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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
Parliamentary inquiry: CBA vague on patient medical records The Australian 12:00am September 9, 2017 Michael Roddan   Commonwealth Bank has admitted it has no idea how many copies of patients’ full medical records it keeps for insurance purposes, and has warned an audit to find out would be an “impost” on its business and may not even establish an answer. Senior executives from the bank’s life insurance division, CommInsure, were also unable to tell members of a parliamentary inquiry into the industry yesterday how much it paid doctors who complied with the company’s request for patient information. The inquiry into the $44 billion sector was established in the wake of revelations CommInsure was using outdated medical definitions to deny insurance claims. Allegations of poor claims handling procedures and of pressuring doctors to knock back legitimate claims also plagued the group. Comm­Insure was cleared of any “systemic” wrongdoing by an Ernst &...
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RBA and APRA urge banks to improve transparency Australian Financial Review Sep 8 2017 5:22 PM James Eyers   The cental bank and prudential regulator have issued an ultimatum to banks to adopt a more proactive and transparent approach towards the cultural shortcomings that have damaged trust in the sector, suggesting their defensive, reactionary approach when deficiencies are uncovered explain why banks remain on the nose with the public. The Australian Prudential Regulation Authority has also put the superannuation and insurance industries on notice it may consider extending some of the stronger accountability measures the government is forcing onto the banks with new legislation onto those other sectors. Because Treasury is still drafting the Banking Executive Accountability Regime (BEAR), a budget measure to boost APRA's powers over bank governance, it is difficult to be precise about how the regime might work, APRA chairman Wayne Byres said on Friday. But its core...
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Government to push for first home buyer superannuation scheme SBS News8 September 2017 AAP   The Turnbull government reckons first home buyers could boost their savings for a deposit by up to a third under its much-spruiked superannuation scheme. They will be able to make up to $30,000 in voluntary super contributions over two years and then withdraw it when ready to buy a property, under draft laws introduced to parliament on Thursday. The measure was announced in the May budget in a bid to reduce pressure on housing affordability. Assistant Minister to the Treasurer Michael Sukkar said home ownership was falling out of reach for many younger Australians. "With house prices high, difficulty saving a deposit is a key barrier to getting into the market," he told the lower house. "The changes in this bill are essential and why we need to act now." For most people the scheme could...
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APRA limits ‘extraordinarily successful’ Smart Property Investment08 September 2017 Lucy Dean   Residential building is “on the threshold of a sharp decline”, courtesy of an “extraordinarily successful regulatory intervention” to discourage investors. According to BIS Oxford Economics’ Long-Term Forecasts 2017–2032 report, a fall in residential building will see gross domestic product (GDP) growth average at 2.6 per cent over the coming three years. The agency pointed out that the figure is “only marginally better” than the five-year average of 2.4 per cent. Further, the suppressed growth will have “a substantial flow-on to the rest of the economy”. “The residential boom has run its course,” said Dr Frank Gelber, chief economist at BIS Oxford Economics, adding that BIS predicts a fall in commencements of “almost one-third from the peak”. The fall will be concentrated primarily in high-rise apartments; however, impacts will be felt “across the board”, with a 22 per cent decline...
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When push comes to shove with APRA 5 September 2017 http://www.superreview.com.au/features-analysis/editorial/when-push-comes-shove-apra Mike Taylor writes that there is much to be said for the Australian Prudential Regulation Authority’s (APRA’s) proposed changes to the superannuation prudential framework to lift operational governance practices of APRA-regulated superannuation trustees, specifically the changes to the so-called ‘outcomes test’. However, APRA would be going much too far if it sought to use those changes as a mechanism via which to drive further consolidation of the superannuation industry; effectively forcing mid-scale funds into merger discussions with larger entities. APRA deputy chair, Helen Rowell should be well aware of the widely differing views in the superannuation industry about whether scale actually drives better outcomes for fund members, with plenty of examples of mid-scale funds which consistently outperform their larger peers in terms of both investment returns and services. She would also be well aware of mid-size funds which serve particular...
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CBA to be investigated by previous regulators?  This panel are who should be investigated for allowing it to start and continue under their watch!   APRA names CBA inquiry panel Staff Reporter 8 September 2017   https://www.ifa.com.au/news/18345-apra-names-cba-inquiry-panel   The prudential regulator has today released the terms of reference for inquiry into the Commonwealth Bank’s culture and governance practices, appointed three panel members to oversee it. APRA has named Banking and Finance Oath chair John Laker AO, Monash Business School Professorial Fellow Graeme Samuel AC, and University of Wollongong chancellor Jillian Broadbent to undertake the inquiry (announced by APRA on 28 August 2017). “APRA is pleased to have secured the services of three highly experienced and credentialed panel members to conduct the prudential inquiry,” said APRA chair Wayne Byres. “Between them, John, Graeme and Jillian bring an excellent blend of skills and experience to the task, including in matters of corporate governance and organisational...
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Coalition to introduce FHB super bribe By Unconventional Economist in Australian Property at 12:09 am on September 8, 2017 | 14 comments By Leith van Onselen https://www.macrobusiness.com.au/2017/09/coalition-introduce-fhb-super-bribe/   Quick. Before the East Coast housing bubble unwinds: Legislation allowing first home buyers to use up to $30,000 of voluntary super contributions for a deposit has been introduced into parliament. The Turnbull government reckons first home buyers could boost their savings for a deposit by up to a third under its much-spruiked superannuation scheme. They will be able to make up to $30,000 in voluntary super contributions over two years and then withdraw it when ready to buy a property, under draft laws introduced to parliament on Thursday. The measure was announced in the May budget in a bid to reduce pressure on housing affordability. Assistant Minister to the Treasurer Michael Sukkar said home ownership was falling out of reach for many younger...
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Contributory Negligence by LENDERS.  Irrespective of information provided to Lenders and if needing further assessment, Lenders must inquire further.  Lender cannot solely rely on the value of the asset for serviceability. This case offers explanation why banks refuse to provide copies of valuation reports and why that issue was raised so often in the Impairment of Customer Loans Inquiry... How can a valuer deceive the lender if the lender fiddles with valuation reports after obtained Lenders instructing valuers how to value distressed properties! Automated valuation systems are lender tools to strip equity!   Australia: Valcorp Australia Pty Ltd V Angas Securities Limited (NO 2) [2012] FCAFC 22 - contributory negligence by lenders Last Updated: 22 June 2012 Article by Lindsay Joyce and James Morse DLA Piper Australia   http://www.mondaq.com/australia/x/182984/Professional+Negligence/Valcorp+Australia+Pty+Ltd+V+Angas+Securities+Limited+NO+2+2012+FCAFC+22+contributory+negligence+by+lenders   Snapshot A lender has had its level of contributory negligence increased on appeal, from 25% to 50%. Facts As previously reported...
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This sums it up.......The Malc and Lucy show with Goldman Sachs pulling the puppet strings of a PM who thrives on capitalising from chaos!    Do-nothing Malcolm is breaking Australianess By Houses and Holes in Australian Politics at 12:25 am on September 8, 2017 | 16 comments https://www.macrobusiness.com.au/2017/09/do-nothing-malcolm-is-breaking-australia/ Australia is dying. It’s being killed by neglect and corruption. At the head of the destruction is Do-nothing Malcolm and his vacant non-plan for the country. Consider what “Australia” is. An Anglophone nation in Asia defined by a working class ethos of the “fair go”, English pragmatism, sport and self-effacing good humour. In recent decades it has bolted on a thriving multicultural dimension that integrated well precisely because the defining culture is so…well…lazily defined. This has been more than enough to carry Australia through the era of globalisation. From the seventies post-war Japanese embrace, to the more fulsome “Asian engagement” of the nineties, to...
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APRA to focus on four areas as it maps four-year plan The Australian 12:00am August 30, 2017 Richard Gluyas   The Australian Prudential Regulation Authority has outlined four key areas of focus in its corporate plan, as it responds to heightened public scrutiny of conduct across the financial sector by increasing its emphasis on risk culture and governance practices. A day after APRA announced it would appoint an independent panel to investigate Commonwealth Bank’s culture and governance, the regulator released its four-year plan for 2017-21. APRA said it would seek to improve housing lending standards, build crisis readiness across multiple industries through resolution and recovery plans, address profitability challenges in the life insurance industry, and enhance governance and risk management practices in the superannuation industry. The agency’s budget for the 2018 financial year is $141.6 million, up from $131.9m in 2017. The CBA inquiry, in response to allegations by Austrac of...
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It's time to get banks back to nation-building basics Sydney Morning HeraldAugust 30 2017 - 12:15am Stephen Anthony Stephen Anthony is chief economist at Industry Super Australia   Public confidence in Australia's banks has been steadily eroding since financial deregulation in 1983 to the point where now the brand of the Big Four banks, and especially the Commonwealth Bank, is at its nadir. It appears Australia's banks are more satisfied with earning a fast buck than supporting real investment in projects and jobs for the betterment of all Australians. Consider the loan book of major deposit-taking institutions: Around 60 per cent of new lending is for housing; around 80 per cent of all housing loans are for the purchase of existing property; around 60 per cent of all new loans are made to investors for negatively geared investments; and around 40 per cent of housing loans are interest only. Somewhere along...
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Laker tipped to lead CBA inquiry The Australian 12:00am September 8, 2017 Richard Gluyas   John Laker has emerged as a leading contender to conduct the prudential regulator’s independent inquiry into the culture of Commonwealth Bank. The former chairman of the Australian Prudential Regulation Authority is likely to be one of about three panellists to undertake the six-month inquiry announced last month by Wayne Byres, who was Mr Laker’s successor. Mr Laker was unavailable for comment yesterday and an APRA spokesman declined to identify the panellists. APRA announced the inquiry into CBA’s governance, culture and accountability several weeks after the financial intelligence agency Austrac alleged multiple breaches of anti-money laundering legislation in a Federal Court statement of claim. Austrac has alleged that CBA, between 2012 and 2015, failed to lodge more than 53,000 threshold transaction reports (TTRs) for cash deposits in excess of $10,000 made through its network of smart ATMs....
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Issuing new loans against unrealised capital gains has created an Australian ‘house of cards’ THIS very common tactic used by investors in Australia could spell big trouble for our mortgage market “house of cards”.  by Frank Chung THE Australian mortgage market has “ballooned” due to banks issuing new loans against unrealised capital gains of existing investment properties, creating a $1.7 trillion “house of cards”, a new report warns. The report, “The Big Rort”, by LF Economics founder Lindsay David, argues Australian banks’ use of “combined loan to value ratio” — less common in other countries — makes it easy for investors to accumulate “multiple properties in a relatively short period of time despite high house prices relative to income”. “The use of unrealised capital gain (equity) of one property to secure financing to purchase another property in Australia is extreme,” the report says. “This approach allows lenders to report the cross-collateral...
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Commonwealth Bank in new lawsuit over climate risks Byron Kaye 8 August 2017   http://www.reuters.com/article/us-australia-cba-climatechange/commonwealth-bank-in-new-lawsuit-over-climate-risks-idUSKBN1AO0C3   SYDNEY (Reuters) - A husband and wife filed a lawsuit against No. 2 Australian lender Commonwealth Bank of Australia on Tuesday accusing it of failing to disclose investment risks associated with climate change, adding to publicity headwinds for the bank. The unprecedented lawsuit comes less than a week after a government regulator took the A$140 billion ($111 billion) bank to court for alleged breaches of anti-money-laundering rules, a case some analysts believe will lead to hefty fines. Both legal actions will overshadow proceedings when CBA reports what is expected to be a record annual net profit on Wednesday. The legal firm running the environmental case, Environmental Justice Australia, said it was a world first with potentially far-reaching ramifications for corporate Australia. It was the first time shareholders of a financial services firm had sued for...
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So ‘suasion’ is the APRA code for secret economic business and Macroprudential regulation for credit creation regulation!  Pluck a duck!   APRA and credit creation regulation: Economic secret business Posted on 05/09/2017 by The Glass Pyramid https://theglass-pyramid.com/2017/09/05/apra-and-credit-creation-regulation-economic-secret-business/ It is that day of the month when the RBA board meets to pluck some wings off bats, boil them with eyes of newt and distil the resulting mixture down to an interest rate decision.  Across the nation thousands pay close attention to every aspect of the deliberations and complete secrecy is maintained to ensure that everyone gets the news at exactly the same time. But what about APRA and its regulation of credit creation by the Australian Banking sector? Good question because while the RBA has a spotlight on every action it takes, APRA engages in regulation of economic activity, that has equally important effects on the Australian economy, in almost complete darkness. ...
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ASIC's responsible lending battle with Westpac heats up Australian Financial Review Sep 4 2017 5:54 PM Joanna Mather   The shortcomings of indexes for assessing mortgage applications have been highlighted by the Australian Securities and Investments Commission (ASIC) as it pursues Westpac over alleged breaches of responsible lending laws. ASIC has launched civil proceedings against Westpac for allegedly failing to properly assess whether borrowers could repay their home loans – a claim the bank strongly denies. Key to ASIC's case is its allegation that Westpac relied on an index, University of Melbourne's Household Expenditure Measure (HEM), to help determine how much to lend to would-be borrowers. The regulator alleges Westpac approved loans in circumstances where a "proper assessment" of a borrower's ability to repay, based on actual spending, would have shown a monthly shortfall. In court filings obtained by The Australian Financial Review, ASIC said the HEM benchmark was based on...
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    Westpac Rams used this same HEM benchmark in our fraudulent loans back in 2009 at least, which of course we didn't even realise un
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Identity theft: another day, another scandal at CBA michaelwest.com.auSeptember 4, 2017 Michael West This column, co-published by The Conversation, is part of the Democracy Futures series, a joint global initiative between The Conversation and the Sydney Democracy Network. The project aims to stimulate fresh thinking about the many challenges facing democracies in the 21st century.   Barry Lakeman has had a gutful. “I’ve got bone cancer,” says the 59 year old farmer from outback Western Australia. “The chances of pulling through are about 60/40”. Worse, he says, his son is disabled. He has epilepsy and a brain tumor and requires special medical treatment. On top of all this, Lakeman is a victim of identity theft. Last month, local police called to ask him if he’d lost his gun licence. They had found it, they told him. It displayed his photo but the licence number didn’t match. “It was a forgery …...
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CBA's alleged transaction monitoring problems spark American probes Sydney Morning Herald September 4 2017 Nathan Lynch, Ajay Shamdasani (Thomson Reuters)   The Commonwealth Bank of Australia's apparent failure to properly monitor transactions for money laundering and possible terrorism funding makes action from American regulators inevitable say financial crime experts. American lawyers have told Thomson Reuters that CBA was already responding to information requests from a number of US agencies with differing mandates and enforcement agendas and the announcement of a formal investigation, a precursor to enforcement action, is now only a matter of time. Edward Wilson jnr, partner at Venable in Washington, DC, said American financial intelligence unit FinCEN would already be involved in the case through various agreements with Australia's anti-money laundering (AML) regulator Austrac. "FinCEN is already interested in this case. CBA has US branches and deals in US dollars. For both reasons, CBA will be required to comply...
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CBA says AUSTRAC case will involve 174 'mini-trials' Australian Financial Review Sep 4 2017 5:57 PM James Eyers   Commonwealth Bank of Australia will not file its defence against AUSTRAC's allegations it failed to report suspicious transactions until 10 days before Christmas. The transactions regulator will take another three months to respond in a case barristers told the Federal Court would be highly complex and drawn out. Each of AUSTRAC's 174 allegations that CBA failed to file suspicious matter reports will involve a "mini trial" of its own, John Sheahan QC, representing CBA, told the court on Monday. "Proceedings of this kind are unusually complex," Mr Sheahan said. The defence would take "an enormous amount of work, it is not going to be a vacation camp of any description." In the first case management hearing before Justice David Yates in Sydney, CBA's counsel said that although the bank received AUSTRAC's claim...
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ASIC's Greg Medcraft says traditional bank accounts may be obsolete in a decade Australian Financial ReviewSep 3 2017 11:00 PM James Eyers   Bank accounts could become unnecessary within the next decade because central banks will create digital currencies and allow customers to hold deposits directly with them, predicts Greg Medcraft, chairman of the Australian Securities and Investments Commission. The issuance by central banks of digital versions of their fiat currencies onto distributed ledgers would lead to widespread disaggregation for commercial banks, which would be forced to fight much harder to attract funding alongside market-based funds in a radical upheaval of financial markets. Banks and policy makers should be studying the ramifications for the Australian economy given central bank-issued digital currencies could start to appear globally in the next five to 10 years, he added. In Australia "there is a lack of lateral thinking. You can't think in terms of the...
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CBA shares look like they are on the big slippery dipper ride....regulators and   shareholders will be furious!  When are Rules not really Rules?  When lazy   APRA relaxes them the moment they are announced.   Did APRA already relax macroprudential 2.0? By Houses and Holes in Australian banks, Australian Property at 11:09 am on September 1, 2017 | 14 comments https://www.macrobusiness.com.au/2017/09/apra-already-relax-macroprudential-2-0/ Via Macquarie: Following the introduction of APRA’s 30% interest-only cap there has been a material reduction in interest-only flow and assuming current trends continue banks will be well below the cap by the required timeframe (Sep-17). This was achieved by a combination of aggressive repricing, tightening of credit standards and some concessions from the regulator.   We understand that adhering to the IO cap appears less onerous after the regulator relaxed their   treatment of existing loan roll-overs into another interest-only period and lines of credit being   excluded...
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His  partner in crime  cover-ups David Cohen resigned as CBA company Secretary  on 30 June 2016...wonder where the third musketeer David Turner is hiding out?   Commonwealth Bank responds to report it failed to monitor international transactions By business reporter David Chau Posted 30 minutes agoFri 1 Sep 2017, 1:03pm   http://www.abc.net.au/news/2017-09-01/cba-responds-to-reports-it-failed-to-monitor-transactions/8863242   Commonwealth Bank has responded to media reports it commissioned an internal review showing "large-scale" failures in transaction monitoring across its US, Asia and Europe businesses. In a statement to the ASX on Friday, Australia's largest bank said it maintains "proactive" relationships with "all relevant global regulators". According to a confidential document obtained by Sky News Business, the review was brought to the attention of CBA's senior executives in February. It reportedly showed that the monitoring of transactions — across nearly two-thirds of CBA's Institutional Banking and Markets division — was either minimal or non-existent.   Verrender: Profit at...
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Turnbull has again put foot in mouth and stirred up a hornets nest  China slaps would-be-warrior Turnbull’s “blah, blah” By Houses and Holes in Australian Politics at 3:51 pm on September 1, 2017 | 15 comments https://www.macrobusiness.com.au/2017/09/china-slaps-warrior-turnbulls-blah-blah/ Via Domainfax: Prime Minister Malcolm Turnbull’s call for China to cut off its oil pipeline to North Korea has prompted a fierce rebuke from a high-circulating Chinese newspaper, which accused him of going beyond even Donald Trump. The Global Times, which sells more than one million copies, devoted an editorial to Mr Turnbull’s “indiscreet” and “absurd” comments, and saying Australia was a “second class citizen of the West”. “Although President Trump has complained about China in contradictory statements, he has so far never publicly asked China to cut North Korea’s oil supply,” the Global Times wrote. The editorial said Australia had become America’s loudspeaker in the Asia Pacific. “This speaker works very hard, and...
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Do-nothing Malcolm muscles-up for Korean war By Houses and Holes in Australian Politics, Featured Article at 4:07 pm on August 31, 2017 | 44 comments https://www.macrobusiness.com.au/2017/08/do-nothing-malcolm-muscles-up-for-korean-war/   The mind absolutely boggles at what kind of military commander-in-chief the great waffler would make but it appears he’d like to add that notch to his shiny little belt: Malcolm Turnbull says China must step up and contain North Korea economically, including by cutting off the regime’s oil supply.   Ratcheting up the diplomatic jawboning of Beijing, the Australian prime minister told the John Laws radio program in Sydney the best chance of resolving the crisis on the Korean peninsula without conflict was to make sure the regime in Pyongyang was completely economically isolated.   Turnbull said China needed to be resolute in turning the economic screws against its neighbour, and if it took tough action, the regime “would struggle to survive”. “China has...
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It's time to get banks back to nation-building basics Sydney Morning HeraldAugust 30 2017 - 12:15am Stephen Anthony Stephen Anthony is chief economist at Industry Super Australia   Public confidence in Australia's banks has been steadily eroding since financial deregulation in 1983 to the point where now the brand of the Big Four banks, and especially the Commonwealth Bank, is at its nadir. It appears Australia's banks are more satisfied with earning a fast buck than supporting real investment in projects and jobs for the betterment of all Australians. Consider the loan book of major deposit-taking institutions: Around 60 per cent of new lending is for housing; around 80 per cent of all housing loans are for the purchase of existing property; around 60 per cent of all new loans are made to investors for negatively geared investments; and around 40 per cent of housing loans are interest only. Somewhere along...
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