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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
NAB report finds 2.4 million Australians financially vulnerable The Australian 12:00am September 16, 2017 Michael Roddan Consumers made vulnerable and financially ruined by the Banks and still bankers continue selling Toxic INTEREST ONLY Loans to the poorest of people.  There is no enforcement of law so predatory lending continues.   More Australians are financially vulnerable with meagre savings, according to a new National Australia Bank report. The report, written by a team of researchers from the Centre for Social Impact in partnership with NAB, came as Australia’s largest mortgage insurance company Genworth warned more borrowers were using credit card debt and “cross-collateralising” house deposits with their parents, which could exacerbate risks in the housing market in an economic crisis. Despite the Reserve Bank this week claiming borrowers were better placed to pay off a mortgage as they had a proven track record of financial responsibility in saving for larger deposits, Genworth...
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High rise owners face bill for replacing dangerous cladding Australian Financial Review Sep 15 2017 5:01 PM Duncan Hughes   Apartment owners in buildings taller than three storeys will have to pay to replace dangerous cladding themselves because of a legal loophole that means neither builders nor insurers are not liable. The loophole in a 2003 agreement between state governments and the industry could be used by developers and insurers to shift the potentially huge cost of replacing dangerous cladding on high-rise buildings onto owners or taxpayers. A 'catastrophe' fund negotiated in the same agreement, by which builders would fund cash-strapped owners in a crisis, is empty because state governments never enforced mandatory contributions, industry chiefs claim. The agreement was first negotiated by the NSW and Victorian governments in the wake of the collapse of HIH Insurance and was subsequently adopted nationally under the Council of Australian Governments. The prospect of...
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Huge investments at risk as Treasurer slams door on build-to-rent The Australian 9:16pm September 15, 2017 Ben Wilmot  The signs are everywhere re economic downturn, property collapse, bank madness and mayhem.  Who is running this country?    Australia’s nascent build-to-rent sector has been thrown into turmoil by new federal government rules that cut off the main avenue for global players to invest in the area, with warnings that the failure of the sector could worsen the affordability crisis. The future of the build-to-rent sector — which has been pitched as potential $300 billion saviour to drive investment into Australia’s housing supply — was hanging in the balance after Treasurer Scott Morrison shut the door to foreign institutions receiving favourable tax treatment. The model of building apartments to rent has already been embraced by top companies, including Lendlease, Mirvac and shopping centre giant Westfield. Private groups like Grocon and Salta have also...
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Australian Banks Could Finally Head Down Under Wall Street Journal Sept. 15, 2017 5:58 a.m. ET Jacky Wong   Investors have been calling the Australian housing market a “bubble” for years, yet prices keep charting higher. The market, though, could finally be about to turn south. That won’t be pretty for the country’s banks. The property market has been skyrocketing Down Under—prices in Sydney have gone up 80% since 2012 while in Melbourne they have gained 54%. In turn, houses have become unaffordable for many Australians as prices keep outpacing income growth. An average home in Sydney now costs more than 12 times the median income there, according to research firm Demographia. To keep houses within the reach of buyers, banks seem to have loosened their lending standards. Home lending is big business for Australian banks—more than half of their loan books consist of residential mortgages, amounting to $1.2 trillion, a...
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ASIC to probe interest rate rise ‘profiteering’ by big banks Domain Sept 15, 2017 Paulina Duran (Reuters)  ASIC PROBE is nothing more than a poke in the eye.  Pure Farce.  Consumers have been swindled by Major Banks.   Non-verification and robo driven fraudulent approvals is rampant. Victims just want the regulator to do its job and enforce the law against bankers.   Australia’s corporate regulator said on Thursday it will investigate whether the country’s big banks are using a regulatory push to curb a potential housing bubble as an excuse to profiteer through increased mortgage rates. Investigators would focus on whether the banks’ for recent out-of-cycle interest rate rises have been excessive and whether their public justifications had been “inaccurate and perhaps false and misleading”, Australian Securities and Investment Commission Deputy Chairman Peter Kell told a parliamentary committee. “It is an issue we are concerned about … we will have to look...
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Law firms, investment banks turn to AI to power deals Australian Financial Review Sep 15 2017 7:18 AM James Eyers   Most of the nation's leading investment banks, law firms, private equity houses and advisers will begin using artificial intelligence technology to improve due diligence processes, a move set to slice both the risk and cost of deal-making across the economy. Rapid global advances in artificial intelligence and "natural language processing" algorithms will arrive in CBD towers across the country via the "virtual deal rooms" provided by Sydney-based technology firm Ansarada, which has an 80 per cent share of that market. Since it was established more than a decade ago, Ansarada technology has been used in more than 20,000 deals, including internationally. The company has 200 staff in offices around the world and was profitable from its first day. It is preparing to tap into its history of deals to provide...
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It's not just CBA: all the banks are exposed to millions in money laundering Australian Financial ReviewSep 14 2017 11:45 PM Nick McKenzie, Richard Baker, Georgina Mitchell   EXCLUSIVE  Gaping holes in the anti-money laundering systems of Australia's big banks are being exploited by crime groups to wash up to $5 million in drug cash a day, according to confidential briefings by federal and state policing agencies. New details of police investigations reveal that the big four banks – Westpac, ANZ, NAB and CBA – have all been used by money laundering syndicates to launder drug funds offshore. Syndicates are also suspected to have infiltrated the franchises of mid-tier banks. Police have gathered intelligence that an outlaw bikie group is examining acquiring the franchise of a mid-tier bank, while the Bank of Queensland's Punchbowl branch in Sydney was closed after Mexican cartel drug money washed funds through its accounts in 2010....
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APRA 'risk culture' reviews to become the norm Australian Financial Review Sep 13 2017 10:00 PM Joanna Mather  APRA Do Nothing other than “Monitor in Secret” Policy is so disingenuous.  People are fed up with APRA lying to Parliament re no systemic issues in Banking.   Experts in organisational psychology have been drafted into a specialist team that will be embedded in banks and other financial services companies to conduct "risk culture" reviews. The reviews by the Australian Prudential Regulatory Authority (APRA) will draw on a wide range of sources, from the opinions of junior staff to first-hand observations of board meetings. APRA describes risk culture as the way staff identify, understand, discuss and act on the risks an organisation either confronts or takes. Pilot reviews are occurring within five unnamed companies operating in banking, insurance and superannuation. In a break from usual practice, APRA will use focus groups, surveys and...
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EY to comb CBA books as Austrac laundering probe looms The Australian 12:00am September 12, 2017 Bridget Carter, Scott Murdoch   The Commonwealth Bank has called in to carry out a forensic audit on behalf of its board of directors charged with overseeing the bank’s response to the ongoing money laundering crisis. The directors have also commissioned Ashurst to advise them on the legal matters arising from the Austrac investigation, especially in terms of their potential personal liability. A class action being mounted by Maurice Blackburn is touted as potentially the largest case of its kind in Australia. The case was given further impetus last week when litigation funder IMF Bentham said it was preparing to put cash behind the claims. Solicitors are urging investors who bought shares between August 2015 and this year to come forward because the bank allegedly breached its continuous disclosure obligations. Class actions usually target the...
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Banks sitting on $500bn worth of ‘liar loans’ The Australian 12:00am September 12, 2017 Michael Roddan UBS ARE THE LIARS – Bring It ON!!!!!  The demonization of Customers has begun!  Borrowers did not mislead the lenders.  The Banks used the computerised Tracker and Service Calculator to manipulate the data and keep secret from the duped customers.  Bring on the Royal Commission into Banks.  Consumers are fed up with corrupt APRA and ASIC conspiring to demonise the consumer victims.  We have the proof.   Australian banks are vastly underestimating the risks of a housing collapse, with the financial system sitting on $500 billion worth of “liar loans” sold to borrowers who gave lenders false information to get a mortgage. The problem, evident in the latest mortgage survey carried out by investment bank UBS, could threaten the financial system as interest rates rise from record lows. UBS found a third of borrowers were...
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Mortgage fraud: $500b of 'liar loans' in Australia, warns investment bank UBS UBS ARE THE LIARS – Bring It ON!!!!!  The demonization of Customers has begun!  Banks vs Consumer WAR.  The Liars are the banks who fudged the information after the LAFs were sent in to be processed.  PROOF is on the TRACKER!   Up to a third of Australian mortgages could be "liar loans" based on factually inaccurate information, investment bank UBS has warned. The global banking giant has followed up a survey of home loan borrowers that it first conducted last year, when it found evidence of widespread mortgage fraud. The latest detailed survey of more than 900 people who took out a home loan in 2017 has found that only 67 per cent responded that their mortgage was "completely factual and accurate", down from 72 per cent of 2016 borrowers. The vast majority of the mistruths appear to be...
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Prepare to lose enormous wealth: Triguboff The Australian 12:00am September 11, 2017 Turi Condon   The slowdown in the apartment market is worsening and will have a severe impact on the economy if it is not arrested, according to the country’s biggest apartment builder, billionaire Harry Triguboff. The number of new apartments sold had dropped and prices had fallen about 10 per cent over the past six months, the founder of Meriton Group told The Australian. “The falling prices will have a big impact on the economy,” said Mr Triguboff, who called on the federal and state governments to review their policies on taxing foreign investors and to expand ­policies on accessing superannuation for housing. China’s continued restrictions on capital flowing out of the country, the local banking crackdown limiting finance for investors and sluggish domestic wages growth had combined with government policies causing a perfect storm for apartment construction. At...
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RBA urges banks to find alternative interest rate benchmarks Australian Financial Review Sep 10 2017 11:00 PM James Eyers   The Reserve Bank of Australia has told financial institutions to make contingency plans in case future problems arise with the controversial bank bill swap rate (BBSW), including considering whether the RBA's cash rate could be used as an alternative benchmark. The central bank's suggestion comes as an estimated $5 trillion of financial contracts in the local market referencing the London Inter-Bank Offered Rate (LIBOR) will be forced to find a new benchmark given LIBOR is expected to become extinct in four years. In a speech on Friday, RBA deputy governor Guy Debelle said that while the RBA expects that BBSW will remain a robust benchmark in the long term given reforms to how it is set, market participants should be asking whether it is the most appropriate benchmark for financial contracts,...
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CBA eyes bond market return in a test after AUSTRAC case Australian Financial ReviewSep 10 2017 10:00 PM Jonathan Shapiro   Commonwealth Bank of Australia may return to global funding markets as early as this week with its first foreign bond issue since details of the AUSTRAC money laundering saga emerged. The bank's treasury team was in Europe last week updating debt investors and market participants said it may be in a position to issue bonds this week. A potential deal would allay any concerns that the bank's access to, or cost of, financing has been impacted by the money laundering debacle, which has hit the share price, prompted the prudential regulator to initiate an independent inquiry and put global credit rating agencies on alert. A CBA debt deal would also come in a busy period of debt sales for Australian companies as Westpac Banking Corp prepares to embark on a...
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Australia condemned for trying to make asylum seekers 'homeless and destitute' Guardian Australia10 September 2017 Ben Doherty  Australian Government is backing Ponzi Financing and Banking Cartels and forcing ordinary citizens into homelessness and poverty.   Shocking treatment of refugees in same appalling manner is no surprise to us!!   Australia’s sudden decision to withdraw financial support and housing from a group of asylum seekers and refugees in Australia has drawn international criticism and formal complaints to three senior rapporteurs at the United Nations. It has also inspired a public pledge by the Victorian government to house, feed and financially support any refugees and asylum seekers left homeless or destitute by the commonwealth’s decision. Last month, the immigration minister, Peter Dutton, announced the imposition of a new “final departure bridging visa” for refugees and asylum seekers brought to Australia from Nauru or Manus for medical treatment. So far, 63 asylum seekers and refugees across...
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APRA turns up heat on union super millions The Australian 12:00am September 11, 2017 Simon Benson  Instead of getting on with bigger issues relating to Major bank Ponzi Financing creating widespread mortgage fraud and flow on activity into toxic RMBS Bonds, APRA is busy going after union super funds????  The evil of this regime is now obvious on a daily basis.   The financial regulator will be granted broad new powers to force the $2.3 trillion superannuation industry to make detailed disclosures of millions of dollars in hidden annual payments to unions and employer groups, and issue orders against any fund that fails to act in the best interests of its members. Legislation is expected to be introduced this week by the Turnbull government to give far-reaching oversight and intervention powers to the Australian Prudential Regulation Authority to crack down on the unscrupulous use of members’ funds. This would include the...
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TWIN PEAKS DISASTER FOR CONSUMERS CAUSED MASS CONTROL FRAUDS IN BANKING Which DUO are responsible for lowering lending standards? John Howard and Peter Costello created the Twin Peaks Model of Regulation that has seen the Major Banks become a law unto themselves. They created mayhem in the banking sector by separating the regulators and leaving consumers totally unprotected from predatory Bankers. Back in 1997 Costello boasted the "greatest consumer protection system in the world." Howard rid himself of Allan Fels at the ACCC and effectively rendered the competition regulator as being impotent by taking away consumers. The ambiguity of the word "credit" benefited banks not consumers. With Howard policies denying the enforcement of law and leading with only FREE MARKET policies, ACCC became powerless to protect the public as the regulator no longer had access to complaint details. Australians had no way of realising how they were being screwed by the 1998...
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Doesn’t pay to be a whistleblower! APRA needs to protect whistleblowers in the CBA inquiry September 7, 2017 4.31pm AEST http://theconversation.com/apra-needs-to-protect-whistleblowers-in-the-cba-inquiry-83638   The Australian Prudential Regulation Authority (APRA) should ensure its inquiry into the governance of the Commonwealth Bank has all the unfettered powers of the prudential regulator to investigate any wrongdoing. This includes protecting whistleblowers. The terms of reference of this inquiry and the panel of experts are yet to be disclosed. As part of its responsibilities for considering corporate governance under the Basel rules (international rules regulating banking), APRA should have mostly unrestricted access to banks’ staff, to conduct its investigations: Supervisors should have processes in place to fully evaluate a bank’s corporate governance. Such evaluations may be conducted through regular reviews of written materials and reports, interviews with board members and bank personnel, examinations, self-assessments by the bank, and other types of on- and off-site monitoring. So, APRA...
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Stop 'drip feed' of bad news: RBA's plea to banks Clancy Yeates 8 September 2017 http://www.smh.com.au/business/banking-and-finance/no-more-bad-news-rbas-plea-to-banks-20170908-gydq1g.html Distrust of Australia's banks will continue unless the "drip feed" of industry scandals ends and banks own up to problems rather than hoping bad news can be kept from the public eye, regulators have warned. Three of the country's most powerful financial regulators on Friday called on banks to be more open when things go wrong, after a series of scandals in recent years put the spotlight on the industry's culture They highlighted that many of the problems dogging banks today occurred several years before the news became public, and this further fuelled the negative perception of banks. Reserve Bank deputy governor Guy Debelle said the "drip feed of issue after issue after issue" across many parts of the financial sector had exacerbated public distrust. "No one feels that anything particularly has changed, because even...
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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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