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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
Falling house and land prices a drag on inflation Australian Financial Review Apr 25, 2019 11.08am Michael Bleby   Falling prices of house-and-land packages - which have prompted property giant Frasers to invite buyers to negotiate prices on unsold projects - are one of the biggest drags on Australia's weak inflation figures. Melbourne new dwelling prices dropped 1.2 per cent in the March quarter, official inflation figures on Wednesday showed, the biggest driver of an overall 0.2 per cent decline in new owner-occupier homes nationally. "It came from Melbourne," said NAB economist Kaixin Owyong. "That new project homes in Melbourne are offering large, large discounts, is showing up in CPI numbers." Discounts and incentives worth up to $45,000 are some of the measures developers are offering to get sales over the line in a once-hot land market that is now falling sharply. New home buyers who purchased Melbourne housing lots at...
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House prices have further to fall Australian Financial Review Apr 26, 2019 12.00am Jonathan Shapiro   A sharp fall in house prices should not trouble mortgage bond investors but further price declines in Sydney and Melbourne are likely, according to securitisation analysts that have tracked house prices relative to the earnings of full-time workers. The analysis prepared by National Australia Bank's corporate finance staff for clients showed that while nationwide house prices were in line with average multiples of full-time earnings, Sydney and Melbourne prices would need to fall further to correct to what is considered an average level. "With price-earnings multiples in the major Sydney and Melbourne markets still above their 10-year averages and comfortably above their bottom 25 per cent quartile levels, further declines should probably be expected," National Australia Bank director Ken Hanton said in a note to clients. "However there is still some way to go before...
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Time to bury the banking hatchet The Australian 12:00am April 23, 2019 Richard Gluyas   The brutal calculus of politics ahead of the May 18 federal election is summed up by a Labor Party hardhead: “When they (the government) go immigration, we go the banks.” It would be no surprise for the banks to hear this. Kicked from pillar to post for years, they’re either a direct target for Labor or a convenient distraction when the Morrison government goes all in on border protection. In their fondest dreams, however, senior industry figures cling to the notion that Bill Shorten as prime minister will have no option but to tone down the anti-bank rhetoric. They look to treasury spokesman Chris Bowen as a policy grown-up — someone who understands that relentless attacks on a critical industry are fine from the opposition benches, particularly when they chime with the electoral mood, but responsible...
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The new risk to the big four's NZ dominance Australian Financial Review Apr 24, 2019 12.00am Lucas Baird   A push to harmonise the adoption of open banking across the Tasman could pose a risk to big four Australian banks' dominance in the New Zealand market, according to a leading bank analyst. The subsidiaries of ANZ Banking Group, Commonwealth Bank, National Australia Bank and Westpac are responsible for 86 per cent of bank lending in New Zealand, the country's reserve bank says. However, this market share could come under pressure from new players emboldened by the rollout of open banking, CLSA analyst Brian Johnson said. Open banking will allow customers to transport their financial data between different financial institutions to find the best deal for them on products such as home loans. Australia is set to implement the regime in stages from July. "Smaller players are more likely to become competitive...
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Blowout in loan losses to hit bank dividends The Australian 12:00am April 24, 2019 Richard Gluyas   The catalyst for a cut in major-bank dividends was likely to be a blowout in loan losses rather than any increase in capital requirements or spike in remediation and compliance costs, according to investment bank Citi. Citi said in a report yesterday that investors were “unnecessarily concerned” about high bank dividend payout ratios. While payout ratios were indeed high, the banks were likely to absorb one-off costs, although National Australia Bank was facing another tough decision about its dividend when it reported its first-half result on May 2. “Our base case (for the industry) assumes flat dividends,” Citi analyst Brendan Sproules said. “Low risk-weighted asset growth will continue to enable high payout ratios while delivering neutral capital outcomes, and the absence of a pick-up in risk-weighted asset growth will allow boards to look through...
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RAMS mortgage move angers brokers and borrowers Australian Financial Review Apr 23, 2019 4.35pm Duncan Hughes   RAMS Home Loans, which is owned by Westpac, has angered mortgage brokers by withdrawing a low doc loan popular with self-employed borrowers. But the lender claims its removal was the result of a regular product review and that self-employed and first time borrowers remain its core market. “RAMS remains committed to self-employed customers and will continue to support self-employed lending,” a spokesman said. “RAMS will continue to support our existing customers who have these loans with us. “Self-employed customers, along with first home buyers, remain our target segments and are key to our RAMS strategy moving forward.” Edwin Almeida, property specialist with Ribbon Property, said: “A lot of mortgage brokers are upset. These loans constituted 50 per cent of their loan book.” Mr Almeida said the loans were popular with borrowers who were building...
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NAB deep dive probe into borrower debt sparks backlash fears Australian Financial Review Apr 23, 2019 11.16am Duncan Hughes   NAB is set to crack down on new lending, with an exhaustive probe into borrowers’ total debt ranging from tax bills to family loans, overdrafts and lines of credit. The bank is trying to head off a potential backlash from mortgage brokers, borrowers  and financiers who fear the deep diving into borrowers’ applications will slow loan processing, particularly for property investors. It follows NAB’s bruising criticism from the Hayne royal commission into lending standards and disclosures that contributed to the departure of the chairman and chief executive and a top-level shake-up. Lenders are increasingly worried about borrowers’ capacity to repay as household debt levels peak at record highs and mortgage arrears begin to rise, albeit off a low base. “We are committed to lending responsibly and continue to back Australians with...
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Mega ombudsman too powerful say financial planners Australian Financial Review Apr 23, 2019 4.44pm James Frost   The Financial Planning Association of Australia says new powers to enable the Australian Financial Complaints Authority to revisit cases from 10 years ago will lead to a spike in the cost of professional indemnity insurance and may even put some planners out of business permanently. FPA head of policy Ben Marshan said the organisation, which represents the interests of 14,000 financial advisers, was concerned that looming rule changes allowing AFCA to expand the period for eligible disputes back to 2008 were unfair and unreasonable. “The FPA recommends this issue warrants urgent consideration and further investigation,” Mr Marshan said. AFCA was a forced amalgamation of the Financial Ombudsman Service, the Superannuation Complaints Tribunal and the Credit and Investments Ombudsman. It has awarded customers $67 million in compensation since it opened its doors on November 1....
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Hayne puts wrecking ball through super fund brand The Australian 12:00am April 23, 2019 Richard Gluyas   EXCLUSIVE  The Hayne royal commission has caused a dramatic collapse in the level of trust across the financial services industry, with the once-muscular AMP brand now the weakest of the nation’s top 26 superannuation funds, according to independent research consultancy CoreData. The sharp decline of AMP and IOOF, which emerged as the villains in the royal commission’s public hearings on advice and super, is captured in CoreData’s “Future of Advice” survey, which is only distributed to industry players. A survey on the brand strength of the top 26 funds measured by number of members reveals that the $47 billion Cbus scheme — the largest super fund for the building and construction industry — comes out on top, followed by Australian Super, HESTA and QSuper. IOOF, AMP and the ANZ unit OnePath record the lowest...
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Savers rates fall eight times more than mortgages Australian Financial Review Apr 17, 2019 5.03pm Duncan Hughes   Interest rates for popular online savings accounts have fallen eight times more than rates for standard variable mortgage borrowers, forcing savers to shop around for higher interest or seek more riskier options, such as equities. It is likely to get even worse for savers, many of whom are retirees, if the Reserve Bank realises market expectations and continues to cut the cash rate, which are already at a record low 1.5 per cent. “Savers can no longer put their money into an account and forget about it,” said Steve Mickenbecker, group executive of Canstar, which monitors rates and fees for financial products. “Now is the time to manage savings, or put up with low returns.” Rates on flexible savers, online savers, bonus accounts and terms deposits are all being trimmed by authorised deposit...
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Home loans delayed, denied and dearer post-Hayne Australian Financial Review Apr 23, 2019 12.00am James Frost   Strict interpretation of responsible lending laws has created a bottleneck of mortgage applications with massive delays in the approval process contributing to a rise in the cost of credit and vastly reduced borrowing capacity in the post-royal commission environment. Analysis of more than 30,000 mortgages from online broker Lendi has found approval times have more than doubled for investors over the past 18 months while the wait time for owner-occupiers has increased by more than 50 per cent as the banks demand more information from borrowers. Lendi managing director and co-founder David Hyman said more the stringent approach from the banks could be traced back to the first hearings of the Hayne royal commission and was adding to the costs of originating and writing loans. “It means the market slows down. All lenders and...
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Property prices in Melbourne falling so fast – units in many suburbs cheaper than five years ago Daily Mail Australia 20:31 AEST, 21 April 2019 Nic White, Jon Talbot   Property prices are falling so fast in Melbourne that units in at least a dozen suburbs are cheaper than they were five years ago. Housing data shows falls of up to 22 per cent since 2014, let alone since the dizzying heights of 2017 before the property bubble deflated. Buyers are taking notice with traffic on real estate websites jumping as bargain hunters look to get in before the trend reverses again. The trendy inner suburb of Abbotsford saw the biggest fall with units averaging just $450,000 – 22 per cent cheaper than 2014. The median price in Travancore also took a hit of 18 per cent, meaning a property worth $425,000 in 2014 will now fetch $350,000. Central Melbourne suburb,...
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The world is caught in a debt-trap built by central bankers Sydney Morning Herald April 16, 2019 7.30pm Stephen Bartholomeusz   Could the current developed economy settings of low growth and low-to-negative real interest rates reflect a catch-22 interaction where the low rate environment established by the key central banks perpetuates low rates and low growth? That’s a question effectively posed, and answered tentatively in the affirmative, by a recent research paper issued by the Bank for International Settlements that builds on a thesis the BIS has been constructing in recent years that low rates beget lower rates, fuelling financial booms and busts and too much debt and too little growth. In what is a highly technical paper, BIS researchers, led by the head of its monetary and economic department, Claudio Borio, argue that monetary policies play a more important role than commonly thought in long-run economic outcomes. In the post-crisis...
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Economic growth unlikely to pick up in near term Australian Financial Review Apr 17, 2019 11.44am Matthew Cranston   Economic growth in the first two to three quarters of this year is likely to be below trend, according to the latest Westpac Melbourne Institute reading. The Index, which predicts the six month annualised growth rate using a number of existing measures such as dwelling approvals, rose from –0.54 per cent in February to –0.09 per cent in March. While that is an improvement, it still indicates economic growth is not expected to pick up any time soon. Westpac chief economist Bill Evans said the index had now registered four consecutive months in which the growth rate has been negative. "[The latest reading] continues to support the signal that growth through the first two to three quarters of 2019 is likely to be below trend." RBA to change growth forecasts Mr Evans...
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Record 1.3 million landlords cash in on negative gearing as shake-up looms The Australian 12:00am April 17, 2019 Ben Butler, Michael Roddan   A record 1.3 million property owners are running at a loss and claiming negative gearing for their investments, far outstripping the 856,000 who either break even or declare a profit, new Australian Taxation Office figures show. The figures paint a picture of a rental market in which investors are getting older, with nearly a quarter now over 60, and with the broader market increasingly reliant on negative gearing. They follow a warning from tax commissioner Chris Jordan that property investors are on the ATO hitlist due to a large number of questionable claims for deductions and come amid a fierce election battle over negative gearing. In the latest batch of tax statistics the ATO for the first time has provided detailed breakdowns of the age and taxable income...
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Housing slide biggest risk to economy: Treasury The Australian April 17, 2019 Michael Roddan   The sliding housing market is the key risk to the health of the economy that will be inherited by the government in the 46th parliament, according to Treasury’s pre-election forecasts, which reveal the deficit for the current financial year has blown out by $100 million following the federal budget energy assistance payment backflip. The late decision to include Newstart recipients and pensioners in the government’s energy assistance handout has seen the estimate for the underlying cash deficit for 2018-19 sunk a further $100 million to a projected deficit this year of $4.2 billion. Other than that, there were no major changes to the economic parameters underpinning the budget assumptions. However, Treasury has declared the government will be unable to deliver on its promise to cut income tax for low- and middle-income earners unless it drags back...
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More than the RBA: NAB expects 18pc decline in housing investment Australian Financial Review Apr 17, 2019 6.03am Michael Bleby   Australia's decline in housing new investment is likely to be twice as deep as the Reserve Bank expects, with a dip close to 20 per cent over the next two years, National Australia Bank says. While the decline will still leave home-building - which has surged in capacity over the population-driven boom of recent years - above its previous trough, it would still be worse than policymakers expected, NAB chief economist Alan Oster said on Tuesday. NAB's forecast of an 18 per cent decline in new housing investment over two years is not new - the bank made it in February. And while the lower house price expectations the bank published last week for Sydney homes increased the downside risks, NAB maintained its forecast, Mr Oster said. "We haven’t really...
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Australia’s big banks are losing their power The Australian 6:59am April 17, 2019 Robert Gottliebsen   Big banks represent well over half the market capitalisation of ASX top 10 companies so what happens to them will have a profound influence on the fortunes of Australian savers. And it has suddenly become apparent that the banks have lost considerable power over the distribution of what is the industry’s most profitable and biggest product - home loans. Although last week the banks received a nasty alert to the dangers of not controlling home loan distribution, analysts are not worried, so are boosting bank shares on the back of looming cost reductions and possible interest rate cuts. They argue that not only does outsourcing product distribution boost profits, but the banks have big staff and cost reductions in the pipeline. But while that might be true in the short term, in the longer term...
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CBA underpays 8000 staff after HR tech system failure Australian Financial Review Apr 17, 2019 12.01am James Eyers   Commonwealth Bank has underpaid about 8000 staff after its human resources technology systems failed to accurately calculate and process entitlements, forcing the bank to repay millions of dollars to current and former employees. The Finance Sector Union said it was notified by CBA about the issue, which the union is describing as a "blunder" relating to CBA's "antiquated computer systems".  CBA says it replaced the offending HR system last year and has apologised to affected staff. “This is a major stuff-up by the CBA and hard-working bank staff deserve an apology and a commitment from the CBA’s chair, Catherine Livingstone, and CEO Matt Comyn that this kind of pay bungle won’t happen again,” said FSU national secretary Julia Angrisano. Once compensation is repaid, including interest and additional superannuation payments, Ms Angrisano said...
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The man wielding APRA's big stick Australian Financial Review Apr 16, 2019 7.13pm Chanticleer   John Lonsdale timed his exit from federal treasury into the upper echelons of the prudential regulator perfectly. After a stellar 32-year career at federal treasury, including working as David Murray’s right hand man on the Financial System Inquiry, Lonsdale landed a job as deputy chair of the Australian Prudential Regulation Authority in May last year. He took up the position just as the Hayne royal commission was getting into its stride. Almost one year later, Lonsdale is in the box seat to be the man carrying APRA’s big stick. He deserves to be the face of enforcement in superannuation, banking and insurance. This is the logical outcome of Lonsdale leading the review into APRA’s inadequate enforcement culture. He was assisted in this review by an independent advisory panel comprising former judge Robert Austin, competition regulator Sarah...
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APRA adopts 'constructively tough' approach Australian Financial Review Apr 16, 2019 11.06am James Eyers  The report found APRA still had a way to go to embed this new enforcement culture. While there had been a recent positive shift at the top of APRA from its historical risk aversion to taking enforcement action, “such a shift has yet to be embedded across the whole organisation,” it said. Wilson Sy, a former head researcher at APRA, said more transparency would be needed to engender confidence that APRA was enforcing the law effectively. "APRA should be willing to disclose useful information to the public rather than use its secrecy provisions to protect the major banks," Dr Sy said. "APRA should be required, through an amendment of the APRA Act, to ensure a well-informed public. To this end, APRA should demonstrate regularly its knowledge and capabilities through publications in research journals and conferences so as...
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CBA underpays 8000 staff after HR tech system failure Australian Financial Review Apr 17, 2019 12.01am James Eyers   Commonwealth Bank has underpaid about 8000 staff after its human resources technology systems failed to accurately calculate and process entitlements, forcing the bank to repay millions of dollars to current and former employees. The Finance Sector Union said it was notified by CBA about the issue, which the union is describing as a "blunder" relating to CBA's "antiquated computer systems".  CBA says it replaced the offending HR system last year and has apologised to affected staff. “This is a major stuff-up by the CBA and hard-working bank staff deserve an apology and a commitment from the CBA’s chair, Catherine Livingstone, and CEO Matt Comyn that this kind of pay bungle won’t happen again,” said FSU national secretary Julia Angrisano. Once compensation is repaid, including interest and additional superannuation payments, Ms Angrisano said...
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The man wielding APRA's big stick Australian Financial Review Apr 16, 2019 7.13pm Chanticleer   John Lonsdale timed his exit from federal treasury into the upper echelons of the prudential regulator perfectly. After a stellar 32-year career at federal treasury, including working as David Murray’s right hand man on the Financial System Inquiry, Lonsdale landed a job as deputy chair of the Australian Prudential Regulation Authority in May last year. He took up the position just as the Hayne royal commission was getting into its stride. Almost one year later, Lonsdale is in the box seat to be the man carrying APRA’s big stick. He deserves to be the face of enforcement in superannuation, banking and insurance. This is the logical outcome of Lonsdale leading the review into APRA’s inadequate enforcement culture. He was assisted in this review by an independent advisory panel comprising former judge Robert Austin, competition regulator Sarah...
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APRA adopts 'constructively tough' approach Australian Financial Review Apr 16, 2019 11.06am James Eyers   Banks and super funds that fail to work constructively with the prudential regulator face public shaming, stiff capital penalties, operating restrictions and, potentially, litigation, under APRA's tough new enforcement approach that chairman Wayne Byres says will result in faster and more aggressive action. “We should be quicker and more forceful with unco-operative institutions,” Mr Byres said, after the regulator's own review into its enforcement culture decided it needed to be “constructively tough” to deter misconduct in the financial services sector. The Australian Prudential Regulation Authority will target not only financial risk but "behavioural risk" and says it will punish entities that fail to conduct business with "honesty and integrity", "due skill, care and diligence" and those that fail to deal with APRA "in an open, co-operative and constructive way". APRA will work more closely with the...
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Cartels cave as ACCC hits ‘three a year’ The Australian 12:00am April 16, 2019 Ben Butler   Competition tsar Rod Sims says he aims to change corporate Australia’s “disappointing” attitude towards criminal cartel behaviour by running three prosecutions a year for the foreseeable future. But in a sign the nearly decade-old criminalisation of cartel behaviour may finally be beginning to bite in the boardroom, the Australian Competition & Consumer Commission chairman said he would soon need extra funding due to a rush of applications for immunity by price-fixers keen to spill the beans on their ­conspirators. Mr Sims told The Australian a new memorandum of understanding signed with the US Federal Bureau of Investigations would allow the American authority to share information with the ACCC, bolstering the Australian regulator’s ability to prosecute cartel crimes. His remarks came after the ACCC, working with Federal Police, last week launched its latest criminal cartel...
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