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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
CBA shielding behind the Reserve Bank Australia - RMBS Timebomb.   How long were the CBA (and others) off- loading toxic mortgages to the RBA?   Is the Commonwealth Bank cashing in or crashing? What are we to make of CBA's latest announcement to the ASX, wonders Glenn Dyer. May 9, 2008 https://www.crikey.com.au/2008/05/09/is-the-commonwealth-bank-cashing-in-or-crashing/ In a presentation to a Macquarie Capital Conference in Sydney yesterday, Commonwealth Bank CEO Ralph Norris handled an upbeat assessment of the bank’s current state, one that helped turn around the market from a big loss to a gain of almost 1% at the end.   His presentation included the following phrases: “No reliance on securitisation”, “Approximately $39bn in liquid assets (~$10bn surplus)”, “Strong capital position” and, “No current plans (or need) to raise additional capital”. It was the last comment that caught the attention of the market and led to all banks rebounding.   What then are we to...
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  Rosanna's Story - NAB Customer Complaints System upset Customers There is scandal after scandal in the banking system.  There is also a widespread problem of bullying customers who complain and attempts to wear consumers down to force them to settle for 10% of the agreed loss.  NAB excels at this type of behaviour.  The EDR system as via my own experience has been captured by the Major Banks.  They are all behaving as a law unto themselves. I was a loyal customer of NAB for 12 years. My property portfolio held a mix of residential and investment properties. The rental income from my properties was stable. I had never missed a payment with NAB for the past 12 years.   My Loan facilities were due for renewal.  I decided to transfer my mortgage to another lender.     Prior to the transfer, I received a phone call NAB  asking me “what it would take to stay with them?”  I was told the process...
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Australians stuck in a debt trap with wages having risen by just $3 a year over the past decade Sydney Morning HeraldSept. 19 2017 - 6:39am Michael Heath (Bloomberg)   Australians' average weekly household income grew by $213 between 2004 and 2008. Since then, it's increased by a total of just $27. The extremes roughly reflect a surge and fall in export income -- as industrialising China sent demand for iron ore and coal rocketing. But despite their stagnant wages, just over a quarter of Aussies have amassed debts equal to three times their income - mostly as housing surged during a central bank easing cycle designed to cushion the end of the mining investment boom. "Wages growth was very, very strong, but there weren't the productivity gains to match it, so now it's very weak because we're simply not competitive," said Alex Joiner, chief economist at IFM Investors. "So there...
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China shuts down Bitcoin industry; bans executives from leaving the country Australian Financial Review Sep 18 2017 11:00 PM Lisa Murray   China has stepped up its regulatory onslaught against cryptocurrencies, forcing major bitcoin exchanges operating on the mainland to shut down and banning their executives from travelling outside the country. State-owned media reported the travel ban on Monday, and a source close to one of the biggest exchanges, Huobi ,said its founder Li Lin was required to "report to the authorities and cooperate with their work at any time", which effectively means he is not allowed to leave China. Beijing's harsh crackdown on bitcoin exchanges has taken the industry by surprise. In previous years, Chinese exchanges accounted for more than 90 per cent of all bitcoin trades, but the increased regulatory scrutiny over recent months has whittled that down to just over 10 per cent. This share is expected to...
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Property investors locked out of small business low tax rate The Australian 12:00am September 19, 2017 David Uren   Property and share investors will be denied access to the Turnbull government’s special low small business company tax rate under amendments being pushed through by Revenue Minister Kelly O’Dwyer. Tax specialists say the changes, prohibiting firms that earn 80 per cent or more of their revenue from passive or investment income, will add to the complexity of the tax system and highlight the avoidance opportunities created by the new two-tier company tax rates. Ms O’Dwyer said yesterday that the government’s decision to cut the tax rate for small companies was not intended to apply to passive investment companies. “The Turnbull government is committed to lower taxes on business because we want to see them invest and grow,” she said. “These amendments will provide greater clarity about who qualifies for the lower company...
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Home-loan arrears hit five-year high: Moody's Australian Financial Review Sep 18 2017 4:39 PM Jonathan Shapiro   The disparity of Australia regional economies has been highlighted in a report by credit rating agency Moody's that showed mortgage arrears had reached a five-year high. While not a single mortgage payment was missed in seven Sydney and Melbourne post-codes during May, more than 7.5 per cent of home loans in the Western Australian outback were past due during that month, the report said.   The agency, which tracks the performance of home loans that are packaged up and sold to investors said mortgages more than 30 days overdue increased to 1.62 per cent in May 2017, from 1.50 per cent the prior year, even as delinquencies declined in NSW and Victoria.   Mortgage delinquencies increased to record levels in Western Australia, the Northern Territory and South Australia while also increasing in Queensland and...
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Banks gagged from sharing information on money laundering, law firm says Australian Financial Review Sep 18 2017 7:48 PM Andrew Tillett   Banks and other financial institutions will be blocked from informing their offshore parents and subsidiaries about suspicious customers referred to regulator AUSTRAC under plans to strengthen anti-money laundering laws, top law firm King & Wood Mallesons warns. KWM has told a Senate inquiry proposed amendments to Anti-Money Laundering and Counter Terrorism Financing Act continue to stop multinationals from sharing information within their own corporate structure, potentially exposing an institution to reputational risk. "In our experience, reporting entities that are part of a multinational corporate group have found that the AML/CTF Act prevents them from escalating potential AML/CTF issues to senior management and legal and compliance personnel," the submission to the inquiry said. "These personnel often form part of a global financial crimes team located offshore and have the expertise...
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Press Release Victims of Financial Fraud (VOFF Inc) September 17th 2017 Money Laundering. VOFF’s Press Release dated May 21 2017 highlights the “double standards” in the way a financial fraud is investigated depending on whether the fraud is against ordinary citizens or the fraud against the Commonwealth.1 Similar discrepancies can be seen in the way the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act is administered. VOFF fear another “double standard” exists, exposing about 15 million superannuation account holders in Australia because weaknesses in the Australian financial system are not disclosed. According to a former AUSTRAC senior advisor, ‘the failure of major banks and other financial institutions to carry out basic due diligence likely placed them in breach of “know your customer’ requirements.’ Furthermore ‘any criminal can get a company created today and bounce all the money into one account and then send it offshore and walk away from the company. No...
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CBA-AUSTRAC case has investor implications  http://www.financialobserver.com.au/articles/cba-austrac-case-has-investor-implications=   The scandal over misuse of Commonwealth Bank of Australia’s (CBA) ‘intelligent deposit’ machines, which will see the Australian Transaction Reports and Analysis Centre (AUSTRAC) allege that a lax approach by CBA allowed suspicious transactions valued at $625 million, was proof the authorities had known of the weaknesses for a long time, according to Victims of Financial Fraud (VOFF).VOFF – which was formed by victims of the $180 million Trio Capital fraud – asserted the AUSTRAC case against CBA strengthened its claim that the Trio victims should receive an apology and compensation for their losses in a crime that financial regulatory agencies should have expected, VOFF secretary John Telford said.“The AUSTRAC/CBA case has revealed that there were already known weaknesses in the system, which the law enforcement and banking communities already understood, that individuals starting up companies could deposit money with minimal scrutiny – even...
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Commonwealth Bank executives escape AUSTRAC blowback Australian Financial ReviewSep 18 2017 11:00 PM James Frost   Senior executives responsible for risk and security at Commonwealth Bank escaped suffering any consequences for the AUSTRAC reporting failures, despite being in charge of the functions as the bank rolled out its now infamous intelligent deposit machines. Veteran Commonwealth Bank security expert John Geurts retired from the bank last year while long time executive general manager for risk Gary Dingley moved on from the bank following a restructure at the same time. The Australian Financial Review understands that both reject assertions they were disciplined or otherwise punished for the errors that led to claims the bank delayed or failed to report 53,000 suspicious transactions. While the failure of the reporting systems would ultimately lead to the departure of the CEO, expose the bank to a class action from shareholders and prompt the banking regulator to...
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Iceland: UK should have been tougher on bankers after financial crisis Some of Iceland's bankers were jailed after the financial crisis and the country's PM says  more should have been done in the UK.     17:05, UK,Tuesday 12 September 2017 http://news.sky.com/story/iceland-uk-should-have-been-tougher-on-bankers-after-financial-crisis-11030843   People demonstrate against the financial crisis in 2008 in Reykjavik By Adam Parsons, Business Correspondent The UK should have taken stronger action against bankers involved in the financial crisis, according to the Prime Minister of Iceland. In an exclusive interview, Bjarni Benediktsson told Sky News that his own country's actions had helped to "heal" the effects of the crisis. But he said he was surprised other countries, including the UK, had not followed Iceland's example of sending senior bankers to prison. "I think there's frustration, from the outside world, that things were not at least investigated. "I'm not saying there was reason to prosecute all of those involved,...
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Westpac facing ASIC loan assessment allegations.   Westpac's usage of expenditure indexes to assess borrower suitability has come under fire by the Australian Securities & Investments Commission (ASIC) in its ongoing legal battle with the major bank.The civil proceedings allege the bank failed to conduct proper assessments to ascertain whether borrowers could afford to repay their home loans. Westpac has denied this claim.Court filings obtained by the Australian Financial Review put the spotlight on Westpac’s use of the University of Melbourne’s household expenditure measure (HEM) to determine borrower suitability.In these documents, ASIC claims that the bank reliance on the HEM to assess borrowers led to approvals where a “proper assessment” based on actual spending would have unveiled a monthly financial shortfall.ASIC said that the benchmark was based on “conservative” estimates of what a household would spend and “represents only an estimate of what Australian families consume”.Furthermore, the regulator said that the HEM used...
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NAB report finds 2.4 million Australians financially vulnerable The Australian 12:00am September 16, 2017 Michael Roddan Consumers made vulnerable and financially ruined by the Banks and still bankers continue selling Toxic INTEREST ONLY Loans to the poorest of people.  There is no enforcement of law so predatory lending continues.   More Australians are financially vulnerable with meagre savings, according to a new National Australia Bank report. The report, written by a team of researchers from the Centre for Social Impact in partnership with NAB, came as Australia’s largest mortgage insurance company Genworth warned more borrowers were using credit card debt and “cross-collateralising” house deposits with their parents, which could exacerbate risks in the housing market in an economic crisis. Despite the Reserve Bank this week claiming borrowers were better placed to pay off a mortgage as they had a proven track record of financial responsibility in saving for larger deposits, Genworth...
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High rise owners face bill for replacing dangerous cladding Australian Financial Review Sep 15 2017 5:01 PM Duncan Hughes   Apartment owners in buildings taller than three storeys will have to pay to replace dangerous cladding themselves because of a legal loophole that means neither builders nor insurers are not liable. The loophole in a 2003 agreement between state governments and the industry could be used by developers and insurers to shift the potentially huge cost of replacing dangerous cladding on high-rise buildings onto owners or taxpayers. A 'catastrophe' fund negotiated in the same agreement, by which builders would fund cash-strapped owners in a crisis, is empty because state governments never enforced mandatory contributions, industry chiefs claim. The agreement was first negotiated by the NSW and Victorian governments in the wake of the collapse of HIH Insurance and was subsequently adopted nationally under the Council of Australian Governments. The prospect of...
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Huge investments at risk as Treasurer slams door on build-to-rent The Australian 9:16pm September 15, 2017 Ben Wilmot  The signs are everywhere re economic downturn, property collapse, bank madness and mayhem.  Who is running this country?    Australia’s nascent build-to-rent sector has been thrown into turmoil by new federal government rules that cut off the main avenue for global players to invest in the area, with warnings that the failure of the sector could worsen the affordability crisis. The future of the build-to-rent sector — which has been pitched as potential $300 billion saviour to drive investment into Australia’s housing supply — was hanging in the balance after Treasurer Scott Morrison shut the door to foreign institutions receiving favourable tax treatment. The model of building apartments to rent has already been embraced by top companies, including Lendlease, Mirvac and shopping centre giant Westfield. Private groups like Grocon and Salta have also...
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Australian Banks Could Finally Head Down Under Wall Street Journal Sept. 15, 2017 5:58 a.m. ET Jacky Wong   Investors have been calling the Australian housing market a “bubble” for years, yet prices keep charting higher. The market, though, could finally be about to turn south. That won’t be pretty for the country’s banks. The property market has been skyrocketing Down Under—prices in Sydney have gone up 80% since 2012 while in Melbourne they have gained 54%. In turn, houses have become unaffordable for many Australians as prices keep outpacing income growth. An average home in Sydney now costs more than 12 times the median income there, according to research firm Demographia. To keep houses within the reach of buyers, banks seem to have loosened their lending standards. Home lending is big business for Australian banks—more than half of their loan books consist of residential mortgages, amounting to $1.2 trillion, a...
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ASIC to probe interest rate rise ‘profiteering’ by big banks Domain Sept 15, 2017 Paulina Duran (Reuters)  ASIC PROBE is nothing more than a poke in the eye.  Pure Farce.  Consumers have been swindled by Major Banks.   Non-verification and robo driven fraudulent approvals is rampant. Victims just want the regulator to do its job and enforce the law against bankers.   Australia’s corporate regulator said on Thursday it will investigate whether the country’s big banks are using a regulatory push to curb a potential housing bubble as an excuse to profiteer through increased mortgage rates. Investigators would focus on whether the banks’ for recent out-of-cycle interest rate rises have been excessive and whether their public justifications had been “inaccurate and perhaps false and misleading”, Australian Securities and Investment Commission Deputy Chairman Peter Kell told a parliamentary committee. “It is an issue we are concerned about … we will have to look...
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Law firms, investment banks turn to AI to power deals Australian Financial Review Sep 15 2017 7:18 AM James Eyers   Most of the nation's leading investment banks, law firms, private equity houses and advisers will begin using artificial intelligence technology to improve due diligence processes, a move set to slice both the risk and cost of deal-making across the economy. Rapid global advances in artificial intelligence and "natural language processing" algorithms will arrive in CBD towers across the country via the "virtual deal rooms" provided by Sydney-based technology firm Ansarada, which has an 80 per cent share of that market. Since it was established more than a decade ago, Ansarada technology has been used in more than 20,000 deals, including internationally. The company has 200 staff in offices around the world and was profitable from its first day. It is preparing to tap into its history of deals to provide...
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It's not just CBA: all the banks are exposed to millions in money laundering Australian Financial ReviewSep 14 2017 11:45 PM Nick McKenzie, Richard Baker, Georgina Mitchell   EXCLUSIVE  Gaping holes in the anti-money laundering systems of Australia's big banks are being exploited by crime groups to wash up to $5 million in drug cash a day, according to confidential briefings by federal and state policing agencies. New details of police investigations reveal that the big four banks – Westpac, ANZ, NAB and CBA – have all been used by money laundering syndicates to launder drug funds offshore. Syndicates are also suspected to have infiltrated the franchises of mid-tier banks. Police have gathered intelligence that an outlaw bikie group is examining acquiring the franchise of a mid-tier bank, while the Bank of Queensland's Punchbowl branch in Sydney was closed after Mexican cartel drug money washed funds through its accounts in 2010....
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APRA 'risk culture' reviews to become the norm Australian Financial Review Sep 13 2017 10:00 PM Joanna Mather  APRA Do Nothing other than “Monitor in Secret” Policy is so disingenuous.  People are fed up with APRA lying to Parliament re no systemic issues in Banking.   Experts in organisational psychology have been drafted into a specialist team that will be embedded in banks and other financial services companies to conduct "risk culture" reviews. The reviews by the Australian Prudential Regulatory Authority (APRA) will draw on a wide range of sources, from the opinions of junior staff to first-hand observations of board meetings. APRA describes risk culture as the way staff identify, understand, discuss and act on the risks an organisation either confronts or takes. Pilot reviews are occurring within five unnamed companies operating in banking, insurance and superannuation. In a break from usual practice, APRA will use focus groups, surveys and...
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EY to comb CBA books as Austrac laundering probe looms The Australian 12:00am September 12, 2017 Bridget Carter, Scott Murdoch   The Commonwealth Bank has called in to carry out a forensic audit on behalf of its board of directors charged with overseeing the bank’s response to the ongoing money laundering crisis. The directors have also commissioned Ashurst to advise them on the legal matters arising from the Austrac investigation, especially in terms of their potential personal liability. A class action being mounted by Maurice Blackburn is touted as potentially the largest case of its kind in Australia. The case was given further impetus last week when litigation funder IMF Bentham said it was preparing to put cash behind the claims. Solicitors are urging investors who bought shares between August 2015 and this year to come forward because the bank allegedly breached its continuous disclosure obligations. Class actions usually target the...
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Banks sitting on $500bn worth of ‘liar loans’ The Australian 12:00am September 12, 2017 Michael Roddan UBS ARE THE LIARS – Bring It ON!!!!!  The demonization of Customers has begun!  Borrowers did not mislead the lenders.  The Banks used the computerised Tracker and Service Calculator to manipulate the data and keep secret from the duped customers.  Bring on the Royal Commission into Banks.  Consumers are fed up with corrupt APRA and ASIC conspiring to demonise the consumer victims.  We have the proof.   Australian banks are vastly underestimating the risks of a housing collapse, with the financial system sitting on $500 billion worth of “liar loans” sold to borrowers who gave lenders false information to get a mortgage. The problem, evident in the latest mortgage survey carried out by investment bank UBS, could threaten the financial system as interest rates rise from record lows. UBS found a third of borrowers were...
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Mortgage fraud: $500b of 'liar loans' in Australia, warns investment bank UBS UBS ARE THE LIARS – Bring It ON!!!!!  The demonization of Customers has begun!  Banks vs Consumer WAR.  The Liars are the banks who fudged the information after the LAFs were sent in to be processed.  PROOF is on the TRACKER!   Up to a third of Australian mortgages could be "liar loans" based on factually inaccurate information, investment bank UBS has warned. The global banking giant has followed up a survey of home loan borrowers that it first conducted last year, when it found evidence of widespread mortgage fraud. The latest detailed survey of more than 900 people who took out a home loan in 2017 has found that only 67 per cent responded that their mortgage was "completely factual and accurate", down from 72 per cent of 2016 borrowers. The vast majority of the mistruths appear to be...
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Prepare to lose enormous wealth: Triguboff The Australian 12:00am September 11, 2017 Turi Condon   The slowdown in the apartment market is worsening and will have a severe impact on the economy if it is not arrested, according to the country’s biggest apartment builder, billionaire Harry Triguboff. The number of new apartments sold had dropped and prices had fallen about 10 per cent over the past six months, the founder of Meriton Group told The Australian. “The falling prices will have a big impact on the economy,” said Mr Triguboff, who called on the federal and state governments to review their policies on taxing foreign investors and to expand ­policies on accessing superannuation for housing. China’s continued restrictions on capital flowing out of the country, the local banking crackdown limiting finance for investors and sluggish domestic wages growth had combined with government policies causing a perfect storm for apartment construction. At...
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RBA urges banks to find alternative interest rate benchmarks Australian Financial Review Sep 10 2017 11:00 PM James Eyers   The Reserve Bank of Australia has told financial institutions to make contingency plans in case future problems arise with the controversial bank bill swap rate (BBSW), including considering whether the RBA's cash rate could be used as an alternative benchmark. The central bank's suggestion comes as an estimated $5 trillion of financial contracts in the local market referencing the London Inter-Bank Offered Rate (LIBOR) will be forced to find a new benchmark given LIBOR is expected to become extinct in four years. In a speech on Friday, RBA deputy governor Guy Debelle said that while the RBA expects that BBSW will remain a robust benchmark in the long term given reforms to how it is set, market participants should be asking whether it is the most appropriate benchmark for financial contracts,...
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