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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
Turnbull is playing a losing game with conservatives   Michelle Gratin Turnbull is letting the right inside and outside the Coalition progressively tighten their grip on him. He's become, or maybe always was, a whatever-it-takes man, and it's taking more and more to deal with situations as the power of the right strengthens, post Brexit, post Trump and in the age of Hansonism. With a note of condescension, Tony Abbott recently described Turnbull as "growing into the role of prime minister", saying he was "now governing as an entirely orthodox centre-right" prime minister. It was the sort of compliment that wasn't one, if you were Turnbull. Yet whatever he throws to the wolves will never be enough to satisfy them. Liberal senator Cory Bernardi has won the day on the EIS but now wants Australia to pull out of the Paris climate agreement. Columnist Andrew Bolt endorses Kevin Rudd's assessment that...
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VOFF people - VICTIMS of TRIO PONZI SCHEME STILL WAITING FOR ASIC TO MOVE A MUSCLE ND OPEN FILES AS PROMISED http://www.moneymanagement.com.au/news/financial-planning/asictrio-dealings-should-be-public   The Australian Securities and Investments Commission's (ASIC's) dealings with Trio Capital, the Astarra Strategic Fund (ASF), and its entities have remained a secret seven years after discovering the funds were a fraudulent scheme, according to the Victims of Financial Fraud (VOFF) group. The group issued a statement, which noted that ASIC's interactions with Trio were specified in a document called Appendix 4 in ASIC's submission to the Parliamentary Joint Committee (PJC) Inquiry into the Collapse of Trio Capital Limited in 2011. The corporate regulator had said this document was provided on a confidential basis because disclosure of the information could influence ASIC's ongoing investigations on Trio. ASIC had said Appendix 4 would be made public once ASIC's investigations into the Trio fraud were concluded. "About two years have...
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Fitch lowers banks’ outlook from stable to negative The Australian 12:00am December 10, 2016 Scott Murdoch   Australian banks have been warned that consumers are becoming increasingly sensitive to interest rate decisions and that a potential house price fall could threaten the sector’s future profits. In a regional report, ratings agency Fitch downgraded the banks’ outlook from stable to negative and said the Australian residential property was one of the sector’s biggest risks in the year ahead, especially if the Reserve Bank started to raise interest rates. Fitch analyst Andrea Jaehne said the banks were likely to record lower profits in 2017 and cost savings could be offset by the sector having to spend more on improving technology. “Household debt is high and rising relative to disposable incomes, making borrowers sensitive to changes in the labour market and interest rates,” she said. “We expect Australian house prices to remain high relative...
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Westpac tells regulators that new bank rules will come at a cost The Australian 12:00am December 10, 2016 Michael Bennet   Westpac chairman Lindsay Maxsted has urged the regulator to be wary of the impact on the economy when implementing stricter incoming capital rules, arguing banks were having to raise lending rates to share the cost of higher capital requirements. After this week’s national accounts revealed the first negative quarter of GDP since 2011, Mr Maxsted said there was a risk of focusing on the abundance of “negative and often self-serving rhetoric” from critics of the big banks. “There is no doubt that there have been examples of poor behaviour and instances where the industry has fallen short of community expectations,” he told shareholders at the bank’s annual meeting in Adelaide yesterday. “(But) in the midst of this criticism it is important to have a balanced debate ... ultimately, our banks...
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ANZ, Westpac, NAB rate rigging trial date set Australian Financial Review Dec 9 2016 3:19 PM Patrick Durkin   The corporate regulator's landmark case against the banks for alleged rigging of the bank bill swap rate will be heard together in a 12-week trial which could extend into 2018 and beyond regulator Greg Medcraft's term. However, rather than having the cases against ANZ Bank, Westpac and National Australia Bank heard simultaneously, Federal Court Justice Jonathan Beach will hear the matter in four phases from September 25 in a hard-fought battle between the country's leading lawyers expected to cost hundreds of millions of dollars. The Australian Securities and Investments Commission is seeking up to $112 million in fines. ASIC's latest annual report reveals the regulator has already spent close to $45 million fighting the case which remains in its early stages while the banks have "lawyered up" with Alan Archibald QC for...
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This time is certainly different, a property ponzi AND a massive land grab AND cities of ivory towers AND building the tower of babel...Malcolm might have to eat humble pie and ask Tony Abbott if he can borrow his rosary beads!    How did it come to this?   21 June 2015 http://www.abc.net.au/radionational/programs/rearvision/the-history-of-housing-bubbles/5696496  Housing bubbles have a tendency to burst—look no further than the experiences of Ireland, Spain and the United States in recent years—and the aftermath can be serious; the US collapse plunged the world into economic crisis. So is there a house price bubble in Australia’s capital cities? Stan Correy takes a look at the lessons from history   As policy makers today try to calm bubble hysteria, supporters of more investment in property and infrastructure also assure us ‘this time it will be different’. After all, we’re not investing in tulips or collateralised debt obligations (the infamous debt...
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Do-nothing Malcolm has reached the point of no return By Unconventional Economist in Australian Politics at 1:50 pm on December 9, 2016 | 45 comments Cross-posted from The Conversation: http://www.macrobusiness.com.au/2016/12/nothing-malcolm-reached-point-no-return/ Despite briefly being able to dine out on the legislation passed before parliament wound up last week, Malcolm Turnbull is headed to a not-very-happy Christmas. This week has surely been one of the worst of his prime ministership. News of a quarter of negative economic growth – only the fourth since 1991 – came hard on the heels of Turnbull’s surrender to the noisy right when, ahead of the long-scheduled review of climate policy, the government kiboshed any possibility of contemplating an emissions intensity scheme (EIS). Experts believe economic growth will come back to a positive number in the December quarter. But observers must doubt whether Turnbull can turn his personal credibility deficit around. Turnbull prides himself on being a pragmatist....
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If they don’t get the balance right we’re stuffed!     Ponzi population swamps Melbourne with homeless   By Unconventional Economist in Australian Economy at 10:48 am on December 9, 2016 | 97 comments By Leith van Onselen   http://www.macrobusiness.com.au/2016/12/ponzi-population-swamps-melbourne-homeless/   Since I work from home in the suburbs, I rarely venture into Melbourne’s CBD anymore. But when I do I am always shocked by the large and seemingly growing number of homeless people sleeping rough on the sidewalk – something that was far less prevalent a decade ago. Back in July, The Age published an alarming report claiming that homelessness had reached “emergency levels” in Melbourne:   At least 30 homeless camps have been set up around the central city, with tents and sleeping equipment erected in laneways, doorways, on footpaths, under bridges and in private properties. Drug use and the accumulation of rubbish and filth is often a concern…...
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High Court reserves decision on One Nation senator Rod Culleton's case By political reporter Matthew Doran and High Court reporter Elizabeth Byrne Updated Thu at 12:08amThu 8 Dec 2016, 12:08am http://www.abc.net.au/news/2016-12-07/one-nation-rod-culleton-senate-high-court-hearing-underway/8099510   The High Court has reserved its decision on whether the election of One Nation Senator Rod Culleton was valid. The WA senator has been battling to hold on to his Senate seat amid a challenge to the validity of his electionafter the Senate voted to refer the matter to the High Court.   The Commonwealth is arguing that throughout the election campaign he had a conviction for larceny against his name, which disqualifies him from holding public office under the constitution. Senator Culleton argues the conviction was annulled or quashed after the election, and therefore should have no impact on his tenure. The main concern was that his election may have breached section 44(ii) of the constitution.   Counsel...
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ASIC still prosecuting sellers of bank fraudulent products.....NOT THE LENDERS re loan document fraud and the crucial oversight of documents and the APPROVAL of   2 million unaffordable mortgage loans!   ASIC has permanently banned a former Perth-based finance broker from engaging in credit activities. 6 December 2016 http://www.theadviser.com.au/breaking-news/35476-asic-permanently-bans-mortgage-broker ASIC found that Mr Paul Cheaib engaged in misleading conduct by providing false income supporting documents to Westpac Banking Corporation Limited in support of home loan applications for three of his clients in 2015. Only one of the three loan applications was approved. At the time, Mr Cheaib was operating his own finance broking business through his own credit licence under the trading name Active Approvals. Mr Cheaib's credit licence was cancelled in April 2016 at his request. ASIC deputy chairman Peter Kell said the banning reinforces the strong message to any broker considering engaging in misleading conduct. “ASIC will not hesitate to permanently...
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Major banks consider raising variable interest rates leading up to Christmas and New Year   EDWARD BOYD, The Daily Telegraph December 9, 2016 12:00am   http://www.dailytelegraph.com.au/news/nsw/major-banks-consider-raising-variable-interest-rates-leading-up-to-christmas-and-new-year/news-story/0b9da385ee40fead276ad85af4877a2c?&utm_source=The%20Telegraph&utm_medium=email&utm_campaign=editorial   THE major banks are considering the ultimate Grinch act of raising variable interest rates, slugging the majority of mortgage holders in the lead up to Christmas. And if the rates are not jacked up in December then economists believe they will be hiked during the New Year when people are on holiday. Smaller lenders have been the first to move, with a third last night slugging standard variable mortgage holders despite the Reserve Bank of Australia this week keeping the cash rate at a record low of 1.5 per cent. RateCity spokesman Peter Arnold believes the big banks may follow suit by raising rates “any day” in the lead up to Christmas. “I wouldn’t be surprised if we saw one, it won’t be the...
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Australia’s latest GDP result one of the worst since the financial crisis 8 December 2016 com.au/news/australias-latest-gdp-result-one-of-the-worst-since-the-financial-crisis-20161208-gt6e95/?utm_source=outbrain&utm_medium=cpc&utm_content=link-widget&utm_campaign=c-all-alwayson_ffx   As a country’s economy goes, so go its banks. So what does it mean for Australia’s richly valued lenders that the nation just put in its worst performance since 2008? Gross domestic product contracted by 0.5 per cent in the third quarter from the second, well below economists’ estimates of a 0.1 percent drop. Even when you factor in the strong performance in the previous period, the growth rate of 1.8 per cent from a year earlier was the equal weakest since 2009. Australia’s big four banks took all this as good news. Commonwealth Bank of Australia, Westpac Banking Corp. and Australia & New Zealand Banking Group Ltd. rose 1.5 per cent or more Wednesday to put in their best performance in almost a month, while National Australia Bank Ltd. gained 1.1 per cent....
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What workers lost to bankers, landlords and big business 7 December 2016   http://thenewdaily.com.au/money/finance-news/2016/12/07/gdp-december-quarter/  The top end of town has swallowed up more of the nation’s earnings, plunging workers deeper into debt and sparking fears of a property market crash.  New data released on Wednesday raised the red flag on the health of the economy, showing that it shrank by 0.5 per cent between July and September, its first contraction since 2011. If the result is repeated in the December quarter, Australia will officially be in recession.  Treasurer Scott Morrison labelled it a “wake-up call” and a “warning”, while Shadow Treasurer Chris Bowen described it as “deeply concerning”.  The data also showed that profits, rents and interest payments have gradually taken more and more of the national income, eroding the share given to workers.  Despite gains in productivity (making more stuff with fewer people), wage earners are still getting a far...
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Former bank boss David Murray warns of disastrous property crash   8 December 2016 Jason Stiles http://thenewdaily.com.au/money/property/2016/12/08/david-murray-bubble/   Australia’s property market now mirrors one of the worst speculative manias in human history, according to a former Commonwealth Bank CEO. In a televised interview that drew little media attention, David Murray warned that the entire economy is “vulnerable” because of overvalued house prices in Sydney and Melbourne. “All the signs of a bubble are there. Many of the signs are the same as the Dutch tulips,” Mr Murray told Sky News on December 1. Starting in 1634, the Dutch bid up the price of tulip bulbs to extraordinarily high levels. Then, in 1637, the price collapsed, turning the craze into a byword for speculative insanity. Since 2009, Sydney dwelling prices have risen by 95 per cent and Melbourne by 85 per cent, according to CoreLogic, a prominent property analysis firm. Mr Murray,...
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ASIC, banks face off over BBSW trial format Australian Financial Review Dec 8 2016 5:08 PM Jonathan Shapiro   The legal teams of three of Australia's biggest banks will appear in the Federal Court in Melbourne on Friday to argue that they should be allowed to defend themselves separately against claims they manipulated the key financial benchmark, the bank bill swap rate. In a directions hearing, Justice Jonathan Beach may reach a decision about the format of what may be one of the biggest trials in Australian corporate history. The Australian Securities and Investments Commission is suing three of Australia's largest banks – ANZ Banking Group, Westpac and National Australia Bank – for market manipulation and unconscionable conduct relating to the bank bill swap rate, or BBSW. The regulator has argued that the three cases should be combined into a single court proceeding on the basis that there is sufficient common...
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Lenders slash property loans by up to 155 basis points Australian Financial Review Dec 9 2016 5:00 AM Duncan Hughes   Lenders are slashing borrowing costs by up to 155 basis points for some property borrowers and increasing rates for others as they attempt to build and protect market share in volatile markets, analysis of lending rates reveals. Suncorp, the nation's fifth largest lender, is offering 155 basis point discounts on 'special offer' standard variable loans and 95 basis points for some investment loans taken out through its broker network. But from next Tuesday it is also planning to increase rates on other standard variable and access equity accounts, which offer borrowers a line of credit, by 15basis points. Steven Kluss, chief executive of Suncorp's banking, blames increasing costs of funding loans on international capital markets. "Bond rates have drifted higher since their record lows from the middle of the year...
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Bank balance sheets stronger, can withstand shocks: Moody’s The Australian 5:12pm December 8, 2016 Daniel Palmer   Australia’s big banks have strengthened their balance sheets enough to counter any near-term shocks, Moody’s contends, as a series of headwinds threaten asset quality metrics. In its latest report on the sector, the ratings agency noted bad loans were on the rise at the big four banks through the six months to September 30, largely due to commodities-exposed sectors, but funding profiles still improved as banks adapted to more stringent regulatory requirements. Distressed loans could yet further swell in the months ahead, Moody’s added, given headwinds from underemployment and weak wages growth, a weaker outlook for residential property building, struggles in the dairy sector and stress in resource-related regions, which has seen arrears rates jump in areas like the Pilbara. More broadly on the housing market, the ratings agency reiterated that swelling prices could...
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ASIC needs to Recognise what are the similarities between Wells Fargo and Bad Australian Banks and expose their crimes rather than keeping mum about it   A Brief History of Wells' Fargo Wicked Sales Culture   http://www.americanbanker.com/gallery/a-brief-history-of-wells-fargos-sales-culture-1092280-1.html   When Wells Fargo decided to stop calling its branches "stores," it marked the symbolic end of an era. Wells long prided itself on its sales culture, which was championed by Richard Kovacevich, starting at Citibank, then as chief executive of Minneapolis-based Norwest Corp., and finally at Wells.   Kovacevich's strategy, which continued under recently departed CEO John Stumpf, hinged on selling more products to the bank's existing customers. Branches were stores, since stores are where consumers buy products. y of Wells Fargo's Sales CultureThe firm's sales culture has drawn sharp criticism in the wake of the revelation that the firm's employees opened as many as 2 million fraudulent customer accounts between 2011 and 2015.  In response to...
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ASIC rejects NAB’s defence over rigging claims of BBSW The Australian 5:39pm December 7, 2016 Ben Butler   The corporate regulator has rejected NAB’s defence to a Federal Court lawsuit in which the Australian Securities and Investments Commission accuses the bank of rigging the key BBSW interest rate benchmark. In a four-page reply, filed with the court late on Monday, ASIC said it “joins issue with” almost all of NAB’s defence, which accused the regulator of filing a legally embarrassing claim. ASIC conceded that from time to time the reason NAB’s interest rate desk traded “varied depending on circumstances”. However, ASIC insisted that on the dates it accused NAB of trying to rig the rate, the desk traded to influence the setting of the BBSW in a way that was favourable to the bank, “and such tracking did not reflect the forces of genuine supply and demand”. ASIC has accused three...
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Scott Morrison set to plead Asia bank case in mission to Beijing The Australian 12:00am December 8, 2016 Dennis Shanahan   Scott Morrison is prepared to fly to Beijing to intervene on Australia’s behalf in a dispute with the Asian infrastructure bank that is threatening to cut off lending that would help our ­energy exports. The Treasurer said yesterday the Australian government was dealing with the proposed investment guidelines of the Asia Infrastructure Investment Bank — in which Australia has pledged ­almost $5 billion — with “direct intervention”. Australia’s board member on the proposed $100bn Chinese-backed investment bank designed to help build roads, rail, ports and power generation in developing Asian nations has been authorised to fight the ­intention that lending be only for “socially ­acceptable” power generation. As the AIIB is developing its lending principles, Australia has lodged a protest over the initial preference for “socially acceptable” power generation, such...
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Australian economy shrinks 0.5pc in September quarter, worst fall since global financial crisis ABC News7 Dec. 2016 3:43pm Michael Janda   Australia's economy shrank 0.5 per cent in the September quarter, well below already pessimistic analyst forecasts and its steepest decline since the global financial crisis of late-2008. The annual rate of growth came in at an anaemic 1.8 per cent, according to the Bureau of Statistics data, also below expectations. Economists were generally expecting a slight fall in gross domestic product (GDP), with the typical forecast for a -0.1 per cent quarter and economic growth of 2.2 per cent over the year. A range of partial figures led analysts to their downbeat predictions, with yesterday's trade data pointing to a 0.2 percentage point subtraction from economic growth, while construction data released last week were much worse than expected and business investment was also weak. However, the final result was considerably...
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Tax Office not 'leaned on' to drop Bell action Australian Financial ReviewDec 7 2016 9:40 PM Laura Tingle   Tax Office officials say they were not pressured to drop or alter a High Court challenge to West Australian legislation that would have deprived taxpayers of funds from the liquidation of the Bell Group. A Senate inquiry is examining the circumstances surrounding the High Court challenge after the WA government said it believed it had a deal with Canberra that the federal government would not challenge WA legislation, which would have given control over the collapsed group's assets to the Insurance Commission of Western Australia. The High Court threw out the legislation in May. The deal was claimed to have originally been struck with former treasurer Joe Hockey. But the Senate is inquiring into why the federal Attorney-General George Brandis appeared so reluctant to the Commonwealth joining a High Court case that...
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Commonwealth Bank’s CommInsure arm hits back over insurance allegations The Australian 12:41pm December 7, 2016 Michael Roddan   Commonwealth Bank of Australia’s under-pressure life insurance arm CommInsure said it has not yet found any evidence of wilful misconduct or wrongfully knocked back claims in any of its internal or independent reviews. In a submission to a parliamentary inquiry into the $44 billion life insurance sector, CommInsure hit back at a number of claims which have besieged the company over the last year. An independent review of declined claims over the last five years by Deloitte is currently around 90 per cent complete, and CommInsure said it had not revealed any “systemic issues” regarding inappropriate denials of claims. The company and independent reviewers have “electronically” reviewed more than five million emails and documents, manually reviewed around 200,000 documents and carried out around 80 interviews as part of the process. CommInsure was earlier...
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 Mum and dad investors shift $45 million from banks into P2P loans Sydney Morning Herald DEC. 7 2016 - 12:24PM Clancy Yeates   Thousands of retail investors are pumping cash into peer-to-peer lending, with RateSetter reporting about $45 million has been taken out of bank accounts and lent directly to borrowers. The online lending platform, the largest in Australia accepting money from retail investors, has recently hit the milestone of having 5000 investors, helped by the very low interest rates being paid by banks. While it took two years to sign up its first 5000 investors, RateSetter's Australian arm expects this number to double in the next six months, as P2P lending tries to break into turf controlled by the banks. P2P lending is where individuals bypass banks by directly lending their money to borrowers via an online platform. It is mainly focused on personal loans and small business loans, and...
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Kennett slams Do-nothing Malcolm for doing nothing on banks   By Houses and Holes in Australian banks at 12:10 am on December 8, 2016 | 6 comments   http://www.macrobusiness.com.au/2016/12/kennett-slams-nothing-malcolms-nothing-banks/   Recall the words of Do-nothing Malcolm:   A Coalition backbench plan for a new banking tribunal appears to have been dropped by the Turnbull government, after an expert review found it was not needed.   In October, Prime Minister Malcolm Turnbull said the government was preparing to set up a low-cost tribunal for victims of poor practices by Australia’s biggest banks, amid pressure from Labor for a royal commission, and calls by Queensland Liberal MP Warren Entsch and Nationals senator John “Wacka” Williams for a new consumer-focused tribunal.   After calling the bosses of the big four banks to face parliamentary hearings in Canberra, Mr Turnbull said a new tribunal was a proposal the government was “working towards”.   “What we...
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