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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
NAB's Phil Chronican once again caught in the middle of history   AFR Karen Maley 25 feb 2019   Morgan's biography records that he recommended Kelly for the job, rather than Chronican, who is now acting chief executive of National Australia Bank.  "In my heart, I wanted to give it to Phil," Morgan says in the book. "I felt absolutely wretched about it, actually." Chronican has already signalled he won't be attending the Thursday evening book launch, having arrived in Melbourne on Monday, in preparation for starting his new role. But he could be excused a wry smile as he reflects that, once again, he's been caught up in extraordinary, and unpredictable, circumstances. Senior bankers agree that Ken Henry, who this month announced his decision to resign as NAB chairman, in normal times would already have departed, clearing the way for Chronican to replace him. "It's pretty clear that he's the...
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ASIC wants laws to lock more bankers in jail Penalties legislation that passed Parliament last week mean corporate executives now face maximum jail terms of 15 years for criminal offences and companies are liable for fines of up to $525 million per civil violation. The laws were a step in ASIC's quest to deter rogue conduct by executives. But the laws do not necessarily allow prosecutors to directly go after financiers for certain bad behaviour. Rogue misconduct Instead, ASIC may be forced to pursue rogue actions indirectly through the criminal code for breaches, a more complex prosecution task. Expanding corporate law to cover more areas of misconduct by individuals, not just by financial institutions, would remove obstacles that bankers sometimes hide behind. Directors duties are a potential current avenue, but can sometimes be difficult to successfully prosecute. Before the passage of the recent white-collar penalties legislation, ASIC could legally pursue rogue misconduct...
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Labor to pressure banks into opening old cases "That's an issue that we are obviously going to have to work through in practice in future to make sure that the judgments in court can sit in tandem with any compensation scheme, " Mr Dreyfus said. Ms O'Neil said her dealings with the banks and the financial services sector showed her there was a desire to put things right for customers and did not expect the banks to push back on its recommendations. "I think what has amounted to abuse of the law in court cases in the past is a matter that is of concern to bank CEOs and I do believe there will be instances, in some limited circumstances, where the banks will allow us to look at areas where a manifest injustice has occurred."   Shadow Minister for Financial Services Clare O'Neil said there were obvious issues with revisiting...
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Six former Liberal politicians-turned-ambassadors could be recalled under Labor hit list Sydney Morning Herald March 3, 2019 11.00pm Bevan Shields, Matthew Knott   EXCLUSIVE Politicians given plum overseas postings or lucrative positions on tribunals under the Coalition could have their jobs terminated by Bill Shorten should he become prime minister. The Sydney Morning Herald and The Age have been told Labor has drawn up a hit list of six former Liberal Party MPs currently serving as ambassadors or consuls-general, as speculation swirls that Steve Ciobo – who stood down from cabinet on the weekend after announcing he will not recontest the May election – could be in line for a government job. The Coalition is facing claims of political cronyism following a flurry of recent appointments to overseas positions and the Administrative Appeals Tribunal, where some former Liberal MPs are now commanding salaries of more than $360,000 a year. A Labor...
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Coalition doubles all government debt since Federation in just under six years michaelwest.com.au Mar 2, 2019 Alan Austin   The Coalition has just doubled all government debt accumulated since Federation. In under six years. Alan Austin reports. Australia’s gross debt – updated Friday morning – has just clicked over the magic number of $543,409,430,000. This is exactly double all debt accumulated by every government between Federation and the 2013 election. That’s right. The Coalition has added more debt in five and a half years than all governments over the preceding 118 years. There are three stories here. The first relates to profound fiscal mismanagement, the second concerns political hypocrisy, and the third is about the performance of the mainstream media. The latter is probably the lesson which most urgently needs to be learned. And never forgotten. A brief history Australia had accumulated substantial public debt through the colonial period, well before...
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Bankers’ pay slashed after royal commission revelations The Australian 12:06am March 4, 2019 Adam Creighton   EXCLUSIVE  Top bankers at the big four have suffered a sharp drop in pay as heightened scrutiny from the royal commission, a mounting compliance burden and shareholder rage take their toll on ­bonuses and incentives. The average pay, including bonuses, of the 254 top bankers at the four largest banks dropped almost $300,000 last year to an average of $1.2 million each, the lowest level in at least six years. Average pay of “senior managers” and “material risk takers” — a group determined by banks’ submissions to the regulator — dropped $500,000 to $1.5m at ANZ, $280,000 to $1.8m at Westpac, $230,000 to $800,000 at Commonwealth, and $184,000 to $1.4m at National Australia Bank, according to analysis by The Australian. Tim Nice and Emma Grogan, remuneration experts at KPMG and PwC respectively, said the royal...
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Heavy industry faces carbon caps under Labor Australian Financial Review Mar 3, 2019 11.00pm Ben Potter   Labor is finalising plans to hit heavy industry – from big manufacturers to liquefied natural gas exporters – with strict carbon emissions caps that would work like an emissions trading scheme. The opposition also plans to unveil policies to impose tougher fuel emissions standards on the vehicle industry and land clearing restrictions on farmers to make those sectors do their bit towards Labor's aggressive 45 per cent emissions reduction target in the coming weeks, as the countdown to a federal election due to be held by May 18 gathers pace. Prime Minister Scott Morrison pivoted towards more climate-friendly policies last week as new data showed Australia's annual carbon emissions remain at their highest since 2011, and criticised Labor for failing to explain how they would reach their target for 45 per cent lower emissions...
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Cladding failures: Warnings of combustibility go back to 1990 Australian Financial Review Mar 4, 2019 12.15am Michael Bleby   Australia's building regulators were discussing the dangers of combustible cladding in 2010, but the warnings started much earlier. Canadian researchers were among the first, with a 1990 report titled Fire Exposure to Exterior Walls and Flame Spread on Combustible Cladding. In Australia, testing in 1995 by the CSIRO showed the problem but the first formal publication in this country came in 2000, with the publication of reports by the Fire Code Reform Centre, says fire engineer Jonathan Barnett. "The issue with combustibility of external cladding was recognised in 1990," Barnett says. "The issue should have been recognised from day one." While state and territory building regulators failed to warn industry that polyethylene-core panels would not pass the Building Code of Australia's combustibility requirements, last week's Lacrosse damages case judgment, over the Melbourne...
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Governments failed to act on warnings of combustible cladding dangers Australian Financial Review Mar 3, 2019 11.00pm Michael Bleby   EXCLUSIVE  State, territory and federal governments failed to limit the use of combustible cladding of the type on Melbourne's Lacrosse and London's Grenfell towers, despite repeated warnings from fire authorities as early as 2010. The concerns of ACT fire authorities and their NSW counterparts were discussed at meetings of state and territory building regulators and the Australian Building Code Board, according to documents obtained under Freedom of Information and other court documents. However, regulators did not act, and 100 per cent polyethylene core panels remained on sale with no caution at least until 2013. The documents show regulators and the nation's peak body for building standards discussed the risks of combustible cladding after they were warned, but gave up on any co-ordinated effort to issue a nationwide alert. Instead, the industry...
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  THE POISON THAT IS WITHIN ASIC and from Bank Lawyers read article below from Jon Denovan   In Truth: 1. I handed over 400 documents to the Senators 8 Aug 2012 "Inquiry into Banking Post GFC" 2. I posted Bank emails / LAFs on my website on FP Sept 2012 under "Bankileaks" - still there. 3. Anthony Klan wrote story / Stephen Long placed story on 7.30 report late 2012 4. Parliament Media produce 1 hour CD of my evidence as a witness re RMBS and LAF Fraud $30   5. Senator briefed Medcraft on my evidence of Bank Fraud in late January meeting 2013 6. Medcraft contacted me via email; asked me for those copies. January 2013 7. I insisted on meeting with a Commissioner 8th Feb 2013.  I handed over 3 kg Pack of documents 8. ASIC advised Parliament early 2013 to say Brailey documents of no value 9....
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Hayne inquiry let big banks off lightly: Allan Fels The Australian 4:11PM MARCH 1, 2019 AAP   The big banks got off lightly from the financial services royal commission despite the NAB CEO and chair being offered up as “sacrifices and scapegoats”, a competition expert says. Former Australian Competition and Consumer Commission chairman Allan Fels says there has been a powerful exposure of and condemnation of misconduct from the inquiry. But the economist and lawyer believes the royal commission has not done as well in tackling difficult policy problems. “I thought the banks got off lightly,” Professor Fels told the Melbourne Press Club. “I thought it didn’t get deeply enough into a number of important things.” Prof Fels argued the issue of structural separation - where institutions provide advice and make the financial products they sell - needed a much deeper look. Royal commissioner Kenneth Hayne QC decided it was not...
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Westpac considers appealing Federal court ruling on class action The Australian 12:00am March 2, 2019 Michael Roddan   Westpac has been dealt another blow in its fight against a potential $100 million class action over fee-gouging life insurance after its attempt to block a litigation funder from accessing potential settlement or compensation was dismissed by the Federal Court. Westpac, the nation’s second-largest bank, is considering a potential appeal to the High Court after judge Michael Lee of the Federal Court found the funding of litigation and common fund orders were a legitimate part of access to justice in an important test case for the growing industry of class action funders. The bank took issue with a decision last year when the Federal Court made a pre-trial order that a substantial portion of any future settlement, which might otherwise be paid to customers who partake in the class action, should be instead...
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Housing price falls worst since 1984 The Australian 12:00am March 2, 2019 Turi Condon   The housing market has not hit the bottom yet, with prices around the country falling again in February, and Sydney’s annual decline breaking through the 10 per cent barrier for the first time since the early 1980s, according to ­researcher CoreLogic. But the pace of the price falls is easing, though the softening market is spreading across the country as tight lending conditions and nervous consumers weigh on the market. Six of the eight capital cities ­recorded falling monthly values, CoreLogic’s February home value index showed. “We might be moving through the eye of the storm,” said CoreLogic head of research Tim Lawless. “I’d be surprised if it gets worse from here.” However, it would be early next year before the market had bottomed. A raft of figures released over the past week show the souring...
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Speculation: Forty per cent of Melbourne housing lots are resales Australian Financial Review Feb 28, 2019 5.05pm Larry Schlesinger   More than a third of all Melbourne housing lots advertised online are re-sales by buyers who can't get financing or speculators trying to flip sites prior to settlement, according to research by RPM Real Estate Group. The group, which sells lots across dozens of estates in Melbourne and Geelong, said the secondary land market had "peaked" and prices could fall as settlement looms and buyers try to sell to avoid losing their deposits. RPM's quantifying of the secondary land market follows warnings in December by Financial Review Rich Lister Nigel Satterley that around 5000 lot sales in Melbourne's new housing estates would either default or have to be on-sold quickly over the next 30 months due to Uber-driving speculators and foreign investors not being able to get finance. Mr Satterley doubled-down...
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Bill Shorten pledges to build a national fuel reserve Australian Financial Review Feb 28, 2019 5.20pm Phillip Coorey   Labor leader Bill Shorten has promised to establish a national fuel reserve if elected, warning that Australia's current low stocks presented a risk to national security. With MPs from both major parties calling for the problem to be addressed, Mr Shorten said a Labor government would begin consultations to build reserves ensuring Australia had a 90-day supply, something it last had in 2012. "National security isn't just about our defence forces, or our security agencies," he said in a speech in Perth on Thursday. "National security also means investing in our national fleet, our merchant marine. And national security means investing in our long-term fuel security. "This is an insurance policy for the nation, an investment that protects us against international supply shocks." The government rejected the idea as too expensive, estimating...
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We’ll all pay later for Australian Major Bank probe The Australian 12:00am March 1, 2019 Maurice Newman   Not all bankers are psychopaths. Not all of them are Machiavellian narcissists who lack conscience and empathy. Yet if you had read the papers or tuned into the nightly news as they reported on the banking royal commission, you could be forgiven for thinking they are. Because of their position of trust and the perceived knowledge asymmetry in retail markets, bankers are held to a high standard of behaviour, as they should be. The commission noted this by publicly identifying numerous examples of misconduct. Most of these had already been uncovered and were being addressed by the Australian Prudential Regulation Authority. It may be hard to imagine today, but in the years ahead, when the political atmosphere is less charged, analysts may well observe that Kenneth Hayne’s royal commission was ill-conceived and ill-timed....
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Capital Capers Cartel action entangling ANZ is set to be the most closely watched test case The Australian 12:00am March 1, 2019 Joyce Moullakis   The cartel action entangling ANZ is set to be the most closely watched test case in recent history, given the potential implications for Australia’s capital markets. The Australian understands the Commonwealth Director of Public Prosecutions is due to further outline its case against ANZ and its investment bankers in a more detailed statement due on March 19. The long-awaited document sets the scene for the criminal action and adds to a much shorter brief of evidence provided to the parties last year. It’s been a long gestation time for those whose careers are treading water or on hold after the competition regulator spectacularly lodged the action more than eight months ago. The criminal charges relating to a 2015 capital raising were laid against ANZ, Deutsche Bank...
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RBNZ could end big four's NZ super profits Australian Financial Review Feb 28, 2019 6.00pm Sarah Turner   The era of Australia's big four banks earning super profits in New Zealand could be over, forced to an end by the RBNZ's push to lift capital levels in the banking sector. The Reserve Bank of New Zealand's demand that banks raise their capital buffers to the highest in the world could trigger more than $8 billion of fresh equity to be raised, according to S&P, in a sector that is dominated by Australia's big four. ANZ, Commonwealth Bank, National Australia Bank and Westpac lend nine out of every 10 dollars in New Zealand, and the RBNZ believes its capital call will level the playing field for smaller institutions and make the banking system safer. New Zealand has been the "jewel in the crown" for Australia's lenders for a long time, economist Cameron...
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Bill Shorten’s complaints regime could force banks to behave The Australian 7:49am February 27, 2019 Robert Gottliebsen   Bill Shorten’s plan to increase the number of government and bank funded financial counsellors from 500 to 1000 sent a shiver though many bank branches and lending departments. Those who were there during the lending frenzy of a few years ago know better than many bank senior executives how the staff bonus incentives encouraged many to “sell” loans harder than was financially prudent. A lot of people borrowed beyond their ability to repay. But everything was fine as long as property values kept rising, because that injected equity into the loan arrangements. But thanks to the tighter lending rules we’ve seen recently, dwelling prices have fallen, and a lot of borrowers now find themselves owing more than their dwellings are worth - a negative equity situation. And now Labor says there are to...
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Fund managers finger tight credit as key driver of housing downturn: UBS survey The Australian 12:38pm February 26, 2019 David Rogers   If we are having a credit crunch in Australia, Reserve Bank officials and the big four bank economists don’t see it yet. But limited credit availability is already the main driver of house price declines, according to the consensus of more than 100 fund manager clients of UBS. “When investors rank the top issue or driver for house prices, credit availability was very far ahead — consistent with the UBS credit tightening thesis as the main driver,” said UBS chief economist George Tharenou. “That’s followed by a similar focus on tax and regulatory changes, demand, interest rates, while housing supply is a lesser issue.” His UBS Evidence Lab survey early this month found fund manager sentiment about the outlook for house prices over the next 12 months was “very...
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Why Opal Tower owners are the lucky ones Australian Financial Review Feb 27, 2019 11.00pm Jimmy Thomson Jimmy Thomson edits the strata living advice website flat-chat.com.au. Different states have different strata laws.   The owners of apartments in the now notorious Opal Tower probably don't realise it, but they are lucky. Obviously it was bad luck that supporting walls in their building in Sydney's Olympic Park started cracking. However, they should be glad that the ensuing evacuation happened in the full glare of the media on Christmas Eve last year. The owners of the other 85 per cent of new apartments that allegedly come with defects are a lot less fortunate. The NSW government released its report into the cracks in the Opal last week and, when you strip away the dense technical references of this comprehensive study, the conclusions make disturbing, if predictable, reading. To summarise, some of the prefabricated...
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Pre-election anger as taxpayers foot the bill for politicians' TV ads Australian Financial Review Feb 27, 2019 5.48pm Andrew Tillett   Coalition MPs will have a $22 million war chest to air TV and radio advertisements after the Morrison government quietly tweaked the rules to expand the use of their taxpayer-funded budgets for their offices. As Labor threatened to make MPs repay money if the change was not reversed, the government defended the move, saying it would end an anomaly and allow rural MPs to better communicate with constituents. The fresh controversy over politicians' perks comes as new figures show spending on advertising campaigns spruiking government policies over the past year has already soared past $250 million less than three months from polling day. Campaigns have included promoting tax cuts, school funding and energy policy, costing taxpayers $600,000 a day, or $25,000 an hour between the beginning of last year and...
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Committee Secretary Senate Legal and Constitutional Affairs Committee PO Box 6100 Parliament House Canberra, ACT, 2600 This email address is being protected from spambots. You need JavaScript enabled to view it. Re: Resolution of Disputes with financial service providers within the justice system The Abomination known as AFCA This is a summary list of the reasons why AFCA is an afront to The Rule of Law and must be shut down as a national priority: Designed to subvert the protections of the Australian Constitution; Denial of Natural Justice: - No right to an unbiased decision maker - No right to a fair hearing No right of review of the decision-making process afforded by the Administrative Decisions (Judicial Review) Act 1977 (Cth); No right of a merits review by the Administrative Appeals Tribunal; Designed to avoid Parliamentary oversight; A private company and not a Government Agency; Funded by the Big Banks instead of being publicly funded; Politically compromised by have a former Liberal Party Minister as...
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Kenneth Hayne's final royal commission report held back 'heavy hits' from the banks ABC News26 February 2019 Stephen Long   The body language said it all. On the afternoon of Monday, February 4, representatives of the banking lobby and various other interest groups were locked in a windowless room at Parliament House, perusing the three-volume report of the Hayne royal commission before its public release by the Treasurer. Some 35 minutes into the lock-up, Anna Bligh, chief executive officer of the Australian Banking Association, sat back, relaxed and looked around the space. Bligh's brow unfurrowed and the tension in her shoulders slipped away. Her minions kept reading, but the former Queensland Premier had seen enough to know that it was a good outcome for the banks. "Fifteen minutes in, people were looking perplexed," recalls someone who was in that room. "Where were the heavy hits?" About the same time as Ms...
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IMF sounds alarm on Aussie debt bubble Investor Daily26 February 2019 James Mitchell   The International Monetary Fund has recommended that APRA takes a forensic “deep dive” into the credit risk management frameworks of Australian banks. The IMF has released its Financial Sector Assessment Program (FSAP) report on Australia. While the comprehensive review was generally positive towards the domestic economy and the role of the prudential regulator, it did warn of key risks to the financial system. The IMF noted that stretched real estate valuations and high household debt pose macro-prudential risks to Australia. “House prices, after rising by about 70 per cent over the past decade at the national level, have now started to decline,” the report said. “The price appreciation following the global financial crisis had been even higher in Sydney and Melbourne, where prices had doubled on average over 10 years, though these two cities have also experienced...
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