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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 breaks ranks on small business terms Australian Financial Review Mar 15, 2019 5.16pm Misa Han   National Australia Bank will boost the number of small business borrowers that will be extended greater protections, designed to relieve the power imbalance that favours lenders, in a move that breaks ranks with the three other big banks and the sector's lobby group. The embattled bank, which is still reeling from the exit of its chief executive and chairman last month, said on Friday that it supported 72 of the 76 recommendations put forward by Commissioner Kenneth Hayne in his banking royal commission final report. Interim NAB chief executive Phil Chronican, who was confirmed as chairman last week, said NAB was in the process of implementing 26 of the recommendations. The bank disagreed with six recommendations in critical areas such as mortgage broker commissions, the definition of small business and the banking executive accountability...
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Credit crunch is damaging the economy beyond property The Australian 8:11am March 15, 2019 Robert Gottliebsen   When there is a serious downturn just over the horizon, a pattern of apparently unrelated events provides the advance warning. And right now, veteran bankers are on the alert. They can see that their new lending criteria, which has slashed loan availability by between 20 and 30 per cent, is having an impact that is much wider than the property market. This week I ran into commercial banker who was shocked. Two of his retail clients had confronted a major shopping centre owner and said “lower the rents or we are out”. For as long as the banker can remember this major shopping centre chain would never countenance a rent reduction. But this time there was fear in its eyes, and it came to the party. For the banker, that meant that he can...
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More than 800,000 homes could end up being worth less than what they were bought for Australian Financial ReviewMar 15, 2019 10.00pm Ingrid Fuary-Wagner   The property downturn has left the buyers of as many as 450,000 properties across Sydney and Melbourne with homes worth less than what they paid for them and this figure will almost double if the market continues to fall, putting further pressure on household budgets as the RBA tries to fire up a slowing economy. An exclusive analysis by CoreLogic for AFR Weekend shows the potential scale of the downturn, which could, nominally, leave the buyers involved in 830,000 property sales in the two biggest cities under the water, if prices fall 25 per cent from peak to trough. The property clock has already wound Sydney prices back to June 2016 levels with values falling 13.2 per cent since they peaked in July 2017. In Melbourne,...
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Investment reporting shift understates debt The Australian 12:00am March 15, 2019 David Uren   The government’s net debt is being understated by as much as $70bn because of the way the share investments of the Future Fund and other government investment funds are reported. The Parliamentary Budget Office has called for a review of how investment funds are treated on the government’s books amid concern that ministers are favouring them as a way of getting around tight budget spending constraints. The office says that if a government were to set a fixed target for reducing net debt, it could be met simply by restructuring the way investments are held. “As the government’s balance sheet has expanded and it is being used more actively for fiscal policy purposes, transparency around these evolving structures and the impact on key fiscal indicators is important to understand underlying trends,” the PBO report says. While the...
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When it comes to tax, it’s Virgin by name and Virgin by nature michaelwest.com.auMar 15, 2019 Michael West   Virgin Australia founder Sir Richard Branson actually resides in a tax haven. He even has his own island, Necker Island, in the infamous archipelago of tax secrecy, the British Virgin Islands. You don’t get more tax-haveny than that. Some may quibble that rival airline Qantas dodges far more tax. The national carrier has paid no tax on $62 billion in total income over the four years of Tax Office transparency data. Virgin, with its $18 billion in income and zero tax payable, is piddling by comparison. Yet, as explained in the methodology attached, the rankings are not only based on sheer magnitude of total income but also on how much taxable income the company managed to wipe out. Qantas still produced $336 million of taxable income (on which it still paid no...
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Two towers, two fires - but both signed off by same engineering firm The Age March 14, 2019 10.47am Clay Lucas   EXCLUSIVE  The fire safety engineering firm found by a tribunal to be most to blame for a 2014 flammable cladding blaze in Docklands also signed off on Neo200, the Spencer Street apartment tower that caught alight in February. Last month the Victorian Civil and Administrative Tribunal found that safety engineering company Thomas Nicolas, whose sole director is Con Nicholas, was responsible for the largest portion of the almost $6 million it will cost to reclad the Lacrosse apartment tower on Latrobe Street. That building started to burn about midnight on November 24, 2014, when it caught alight due to flammable cladding – the same type as in London’s deadly Grenfell tower fire. In the Lacrosse fire, French backpacker Jean-Francois Gubitta left a cigarette burning on the balcony of the...
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Apartment buyers could face a 20pc fall in valuation in upcoming settlements Australian Financial Review Mar 14, 2019 11.00pm Su-Lin Tan, Nick Lenaghan   Buyers of off-the-plan apartments could be "out of the money" by as much as 20 per cent as settlement falls due in coming months, raising the risk of greater defaults, according to UBS analysts. The issue of settlement and apartment values has now become acute for those buyers who contracted for off-the-plan apartments at the peak of the market around 2016 and 2017. With prices falling and banks' tougher stance on borrower scrutiny, fresh valuations ahead of loan approvals for settlement could sink as much as 20 per cent below original off-the-plan purchase prices, according to UBS. "What we are seeing now is that apartments are increasingly out of the money. That's where you get settlement issues," analyst James Druce said. Companies such as Mirvac are particularly...
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CBA's scrapped wealth spin-off paves the way for trade sales Australian Financial Review Mar 14, 2019 — 11.00pm James Frost   Commonwealth Bank's decision to suspend a planned spin-off of its wealth businesses opens the door for a series of cheaper and less troublesome trade sales, according to banking insiders. With CBA saying it remains committed to its strategy of exiting wealth management and mortgage broking, sources close to the transaction have suggested trade sales of individual businesses would be a less risky and equally desirable outcome. It is, however, unlikely to be welcome news for former Westpac banker and SocietyOne CEO Jason Yetton, who had been lured across to run a multibillion-dollar, ASX-listed company. The decision to delay comes hard on the heels of an announcement from NAB in February that it would delay the demerger of rival wealth management business MLC until 2020, due to the uncertain operating environment....
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APRA must immediately ban ANZ’s new Ponzi-mortgages MacroBusiness 12:10 am March 15, 2019 David Llewllyn-Smith   Today I am in shock, which isn’t easy these days. Via the AFR comes the ASIC chief referencing post Hayne Royal Commission bank reform efforts: “I am still not convinced that there’s enough wherewithal and ownership by leaders of these financial institutions to actually finish the job,” Mr Shipton told the Australian Competition and Consumer Commission’s national consumer congress in Melbourne on Thursday. You don’t say. Because at the AFR comes an ANZ gone absolutely mad: ANZ is set to overhaul lending to property investors by doubling the maximum interest-only period from five years to 10. It will also increase the maximum loan-to-value ratio from 80 per cent to 90 per cent. If these mortgage are even within APRA requirements then it’s time that they are not. Didn’t we just learn our lesson on interest...
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Housing market may never recover from downturn, expert warns news.com.au March 14, 2019 6:49pm Alexis Carey   Australia’s property market enjoyed a golden run for years on end — but according to one Aussie CEO, those days are now gone for good. That’s according to tech entrepreneur Matt Barrie, from freelancing marketplace Freelancer, who told news.com.au the country’s economy had now reached “crisis mode”. He said the combination of our weakened housing market coupled with global market trends meant we were entering a “new realm” of economic misery. And he believes the impact could be even worse than the effect of the global financial crisis, which brought certain countries such as Spain and Ireland to their knees. “The banking royal commission has been the catalyst that pulled the rug out of residential mortgages,” Mr Barrie said. “Now applications are being knocked back tenfold, banks are becoming withdrawn and the easy credit...
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Labor commits fully to Hayne,   flags special prosecutions unit.   "I'm not foreshadowing major law reform without further consultation. Commissioner Hayne has asked us to have a conversation about complexity, about carve outs, about whether the law clearly reflects community intent, about whether our regulators are capable of doing what we are asking of them. "That is a conversation we are up for." Until now, Labor has pledged full support for a handful of recommendations and declared only "in-principle" support for the rest. Ms O'Neil will today promise that Labor, if elected, will implement 75 in full as recommended by Commissioner Hayne. Like the government, Labor has baulked at the recommendation to make the borrower, not the lender, pay upfront fees to mortgage brokers. Instead, Labor will limit the upfront fees to 1.1 per cent of the draw down component of the loan. "But for the rest of the recommendations,...
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Aussie banks can afford $12 billion Kiwi safety net, says RBNZ Sydney Morning Herald March 14, 2019 12.00am Clancy Yeates   EXCLUSIVE  The Reserve Bank of New Zealand has mounted a firm defence of its plan to force Australia's major banks to hold $NZ12.5 billion ($A12.12 billion) more in capital in their banking operations across the Tasman, saying the "highly profitable" businesses would have to accept lower returns. In an interview on Wednesday, RBNZ deputy governor Geoff Bascand also justified the plan to bolster bank balance sheets by emphasising the social costs of banking crises and arguing New Zealand could not rely on Australian parent companies for a bail-out in severe shock. The RBNZ's surprise proposal to make the big four's Kiwi businesses build larger capital buffers, announced in December, has been a key drag on the share prices of the big four banks in recent months. The change, which is...
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$20 million missing: Broker's client money used to cover losses Sydney Morning Herald March 13, 2019 7.40pm Sarah Danckert   One of Australia's largest brokers, Halifax Investment Management, is set to head into liquidation after administrators discovered that some of the $210 million of client money was used to cover off losses on bad bets on investment products by other clients. Investigations by administrators from Ferrier Hodgson have found that just under $20 million of customers' money is missing. Ferrier Hodgson has likened the collapse of Halifax, which had 12,000 clients in Australia and New Zealand, to other high-profile stockbroker collapses in recent years including BBY, Sonray and Opes Prime. Action against the company by the corporate regulator is a distinct possibility, with sources saying the Australian Securities and Investments Commission was taking a close interest in the outcome of the administration. More than $190 million of client money remains frozen...
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Building approvals continue to plummet The Australian 12:00am March 14, 2019 Michael Owen   Construction trends across the country appear bleak as the number of building approvals continue to steadily fall, driven in part by ­reluctant bank lending. An analysis of the amount of approvals for new buildings in 2019 compared to the same period last year shows values across the country are plummeting in all states and territories except ­Tasmania and the ACT. The significant falls in NSW are creating growing concern about a big slowdown in the ­supply of new homes in the state. In South Australia, the construction industry warned it was heading for a crisis with a 33 per cent fall in building approvals ­during the past 12 months from $546 million in January last year to $362m in January of this year. South Australian opposition leader Peter Malinauskas said yesterday two more building companies — Cubic...
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Australia will need 1 million more social, affordable homes by 2036 Australian Financial Review Mar 13, 2019 11.45pm Michael Bleby   Australia needs to build more than 1 million social and affordable homes by 2036 to arrest the shortfall caused by a lack of investment across decades and anaemic wage growth. The existing deficit of 651,300 social and affordable homes will blow out to nearly 1,024,000 by 2036, with nearly one-third of the shortfall occurring in NSW, a report to be published on Thursday by the UNSW City Futures Research Centre and Community Housing Industry Association (CHIA) NSW shows. The figures, based on rental stress numbers revealed in the 2016 census, envisage a boost in the total proportion of social homes - rented to people on social security - and affordable homes - those rented out to designated lower-income earners at about 80 per cent of market rates - from the...
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How Mark Bouris and mortgage brokers defeated Hayne Australian Financial Review Mar 13, 2019 11.00pm John Kehoe   The Morrison government's stunning backflip on mortgage broker pay was engineered by the prime minister's celebrity friend Mark Bouris, aided by his former flatmate, Assistant Treasurer Stuart Robert, and clinched via a textbook case of effective grassroots lobbying. Just weeks after the government agreed to the banking royal commission's call to ban brokers' trailing commissions to protect consumers, an ashen-faced Treasurer Josh Frydenberg announced the backdown on Tuesday. Shadow treasurer Chris Bowen accused Frydenberg of a "humiliating change of position" and said the government couldn't be trusted to implement the royal commission's recommendations. Yet facing a May election and dwindling voter support, senior Liberals knew they could ill afford to hurt a traditional small business constituency and were desperate for an issue to wedge Labor. Mortgage brokers have been core backers of the...
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'Expect to see a more assertive APRA': Banking regulator puts super industry on notice The Age March 13, 2019 6.02pm Sumeyya Ilanbey   Superannuation trustees caught acting against their members interests will be named and shamed as the prudential regulator seeks to make a public example of wrongdoers. Australian Prudential Regulation Authority deputy chair Helen Rowell pledged a tougher line from the regulator after its "wake up call" at the hands of the royal commission. "You can expect to see a more assertive APRA that pushes harder for trustees to fix problems more quickly, is less patient with inadequate responses or inaction, and more willing to make an example of uncooperative trustees and directors," Ms Rowell told the Australian Institute of Superannuation Trustees conference on Wednesday. "APRA will maintain its focus on cleaning up the unsustainable and underperforming tail of the industry, as well as continuing to lift standards of practice...
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NAB customers get $110m compo The Australian 12:00am March 13, 2019 Richard Gluyas   National Australia Bank has repaid a further $110 million to aggrieved wealth customers since June, as interim chief executive Phil Chronican amps up internal pressure to pay customers who are owed compensation “as soon as possible”. In a letter to shareholders that coincided with the resignation of chief people officer Lorraine Murphy, Mr Chronican said he was aware of the “enormity” of the task confronting NAB. [Otherwise known to people with an adult vocabulary as ‘head of human resources’.] “The royal commission is right,” he said. “There is a big gap between where we are and where we need to be.” NAB, according to Mr Chronican, was stepping up the pace of remediation. The $110m paid to 310,000 customers since June is part of the $314m in remediation provisions announced last ­October. The bank’s disclosure follows a...
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New tax powers make employing staff riskier for small businesses The Australian 8:44am March 13, 2019 Robert Gottliebsen   Americans understand better than anyone else in the world that the employment growth in the years ahead will be in small business. Accordingly, although there was sluggishness in the US overall February labour statistics, the National Federation of Independent Business announced that job creation among small US businesses broke a 45-year record in February, with a net addition of 0.52 workers per firm. The previous record was set in May 1998. Here in Australia, what do we do? Our Coalition government has many pro small business policies, but in a mad aberration, it has passed legislation that makes in more dangerous and complex for small businesses to increase employment. All small businesses need to be aware that as a result of government action, their solvency faces a new hazard. From 1 July,...
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Two building companies collapse, another facing court action amid housing downturn ABC News13 March 2019 Ben Nielsen   Two South Australian building companies are facing collapse, and another is facing court action, amid ongoing pressure from the national housing downturn. Adelaide construction company Tudor Homes has gone into liquidationand JML Home Constructions, which operates the Onkaparinga GJ Gardner franchise, has closed its doors. An application to wind up Cubic Homes, based in Kilburn, will be heard later this month. It follows the recent demise of a string of local companies, including ODM Group, OAS Group and Platinum Fine Homes. Liquidators were appointed by Tudor Homes' shareholders late yesterday. The company's liquidator, Heard Phillips Chartered Accountants, told the ABC the firm was insolvent with outstanding creditors. It said the majority of homes under construction had been sold to another company, but a number of customers were impacted by the collapse. The liquidator...
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The chart that helps explain Sydney, Melbourne property price slump Sydney Morning Herald March 13, 2019 11.07am David Scutt   If you want to know why home prices in Sydney and Melbourne fell the fastest of any Australian capital city last year, this chart goes some way to answering that question. From the National Australia Bank, it shows the value of new investor home loans issued across the country. In New South Wales and Victoria, the value of investor lending has basically collapsed, helping to explain why total lending to investors nationwide has fallen by nearly 50 per cent in less than three years. While there are many factors behind the steep decline, the impact of macro-prudential restrictions on investor and interest-only home loans is clearly evident in the chart. In late 2014, APRA, Australia’s banking regulator, introduced a 10 per cent annual cap on housing credit growth to investors. That...
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How and why did the Northern Territory lease the Darwin Port to China, and at what risk? ABC News13 March 2019 Christopher Walsh   Southern contestants on Millionaire Hot Seat don't typically get questions about Darwin correct. Their knowledge of the Northern Territory is limited to crocs, fishing and oppressive heat. And so it was in June 2017, when then-federal treasurer Scott Morrison stumbled late into the office of the NT News, the Territory's paper of record, while a Millionaire Hot Seat question flashed on the screen in the biggest television in the office. It was far too difficult for $500, but Mr Morrison knew the answer all too well. "They didn't tell us about it!" Mr Morrison shouted, throwing his arms up in frustration, as the question hung on the screen: "Which Australian city controversially leased their port to a Chinese company in 2015?" The answer was Darwin. But the...
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APRA unconcerned about Labor franking credit cuts The Australian 12:00am March 11, 2019 Michael Roddan   EXCLUSIVE  The prudential regulator has not conducted any modelling of the likely impact on the financial system of Labor’s proposed cuts to franking credits, leaving open the question of any impact on bank shares. A freedom of information request by The Australian shows the Australian Prudential Regulation Authority, the body responsible for ensuring the stability of the financial system and the resilience of the banking sector, has no documents, impact statements, economic modelling or contingency plans relating to the implications of removing refundable franking credits for individual companies or the financial system as a whole. APRA said the “documents cannot be found or do not exist”. Labor’s proposal, which would end the process introduced by the Howard government under which shareholders without a tax liability can receive a cash refund for excess franking credits, has...
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LandmarkWhite knew of IT weakness in 2017, a year before data breach Australian Financial Review Mar 10, 2019 11.30pm Michael Bleby   EXCLUSIVE  LandmarkWhite knew of a security weakness in its valuation platform in 2017, more than a year before it said it was first alerted to the vulnerability that led to the theft of records that were posted on the dark web, according to sources. At least 15 people across LandmarkWhite's pool of IT staff, contractors and senior management knew of the weakness in its valuation platform in mid-2017 after contractors alerted them to the vulnerability in its API, a piece of software allowing two different systems to communicate, sources told The Australian Financial Review. This was about 18 months before January 2019, when the company said it upgraded the valuation system that was the subject of the attack. Far from being a sophisticated data hack, the breach that left...
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Money for nothing: government paid $9m after scrapping Manus project Australian Financial Review Mar 10, 2019 11.45pm Lisa Murray, Angus Grigg, Jonathan Shapiro   The federal government abruptly cancelled a building project on Manus Island costing taxpayers almost $9 million just three weeks before the Home Affairs Department awarded the little-known Paladin group a controversial security contract now worth $423 million. In a decision described as "bizarre" by one person involved, Toll Group was contracted to build extra accommodation at the East Lorengau Refugee Transit centre on Manus but the project was suddenly abandoned on September 4, 2017, just as staff were preparing to fly to the island. The decision came around the same time as Home Affairs was conducting a closed tender for the garrison services contract at the refugee centre, which was awarded to Paladin. The department said the commercial arrangement with Toll was not linked to Paladin, but...
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