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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
Dodgy bank practices are damaging the industry: FBAA   by Julia Corderoy27 Jun 2016                     Pressure on bank staff to push “unsuitable” financial products on customers is hurting the integrity of the industry, the Finance Brokers Association of Australia (FBAA) has warned. The FBAA is responding to a Fairfax Media report, which claimed Commonwealth Bank staff felt pressured to meet performance targets to sell products which are not in the customers’ interests. The FBAA’s Peter White said this is another example of the way banks and major lenders “stop at nothing” to ensure they improve their financial bottom line. “This might be great for shareholders but comes at the expense of customers who are being offered loans that are unsuitable and unsustainable.” White has now highlighted that this is a “fundamental difference” between bank-originated and broker-originated loans. “It is all about transparency as banks are under no obligation to disclose commissions, unlike finance...
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  Election 2016: Pensioners and the unemployed pay for our election giveaways The Age June 30, 2016 - 7:53AM Peter Martin Economics Editor   Elections are where we get given things, right? That's true, for the voters who matter. The rest are treated appallingly. A spreadsheet of Coalition promises maintained by Fairfax Media includes picnic tables, boardwalks, fire trails, skate parks, car parks, netball courts, tennis courts, disabled toilets and lighting for sports ovals. None are even remotely the responsibility of the Commonwealth, and at any other time the Turnbull government and his ministers would rightly handball responsibility for them to the states, along with schools. But they are in electorates they need to hold. I am told they have set an unofficial limit of $20 million per electorate they believe is in play. It's bribery done cheaply. Out of sight, they're funding those promises by taking money from people whose...
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Election 2016: CEOs are worried about a hung Parliament Australian Financial Review Jun 29 2016 11:45 PM Patrick Durkin, Sue Mitchell, Angela Macdonald-Smith and Jenny Wiggins   Leading chief executives and business figures have issued a last-minute plea to voters to avoid a Brexit-style vote for independents and fringe parties that could lead to a hung Parliament and hurt the economy for years. Support for micro-parties and independents has surged in the lead-up to Saturday's federal election. Polls suggest there may be more independents in the lower house and independ¬ent senators such as Pauline Hanson, Jacqui Lambie, Derryn Hinch and Nick Xenophon. Dozens of business figures, including Asciano CEO and Telstra chairman John Mullen, Wesfarmers CEO Richard Goyder, Woodside Petroleum chairman Michael Chaney and BHP Billiton CEO Andrew Mackenzie, issued the warning to voters. Former Santos chief executive and chairman of Queensland explorer Blue Energy, John Ellice-Flint, said his message to...
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Australia locks in era of bigger government Australian Financial Review Jun 29 2016 11:45 PM Jacob Greber   Labor is unashamedly defending its plans to permanently expand the size of government with a 10-year budget plan that embeds a record tax take to fund a surge in spending that began during the boom years. However, analysis by The Australian Financial Review of the tax and spending projections of both sides of politics indicates the Coalition is almost certain to match Labor's spending levels unless it ramps up cuts or succumbs to the draw of higher taxes.  Failure to trigger either of those options would give a Coalition government little hope of meeting its promise of meaningfully reducing debt and deficits, the analysis shows. Economist Saul Eslake, who confirmed the Financial Review's calculations as credible, said voters were being offered the starkest choice about the size of government since 1993, even though...
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Child protection loopholes a 'national disgrace', royal commission told Sydney Morning Herald June 29, 2016 - 1:18PM Rachel Browne   Sexual predators can move freely between youth organisations by exploiting nationally inconsistent child protection laws and loopholes in background checks, a royal commission has heard. Giving evidence on the seventh day of a public inquiry into the Australian Defence Force, retired Air Commodore Dennis Green agreed the situation created risks for youngsters. Commodore Green is a former director general of the Australian Air Force Cadets, where the commission has heard a number of teenagers suffered sexual abuse. "The legislation across the states and territories relating to child abuse is not consistent," he said. "Variations in Working With Children Checks make it difficult to deliver a nationally consistent, safe environment for the training and care of young people." Chairman of the Royal Commission into Institutional Responses to Child Sexual Abuse Peter McClellan...
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Election 2016: Trickle Down Economics, Why It Screws The Poor, And Why You’re Next Under A Turnbull Government By Dr Lissa Johnsonon June 28, 2016 https://newmatilda.com/2016/06/28/election-2016-should-australias-children-be-removed-from-the-coalitions-care/   New Matilda columnist Dr Lissa Johnson wonders whether or not children should be removed from the Coalition’s care? In March this year the American Academy of Pediatrics (AAP) launched a new recommendation that all doctors in the United States screen children for poverty. The AAP introduced the measure because, “nearly half of young children in the United States [are]living in or near poverty, tied to a range of lasting medical harms”. Nearly half? That can’t be right. The United States is the one of the world’s wealthiest nations. Nevertheless, Associate Professor at Drexel University and Director of Community Pediatrics, Dr Daniel R Taylor says, “The most common – and serious – disease in American children is poverty.” Poverty is known to cause various forms...
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Rio Tinto to axe tax haven entities   Herald Sun June 29, 2016 12:00am John Dagge   RIO TINTO is moving to shut a swag of corporate structures it has registered in tax havens. The mining giant says it has 17 entities registered in tax havens and is in the process of shutting eight of them. The details are contained in its annual Taxes Paid report, to be released today, which shows Rio paid $US4.5 billion ($6.1 billion) in taxes and royalties around the world last year. The miner paid $US3.3 billion ($4.5 billion) in taxes and royalties in Australia, including $US1.5 billion ($2.1 billion) in corporate income tax. The use of tax havens by the top end of town is under scrutiny and Rio and rival BHP Billiton were quizzed on their corporate arrangements at last year’s Senate inquiry into corporate tax avoidance. Rio said 17 of the 600 corporate...
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Banks on high alert on debt exposure in dairy sector post Murray Goulburn milk price Sydney Morning Herald June 29, 2016 - 12:43AM Adele Ferguson   Murray Goulburn's decision to open 2017 farmgate prices below the cost of production and below market expectations will put farmers in the gun and banks on high alert to revisit their exposure to the dairy sector. The banks have already been running the ruler over New Zealand where their exposures are much higher. Nevertheless there are billions of dollars of credit exposure to dairy farms in Australia. For instance, National Australia Bank and ANZ each have an estimated $1.5 billion exposure to the Australian dairy industry. In ANZ's case, impaired loans for forestry, fishing, agriculture and mining was $892 million out of a total exposure of $49 billion at its most recent balance date. Two-thirds of this exposure related to agriculture of which $13 billion...
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Look what we just found....ANZ staff were gaming the system in 2001!   31 May 2001 01/183 ASIC concludes ANZ Bank review http://asic.gov.au/about-asic/media-centre/find-a-media-release/2001-releases/01183-asic-concludes-anz-bank-review/ The Australian Securities and Investments Commission (ASIC) today announced that it has concluded its enquiry into allegations of inappropriate sales practices within ANZ Bank's Personal Financial Services division. ASIC will continue to monitor ongoing compliance with the remedial measures implemented by ANZ as a result of its enquiry. ASIC's National Director, Financial Services Regulation, Ian Johnston said that ASIC had been concerned about aspects of ANZ's compliance systems, particularly whether or not consumers had suffered loss. 'While ANZ and PricewaterhouseCoopers have not detected any measurable loss to consumers, ASIC will continue to call on the Bank to compensate any account-holders who have lost money through abuse of the Salesforce system', Mr Johnston said. 'At the time of ASIC's enquiry, ANZ commenced an extensive review of its compliance procedures...
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NAB, ANZ under fire in BBSW case  27 June 2016 "We have already produced over 10 million documents so far," NAB barrister David Thomas told the judge.  "The other banks didn't have to provide it ... it travels beyond the issues in dispute [and] these are complex and difficult issues", he said.  In an affidavit of King & Wood Mallesons partner Alexander Morris on behalf of NAB, the bank further argue that providing addition documents will slow down the case.  "NAB produced over 10 million documents in response to ASIC in response to over 45 compulsory notices issued to it. Part of that production included complete email boxes for nominated traders and managers extending from 2008 to 2013 ...   ASIC want ANZ and CEO Shayne Elliott to be the test case for BBSW.    "The number of current and former NAB employees examined by ASIC was approximately 30 ... it...
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37 REASONS why Banks cannot be trusted and neither can PM Malcolm TURNBULL.  Why the ROYAL COMMISSION into Banks and Bankers is critical to the Australian people. Start JOINING THE DOTS Banking - Bill Shorten says: "TOO MANY PEOPLE GETTING HURT Banking - Mortgage Fraud $300 Billion Banking - Low Docs ramped up again targeting Pensioners Banking - Shares falling due to lack of confidence Banking - RBA criticises Banks two decades too late. Banking - APRA and ASIC ordering Banks to behave. Ha ha. Banking - Rate Rigging Scandals Banking - Financial Advice Scandals targeting retirees Banking - Valuation Scandals Banking - Mortgage Insurance Scandals Banking - Interest Only Loan Low Doc Scandals Banking - Asset Stripping Scandals _ (inc Farms and Farmers) Banking - Bankers controlling what Libs say and do. Banking - David Murray: a Hockey plan to deceive the PUBLIC Banking - Subject of over a dozen Parliamentary...
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    douglen46 says #
    After losing our house to Low Doc scam we have no trust in the banking system or Mr Turnbull, these elitist bankers have no intere
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Dealing with a Financial Crisis under cover of Brexit Chaos 26 June 2016 http://wolfstreet.com/2016/06/26/ecb-spends-400-billion-on-brexit-black-friday-bank-bailout/ Remember TARP, the Troubled Asset Relief Program that the US Congress approved to bail out banks and other companies during the Financial Crisis? $700 billion were authorized, later reduced to $475 billion. The Treasury eventually dispersed $432 billion. I bring this up because the ECB bailed out the European banks with more than TARP, in just one day: on Brexit Black Friday.  The ECB saw what was happening to the shares of the largest banks on that propitious day. It saw a blooming financial crisis: Top UK Banks: HSBC, the apparent winner in this fiasco, perhaps because of its exposure to Asia, -1.4% Barclays: -17.7% Royal Bank of Scotland: -18.0% Lloyds Banking Group: -21.0% Top German Banks: Deutsche Bank: -15.9% to €13.25, down 59% from April last year, possibly on the way to zero. Commerzbank: -13.6%, to...
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From Dale McCahon   Only a Royal Commission will do and only the ALP will make this a reality. Please use your vote wisely it is your democratic right to get justice. As we saw today democracy is alive and well unfortunately it isn't in Australia. Well done the Pommys they defied the polls and voted against all the surveys and their results, they showed that people really do care about issues that will change their lives. We Aussies need to take a leaf from their book and really thoroughly assess if what we are being sold in election mode is for real. The Ecconomic future of our country is very much in the balance of one very important issue. Our greatest issue in this country are surely our health and our children's educational futures but the one thing that will affect every single Australian is using our democracy to demand...
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    douglen46 says #
    We will be voting for Bill Shorten as he is the only one willing to take on this banking disaster while Malcolm muddler says their
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BusinessDay Economic Survey: Cut negative gearing, not company tax, economists say The Age June 25, 2016 - 7:26AM Peter Martin Economics Editor   If Australia's top economists were deciding the election, they'd vote for Labor's cuts to negative gearing and against the Coalition's cuts to company tax. Of the 23 leading economists polled for the Scope BusinessDay Economic Survey, those that answered the questions about tax backed Labor's plan 10 to three and opposed the Coalition's plan 10 to six. The key objection to the Coalition's company tax cuts was that they would have to be funded, most likely from bracket creep, higher taxes, or cuts to government spending. Estimates of the ongoing cost range from $9 billion to $13 billion per year. "The money should come from reducing superannuation tax breaks, negative gearing tax breaks and other forms of upper class welfare," said BIS Shrapnel chief forecaster Richard Robinson. "On...
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Subprime lending returns to fill funding gap The Australian 12:00am June 25, 2016 Turi Condon   Rich-listers and wealthy private investors are setting up funds aimed at lending to foreign apartment buyers left stranded by the banks’ lending bans, in a move that will create a new tier of subprime lending. Property developer and high-wealth investor Kevin Seymour told The Weekend Australian he had looked at establishing a fund that would lend to foreign apartment buyers, but only on a first-mortgage basis. Daniel Farquhar, associate director of Mr Seymour’s private company Seymour Group, said: “We expect some high levels of angst among the developers going through their settlements with high ­exposure to foreign buyers. “We would only look at first-mortgage lending — for any form of property — where the risks are low.” The apartment market faces the perfect storm of a wave of new development, banks pulling back lending to...
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Brexit: Australia will be hit as world will become more fragmented, less safe, say experts Sydney Morning Herald June 24, 2016 - 5:11PM David Wroe   Defence and foreign affairs experts have reacted with dismay to the shock Brexit vote, warning it will lead to a more fragmented West and make the world a less secure place. Britain's exit from the European Union will distract the country from its usually reliable role as a security player for years to come, embolden Russia and possibly diminish Washington's "pivot" to Asia, with consequences for Australia's region, experts have said. It would sever one of Australia's natural connections with continental Europe and could lead to the further break up of the European Union while also prompting another independence push by Scotland, they said. "Brexit is a great setback for the security of the Western world," said Stephan Fruehling, an adviser on the government's recent...
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Federal election 2016: Pork by Coalition ‘unprecedented’ The Australian 12:00am June 25, 2016 David Uren   The Coalition is undertaking ­unprecedented “pork-barrelling” in an effort to shore up votes in its electorates and lure voters in marginal Labor seats. While the Coalition has ­avoided big spending promises such as Labor’s commitments to schools and hospitals, it is outspending Labor by more than four-to-one in individual electorates. The Coalition has promised to support 134 projects costing ­almost $2 billion across 68 federal electorates since the election campaign was called on May 8. The overwhelming majority of the funding has gone to Coalition-held seats, with 54 of its 90 seats winning local commitments totalling $1.6bn. Marginal electorates have received the most funding while frontbenchers, including Deputy Prime Minister Barnaby Joyce, ­Industry Minister Christopher Pyne, Health Minister Sussan Lee, Social Services Minister Christian Porter, Trade Minister Steve Ciobo and Assistant Treasurer Kelly O’Dwyer, have...
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APRA set to lift big bank capital requirements again Australian Financial Review Jun 24 2016 12:48 PM Christopher Joye   In grim news for equity investors chasing returns, NAB's senior credit analyst Simon Fletcher has concluded that "more capital [or less leverage] is coming" for the big banks in what will be an integrity test for the insular regulator. The new NAB report also argues that the Australian Prudential Regulation Authority (APRA) will implement the government's directive to minimise implicit taxpayer guarantees of the major banks by explicitly exposing their highest-ranking bonds to the risk of loss. The Reserve Bank of Australia suggests these guarantees furnish banks with funding subsidies worth up to $3.7 billion annually. "We expect the big four banks to operate with core common equity tier one (CET1) ratios of 10 per cent in the foreseeable future," Fletcher wrote in the June Credit Bulletin. This is directionally consistent...
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The election contest is coming to the crunch right now and I’m excited by what’s unfolding. You can tell that Bill and his team are right in the contest. Bill Shorten is campaigning on a great Labor plan for jobs, a great Labor plan for Medicare and a great Labor plan for my passion — better education in every school. We’re all doing everything we can to support Bill's campaign and I know you want to do your bit too. Can you donate $54 so we can keep pushing our message out in the last 5 days?   Bill’s not just campaigning magnificently, he’s showing he’s ready to govern. He’s putting people first because that’s the best approach for the nation’s future. And he is taking up the fight to Mr Turnbull and the Liberals. They are already cutting millions from every school and they will go much further if they get...
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NSW now officially a police state.........   Government regulation will terminate redundancy entitlements of public servants June 23, 2016 Anna Patty   http://www.smh.com.au/business/workplace-relations/government-regulation-will-terminate-redundancy-entitlements-of-public-servants-20160621-gpoc0z.html   Premier Mike Baird has introduced a regulation that terminates the redundancy entitlements of public servants who are transferred to the non-government sector.   NSW Labor has moved to block the regulation and unions have vowed to fight the plan they say will treat public servants "like serfs".   "Clearly, this regulation has been put through so the government can privatise public services and do it cheaply," Public Service Association general secretary Anne Gardiner said. "It's appalling that the biggest employer in the country would treat their workers like they are property and hand them over to the private sector without the employee having any say in the matter.   These people are public servants, not public serfs, and the government should be the gold standard for employers."...
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NZ Treasury warns on Auckland housing risks By Unconventional Economist in New Zealand Economy   at 1:01 pm on June 22, 2016 | 5 comments http://www.macrobusiness.com.au/2016/06/nz-treasury-warns-auckland-housing-risks/   By Leith van Onselen Following the RBNZ’s warning on Auckland housing last month, the New Zealand Treasury Secretary, Gabriel Makhlouf, has entered the fray in a speech delivered yesterday:   Infrastructure – in particular infrastructure investment – is another issue where Auckland is experiencing growing pains. There is no doubt that Auckland’s growth has created pressure on infrastructure. And it’s clear that the current system across planning, governance and funding is not optimising the delivery of infrastructure to enable this growth.   We all know that growth costs, and that we all face constraints…   The impact of high housing costs That brings me to arguably the biggest, most complex issue of all, housing. Let me say a few things up front. Auckland has...
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http:/www.abc.net.au/news/2016-06-22/extended-interview-with-brian-johnson/7534676 CLSA's banking analyst Brian Johnson, who was judged as the best analyst stockpicker for 2015 by Thompson Reuters Starmine speaks to Ticky....
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From Greg - Qld At last people are telling their Bank Horror stories:  'The issue of bank "vertical integration", which refers to them operating across a broad range of financial services including insurance and financial advice, would be investigated by a royal commission because Mr Shorten said he is concerned about the pressure on bank staff to cross-sell products.' It's unbelievable that one side of politics wants vertical integration outlawed while the other side is doing everything in its power to ensure there is no change. Vertical integration is inflating the wages of bank employees. Bank employees receive commissions for introducing potential customers to financial advisers who are working for the bank. My wife and I certainly did not expect a bank employee to introduce us to a financial adviser when we asked for nothing other than the best term deposit rate. Although the financial adviser was aware that we were...
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    douglen46 says #
    It just goes to show what lengths banks will go to they are making their employees do criminal acts just to make more money and Ma
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Maybe this should be carried out on Australian Bank CEO's who insist on Quotas being met for toxic lending?       http://www.abc.net.au/news/2016-06-21/outcry-after-chinese-bank-staff-publicly-spanked/7530964   Executives at a bank in China are in hot water after a video showing employees being spanked for poor performance was posted online. The employees from the city of Changzhi were taking part in a performance training session with more than 200 of their peers. Eight employees stand on a stage in the video, and are then asked by a man with a microphone why they ranked last in the day's training, People's Daily reported.   The man then struck each employee on the buttocks multiple times with a stick, as their co-workers watched on. One employee jumped out of the line after being struck twice in quick succession, and the man raised his voice at her when she tried to protect herself with her hands.   Local...
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Fitch says car loan delinquencies reach five-year high Australian Financial Review Jun 20 2016 11:45 PM Jonathan Shapiro   Late payments on vehicle loans have reached their highest level since 2010, triggering concerns that stresses among overextended car owners are beginning to build.   The delinquency rate is measured by credit rating agency Fitch and is based on about $12 billion of Australian auto loans that have been packaged and sold to investors in the form of asset-backed securities. While the percentage of loans overdue by more than 30 days appears low at 1.46 per cent, that is the highest level in more than five years, since Fitch began tracking the arrears via its Dinkum Index. The 29 basis point increase since the fourth quarter of 2015 is also above the historical average of 17 basis points, despite strong "economic fundamentals" prevailing during the period. Lender losses on auto loans tend...
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