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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
Bank credit rating downgrade underwhelms experts Australian Financial Review Jun 20 2017 7:12 PM James Frost, James Eyers   Credit downgrades to a dozen Australian banks from a global credit rating agency are not expected to have a lasting impact on funding costs according to regulators, analysts and experts. The downgrades were driven by deterioration in Moody's macro-economic outlook, which it revised down to "Strong+" from "Very Strong-". Moody's had reaffirmed the credit ratings of Australia's banks as recently as three weeks ago. Moody's said high levels of debt and rapid credit expansion in the context of nominal wage growth had forced its hand, increasing the sensitivity of household expenditure and therefore the banking sector's exposure to a potential shock. Among those targeted in the downgrade were listed banks such as ANZ, Commonwealth Bank, NAB, Westpac and Bendigo & Adelaide Bank. Macquarie was not affected by the downgrade. The announcement made...
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Macquarie bank faces class action over advice on worthless Brazilian mine project Sydney Morning Herald June 21 2017 - 12:48am Cameron Houston, Chris Vedelago   EXCLUSIVE  Macquarie Group faces a major class action over allegations some of its investment advisers artificially inflated the price of a small mining company before a sudden collapse wiped out many of its investors. The investment bank's brokers are accused of deliberately "ramping" stock in Cleveland Mining Group by playing a key role in the acquisition of a Brazilian iron-ore mine project with a potential value of $34 billion that turned out to be a worthless patch of jungle. Many investors were long-term friends of the Macquarie advisers, but they now claim they were duped by assurances the speculative stock would deliver massive financial returns. The bank, known as the "millionaires' factory", is facing legal action on several fronts, with a series of explosive claims referred...
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Consent_Withdrawn- Posted on Monday, June 19, 2017   To all potential union bashers who vote to protect banks whilst trolling victims of banking misconduct: SERIOUSLY? Where do you folks get off, having a go at us most likely because you're involved in business and you're almost as afraid of Bill Shorten as the banks are? Let me give you a little perspective - unless you're just doing it for the lulz. Go troll a right wing page or something if that's the case. I've been an employer, I've been self-employed and I've also busted my arse working for others on plenty of occasions. I learned to put I could into it until overwork, mental health problems (which I did not ask for), some bad luck and hard times put me out of the race. I know something of both sides of the employment line. In this case I will speak first...
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    Consent_Withdrawn says #
    Thanks for sharing my sentiments This is an article which illustrates a similar concept in a theological context. I find the par
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ONE YEAR TO GO: Election July 2018   Malcolm Turnbull may be forced to call election after just two years of governing Heath Aston 12 June 2017 http://www.smh.com.au/federal-politics/political-news/malcolm-turnbull-may-be-forced-to-call-election-after-just-two-years-of-governing-20170612-gwpgcb.html   Prime Minister Malcolm Turnbull may be forced to call an election after just two years of the Coalition's current three-year term, political hardheads believe. Senior figures in the Liberal and Labor parties confirmed to Fairfax Media on Monday they are working to be "campaign ready" by June or July of next year, with an August or September election firming as the most likely window for the next national poll. The problem for Mr Turnbull is a logjam of fixed-date state elections in 2018 and early 2019.   Mr Turnbull's office declined to comment, but a senior NSW Liberal involved in campaigns said the crowded schedule meant the party must be on a "war footing" earlier than voters expect. "My money would...
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If one reads through the lines it’s called passing the buck!..........   APRA crackdown is good news for some banks Michael Pascoe 16 June 2017 http://www.smh.com.au/business/banking-and-finance/apra-crackdown-is-good-news-for-some-lenders-20170615-gws8na.html The Law of Unintended Consequences does not sleep. The Australian Prudential Regulation Authority's crackdown on real estate lending by the banks it regulates is driving business to the financiers it does not regulate. The financial system tends to be a bit like a water-filled balloon – push into one part of it and another part will bulge out. So making investor loans more expensive, smaller and harder to get from regulated banks means unregulated "banks" gain an advantage. APRA regulates deposit-taking institutions. Institutions that don't take deposits, that fund themselves on the wholesale market such as Pepper Money and Liberty Financial, have not been required to get tougher with borrowers. Treasury assumes banks will pass on some of levy to customers A mortgage broker has...
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Not a single word about mortgage fraud nor mention of the Banking KKK Committee that is supposed to mention "Systemic Issues" and refuses to do so.   David Coleman – Recommendations to come into effect after bank inquiry 18 May 2017 https://www.moneyaction.com.au/banks/david-coleman-recommendations-come-effect-bank-inquiry/   Introduction Ross Greenwood: I want to take you now to banks. Obviously, as we’re telling you with the treasurer on a little bit later, the response of the banks in regards to the new bank tax, the levy if you like, $6.2 billion over four years is all important, but there’s more because do bear in mind along with not only the levy that’s going to go in the big banks, there were other things. That was in regards to senior executives. That all senior executives have to be registered with APRA, the banking authority that effectively, they can have almost their license if you like, to operate...
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Cladding ‘makes 30 buildings in Melbourne fire risks’ The Australian 12:00am June 19, 2017 Rick Morton, Joe Kelly   At least 30 buildings in Melbourne are still rated as fire risks or “non-compliant” because they have cladding panels similar to those that accelerated a high-rise fire in the city in 2014 and are suspected of contributing to London’s deadly tower inferno. The list includes 17 buildings found to be non-compliant after a 2015 audit by the Victorian Building Association and a further 13 found to be below code in a subsequent audit that focused on the builder of another high-risk apartment. The Lacrosse tower fire in Melbourne’s Docklands in Nov­ember 2014 sparked the first audit of 170 building permits in the city after the Melbourne Fire Brigade found the cheap cladding Alu­cobest — an aluminium composite panel — contributed to the speed of the fire climbing from the 6th floor to...
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House price growth set to halve and apartment values will fall, NAB warns Australian Financial Review Jun 18 2017 6:15 PM Duncan Hughes   National Australian Bank is warning about growing uncertainty, lower demand and a halving of house price growth in the nation's major capitals because of rising rates, falling affordability and tougher regulation. House prices are expected to grow by about 4.3 per cent next year, which is less than half current rates in four of the nation's capitals, with apartment values expected to go into reverse and lose 0.4 per cent, according to the bank's analysis. The report is in line with separate research by ANZ earlier this month saying housing price growth would slow to 4.4 per cent this calendar year and further to 1.9 per cent next year from 10.9 per cent last year. The NAB report, being circulated among mortgage brokers that act as an...
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Executives help themselves to $300m as big banks cry poor on levy  The Australian 12:00am June 16, 2017 Michael Roddan   The big four banks and Macquarie Group paid a combined $300 million to their small senior executive teams last financial year, meaning remuneration packages equal nearly a third of the $1 billion estimated impact of the government’s new bank levy. The remuneration paid by Macquarie Group to its 12-member executive team — more than $120m last year — is more than twice its expected $50m tax bill stemming from controversial new levy. An analysis of remuneration paid to senior bankers and key managers at Commonwealth Bank, Westpac, National Australia Bank, ANZ and Macquarie Group, show the country’s largest financial institutions paid their executive teams a total of $288.6m, according to the most recent company financial statements. That remuneration went to a total of 64 bankers across the five companies. The...
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Banks dodge a bullet but gun is still loaded Australian Financial Review Jun 15 2017 6:36 PM Phillip Coorey   Australia's banks came within one vote of having to face a royal commission-style inquiry in a clear indication they remain a prime political target despite the raft of measures thrown at them in the May budget. In a dramatic day in Parliament, a Greens bill to establish a parliamentary commission of inquiry into the banks passed the Senate and then only fell short by a single vote in the House of Representatives. Because Deputy Liberal leader Julie Bishop missed the vote and rogue Nationals MP George Christensen was strong-armed by colleagues Scott Morrison and Barnaby Joyce against crossing the floor, the vote was tied at 70 votes apiece. For the second time this term, Speaker Tony Smith was forced to use his casting vote to prevent the bill being debated further...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    To all potential union bashers who vote to protect banks whilst trolling victims of banking misconduct: SERIOUSLY? Where do you
  • Consent_Withdrawn
    Consent_Withdrawn says #
    ** (4th paragraph) ...I learned to put (all) I could into it until...
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Liberal party: The giant steaming TURD that won't flush. S... happens yes, and there's always an A-hole responsible. WAKE UP AU
  • Consent_Withdrawn
    Consent_Withdrawn says #
    LOL Get back under your rock, troll...
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Michael Harris on Facebook says: "Get a life people..." Great comeback Denise!!
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Ten years since the global financial crisis, world still suffers 'debt overhang' June 17 2017-06-17 Nassim Khadem http://www.canberratimes.com.au/business/the-economy/10-years-since-the-gfc-20170526-gwe5f2 It is almost exactly 10 years since the financial world began a wobble that would swing into what we now know as the global financial crisis. Wall Street where the financial crisis began almost 10 years ago. Photo: Bloomberg On June 22, 2007, the public downfall of New York-based global investment bank Bear Stearns began in earnest. America's then fifth-largest investment bank was among a number of Wall Street giants exposed to bad bets on the US subprime mortgage market. Bear Stearns agreed to a plan for a $US3.2 billion ($4.2 billion) secured loan to its hedge funds under pressure from those bad debts. But in the weeks after financial contagion followed, and, almost a year after the plan, JPMorgan Chase and the US government bailed out Bear Stearns. The final nail on...
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BFCSA: Australian Gross Debt $500 billion is Massive .  $15 billion in interest per annum. Gross Debt has ticked over $500 billion for the first time in Australia's history.  The AOFM website noted the figure of $500.129 billion after an $800 million bond sale. Treasurer Scott Morrison earlier told reporters net debt was coming down under the Coalition Government!!! He says "from 2018/2019 we will no longer be doing the equivalent of putting the grocery bills on the credit card.  The debt we raise this year is for infrastructure." The rate of debt growth had fallen from more than one third to less than 10%.  Morrison wants Labor to apologise for Liberals bad management of the economy! Its like watching Hewie and Douey - a train wreck in slow motion.   Shadow Minister CHRIS BOWEN said the new higher debt level was an embarrassing milestone and fiscal failure.    He noted...
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How the big banks are getting bigger The Australian 12:00am June 14, 2017 Adam Creighton   Australia’s finance sector has grown to be the largest share ever of the economy, bigger even than those of the US, Britain and ­Canada before the 2008 global ­financial crisis, prompting top economists to question whether the growth had been beneficial. The financial services and insurance sector, one of 19 sectors whose “gross value add” the ABS tracks every three months, had increased to 9 per cent of GDP for the first time ever, more than that of retail and wholesale trade combined, according to last week’s national accounts. Kevin Davis, professor of fin­ance at Melbourne University, said he was worried that “too much of our valuable resources had been invested in the financial sector”, pointing to studies overseas that showed banking could be a drag on economic growth. Helped by compulsory superannuation, finance’s contribu­tion...
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NAB faces new claims over false witnessing of customer IDs Sydney Morning Herald June 13 2017 Georgia Wilkins   National Australia Bank faces fresh claims its financial planners have incorrectly handled documents, this time falsely certified customer ID documents. Under anti-money laundering rules, banks are required to verify the ID of customers to make sure they are who they say they are. This usually involves a 100-point ID check in a branch or an electronic verification using documents certified by a person qualified under statutory declarations rules, such as a justice of the peace. Any witnessing has to occur in front of the customer. But according to claims made in an employee conduct file, seen by Fairfax Media, call centre staff have been told to witness and certify ID documents themselves using a stamp. The document claims staff were instructed to get documents stamped by a senior manager inside the call...
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ASIC says four out of five managed funds aren't compliant Australian Financial Review Jun 13 2017 5:11 PM James Frost   Surveillance by the Australian Securities and Investments Commission found four out of every five fund managers failed some aspect of compliance in the regulator's annual review of the sector. The operation involved 28 fund managers with $100 billion in assets under management and was conducted in 2016. The regulator said that three entities continue to remain the subject of high-intensity broad-based surveillance. Responsible entities (REs) were the focus of the surveillance. REs are structures designed to hold assets on behalf of scheme members and were created by the Managed Investments Act of 1998. ASIC said the aims of the review was to show the sector "what good looks like" in so far as treating investors fairly, providing transparent products, balance risk and ensure that clients are fully compensated where losses...
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Covenant light loan contracts?   Ombudsman Slams ABA response to small business loans inquiry https://www.finder.com.au/ombudsman-slams-abas-business-loans-inquiry-response The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell has not held back in expressing her disappointment with the Australian Bankers Association's (ABA) response to the small business inquiry report, of which Carnell's office was tasked with conducting. The ombudsman called the ABA's response "feeble" and said that the Commonwealth Bank's response to the report, which saw the bank become the first of the Big Four to announce the removal of non- monetary default clauses in its small business loan contracts on Friday, was much better. Carnell's main qualm is with the ABA's decision to not accept the ASBFEO's definition of a small business loan as being any loan under $5 million, sticking instead to a $3 million limit. Carnell says that the limit is "unworkable". "The ABA is saying that any business that...
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Alarm over rising early stage mortgage arrears   Friday, June 09, 2017 Eamon Quinn http://www.irishexaminer.com/business/alarm-over-rising-early-stage-mortgage-arrears-452029.html Advocates for debt-saddled homeowners said they are shocked by official figures showing a rise in new early-stage mortgage arrears. New Central Bank figures showed accounts in arrears for up to 90 days rose to 23,322 at the end of March, even as all other categories of longer-term arrears fell.   Early arrears have now risen for two straight quarters at a time when all indicators show the economy is growing at a fast pace. Overall, the figures show that the number of mortgage accounts in arrears has fallen to 76,422.  That means that about 10% of all residential mortgage accounts still face difficulties to some extent in meeting their home loan payments. A further huge group, of almost 120,900 have had to have their home loans restructured. The European Commission, the IMF and the Organisation for...
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Home lending on slide as market cools The Australian 12:00am June 10, 2017 James Glynn   Lending for Australian housing fell for a third straight month in April, in the latest sign that a push by the banking regulator earlier this year to cool the property market is beginning to work. The number of home-loan approvals fell a seasonally adjusted 1.9 per cent in April from March, the Bureau of Statistics said. Economists surveyed ahead of the announcement had expected a 1 per cent decline over the month. The value of loans for investment housing fell 2.3 per cent from March, the ABS said. The mortgage market is under close scrutiny amid concerns that record household debt could eventually slow economic growth and destabilise banks. “(The) numbers capture the early impact of APRA’s latest rule changes, which limit new interest-only lending,” CBA economist Kristina Clifton said. “However, it is likely to...
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Sham bank tax consultation ends this week Australian Financial Review Jun 12 2017 11:00 PM ‘Chanticleer’ (Tony Boyd)   The federal government's sham consultation process for the $6 billion bank tax begins and ends this Friday when representatives of the big four banks and Macquarie Group head to Canberra to front a Senate committee. Chief financial officers and treasurers will have one last chance to send a direct message to Parliament about a tax that fails the two main tests of good policy – efficiency and equity. Chanticleer understands the banks will use the Senate Legislation Committee meeting on Friday to remind the government of some of the more obvious weaknesses in a tax that was announced without consultation in the federal budget. Gift for foreign banks One bank told Chanticleer it will remind Parliament that the tax is a gift for foreign banks, which are not covered by the tax....
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Joke Joyce....A gobsmacking insight the Muddled Mind of the Greedy Banker.....  Punished    New laws could punish 'honest if mistaken judgments': Harrison Young 8 June 2017 Clancy Yeates http://www.smh.com.au/business/banking-and-finance/new-laws-could-punish-honest-if-mistaken-judgments-harrison-young-20170608-gwn8ls.html The government's plan to beef up the banking regulator's powers could see executives facing stiff penalties for "honest, if mistaken, risk judgments", Commonwealth Bank director Harrison Young says. Amid intense debate about how banks can improve their battered public reputations, Mr Young on Thursday weighed in on the new executive accountability facing banks which will give the regulator new powers to ban senior bankers. It's a very difficult thing to put into place and I'm not sure how it will work," Mr Young said of the new powers given to APRA. "Language in the Treasurer's announcement suggested bankers, not just the bank, but individual bankers, starting with the CEO and down into the organisation, could be punished for bad judgment regarding risk."...
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Background checks for bankers The Australian 12:00am June 10, 2017 Richard Gluyas   An industry protocol for background checks on bankers has been agreed, making it harder for individuals with a history of misconduct to move from one job to the next undetected. The protocol will require banks to ask a series of questions about employment history and conduct, including whether a candidate was dismissed or resigned in circumstances relating to misconduct such as selling customer data, compromising security, or breaching bank policies on multiple occasions. Australian Bankers’ Association chief executive Anna Bligh said the initiative was part of the industry’s transformation agenda. “Banks recognise they need to do more to stop individuals with poor conduct records moving around the banking industry from one job to the next, escaping detection,” Ms Bligh said. “Each bank has ... different reference checking processes, so this will create more consistency in practices and mean...
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Housing loans to investors fall 2.3 per cent in April to seven-month low Australian Financial Review Jun 9 2017 3:55 PM Michael Bleby  The banking regulator's renewed curbs on investor lending are showing early signs of working, with new investment mortgages fall 2.3 per cent in April to the lowest level in seven months. Investment mortgage commitments slipped to a seasonally adjusted $12.6 billion from $12.9 billion in March, the lowest total since the total $12.4 billion in September last year, Australian Bureau of Statistics figures on Friday showed. Investor borrowing dipped after banking regulator APRA's first move in December 2014 to curb the rampant growth that was most pronounced in the Sydney and Melbourne markets. It picked up again last calendar year - peaking at $13.6 billion in January - and Friday's figures give hope that the second round of measures, targeting interest-only loans in particular, will strengthen the constraints...
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Westpac takes aim at ASIC over 'ambitious' home loan lawsuit     Michaela Whitbourn   CONTACT VIA EMAIL   FOLLOW ON FACEBOOK   FOLLOW ON TWITTER   The corporate regulator's landmark case against Westpac over allegedly irresponsible home loan practices does not show customers suffered "any hardship", the bank has told the Federal Court. In the first action of its kind, the Australian Securities and Investments Commission (ASIC) has launched civil penalty proceedings against Westpac for allegedly breaching responsible lending laws.       Pause   Unmute Current Time2:04 / Duration Time4:37 Loaded: 0%   Progress: 0%     Fullscreen MORE BUSINESSDAY VIDEOS   It alleges the bank failed to properly assess whether customers could meet their repayments before entering into home loan contracts between December 2011 and March 2015. The regulator is asking the Federal Court to declare that Westpac breached national consumer protection laws and impose a pecuniary  At...
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Westpac hits back at ASIC responsible lending claim Sydney Morning HeraldJune 11 2017 - 3:59pm Clancy Yeates  Westpac has rejected the corporate watchdog's claim it broke responsible lending laws in the mortgage market, saying the regulator has failed to prove that a group of loans it made were unsuitable for consumers. In a landmark action, the Australian Securities and Investments Commission in March alleged the bank acted irresponsibly because it did not adequately test whether borrowers could afford their loans. The claim, the first of its kind, cites a sample of seven customers who were given loans between 2011 and 2015, most of them interest-only mortgages. It alleges the bank used a statistical benchmark to assess the borrowers' living expenses, instead of the actual expenses nominated by customers, which were significantly higher. But the bank's defence, filed this month, highlights a complex range of checks on bank loans, and says the...
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ANZ borrowers slugged with new round of rate increases Australian Financial Review Jun 9 2017 7:38 PM Duncan Hughes, Angus Grigg   ANZ is trying to shift more customers away from interest-only loans as it lifted rates for investors while making a small cut for principal and interest borrowers. "We want to encourage customers to move away from interest-only loans," said ANZ chief executive Shayne Elliott during an interview in Shanghai. Mr Elliott said the main way to do this was through the pricing of loans, and the bank had therefore made it more expensive for those paying just interest and cut rates for those paying off some principal. "Before these changes the difference for owner occupiers paying principle or interest only was just 20 basis points and for an investor it was only 11 [basis points]," he said. "That was not enough of an incentive to make people shift [to...
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