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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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Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

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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
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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How true.....once confidence and trust in a bank vanishes, it’s almost impossible to restore them.   Is Another Spanish Bank about to Bite the Dust? by Don Quijones • Jun 10, 2017    http://wolfstreet.com/2017/06/10/liberbank-spanish-bank-about-to-bite-the-dust/   Stockholders and junior bondholders fear a “bail-in.” By Don Quijones, Spain & Mexico, editor at WOLF STREET. After its most tumultuous week since the bailout days of 2012, Spain’s banking system is gripped by a climate of fear, uncertainty and distrust. Rather than allaying investor nerves, the shotgun bail-in and sale of Banco Popular to Santander on Tuesday has merely intensified them. For the first time since the Global Financial Crisis, shareholders and subordinate bondholders of a failing Spanish bank were not bailed out by taxpayers; they took risks in order to make a buck, and they bore the consequences. That’s how it should be. But bank investors don’t like not getting bailed out.  Now they’re...
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Welcome to Australia, corrupt demerging market By Houses and Holes in Australian Economy, Australian Property at 12:20 am on June 7, 2017 | 25 comments https://www.macrobusiness.com.au/2017/06/welcome-australia-corrupt-demerging-market/ Running this blog and its forbears since 2009 has led to some deep insights into the Australian political economy. When we began in the post-GFC environment we knew that things were changing, rules were being re-shaped and Australia’s liberal capitalism was evolving. What we suspected but did not fully grasp was that that change was not only going to be retrograde but deeply devolving. As Leith and I have sat here promoting simple, quality policy through five successive governments, we have been consistently and relentlessly stunned at the new depths of depravity, debauchery and corruption reached by Australian public life. Economic history does not provide many examples of demerging markets as a warning. They are usually commodity economies where the risk of corruption is higher owing to...
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Australian banks the least attractive in the region Australian Financial Review Jun 8 2017 8:21 PM James Frost   Australian banks are much less attractive to investors than their Asian rivals, with earnings forecast to grow less than 1 per cent in the 2018 financial year  compared to double-digit growth available elsewhere in the region. Forecasts from a banking analyst show that while earnings per share from banks in Hong Kong and Singapore are poised to spike, Australian bank earnings will be stagnant, putting the issues at play for international investors in context. In a note titled "Are there any opportunities left?", UBS bank analyst Jonathan Mott spelled out how spiralling property prices in Melbourne and Sydney had compelled the regulator to act and how they might be inclined to intervene in the future. He also considered how 26 years of interrupted household growth had led to a situation where elevated...
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BFCSA: Banks sold "wealth creation" strategies to older citizens on a Pension.  Now laden with DEBT Property investors effect on house price 'wealth effect' report warns - systemic risk to macroeconomics.   Australian Financial ReviewJun 8 2017 2:17 PM Jacob Greber   Middle-aged property investors are more likely than most Australians to be seduced into tapping rising house equity for consumption, ramping up debt to a level that threatens to become a systemic risk to the economy. New research by the Australian Housing and Urban Research Institute rings the alarm bell over the apparent willingness of already highly leveraged households to take on even more debt as prices rise. The report, published on Thursday, provides a stark challenge to the nation's regulators, led by the Reserve Bank of Australia and the Australian Prudential Regulation Authority, which have tended to downplay risks posed by record-high debt levels saying most of the burden...
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YES, WE HAVE A MASSIVE WIDESPREAD MORTGAGE FRAUD PROBLEM IN AUSTRALIA.   Yes, this is a Global Control Fraud. The issue is for ‘us aussies’ is clear: we only have two Major Parties that can govern and both have been fully briefed on what the Australian Bankers (yes controlled by British and American Bankers) have been doing in the USA/UK and elsewhere and we have highlighted the links between all nations such as Canada etc.   Bank Scandals in lending have become the scourge of the 21st century. In fact. a major scandal. I am well-read I can assure you and, lucky to be well educated. The problem is, what do 'we the people' in Australia want to do about exposing our part in the Australian Bankers Control Fraud? What do we need to do regarding corrupt regulators who are consistently lying to OUR Federal Parliament suggesting "no systemic issues"?...
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Scott Morrison locks $6.2 billion bank levy rate into law A draft bank levy law was released on Tuesday for 0.015% per quarter. James Massola  Clancy Yeates   30 May 2017   http://www.smh.com.au/federal-politics/by/James-Massola-hvf20 Mr Morrison released on Tuesday the draft bank levy law, which has been kept under wraps since being announced in the May budget, after taking it through the Coalition party room. The decision to write the levy rate, at 0.015 a quarter on banks that hold greater than $100 billion in liabilities, into the legislation will go some way towards assuaging the fears of the five banks subject to the levy. The big five were concerned a government would be able to raise the rate in future at the stroke of a pen, as had happened in the United Kingdom. Related Content 'Trivial' bank levy won't raise rates, top official says Bank levy amounts to 'quasi nationalisation' of...
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ASIC boss gears up for court battle on rate-rigging case The Australian 12:00am June 1, 2017 Ben Butler   ASIC boss Greg Medcraft has taken a hardline stance against the big banks as the corporate watchdog pursues them over alleged ­interest-rate rigging, saying only a “court-based outcome” is acceptable. Appearing before the Senate estimates committee yesterday, the chairman of the Australian Securities & Investments Commission slammed as “ridiculous” the idea that alleged big bank manipulation of the benchmark interest rate was a victimless crime. In testimony yesterday, Mr Medcraft’s deputy, Peter Kell, also revealed ASIC’s deep unhappiness with the way Macquarie Group’s troubled financial planning department had been run. However, he was unable to explain why the name of a senior CBA executive appeared on a draft press release dealing with that bank’s equally stricken financial planning business, and was forced to apologise to Nationals senator John Williams for suggesting he...
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Tangled web: Plutus law firm investigated over Henry Kaye land bank scam     Ben Schneiders and  Royce Millar   The law firm linked with a $165 million alleged tax fraud syndicate was also central to a $100 million land-banking scandal based in Victoria involving notorious property spruiker, Henry Kaye. Clamenz Evans Ellis is the subject of investigations by authorities over property schemes which ripped off millions of dollars from hundreds, possibly thousands, of small investors across Australia. The alleged scams in NSW and Victoria both include the use of complex webs of companies and trusts to obscure money flows and hide identities such as Kaye, the "phoenixing" of companies, and the use of "straw" directors as proxies in the formal running of companies. Around 2014 the firm split, becoming known as Clamenz Lawyers in Sydney and Evans Ellis in Melbourne. RELATED CONTENT Judge lifts lid on Henry Kaye's secret windfall from land bank scam...
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ASIC’s Greg Medcraft accuses banks of ‘hiding trail of advice’   The Australian 12:00am June 1, 2017 Michael Roddan   ASIC boss Greg Medcraft says the big banks and wealth management industry have used poor record-keeping to “hide a trail” of questionable financial advice. Mr Medcraft, who finishes his term at the Australian Securities & Investments Commission in November, also hit out at the vertically integrated business model of the big lenders, arguing that cross-selling wealth, advice and insurance products was “not a ­viable business strategy any more”. “The best asset the banks have is the trust of their customers,” Mr Medcraft told the Senate estimates committee. “Basically, they should be an ecosystem that has the best products for their customers — and that may not necessarily be their own products. “I think the banking model is probably going to change quite dramatically in the next few ­decades.” ASIC last month...
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Revealing look at ASIC's practices - Senate Inquiry into ASIC 2014 Michael West  APRIL 2 2014   James Wheeldon joined the Australian Securities and Investments Commission in mid-2004. It was his first legal job in Australia after graduating from Harvard Law School in 2000. He had just spent four years doing merger and acquisition deals with top-tier New York City law firm Skadden Arps. "I joined ASIC because I thought I would be working in the public service," says Wheeldon. "Silly me". Assigned to the regulatory policy branch, he was soon to review an application for relief submitted under RG51 by the Investment and Financial Services Association, the body representing Australia's banks and big retail superannuation funds. "This was not the first time I witnessed ASIC favouritism for the big banks but it was the most egregious thing I saw during my time with the regulator." RELATED CONTENT Watchdog favoured big...
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Australia housing bubble is 'quite spectacular' says Citigroup's Willem Buiter Australian Financial Review May 31 2017 5:40 PM Jonathan Shapiro   Australia must create a list of "shovel ready" infrastructure projects to keep our economy ticking along if China cracks under its mounting debt burden. That's the view of Citigroup's esteemed chief economist Willem Buiter who was in Sydney this week meeting the bank's clients. Dr Buiter, who is known for having a bearish outlook on China, described the world's second largest economy as a "cyclical accident waiting to happen." He warned the two ingredients for a downturn in China – high debt levels and overcapacity in key industries – are in place and stressed that China's total debt-to-gross domestic product ratio of 300 times was "completely out of control." "[The debt pile] is being addressed by adding to it, which works for a while, but is a losing game," he...
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Bank tax 'disproportionate' says Macquarie Group Australian Financial Review Jun 2 2017 9:00 PM Jonathan Shapiro, Joyce Moullakis   Macquarie Group says the government's controversial bank levy will have an "unintended and disproportionate" impact on its local lending operations, potentially hitting the Australian banking division's earnings by 11 per cent. The Sydney based financial institution broke its month-long silence on the controversial tax after the AFR Weekend revealed on Friday it was considering relocating its headquarters to Singapore In a statement issued late on Friday, Macquarie said the tax could increase the banking division's Australian tax rate from 34 per cent to 41 per cent, and could hit the global banks' earnings by 4 per cent, although it said the impact of the levy was "still unclear" "The scale of Macquarie Bank Limited's international and wholesale businesses means the levy may have unintended and disproportionate consequences on its local earnings," it...
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