ramifications for the Nation. Less than 20% deny there is a need for an RC into banking, including Mad Malcolm, PM extraordinaire.   WITNESSES ARE X EXAMINED BY HIGHLY EXPERIENCED QC's. Judges are usually of a higher level of learning regarding our laws eg: former High Court Judges.   The documentary evidence amassed and hidden, currently collecting dust on regulatory shelves,...
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Banks concede their code of conduct was 'primarily directed' to other banks Australian Financial Review Mar 28 2017 4:53 PM James Eyers   The banks have conceded their industry code of conduct is a "a long and detailed document [that] customers find difficult to relate to". They have pledged to substantially re-write it to boost consumer protections while also pushing back on some of the recommendations made in a recent independent review of the code, including the need for new restrictions on cross-selling products. The banking industry on Tuesday released its response to a February report by consultant Phil Khoury who made 99 recommendations for improving the Code of Banking Practice, a charter between banks and their customers. The complexity of the banks' response reveals many issues need to be resolved before a new code is finalised. The code looms as a priority for the in-tray of former Queensland premier Anna...
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ASIC's Greg Medcraft is on a mission to avoid a US sub-prime repeat Australian Financial ReviewApr 3 2017 11:00 PM Jonathan Shapiro, Jacob Greber   The chair of the corporate watchdog is leading a crackdown on home lending practices in order to avoid the mistakes that led to the 2008 house price crash in the United States. Greg Medcraft, who is in the final months of his tenure as the chair of the Australian Securities and Investments Commission, will target lenders and brokers that are encouraging borrowers to take on riskier and "more expensive" interest-only loans and lenders that have understated living expenses of borrowers when assessing their ability to afford a loan. "We want to make sure we don't have a surge in defaults when rates go up, and the misery that comes with that," Mr Medcraft told The Australian Financial Review. Mr Medcraft, who says he witnessed the trauma...
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APRA trying to rein in non-banks: Firstmac Australian Financial Review Apr 3 2017 4:54 PM Larry Schlesinger   The "invisible hand of APRA" is trying to rein in mortgage lending by non-banks to property investors, according to the country's biggest non-bank lender, Firstmac. Speaking to The Australian Financial Review after the prudential regulator announced new bank lending limits on interest-only loans last week, Firstmac CEO Kim Cannon and CFO James Austin highlighted APRA's comments on "warehouse facilities" provided by banks to other lenders. These warehouse facilities provide the upfront wholesale funding that allows non-banks like Firstmac, Liberty Financial, Pepper and some of the smaller banks to write home loans, which they then securitise and sell to overseas investors. Alongside a suite of new macro-prudential measures aimed at reinforcing sound lending practices, APRA said it was "monitoring the growth in warehouse facilities provided by ADIs to other lenders". "APRA would be concerned...
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'National obscenity' still a blight - homelessness continues to increase Sydney Morning Herald April 15 2017 Amy Remeikis, Neelima Choahan  How did we get here?  Cannot afford to live in our own country?  Only the uber wealthy can survive?  Why is homelessness and housing unaffordability a grand topic right now?  Someone was looking after the Elites.   Faced with a growing homelessness issue in one of the world's wealthiest countries, then-prime minister Kevin Rudd declared "something needs to be done". Nearly 10 years later, the situation is worse than ever. In 2008, when Mr Rudd announced a White Paper into homelessness in Australia, 200,000 people were recorded as accessing funded support groups for help. Last financial year, 280,000 people were helped. More than 70,000 people were turned away, with services around the country at capacity. The figures don't take into account those who sleep rough without making contact but services, anecdotally,...
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NAB ‘forgot’ to inform ASIC of $1.9m breach The Australian 12:00am April 21, 2017 Ben Butler, Michael Roddan   The Australian Securities & Investments Commission was upset it learned about a six-year systems problem that hurt tens of thousands of NAB customers second-hand from sister agency the Australian Prudential Regulation Authority, formerly secret documents show. While ASIC was able to act on the information after being told about the breach, involving NAB’s Navigator investment platform, the 2014 episode underscores the regulatory confusion over which of ASIC and APRA is responsible for oversight of the big banks’ troubled wealth management arms. Documents obtained from ASIC under Freedom of Information laws also show NAB was allowed input into drafting the press release the regulator issued about the Navigator problem, with bank executive Andrea Debenham thanking the regulator for incorporating the bank’s changes into the final version. The revelation comes as Australian Bankers Association...
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Labor targets super in bid to cool housing market The Australian 12:00am April 21, 2017 David Crowe   Bill Shorten will target a $24 billion “explosion” in borrowing in a new bid today to tackle housing affordability, pledging to stop property investors using their superannuation funds to take on debt and drive up prices. The Labor policy is being backed by the head of the government’s financial system inquiry, former Commonwealth Bank chief and Future Fund chairman David Murray, out of concern at the wider risk to stability from the increasing use of super fund debt. Mr Murray said last night the government should move quickly to follow Labor and put a stop to the use of super fund debt to buy residential property, given the way the borrowing could “magnify” risk across the sector. With the polls putting Labor comfortably ahead of the ­Coalition, investors might be tempted to take...
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EY review of Macquarie’s financial planning arm a sham: ASIC The Australian 12:00am April 20, 2017 Ben Butler   A review of Macquarie Group’s financial planning arm commissioned by the banking major and carried out by big four accounting firm EY was a “sham”, according to a senior investigator at the corporate watchdog. Adrian Borchok, a senior manager in the Australian Securities & Investments Commission’s enforcement team, made the comment to colleagues in January 2013, after a probe by the watchdog found “recurring ­compliance deficiencies” that had gone on for years at Macquarie’s wealth arm, Macquarie Equities Limited (also known as MEL or Macquarie Private Wealth). His frank assessment, together with material illustrating the difficulties the regulator had dealing with Macquarie, is revealed in a trove of documents obtained from ASIC by The Australian under Freedom of Information laws. The documents show how ASIC allowed big banks including Macquarie input into...
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ATSB ‘look guilty of cover-up’, says MH370 victim’s widow The Australian 12:00am April 20, 2017 Ean Higgins   Australian and Chinese families of those who died on Malaysia Airlines flight MH370 yesterday expressed outrage at Australian authorities’ refusal to release crucial documents, with an Australian widow saying it made them “look more guilty” of a cover-up. Danica Weeks, whose husband Paul perished when the flight went missing three years ago, called on Australian Transport Safety Bureau chief commissioner Greg Hood to reverse his decision to reject a freedom of ­information request from The Australian. “Who are they trying to save face for; is it the Malaysians or the ATSB?” Ms Weeks, who lives on Queensland’s Sunshine Coast, said yesterday. Mr Hood upheld another ATSB officer’s decision to not ­release opinions of an international team of experts about satellite data which the bureau claims support its theory that MH370 went down in...
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NAB to cut 100 staff as major banks feel margin squeeze The Australian 12:00am April 20, 2017 Richard Gluyas   The major banks are under mounting pressure to pull the cost lever and cut the size of their workforces, after suffering from intensifying margin pressure in the lead-up to the close of the March half-year. The Australian has learned that National Australia Bank told staff early last month that a restructure would proceed with at least 100 jobs to go. While 400 new roles would be created, including 10 in frontline risk, this would be more than offset by about 500 job losses, with some of the affected staff to be redeployed. The restructure was mainly at the consultant, senior analyst and manager level. ANZ Bank also confirmed yesterday that a February restructure had resulted in the loss of 35 information technology positions. Since the global financial crisis, bank net interest...
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Housing affordability: Australia's politicians among nation's most aggressive investors ABC News20 April 2017 Ashlynne McGhee   There's no housing affordability crisis in the ranks of Federal Parliament's members and senators. The politicians charged with tackling the thorny issue of spiralling house prices are among the nation's most aggressive property investors, an analysis by the ABC has revealed. The 226 individuals own 523 properties between them and about half of them own investment properties. That means many of our politicians have a very personal interest in any changes to negative gearing and the capital gains tax discount. You can search your local member's property interests here. 1. There's hardly a politician without property Ninety-six per cent of parliamentarians own a property. Only 10 out of our 224 elected officials aren't in the game. Compare that to the rest of Australia, where home ownership is expected to dip below 50 per cent sometime...
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How ANZ, CBA, Westpac, AMP won ASIC spin war The Australian 12:00am April 19, 2017 Ben Butler   Over nearly a decade, the corporate regulator regularly bowed to demands from big banks and financial players — NAB, CBA, Westpac, Macquarie and AMP — to water down the language used in press releases dealing with industry wrongdoing. A trove of Australian Securities & Investments Commission documents, obtained by The Australian after a two-year Freedom of Information battle, shows the intense pressure put on the regulator by battalions of lawyers, executives and spin doctors in the service of banks and financial services companies. At stake was the wording of press releases relating to some of the biggest scandals to rock the sector in recent years, including shoddy financial planning that hurt the retirement savings of up to 560,000 CBA and Macquarie customers and sparked calls for a royal commission into the sector. The...
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Banks forced to scrap bonus pay schemes linked wholly to sales targets Australian Financial Review Apr 19 2017 5:00 AM James Frost   Banks will be forced to make wholesale changes to the way they reward staff members under a series of recommendations that look to scrap bonus payments to retail bank employees that rely on hitting sales targets. They will also be asked to stop paying some incentives to mortgage brokers under the recommendations which seek to do away with soft dollar payments, such as travel and hospitality, and volume payments on top of upfront and trailing commissions. The recommendations will also crack down on campaign offers, where a bank ramps up bonus terms for a limited period to aggressively take market share. The Sedgwick Retail Banking Remuneration Review, which has been conducted by former Australian Public Service Commissioner Stephen Sedgwick for the Australian Bankers Association, will be released on...
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ASIC commissioner to head union watchdog Australian Financial Review Apr 18 2017 6:37 PM David Marin-Guzman  Michaelia Cash and Malcolm Turnbull obsessed with Unions – what about the damage caused by Bankers?  They spent $160 million on RC and found nothing.....remember?   The Turnbull government has appointed an industrial relations outsider from the Australian Securities and Investments Commission to head its new union watchdog. Lawyer and financial regulator Mark Bielecki will head the new Registered Organisations Commission from May when the commission's underlying legislation, which introduces fines of more than $1 million, five-year jail terms and sweeping whistleblower protections, comes into effect. The new specialist regulator will have ASIC-style investigatory powers to oversee unions and employer groups and will enforce higher transparency and disclosure rules. Mr Bielecki was previously the South Australian regional commissioner for ASIC and has a decade of experience in competition and corporate disputes as managing partner in...
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Coalition may limit number of properties investors can buy Australian Financial Review Apr 18 2017 12:00 AM Jacob Greber, Laura Tingle   The federal government has been examining ways to cap the value of tax breaks for housing investment as it continues to wrestle with the housing affordability issue. While the government has firmly ruled out Labor's plan to dump negative gearing, and has downplayed the likelihood of lowering capital gains tax concessions, sources have told The Australian Financial Review the government has investigated the possibility of putting a limit on the number of properties that investors can buy. An alternative approach may be to impose a dollar value limit on how much can be negatively geared by investors. Questions around the preferred option hinge on how to find a measure that recognises large differences between property markets around the country and avoids generating new regional or price-bracket distortions. "You have...
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