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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
The banks and real estate: a Ponzi scheme that could ruin us? Opinion The Drum By Ian Verrender Updated 15 Jun 2015 http://www.abc.net.au/news/2015-06-15/verrender--a-ponzi-scheme-that-could-ruin-us/6545316 Madness has gripped Sydney's and parts of Melbourne's property market; a malaise that, if allowed to continue, could have dire consequences for the nation, writes Ian Verrender. It's finally happened. Parody has become reality.  A parking space in the Sydney Harbourside suburb of Kirribilli was put up for auction on Saturday. We're talking tarmac here. With a couple of painted lines on the ground. There were hopes the 12 square metre fingernail of land would fetch $50,000, which not that long ago would have elicited guffaws from incredulous residents. By the time bidding stopped, however, the former lucky owner had collected a cool $120,000. That's not the record either. A couple of weeks back, a Potts Point car space fetched $260,000.  Meanwhile in Sydney's outer western suburb of...
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Alice in Worryland: why financial institutions must become prohibited donors Date July 1, 2015 Jeff Morris http://www.smh.com.au/business/comment-and-analysis/alice-in-worryland-why-financial-institutions-must-become-prohibited-donors-20150630-gi1ewn.html Through the Looking Glass of Financial Services. There is an Alice in Wonderland quality to the financial services landscape in this country, where the new normal is a pervading sense of unreality. How is it that major and hitherto respected financial institutions routinely trash their brands by ripping off their customers?  How is it that these rogue institutions only seem to be exposed by whistleblowers going to the press and numerous Senate inquiries, while the benign corporate regulator the Australian Securities and Investments Commission, whose job it actually is to "regulate" this industry, sits on its hands and laments the "paradise for white collar crime" that this country has become?  Most of all though, how is it that despite the succession of scandals and the multitude of innocent victims, the Abbott government remains deaf...
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  • TJ
    TJ says #
    What an absolute disgrace, both major political parties have now succumbed to the power of the banks. This article shows that it r
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Banks shun farm debt survey calls ANDREW MARSHALL 10 Apr, 2014 http://www.theland.com.au/news/agriculture/general/news/banks-shun-farm-debt-survey-calls/2694813.aspx?storypage=0   BANKS are deliberately stone-walling farm sector efforts to release up-to-date figures on Australia's rural debt problem for fear the flood of red ink surrounding many of their clients could badly erode lenders own balance sheets, says Queensland Senator Barry O'Sullivan. The Liberal National Party (LNP) Senator wants the federal government to initiate a national survey on rural debt because the banking sector is refusing to divulge State-specific or regional breakdowns. He said an organisation such as the Australian Bureau of Agricultural Resource Economics and Sciences (ABARES) needed to examine regions or sub-sectors of the farm economy so public policy and business strategists could properly understand and plan around such financial trouble spots. He believed lenders already had the information at their finger tips but with some debt problems now blowing out equating to almost the entire value of...
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China to Individual Investors: Go Ahead, Bet the House on Stocks Jul 02, 2015   http://washpost.bloomberg.com/Story?docId=1376-NQUP7K6JIJUR01-4GCA8NCOIGPB493BV8MGSJM8M7   (Bloomberg) -- In China, you can now literally bet the house on the nation’s tumultuous stock market.  Under new rules announced Wednesday by the country’s securities regulator, real estate has become an acceptable form of collateral for Chinese margin traders, who borrow money from securities firms to amplify their wagers on equities. That means if share prices fall enough, individual investors who pledge their homes could be at risk of losing them to a broker.   While the rule change was intended to help revive confidence in China’s $7.7 trillion stock market after a 24 percent slump in less than three weeks, analysts say securities firms may be reluctant to follow through. Accepting real estate as collateral would tether brokerages to another troubled sector of the economy, adding to risk-management challenges as they try...
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  • organza
    organza says #
    Wonder if "other assets" include their Aussie Investment properties as acceptable collateral?
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CBA compensation scheme closes amid anger, frustration 2 July 2015 Adele Ferguson http://www.watoday.com.au/business/comment-and-analysis/cba-compensation-scheme-closes-amid-anger--frustration-20150702-gi3fv7.html   The Commonwealth Bank's compensation scheme for victims of its financial planning arm closes today amid anger and frustration at the scheme's excruciating slow pace. A year after the compensation scheme was announced by Commonwealth Bank boss Ian Narev,  three victims have been compensated a total of $80,000. Over the past 12 months there have been more than 22,000 expressions of interest and 7237 followed through with formal complaints. Of those, 346 were at assessment stage and 208 complaints had been finalised with a total offer of $562,000. CBA's next progress report will be released in September, but the numbers are unlikely to be much different. Narev told a Senate hearing in April he expected it would take most of next year to get through the bulk of assessments. Merilyn Swan, whose elderly parents applied for compensation, described...
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Off-market home sales fuelled by Chinese social media By Unconventional Economist in Australian Property at 1:15 pm on July 2, 2015 | 76 comments http://www.macrobusiness.com.au/2015/07/another-avenue-to-foreign-investment-revealed/   By Leith van Onselen From Domain today comes fresh insight into how Australia’s real estate agents are offloading homes to the Chinese, some of whom are likely non-residents: Agents are posting an increasing number of properties on Chinese social-media platforms such as WeChat before advertising them to the general market, meaning many of them are being snapped up behind closed doors… Jellis Craig agent Greg Bowring said he had sold a number of properties to buyers who saw his posts on the free messaging and calling app, including an off-market sale at 31 Stott Street in Box Hill South… “There has been a couple of ones that are strictly undisclosed…including a big $4 million sale in central Balwyn”… Lucy Jiang of Marshall White, who originally...
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IOOF chairman Roger Sexton added to list of company executives to front Senate Date July 2, 2015 Adele Ferguson and Sarah Danckert http://www.theage.com.au/business/banking-and-finance/ioof-chair-roger-sexton-added-to-list-of-company-executives-to-front-senate-20150702-gi3byx.html   The Senate has added IOOF chairman Roger Sexton and company secretary Danielle Corcoran to the list of company representatives it wishes to examine next week  in Sydney at a hearing into misconduct within the financial services industry. The former head of Commonwealth Bank's financial planning unit and now Ord Minnett chief executive Tim Gunning has initially declined to attend. The Senate has sent him a letter reminding him that he can be summonsed to appear. Senator Sam Dastyari, chairman of the Senate economics committee, said the committee had resolved to send a formal request to Mr Gunning after he declined to attend the meeting on Tuesday. Senator Dastyari said if Mr Gunning still refused the committee would consider exercising its powers to summons him. Senator Dastyari said...
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Murky stuff..............   Tranche two: building the next pillar in Australia's AML/CTF regime   By Nathan Lynch, Thomson Reuters 24 April 2015   http://www.clmr.unsw.edu.au/article/compliance/market-conduct-regulation/tranche-two-building-next-pillar-australias-amlctf-regime   ...........In Australia, for example, governments of all political persuasions have been conspicuously evasive on their bipartisan commitment to follow through with a second tranche of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The second tranche of the legislation would rope in accountants, lawyers, jewellers, real estate agents, trust and company service providers and other designated non-financial businesses and professions (DNFBPs) as reporting entities.   The proposed reforms are deeply unpopular among those that the laws would capture. Some of the sectors are proficient and influential lobbyists — most notably the Law Society of Australia, which maintains a "strident and steadfast opposition to the proposed extension of the AML/CTF regime to the legal profession in Australia."  Likewise, representatives from the accounting profession have advocated...
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  • TJ
    TJ says #
    Here are some little 'gems' I picked up out of this one! 'The second tranche of the legislation would rope in accountants, lawyer
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YES THE BROKER IS THE AGENT OF THE BANK!!!!!     This is some of the amazing things written by Justice Heenan.  We have hundreds of such cases!  Victims win, Banks lose. http://www.austlii.edu.au/au/cases/wa/WASC/2015/234.html EM HEENAN J: Who would lend more than $840,000 to a couple, each of whom was on a disability pension with no prospects of any form of employment, with the husband partially blind and the wife with a long-term disability, when each had nothing to offer but the desire to speculate in real estate? The answer is that the plaintiff did lend that money in a series of six loans to the defendants through intermediaries in what are termed 'low doc (documentary) loans' when any semblance of precaution or independent advice for the vulnerable borrowers was absent and where the intermediaries were entities for which the plaintiff disavows any responsibility or relationship of agency. Now that the defendants'...
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Australian housing market facing 'bloodbath' collapse: economists Heath Aston  SMH  22 June 2015 Political reporter View more articles from Heath Aston Follow Heath on Twitter The Australian real estate market is in the grip of the biggest housing bubble in the nation's history and Melbourne will be at the epicentre of an historic "bloodbath" when it bursts, according to two housing economists A bloodbath in the housing market, however, appears a near certainty due to the magnitude of falls required for housing prices to again reflect economic fundamentals  Lindsay David and Philip Soos, who have written books on the overheated housing market, have berated the housing industry and politicians who refuse to acknowledge the existence of a bubble due to a perceived shortage of housing in the major capitals. Two housing economists say Australia is experiencing a housing bubble. In a blunt submission to the upcoming parliamentary inquiry into home ownership, the pair claim...
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Automated underwriting down under   1 March 1995   http://www.thefreelibrary.com/Automated+underwriting+down+under.-a016783611   Australia's mortgage market provides a living laboratory of what happens when automated underwriting becomes a fixture in a market. American lenders can get a look at what the future might hold by examining the Aussie model.   The potential power of automated underwriting is just starting to be felt in the American mortgage market. While everyone agrees that automated underwriting will create change for mortgage lenders, no one knows exactly what those changes will be. But a system similar to those being introduced here by Fannie Mae and Freddie Mac has existed in Australia for some time. The results there, while not guaranteed to replicate those that will occur in the United States, still might suggest a scenario of market developments that could follow from such change. What makes this comparison more valuable and enlightening is that the market changes being...
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  • organza
    organza says #
    Famous last words........."It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very man
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Sydney house prices will climb higher: RBA   by Julia Corderoy | 16 Jun 2015   http://www.brokernews.com.au/news/breaking-news/sydney-house-prices-will-climb-higher-rba-201639.aspx   House prices will continue to climb higher in Sydney, as the supply of land suitable for housing construction is “unusually low”. Speaking at a public lecture held at the Australian National University in Canberra, Reserve Bank assistant governor Christopher Kent said housing construction is typically the most interest-rate sensitive component of expenditure in the economy; however with evidence of supply constraints in some parts of the country, particularly Sydney, prices will climb higher as supply doesn’t meet demand. “In some cities, stocks of unsold lots suitable for development appear to be unusually low. Shortages are most evident in Sydney, where greenfield land releases have not kept pace with recent strong demand,” he said. “Also, some of the Bank's liaison contacts are concerned that the stock of suitable sites for apartment developments in Sydney...
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And it gets worse.....................   City’s secret Housing List Aidan Devine 20 June 2015   http://www.pressreader.com/australia/the-daily-telegraph-sydney/20150620/281818577468555/TextView   Buyers tapped into hidden market............It’s not just high prices keeping homebuyers out of the property market – many of Sydney’s best homes are only available to investors and foreign buyers.   Market analysts estimated one in 10 of the around 90,000 homes sold in the past year were off-market sales real estate agents didn’t list.  Instead, they took them straight to buyer’s agencies representing the market’s wealthiest buyers.   SQM Research’s Louis Christopher said off-market sales were increasing because stiff competition for properties had encouraged rich investors to seek an edge in tightly held suburbs – they pay buyer’s agents lavish fees so they are told about home sales before the rest of the market.   Onthehouse.com.au researcher Eliza Owen said demand for these services had helped triple the number of buyer’s agencies operating...
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5 - 10%????  Try 50 % for the truth.  BFCSA Members realise now they have seen the hidden docs, that LVRs were manipulated by Bankers to $100,000 per purchase and this is around 35% More breaches of the shameful and useless Bankers Code.   http://www.brisbaneunitsales.com.au/exposed-banks-manipulate-property-values/ ..............there is a growing trend among lenders to instruct valuers to prepare their reports using Bank or Forced Sale Values (think ‘mortgagee in possession’), rather than genuine Market Values. ............This practice of deliberately undervaluing property is designed to provide the maximum safety margin for lenders (and Mortgage Insurers) in the event that borrowers default on their loans and properties need to be forcibly sold at auction. Lenders rarely advise borrowers they are doing this and usually refuse to provide them with a copy of the valuer’s report. Such unscrupulous behaviour contravenes the Australian Bankers’ Association Code of Banking Practice which promises customers “effective disclosure of information”...
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IOOF scandal puts spotlight on vertical integration Adele Ferguson Jun 21 2015 http://www.afr.com/business/banking-and-finance/financial-services/ioof-scandal-puts-spotlight-on-vertical-integration-20150621-ghtmb3   A scandal at financial services giant IOOF involving claims of insider trading, front running and "misrepresentation" of performance numbers raises issues about culture and the insidiousness of vertical integration. The expose comes as the federal government prepares its response to a Parliamentary joint commission inquiry into ethics, education and professionalism of financial planners and David Murray's financial system inquiry. The industry has been rocked in the past couple of years by scandals inside the Commonwealth Bank's financial planning division, National Australia Bank, Macquarie Private Wealth and now IOOF, the former friendly society, which manages more than $150 billion of customer money. Internal emails and documents obtained by The Australian Financial Review reveal breaches and errors in unit pricing in some of IOOF's cash management trusts. A July 2014 Risk and Compliance Committee (RCC) document prepared for the...
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Banks dismiss need for Senate inquiry on credit cards Date June 21, 2015 - 8:02PM James Eyres   http://www.smh.com.au/business/banking-and-finance/banks-dismiss-need-for-senate-inquiry-on-credit-cards-20150621-ghtnpb.html   The credit card market is highly competitive and a Senate inquiry into interest rates on cards is unnecessary given the amount of consumer choice, the banks say. Opposition Leader Bill Shorten wrote to Prime Minister Tony Abbott on Friday attaching proposed terms of reference for a credit card inquiry by the Senate Economics References Committee. It will examine issues including how credit card interest rates interact with the cash rate, the costs to banks of credit card loyalty programs, transaction costs including interchange fees, and the levels of competition in the credit card market. "Labor is particularly concerned, as high credit card rates add to the increasing cost of living pressures being faced by millions of Australian families," Mr Shorten said. "I believe such an inquiry is especially relevant at a...
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A New Bank Boycott Movement Starting? Posted on June 21, 2015 by Yves Smith http://www.nakedcapitalism.com/2015/06/a-new-bank-boycott-movement-starting.html One robin does not make a spring, but Harry Shearer sent a link to a new route by which Main Street interests are starting to take ground back from Wall Street.  .....................One of the county supervisors of California’s Santa Cruz County recommended that the county end, to the extent possible, its business dealings with the four banks that had admitted to criminal conduct in a settlement with the Department of Justice and paid a total of $6 billion in fines.  Here’s the Reuters recap of the deal reached last month:......We’ve embedded the memo below, which shows it was put on the agenda for the June 9 supervisors’ meeting. I do not know if it was approved or sent for further review before making a decision. ................This proposal is based on the recognition that the flip slide...
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Rather telling..........   Banks face challenge on billions of dollars of off-balance-sheet exposure Date November 4, 2008 David Hirst and Andrew Linden http://www.smh.com.au/business/banks-face-challenge-on-billions-of-dollars-of-offbalancesheet-exposure-20081103-5h10.html   AUSTRALIAN banks may be forced to bring billions of dollars in "off-balance sheet derivative exposures" onto their balance sheets because of the growing risk of counterparty failures.  This possibility calls into question the extent to which the Federal Government has committed taxpayer funds in support of the banks' offshore funding guarantees.  Australia's leading authority on accounting standards, Professor David Boymal, outgoing chairman of the Australian Accounting Standards Board, says that under international financial reporting rules Australian banks and their auditors should now be systematically reassessing the status of the trillions of dollars worth of "off-balance-sheet derivative exposure" in light of the financial crisis sweeping the world.   Australia's banks' off-balance sheet exposure is $13.8 trillion, according to figures from Australian Prudential Regulatory Authority and published by the...
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This is 2008 article.  Bankers have lost the right to have any say in legal principles................................... they and FOS ignored the Code since 2001 and consumers lost billions in shonky mortgages.  When ever Bankers have their say.....consumers lose their homes and assets and become threadbare tenants in their own country.............................................Banker CEO's earn themselves an exit package of $100 million per crooked CEO.  Go figure who are the winners and losers of CONTROL FRAUDS. Responsible lending ok, but banks argue banking code is not a regulation......Judge says Bankers and Gadens  got that wrong for 15 years.  Note they abused the zCode to their extreme $32 billion advantage!  Nice littl3e earner sigjnign a promise to adhere to a Code that they INTENDED UPON not taking any notice of and then coaxed the Banking Ombudsmen to go along with the same ruse! We call for all DETERMINATIONS FROM FOS since 2001 to be reviewed...
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Huh??  Did this not happen at Westpoint?   BBY client trust fund shortfall rises to $16 million, administrator KPMG says By finance reporter Elysse Morgan Updated yesterday at 8:28am http://www.abc.net.au/news/2015-06-18/bby-client-trust-fund-shortfall-rises-to-16-million-kpmg-says/6556492   The administrator of collapsed broking firm BBY has dramatically lifted its estimate of the amount of money missing from client accounts. KPMG now says there now may be a shortfall of $16 million from client trust accounts, instead of the $10 million it previously estimated.  Administrators Stephen Vaughan and Ian Hall warn in an updated report that the figures could get worse. "These numbers may change if further information comes to light as a result of ongoing investigations," they cautioned. A damning report into collapsed broking firm BBY, released late on Friday last week, revealed the firm may have been insolvent a year ago, which would be a serious breach of the Corporations Act. BBY was owned and run by...
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Back to where it started............. IOOF's boiler room throws customers to the wolves 20 June 2015 Adele Ferguson and Sarah Danckert   http://www.theage.com.au/business/banking-and-finance/ioofs-boiler-room-throws-customers-to-the-wolves-20150619-ghrdl6.html   As Christmas parties spilled onto the side streets of Sydney's CBD, two men from listed financial services group IOOF were not in the mood to party. One of the men, a senior equities analyst, was about to become a company whistleblower, a move that would expose another financial scandal and cost him his job It was Friday December 12, 2014 and the other man, the company's head of investigations Rob Urwin, wanted to discuss a few matters before heading home The conversation turned to some questionable behaviour inside the company, most notably its research division and some of the antics of its head of advice research Peter Hilton, so Urwin suggested the discussion continue over a beer.   As they settled in at the Shirt Bar, discreetly...
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Litany of wrongdoings at IOOF included insider trading by senior employee Date June 20, 2015 - 12:08AM Adele Ferguson and Sarah Danckert   http://www.theage.com.au/business/banking-and-finance/litany-of-wrongdoings-at-ioof-included-insider-trading-by-senior-employee-20150619-ghsjcu.html   One of Australia's largest financial institutions, IOOF, did not call the corporate cops when it caught one of its senior employees insider trading. Instead IOOF made him pay the profit to a charity of the company's choice.   An investigation by Fairfax Media uncovered the internal investigation at IOOF in 2009 into the senior staff member's "suspicious trades" as part of a wider expose that has revealed a litany of wrongdoings at the financial planning giant.   The suspicious trade is just one of a series of incidents at the once venerable friendly society that was founded in 1846 as the Independent Order of Odd Fellows and, through numerous acquisitions, has transformed into a financial advice behemoth with $150 billion of Australians' retirement savings in its...
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Posted by on in Corruption Exposed
All BFCSA Members should pay particular attention to their Savings/Cheque account statements. I've now had a few listings of "DEBIT INTEREST CHARGED " on my ANZ statements. The Charge has only been $0.06 or a little more each time. My account has never been overdrawn yet the ANZ try to tell me that it has but I can't see when it occurred as it doesn't show up on the statements. I'll refer it to FOS but we all know that that is a waste of time !!!!!!!! They love the Banksters. All these little amounts collected illegally makes a nice profit for the bank. The ANZ Loan is full of FRAUD. The LAF is laughable and now they are getting very creative with our deposit account too....
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    Wayne says #
    ANZ CORRUPT? Yes I agree, FOS Buddies CORRUPT? Yes I agree ASIC CORRUPT yes I agree, we all know it is. now we are seeing how they
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Who's the real culprit behind soaring house prices? (Hint: it's not Chinese buyers) Opinion The Drum By Ian Verrender Posted Mon at 7:28am http://www.abc.net.au/news/2015-06-08/verrender-whos-the-real-culprit-behind-soaring-house-prices/6528710   As easy as it is to point the finger at Chinese buyers amid rising tensions over housing affordability, the real culprit is right here at home, writes Ian Verrender.   For all the hullaballoo about the flood of Chinese cash into domestic real estate, there's one Aussie house that is seriously on the nose with our northern neighbours.  Actually, make that three.  For the past year or so, James Packer has been snubbed by Chinese punters, who for years were so enamoured with his Macau gambling dens that he eventually built three of them.  After plummeting 40 per cent last year, revenues for the year so far are down a further 37 per cent.   It's not just our James and his good mate Lawrence Ho...
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Foreign investment: Breaches of property rules 'the tip of the iceberg', Treasurer Joe Hockey says   By political reporter Melissa Clarke Updated 31 minutes agoTue 9 Jun 2015, 12:13pm   9 June 2015   http://www.abc.net.au/news/2015-06-09/breaches-of-foreign-investment-rules-tip-of-the-iceberg/6531918   The Australian Tax Office (ATO) is investigating nearly 200 cases where restrictions on foreign investment in real estate may have been breached.  It is part of the Federal Government's move to reassure home buyers that residential property prices are not being driven up by overseas buyers. Foreigners are prohibited from buying existing residential properties but are allowed, and encouraged, to invest in new residential development.  Mr Hockey revealed the properties under investigation range in value from $300,000 to $40 million. "Unless you have permission, as a foreigner you are not allowed to buy existing residential property in Australia," he said.  "There is a moratorium until the 1st of December to come forward if you believe you...
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