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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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To all mortgage brokers, BDMs and loan approval officers! 
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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
Evan Jones says Must Be Royal Commission into Major and Minor Banks.   Turnbull: Flunkey for the banking mafia   https://independentaustralia.net/politics/politics-display/turnbull-flunkey-for-the-banking-mafia,9515   As for the statement 'Banks acknowledge the problems in the industry and are taking action now to fix them' — well this is a straight-out lie. Banks are taking no action whatsoever to fix the problems. They are paying mickey-mouse compensation at best to defrauded investors or insurers. As for victimised small business or farmer customers, the banks are continuing to fight each of them doggedly with all the usual dirty tricks. No bank has a lily-white reputation. But the CBA and NAB continue to vie for top spot in the nastiness stakes. King O’Malley (national people’s bank activist), Andrew Fisher (Labor Prime Minister overseeing the creation of the CBA in 1911), Ben Chifley (member of the 1937 Napier banking inquiry and prime minister/treasurer overseeing the 1945 Banking Acts) and H C Coombs (Head of the combined commercial/regulatory Commonwealth Bank, 1949-59) would all...
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CommSec hit with $700,000 fine after falling foul of watchdog The Australian 12:00AM September 3, 2016 ·         Michael Bennet CommSec, the nation’s biggest online retail stockbroker, owned by the Commonwealth Bank, has paid $700,000 in fines after the corporate regulator found it had contravened the Corporations Act. As Labor strengthens its push for a royal commission into banks, the Australian Securities & Investments Commission yesterday revealed CommSec had failed to properly disclose to retail clients how securities orders were executed. The technical slip-ups did not affect clients financially and the bank voluntarily refunded $1.1 million in brokerage to more than 25,000 clients. In trades between August 2010 and February 2014, ASIC said CommSec failed to disclose to clients that their ­orders were executed as “crossings”, where a broker acts for the buyer and seller in a transaction. CommSec also failed to inform it had acted as a “principal” — rather than...
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Bank Royal Commission Online Petition attached   Please sign up at   https://www.change.org/p/the-senate-of-the-commonwealth-of-australia-commonwealth-bank-contempt-of-the-parliament Please also click on the link Read the Letterand then OK   The petition will be delivered to: The Hon Stephen Parry, President of the Senate of Australia   The Banks are resisting all calls for a Royal Commission… If they have nothing to hide why would they be concerned?   See what’s happening in America… “You should resign; you should be criminally investigated”   http://www.zerohedge.com/news/2016-09-20/elizabeth-warren-slams-wells-fargo-ceo-you-should-resign-you-should-be-criminally-in ᐧ Sean Butler Perth        ...
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Banks tighten advice standards ahead of parliamentary grilling Sydney Morning Herald SEPT 20 2016 - 4:43PM Georgia Wilkins   The banks will introduce new hiring standards for financial advisers as they seek to weed out 'bad apples' and head off criticism ahead of a parliamentary grilling. The Australian Bankers' Association said new hiring 'protocols' will help banks employ "only competent and ethical financial advisers" and weed out bad apples by asking certain questions during the hiring process. But victims of bad advice and consumer groups say the move fails to address systemic problems failing the banks following scandals. The big four banks will face questioning by the House of Representatives standing committee on economics next month over how they balance the needs of customers, shareholders and the broader community. It comes as Labor and the Greens continue to push for a royal commission into the financial sector. ABA executive director of...
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ASIC confirms investigation into ASX trading failure as outrage mounts Sydney Morning Herald SEPT 20 2016 - 6:42PM Jessica Sier, Vesna Poljak, Yolanda Redrup, James Eyers   The fallout from the ASX's shambolic start to the trading week has deepened with the federal government and market leaders demanding an explanation. Normal trading was restored on Tuesday after a hardware failure one day earlier forced a late start and an early close of business and an inability to open the full market.  "It was a very serious issue [Monday] and ASIC will be investigating," federal Treasurer Scott Morrison told 2GB radio. "They'll be doing that review and they'll be reporting back to me on this issue. This was a very unfortunate incident. "But it's been five years, I understand since something like that has happened with the ASX." It is the most serious failure in the ASX's systems since its outage of...
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CBA, Westpac, ANZ suffer as S&P cuts ratings The Australian 12:00am September 21, 2016 Michael Bennet Credit Ratings effect the Cost of Debt Three of the major banks have suffered a fresh credit ratings blow after Standard & Poor’s lowered their insurance arms, concerned about weaker -financial support amid asset sales and major reviews of operations. After National Australia Bank and Macquarie Group offloaded their life insurance businesses in the past year, S&P yesterday claimed various wealth businesses owned by Commonwealth Bank, Westpac and ANZ may also not be “core” to the groups. “In particular — contrary to our previously held view — we now consider that these entities may be severed from the parent banking groups, and operated as or sold on as ongoing businesses,” S&P analysts led by Sharad Jain said. “Consequently, we no longer consider that financial support from the parent groups, if needed, will be absolute and...
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Outgoing RBA chief Stevens has the last word on property: Don't worry Australian Financial Review Sep 20 2016 5:43 PM Jacob Greber   The Reserve Bank of Australia has downplayed fears of a property bubble, saying housing market conditions have eased since last year because of a regulatory crackdown on investors and a surge in apartment construction. In the minutes of Glenn Stevens' final meeting as Reserve Bank governor two weeks ago, the central bank also signalled that interest rates look likely to remain stable over coming months after two cuts this year. Reiterating its now standard warning that any gains in the currency "could complicate" the economy's post resources boom adjustment, the central bank described the transition as "well advanced". The remarks show that the RBA has retained its very soft "easing bias" but looks less inclined to deliver any near-term official interest rate cuts. Chances of another rate cut...
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Chris Bowen's blunt housing crisis prediction Sydney Morning Herald SEPT 21 2016 - 11:50PM James Massola   Australia has become "a nation that can no longer house its own children", Labor's Chris Bowen has warned, with soaring home prices cutting young people out of the market and a generation facing a crisis in affordability. And Mr Bowen says the growing wealth of the super-rich one per cent - and the relative decline in middle-class incomes - has caused the surging popularity of nativist parties like the Nick Xenophon Team and Pauline Hanson's One Nation, Donald Trump in the United States and the success of the "Brexit" campaign. "We can't expect middle-income earners to support globalisation and outward-looking policies when they can see scant evidence that it is working primarily for them," he will say. In a major speech to the McKell Institute in Melbourne on Thursday, obtained by Fairfax Media, the...
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FSI member Kevin Davis warns of bank hybrid risks Australian Financial ReviewSep 21 2016 11:45 PM James Eyers   Retail investors may be underestimating the risks of bank hybrid instruments being converted into equity by the regulator in a crisis, a move that could lead to a run on bank deposits, says one of the members of the financial system inquiry committee, Professor Kevin Davis. Well over half the buyers of the $30 billion of bank hybrids listed on the ASX since 2011 are retail investors but Professor Davis, the research director at the Australian Centre for Financial Studies, says the securities – which can be converted to equity by the Australian Prudential Regulation Authority – are complex and their fair value is "well-nigh impossible". "There is something paradoxical in regulatory requirements inducing banks to issue extremely complex and difficult to value securities – particularly when a large part of the...
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Home owners falling behind despite economic growth The Australian 12:00am September 20, 2016 Michael Bennet   Record high underemployment across the nation is taking a toll on the $1.5 trillion mortgage market as more borrowers fall behind on repayments in the second quarter, according to credit ratings agency Fitch. As the spring property season ramps up, Fitch yesterday revealed mortgage arrears rose a “surprising” four basis points to 1.14 per cent in the second quarter despite several economic indicators suggesting the economy is travelling well. “The increase comes as a surprise given the strong economic environment, appreciating housing market and low interest rates,” Fitch said. “Fitch believes the worsening arrears may be due to high underemployment, despite falling unemployment. “A slowdown in the mining sector, which has spilled over into regional areas in Queensland, Western Australia and the Northern Territory may have also affected borrowers. Fitch expects 90-plus days arrears to...
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ATO’s push for data sharing among agencies stirs privacy fears The Australian 12:00am September 19, 2016   The Australian Taxation Office is pushing for a review of confidentiality rules that restrict the sharing of personal data across government, warning some of the laws are decades old. In a move that has reignited privacy concerns, the tax office has declared there should be ¬efforts to “broaden the social ¬licence for the increased sharing of confidential government data-going forward”. The call comes as the Australian Securities & Investments Commission has also pushed to widen the scope of sensitive data it secures from other government agencies, insisting it would benefit from “rapid access” to bankruptcy records, travel movements and criminal history. In a submission to a Productivity Commission inquiry into data ordered by Scott Morrison, the tax office has argued for modernised rules on confidentiality as a way to deal with the rapid changes...
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Bankers should have been locked up http://www.theaustralian.com.au/business/business-spectator/commentary/bankers-should-have-been-locked-up/news-story/108fd4622f35a7c100acdd8ea8a89637·           Alan Kohler Editor-at-large, The Australian Business Review Melbourne @AlanKohler Every year on the anniversary of the collapse of Lehman Brothers, there’s a spasm of outrage that all the bankers who caused the 2008 crisis got away with it, and with each year that passes the outrage gets a bit stronger. That’s because most of the regulatory response has been misplaced, focusing on capital adequacy when the problem is the aggressive sales culture of banks leading, in some cases, to fraud. And the most obvious symptom of that misplaced regulation has been the failure to prosecute any bankers for fraud out of the crisis — only innocent shareholders have been punished, through fines and demands for more capital, which have reduced profits and share prices. Meanwhile, every year the public clamour for some accountability grows. This year, there are even calls for a Royal...
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Bank chiefs face three-hour grilling in public inquiry Australian Financial ReviewSep 15 2016 9:09 PM Fleur Anderson   The chief executives of the four major banks will be grilled for three hours each in front of a parliamentary inquiry which will challenge the banks' market power. With the big four dominating the top four positions by market capitalisation on the Australian Stock Exchange – worth almost $400 billion collectively and backed by the deposit guarantee  - the chief executives will be asked to explain their business practices. From the government's perspective, the major banks must face greater parliamentary scrutiny given their competitive advantage over smaller rivals since the government's debt guarantee was introduced during the global financial crisis and the ongoing deposit guarantee. Letters outlining a proposed 12 hours of testimony in the first week of October have been sent to chief executives, which has annoyed Labor members who said they...
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DOWN WITH PENSIONERS BEING FORCED TO TURN THEIR HOME EQUITY INTO DEBT - This Latest Thought Bubble from Zillionnaire Prime Minister Malcolm is BEYOND ALL DECENCY.   This Policy must be vigorously campaigned against lest all home-owners end up with no home.....because that is the latest plan.   All those who voted for Conservative Politics will realise Liberals have become an Elitist Bankers Party. Bankers have been busy "asset-stripping" already by using spruikers, but now Bankers will use Government to issue "new rules" to force you to lose your home.   He will force you to buy REVERSE MORTGAGES from bankers of course.   Malcolm Turnbull is determined man who will smile nicely as he aids Bankers to steal your main asset: your home.   This wretched PM wishes to ROB THE POOR and hand those funds/assets to the Wealthy Elites. Time to Get Active..................   I Malcolm really so...
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The family home is the next stage of retirement policy beyond superannuation Australian Financial Review Sep 16 2016 12:00 AM Patricia Pascuzzo   The deal struck on the federal government's superannuation package represents an important step towards ensuring greater fairness and fiscal sustainability. However, superannuation represents only one component of the retirement income system, alongside the age pension and housing. If Australians are to have adequate income in retirement, policy needs to look beyond the superannuation system and consider how all the components of the retirement income system work together. Research shows that even under a mature superannuation system, most people won't have saved enough to meet their aged-care costs and will have retirement income well below a comfortable level. People on average full-time incomes will struggle to have a comfortable retirement unless they make voluntary contributions to superannuation. The combination of an ageing population and increasing life expectancy increases the...
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Apartment market is sinking fast The Australian 9:11am September 15, 2016 Robert Gottliebsen   Look out from Sydney Tower’s restaurant or Melbourne’s Eureka Tower and you see a large number of cranes completing apartment developments across the skyline. There are fewer cranes now than six months ago but the numbers are still substantial. But on the ground, underneath most of those cranes, a drama is taking place because there has truly been a substantial change in the Sydney and Melbourne markets. The NSW, Victorian and Federal governments, the Reserve Bank, APRA, the chiefs to the top four banks and the general public don’t yet fully appreciate what these dramas will means for the NSW, Victorian and national economies. But they’ll soon learn. Nor do they fully understand that their separate actions are set to change the Australian economy. But they will. Those who read this commentary may understand what is happening...
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CBA fined for wrongly approving nearly 10,000 credit overdrafts in 'system error' Sydney Morning Herald SEPT. 14 2016 - 1:20PM Clancy Yeates   Commonwealth Bank wrongly gave overdrafts to almost 10,000 people after its systems assumed customers applying for credit had no housing expenses and unrealistically low living costs. The "system error," which has cost the bank $180,000 in fines and forced it to write off $2.5 million, also meant some customers were approved for a personal overdraft despite telling the bank their expenses exceeded their income. The bank said affected customers would not have to repay debts resulting from the overdraft glitch, writing off $227 per customer, on average.   The Australian Securities and Investments Commission on Wednesday said the country's biggest bank had breached responsible lending laws, because of flaws in an automated calculator used to approve customers for overdrafts. The error means that for more than four years,...
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Banks brace for ‘free-for-all’ at House committee hearing The Australian 12:00am September 15, 2016 Richard Gluyas   The first parliamentary grilling of the major bank chiefs has been set down for the first week of October, as the Turnbull government seeks to wrest the initiative from Bill Shorten and his popular call for a banking royal commission. It is understood the chief executives have been told to set aside October 4, 5 and 6 to appear ¬before the House of Representatives economics committee. Malcolm Turnbull and Scott Morrison have said the banks would have to give a “a full ¬account of the way in which they are managing their affairs, their dealings with customers and their interest rate policy”. However, a senior banker said everyone was expecting a “complete free-for-all”. “It’s not designed to get to the bottom of any issue apart from roughing us up,” the banker said. “They’ll be...
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For-sale public companies register a $700m cash cow The Australian 7:11pm September 13, 2016 Anthony Klan   The federal government slugs users of the “public” companies register more than 100 times what it actually costs to operate and is suppressing that secret cost structure ahead of is plans to sell the register — and associated vast tax streams — to a private company. Those fees associated with the “public” register mean it is delivering a windfall to the government of more than 10,000 per cent annually. Each year the government charges businesses — the vast majority small business owners — about $660 million to lodge material with the register, and then it charges those businesses and the public $60m to access that same information, or $720m a year in total. But the register costs a tiny fraction of that, somewhere under $6m, to operate, The Australian can reveal. Despite the register...
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AOFM to issue first 30-year bond, defies rating threat Australian Financial Review Sep 13 2016 at 4:13 PM Jonathan Shapiro   The Australian government has unveiled plans to issue its first ever 30-year bond as it seeks to take advantage of strong investor demand for high yielding assets even as foreign investors scale back purchases and credit rating agencies threaten downgrades. Rob Nicholl, the chief executive of the Australian Office of Financial Management told an audience of economists in Sydney that the unit responsible for debt issuance was planning a benchmark sized 30-year bond issue in October. The 30-year bond is part of the AOFM's long-term strategy to issue longer-term debt to reduce the refinancing risk of the government debt by pushing debt maturities into the future while reducing the impact of changing interest rates on the federal government's funding cost. The strategy has so far been successful as the government...
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RBA's Chris Kent outlines upbeat economic story for post-Glenn Stevens era Australian Financial Review Sep 13 2016 6:20 PM Jacob Greber   Reserve Bank of Australia assistant governor Christopher Kent has sketched a positive outlook for the economy, declaring the worst of the slump in mining investment after the boom is at an end. Expressing hope that the five-year slump in commodity prices that had battered incomes and government revenues was over, Dr Kent said chances were good that wages and inflation would pick up. "If commodity prices were to stabilise around current levels, that would be a marked change from recent years," Dr Kent said. "Also, the end of the fall in mining investment is coming into view. "The abatement of those two substantial headwinds suggests that there is a reasonable prospect of sustaining growth in economic activity." The upbeat commentary coincides with a raft of evidence suggesting monetary policy...
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Crash Course Part 1: The Problems of Overvalued Assets & High Debt EconoMonitor September 8, 2016   By Satyajit Das   In economics and finance, over-valued assets and excessive debt levels generally do not lead to happy endings Nutty Shares… Over the last 5 to 6 years, mispricing of assets has reached epidemic proportions. Global equities prices have increased strongly. Sell side analysts anticipate further gains, arguing that the falls of August 2015 and early 2016 represent a healthy correction. Since 2009, the US equity market has risen strongly with the main market indices having tripled over the period and are now at or near record levels. Euro-zone stocks have reached their highest level in 15 years. Equity market volatility is also low. The rise is underpinned primarily by financial engineering and liquidity. US stock buybacks have reached 2007 levels and are running at around US$500 billion annually. When dividends are...
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Banks raise term deposit rates selectively Sydney Morning Herald SEPT. 11 2016 - 11:45PM Clancy Yeates   Banks have trumpeted the higher returns on offer from some term deposits – after failing to pass on the full RBA rate cut – but these better rates are not necessarily being paid on superannuation savings being managed via bank-owned wealth management platforms. Australian banks last month raised interest rates on term deposits – which they said showed they were balancing the interests of borrowers and savers. However, the most competitive rates are not always being offered by lenders on platforms – IT systems used by financial advisers to manage clients' superannuation savings. While rates available on platforms vary widely, making industry-wide comparisons difficult, offers from major banks on several platforms used by advisers do not include the high one-year rates of more than 3 per cent that have been advertised to retail customers....
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CBA boss: populist politics is not the 'lunatic fringe' Australian Financial Review Sep 11 2016 11:45 PM James Chessell   Commonwealth Bank of Australia chief executive Ian Narev has accused business of being condescending to the growing backlash against globalism, arguing many supporters of populist movements around the world are not the "lunatic fringe" but have legitimate grievances.  In an interview with The Australian Financial Review, Mr Narev said business had not always adopted the right tone when promoting the benefits of free trade, strong corporations and open economies at a time when some people felt globalism had left them worse off. Business leaders have expressed frustration about the rise of populist political movements around the world – including at the B20 gathering of CEOs at the G20 meeting of world leaders in China last week – which they believe could lead to an erosion of free markets and increased government...
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How MacBank rooked the US Government michaelwest.com.au September 16, 2016 Michael West   It is hard not to admire the fiendish genius of Macquarie Bank. Schools, roads and bridges in the USA are often funded by the municipal bond market. This is one of the world’s largest markets and, as its purpose is a noble one, to finance public works cheaply, “muni bonds” as they are affectionately named, attract generous tax breaks from the Federal Government in Washington DC. If however, one were to scroll for long enough through the interminable bond issues of local authorities from Tallahassee Florida to Wichita Kansas and beyond, one would eventually stumble upon, yes, you guessed it, a very unusual local government borrower, our very own Aussie bank, Macquarie. There it is in Houston, Texas, our Macquarie, nonchalantly helping itself to a tax break designed for the funding of children’s hospitals. “A maestro of corporate...
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