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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
Why Iceland reacted so fiercely to the Panama Papers First published:  Wednesday 27 April 2016 http://www.abc.net.au/radionational/programs/rearvision/why-iceland-reacted-so-fiercely-to-the-panama-papers/7357692   https://radio.abc.net.au/programitem/pelDkxyAO3?play=true Iceland's Sigmundur Davíð Gunnlaugsson wasn't the only world leader named in the Panama Papers, but he was the first to lose his job over it. Why is Iceland so intolerant of financial misbehaviour? Keri Phillips explains. It took less than a week for Iceland's prime minister, Sigmundur Davíð Gunnlaugsson, to stand aside after the Panama Papers revealed details of his wife's offshore account. His message to the country was more or less that we should all be together, we are all in the same boat, but at the same time he had taken a boat of his own, filled it up with gold and moved it abroad. Guðni Jóhannesson, University of Iceland The leaked documents revealed Sigmundur Davíð had been the co-owner of a company called Wintris Inc, set up in 2007 in...
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  • Duped
    Duped says #
    That's the way, throw the banker bastards in jail. Malcolm in the muddle has a pot of gold in off shore accounts, he likes to keep
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Hiding behind technology.....   Is the Wall Street Cartel Re-grouping?  Regulator fires a warning shot   27 April 2016 http://wallstreetonparade.com/   Remember the chat rooms dubbed “The Cartel” and “The Bandits Club” that contributed to felony counts against the mega Wall Street banks last May for rigging the foreign currency markets? How about that classic from the Barclays chat room trader: “if you aint cheating, you aint trying.”  Well, apparently, one or more banks are causing concerns in this area again.  Yesterday, the regulator of national banks, the Office of the Comptroller of the Currency, sent out a severe warning to its flock that there could be a five year jail sentence waiting in the wings for anyone attempting to use technology to block its mandated access to bank records. The letter was authored by Bethany Dugan, Deputy Comptroller for Operational Risk. The statement read in part: “The OCC has become...
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Cusomer Satifaction?  A Big AAA Failure...   CBA chief gets a $4 million carrot to keep customers happy by: Jane Harper From: Herald Sun October 03, 2013 http://www.heraldsun.com.au/business/cba-chief-gets-a-4-million-carrot-to-keep-customers-happy/story-fni0dcne-1226732561940   CUSTOMER satisfaction and shareholder returns. Get them right, and Commonwealth Bank chief Ian Narev will enjoy a lucrative bonus in four years. The CBA has offered to give its chief executive a bonus pool of shares, worth $4.23 million on current values, in 2017 if the bank hits key performance targets. Shareholders will be asked to vote at the annual meeting next month on the "group leadership reward plan" for Mr Narev, who received a pay and perks package of $7.8 million for the year to June. In order to qualify for the bonus in 2017, he must drive the bank to meet two performance hurdles based around shareholder returns and customer satisfaction. Three-quarters of the bonus pool depends on the bank's shareholder...
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What a hoot..... Open letter to Senator Arthur Sinodinos, from Kristina Keneally Kristina Keneally 28 April 2016   http://www.theguardian.com/commentisfree/2016/apr/29/open-letter-to-senator-arthur-sinodinos-from-kristina-keneally?CMP=share_btn_tw   Woody Allen said 80% of life is showing up. Every single day of my ministerial career I showed up. I did my job. I answered the hard questions. I faced the opposition, the media and the public. Ask any NSW press gallery journalist. As premier I ended every media conference by asking, “Are there any more questions?”, and the journalists answering no. Ask your fellow Coalition colleagues in NSW. Every time they called an inquiry, no matter how politically motivated, I showed up. An upper house inquiry into the murder of Michael McGurk: I showed up. An upper house inquiry into the sale of electricity assets: I showed up. After Barry O’Farrell was elected he instituted a second electricity transactions inquiry, conducted by Justice Tamberlin. I volunteered to show up to...
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APRA alarm over data December 12, 2012   http://www.smh.com.au/business/apra-alarm-over-data-20121211-2b7os.html   THE financial regulator has cautioned banks about storing customers' financial data overseas, as the sector eyes cost savings in a bid to bolster slowing profits. Westpac, NAB and ANZ all carry out some of their back-office functions overseas, sparking concerns from unions and politicians over the privacy risk to consumers. Now the Australian Prudential Regulation Authority has identified ''offshoring'' as a key area of weakness in banks' data management policies. In a draft guide published on Tuesday, APRA said outsourcing data management increased the risk of sensitive information being mismanaged. To ensure customers' information was properly looked after, the regulator said it expected banks to have a business case that justified the extra risks of holding data overseas, where Australian laws did not apply. ''APRA expects a regulated institution to apply a cautious and measured approach when considering retaining data outside...
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Perhaps Shayne Elliott needs a reminder....to restore faith in your bad bank industry you need to compensate all victims of bank fraud and cease having fraudulent bonuses paid into your own pockets at CEO level. To reward yourself and predecessors and colleagues for engineering and manufacturing of crappy mortgages for two decades is a mindbogglingly self-centered and an evil reward for criminal activity.   ANZ boss says Labor wrong to pursue vertical integration 28 April 2016 http://www.afr.com/business/banking-and-finance/anz-boss-says-labor-wrong-to-pursue-vertical-integration-20160428-gohajq ANZ Banking Group chief executive Shayne Elliott has hit back at Labor's plan to use a banking royal commission to investigate vertical integration, saying the industry structure of the big banks is not the cause of the cultural shortcomings that have been exposed across the sector. Speaking on the sidelines of ANZ's deal with Apple to launch Apple Pay in Australia, Mr Elliott said it was hard to understand exactly what concern Labor has about banks to justify a royal commission,...
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THE ROYAL COMMISSION INTO BANKS   The issue right now to cause the main narrative is not which party. The issue is CONSUMERS vs BANKS and the first promise Royal Commission will capture hearts and minds of 75% of the voting public. Now Labor has to deliver and we are demanding wide Terms of Reference. We do not want "politically controlled truth." Citizens will want the truth. . To vote otherwise and hope for an RC cannot sadly produce a positive outcome for victims of bank crimes and there are 2 million that have been hidden for far too long.   This is sad for minor parties and independents. However, preferencing has become a convoluted and complex muddle and is secretive. Voters have no idea where their votes end up. Your vote could then end up back with Turnbull and NO RC!!!!   The number of bank victims of multi...
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Commonwealth Bank whistleblower says he went to wealth boss Annabel Spring http://www.smh.com.au/business/banking-and-finance/commonwealth-bank-whistleblower-says-he-went-to-wealth-boss-annabel-spring-20160428-gogwif.html April 29, 2016 - 12:15AM   Clancy Yeates   Banking reporter 'Profit first, everything else is second.' Whistleblower Ben Koh was chief medical officer at CommInsure, until he spoke out... The whistleblower at the centre of the Commonwealth Bank's life insurance scandal has revealed that he raised concerns about the business with one of the bank's most senior executives, wealth boss Annabel Spring, who he says dismissed the incidents as "bad apples". In a senate committee hearing on Thursday, in which it also emerged that the corporate regulator had obtained more than 50,000 documents as it investigates CommInsure, the life insurer's former chief medical officer Benjamin Koh said he had warned several senior managers about a culture in which CommInsure staff went out of their way to minimise claims to customers, who were seen as the "enemy" if they...
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CBA boss defends Senate inquiry no show   April 28 2016   http://www.news.com.au/national/breaking-news/labor-slams-commonwealth-bank-over-noshow/news-story/5e8b49b1be0ffbc68f92d87a8f6a49b7 Commonwealth Bank says its chief executive is willing to front a Senate inquiry into its insurance operations, despite his failure to attend a hearing on Thursday. CBA and Ian Narev were advised a week ago of the Sydney hearing into CommInsure and allegations it mishandled life insurance payouts, but told the committee they couldn't appear until "early next week". That would coincide with the federal budget. Committee chairman, Labor senator Chris Ketter, labelled the bank's response "audacious and shameless". CBA said it was not possible to rearrange Mr Narev's diary at such short notice, and he had other commitments. "Our CEO Ian Narev has always said that he is willing to appear before the committee to discuss our submission, and answer any further questions the committee members may have," a CBA spokesperson said.    ...
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  • organza
    organza says #
    Must have had an secret date with Sinodinos.
  • Duped
    Duped says #
    Got to do my homework first so that I know what porkies I can tell at the inquiry.
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She wonders what problems need to be solved?  We can send a few....Ring-a-Ding ING   Ann Sherry of ING Group defends banks' culture Apr 28 2016 Tony Boyd   http://www.afr.com/brand/chanticleer/ann-sherry-of-ing-group-defends-banks-culture-20160428-gohgnx   Ann Sherry, one of the most successful tourism executives in Australia over the past decade, has weighed into the fractious debates in Australia over corporate culture and the state of the banking industry.  In relation to culture, she says the country's largest corporations must introduce greater diversity and shed the male domination of their senior executive ranks. If they don't then they won't optimise their performance and will remain out of touch with their customers. On the call for a royal commission, Sherry says it is not a good idea as we already have a sound, well regulated financial system. She wonders what problem needs to be solved.  She says those calling for a royal commission because of the alleged...
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  • Grandma
    Grandma says #
    Ms Ann Sherry would you like to look at my case! There was no "alleged Fraud " as you put it.I was wrongly arrested for the fraud
  • Duped
    Duped says #
    Very ill informed woman, she should start reading up on topics such as bank engineered fraud, deceit, also the captured ASIC, FOS
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Ed:  Uh Oh  Now the innovative thought bubble is to have spruikers re-target retirees to throw money at commercial developments just as the market is about to crash according to experts.  That would work.......not! The market needs to go on the decline in order to recover to weed out the rot.................must think the public are stupid.   Election 2016: Turnbull to establish "banker flying squad" for new projects. What dimwit would trust Bankers prior to Royal Commission?  Get to the truth first say Consumers.   Apr 28 2016 Jacob Greber   http://www.afr.com/news/politics/election/election-2016-turnbull-to-establish-banker-flying-squad-for-new-projects-20160428-goh9du The Coalition government is preparing to seize on historically-low global interest rates to accelerate borrowing for a wave of city-building infrastructure projects in tandem with private investors riding shotgun on the Commonwealth's AAA balance sheet. In a cornerstone of Prime Minister Malcolm Turnbull's election pitch to boost jobs and growth, the Coalition will unveil on Friday a crack unit...
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Ed:  Guess whose electorate negatively gears the most...and no longer cares for young couples trying to buy a home....or giving up hope.  Many parents work hard for their kids future as a motivation and then find themselves wiped out by powerful Elites.  Then kids cannot assist nor house the parents............Is this our Nation's culture? Opinion The Drum By Matt Grudnoff Posted Wed at 1:00pm http://www.abc.net.au/news/2016-04-27/grudnoff-facts-about-negative-gearing/7362012   Who, where and how much: It's time to get the facts about negative gearing, starting with the fact the people of Malcolm Turnbull's own electorate are the biggest negative gearers in the country, writes Matt Grudnoff. They say all politics is local. This might help explain the Prime Minister's attack on any attempt to rein in the excesses of negative gearing. According to research by The Australia Institute, the people of his electorate are the biggest negative gearers in the country.   Almost everyone who has looked at...
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APRA’s supervisory activities in 2005/06   Page 3 Authorised deposit-taking institutions Strong domestic economic activity and robust credit growth, particularly in the second half of 2005/06, underpinned the continued sound performance of authorised deposit-taking institutions (ADIs). Business credit grew at its fastest pace since the late 1980s and housing lending growth, which had been slowing over the previous two years, picked up as the housing market regained momentum. The higher lending volumes again offset pressures on interest margins from more intense competition in both lending and retail deposit markets, and from increasing reliance by larger ADIs on relatively more expensive wholesale (often offshore) funding. Benefiting as well from growing non-interest income, particularly from wealth management activities, the ADI sector has for some time now enjoyed strong and stable profitability, comfortable capital buffers, and impaired assets that are at historically low levels. As a possible harbinger of future problems, however, the value...
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We need a Federal Consumer Protection Agency i Australia, but not modelled on FOS!!!!!   CFPB must be modelled on the FOS...... Dark money group spends $58,000 attacking Consumer Financial Protection Bureau by Libby Watson investigations April 26, 2016   http://billmoyers.com/story/dark-money-group-spends-58000-attacking-consumer-financial-protection-bureau/ A screenshot of an ad opposing the CFPB by Protect America's Consumers.   Since it formed in 2011, the Consumer Financial Protection Bureau (CFPB) has been under siege from financial institutions. Senate Republicans tried very hard to stop it from functioning at all, and since then they’ve tried to “tighten the leash” on the agency. Nearly five years since it officially opened, a new dark money group is taking aim at the agency — and no one has any idea who's behind it. Protect America’s Consumers is a 501(c)(4) group that incorporated in November 2015. Its registered agent is North Rock Reports LLC, located at the same address in Warrenton, Va., as the law firm...
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The LMIM Scandal highlights that fact that bankers set up developers to spruik ex pats living and working in Thailand, Hong Kong,  UK, some of whom are Australian and others are friends of aussies.  All were targeted and spruiked by Gold Coast developer Peter Drake and friends.  ASIC has sat on the fence for years as another $1 billion scam emerged and yes Australian Bankers were at the bottom of each of these shocking Ponzi schemes involving the construction industry as part of the wider net of Control Fraud. No-one was safe from the bank driven free market frenzy.  Regulators were captured years ago.  We were back to 1950's buyer beware madness and our economy will suffer for this folly.  The economy does not belong to politics, it belongs to the people. We just have to ensure we throw out those who abused this system from the political podium. From Dale...
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The Australian Banking Control Fraud was accidentally discovered (and buried) in 2005!   Economists Lindsay David and Philip Soos of LF Economics still await the publishing of their report by the Senate. The TAX  Dept investigators noticed when carrying out LAF investigations: every employment said "professional investor."  In 2005, the tax boys wrote to banker loving ASIC, APRA and the BANK CEO's and said OI OI OI this must be fraud! This Professional Investor customer is on a pension??? Bit suss. Banks told sellers: "Look we know we instructed you all to write employment re Low Docs as being "Professional Investors" but tax boys not happy as they have found thousands............ We NOW suggest as your Banker employers to try and find out our customer's hobby and make the employment look near enough to match OUR CALCULATOR income projection figure (fudged by us) and then make the Loan Application Form (LAF) look...
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  • organza
    organza says #
    If that report had not been hidden how many of us would still be living in our homes?
  • douglen46
    douglen46 says #
    Why was the 2005 report hidden, there can only be one conclusion to come to those who are supposed to be doing their job (ASIC) "P
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Brokers react to Westpac’s shock lending decision 28 April 2016 http://www.theadviser.com.au/breaking-news/34312-brokers-react-to-westpac-s-shock-lending-decision A leading Chinese-Australian brokerage says Westpac’s decision to stop lending to non-resident borrowers has come sooner than expected. The major bank confirmed in a statement yesterday that it has made changes to its non-resident lending policy, effective this week. Westpac, St George, Bank of Melbourne and BankSA will no longer accept mortgage applications from non-residents. The banks will also no longer accept any foreign self-employed income applications or applications from temporary visa holders living overseas. In addition, LVRs for acceptable domestic applications with foreign income will be reduced from 80 per cent to 70 per cent. Commenting on the policy changes, Donald Tang of Sydney-based brokerage Alliance Mortgage Solutions (AMS) said Westpac’s decision was “quite a big change for the industry”. “We have heard people talking about this change from about a month ago but didn’t realise it would come...
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Mortgage arrears rise again 28 April 2016 http://www.theadviser.com.au/breaking-news/34309-mortgage-arrears-rise-again   Australian housing loans in arrears rose for the fourth consecutive month in February for both prime and non-conforming residential mortgage-backed securities (RMBS). According to the Standard & Poor’s (S&P) Performance Index, 1.11 per cent of prime RMBS were in arrears as of 29 February, up from 1.07 per cent on the prior month. The index measures the weighted average arrears more than 30 days past due on residential mortgage loans in publicly and privately rated Australian RMBS transactions. Full-doc and low-doc arrears increased to 1.07 per cent and 4.55 per cent respectively, while the proportion of non-conforming RMBS in arrears rose to 5.22 per cent from 4.91 per cent in January. S&P noted that while the rise in loan arrears partly reflected a decline in outstanding loan balances, there was also a seasonal component at play. “Arrears typically increase in January and...
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State government’s huge stamp duty addiction By Unconventional Economist in Australian budget, Australian Property at 11:13 am on April 28, http://www.macrobusiness.com.au/2016/04/state-governments-huge-stamp-duty-adiciton/   Core Logic-RP Data has released an interesting analysis of the Australian Bureau of Statistics’ (ABS) government taxation statistics for the 2014-15 financial year, which shows that the states continue to feast on stamp duty, which has shown phenomenal growth since the property bubble kicked-off in 1999: In the 2014-15 financial year, state and local government taxation revenue was recorded at $89.278 billion having increased by 7.0% over the year. The taxation revenue was comprised of $45.203 billion or 50.6% from property. While total tax revenue increased 7.0% over the year, property tax revenue increased by 10.5% highlighting that property taxes are the largest source of taxation revenue for state and local governments and are rising at a rapid pace.     Interestingly, since the 1999-00 financial year, total state...
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Loans to private equity managers cause concern Chris Flood 13 March 2016 http://www.ft.com/intl/cms/s/0/9547c2d6-e530-11e5-bc31-138df2ae9ee6.html#axzz475ZleDdR Private equity executives are increasingly borrowing money from banks to boost the size of their personal investments in the funds they manage, according to research from Investec Fund Finance, the specialist lender.     The benefits for the private equity managers are twofold: investors believe the manager has committed a larger sum of their own money to the fund, which provides reassurance and in turn encourages clients to make greater investments.   Private equity managers also stand to make bigger gains if the value of the fund increases.   But some industry experts are concerned that the borrowed money provides a false sense of security for investors, who have pushed private equity executives to risk more of their own money after some buyout funds ran into trouble during the financial crisis.   Leon Stephenson, a partner in the financial...
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Australia Following Canada Into a Financial Black Hole by Leith Van Olsen Nov 10 2010 http://seekingalpha.com/article/236098-australia-following-canada-into-a-financial-black-hole Following on from my previous post on the Australian banks, the Australian government has announced that it is examining following Canada's lead and implementing a government guarantee of residential mortgage backed securities (RMBS), in order to foster greater competition in mortgage lending and reduce the power of the big four banks.  Given this proposal, I thought it timely to provide an examination of the Canadian government's guarantee of its RMBS market, and show readers why adopting a similar approach in Australia is a terrible idea. In doing so, I have borrowed heavily from Canadian financial blogger, Ben Rabidoux, as well as my previous article on the Canadian housing bubble. Readers seeking additional analysis on this issue are advised to read David Llewellyn-Smith's critique of this proposal. Canadian Housing Mortgage Corporation (CMHC): The Great Enabler The...
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Government rejects more Trio payouts   04 Apr 2016 By Sarah Kendell   http://www.financialobserver.com.au/articles/government-rejects-more-trio-payouts   The government has announced it will not be providing any further compensation in the case of two groups of investors in the collapsed Trio Capital. In a statement to media on Friday, Assistant Treasurer Kelly O’Dwyer said the government had concluded that ASIC and the Australian Prudential Regulation Authority (APRA) had acted appropriately in relation to the fund manager’s collapse.   As a result the two groups, comprising direct investors and self-managed superannuation trustees not covered by the Superannuation Industry (Supervision) Act 1993 (SIS Act), would not receive compensation. “The government considered the action taken by the financial regulators…and is satisfied that in relation to the collapse of Trio, both regulators carried out their roles and responsibilities appropriately, in accordance with the law and the regulatory framework,” O’Dwyer said.   A third group of investors had...
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Time this was cleaned up.... Arthur Sinodinos says he won’t attend Senate Inquiry into political donations Leonare Taylor 27 April 2016   http://www.theguardian.com/australia-news/2016/apr/27/arthur-sinodinos-says-he-wont-attend-senate-inquiry-into-political-donations Cabinet secretary rules out appearing at inquiry set up by Labor to investigate associated entities, such as the Liberal party’s Free Enterprise Foundation Read the senator’s letter Cabinet secretary Arthur Sinodinos won’t be attending a special parliamentary inquiry into political donations on Thursday, despite a “demand” from the Senate that he show up to give evidence.  Sinodinos wrote to the committee late Wednesday saying he wouldn’t be attending during the two hours scheduled for him to give evidence on Thursday morning and that the “direction” was “objectionable”. “It would be inappropriate for me or any minister to appear ... the purported direction ... is without precedent, and violates well established Senate practice,” Sinodinos wrote. He said the inquiry had a “ludicrously” short time frame and the public could...
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  • organza
    organza says #
    Refusing to attend is as good as saying guilty. So what's he doing as part of the government when it's not the first time he has
  • Duped
    Duped says #
    Guilty as all hell. Dirty money laundering is part of the Liberal party.
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The Government run Australian property market Ponzi schemeDavid Donovan 3 March 2011 https://independentaustralia.net/business/business-display/the-government-run-australian-property-market-ponzi-scheme,3303 The Australian housing market is a Government run Ponzi scheme set up to advantage governments, banks, developers and the real estate industry at the expense of ordinary Australians. David Donovan comments. If you have a mortgage on a house you bought recently, you may wish to turn away now because you may not like what I am about to say. Real estate in Australia is overvalued by between 10 and 56 per cent. On one end of the extreme, the IMF said last year property was overpriced by a relatively benign sounding 10 per cent. However, the Economist magazine released a special report at the start of March which said it was overvalued by 56 per cent, making Australian property the most overvalued in the world. Sitting in the middle of these two estimates is that of global...
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Westpac tightening lending standards.  Is that not an admission banks had lowered standards to such a  low level it has placed our economy and property market at risk?     27 April 2016 Simon Johanson   http://www.brisbanetimes.com.au/business/property/westpac-stops-lending-to-foreign-property-investors-20160427-gofza6.html   Banking giant Westpac has stopped lending to foreign property investors in a surprise move that is likely to spark concerns about a slowdown in residential construction particularly in capital city apartments. Australia’s apartment construction boom is being underpinned by a wave of foreign buyers, with many borrowing from local funds to fund part of their property home  purchase. Westpac said Wednesday, that it and subsidiaries, St. George Bank, SA Bank and Bank of Melbourne would immediately halt all home lending to non-residents and temporary visa holders. The bank, one of Australia’s biggest four and the country’s second largest bank, said it was also tightening lending standards on Australian citizens and permanent visa holders whose main...
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