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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: ANZ Risky Banking Business - acting as Cartel...needs Royal Commission NOW

Posted by on in ROYAL COMMISSION URGENT
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http://www.afr.com/p/business/sunday/anz_denies_using_risky_business_EEaHn9Xwfe8xdAjkZhGT0M

ANZ denies using risky business to attract clients

ANZ Banking Group has been accused of lowering its lending standards, with major bank rivals claiming it is ­taking on extra risk to win new business customers..............Sources at two big banks have both told The Australian Financial Review that ANZ is acting the most aggressively in the business lending space.  “Conditions in the market are resembling pre-GFC appetite for risk,” an executive at a major bank said.  “We’ve seen ANZ in particular be very aggressive on pricing and credit terms in the SME business market, particularly for commercial real estate.”

The Australian Prudential Regulation Authority and the Reserve Bank of Australia have warned banks not to take extra risk in a low interest rate environment where demand for business loans remains subdued.  APRA has ramped up its surveillance of credit quality and visited bank boards to drill home the message that underwriting standards must not be loosened. It has directed “too big to fail” banks to limit their dividends and warned they are set to face higher ­capital requirements to safeguard the financial system.  It is understood ANZ called in an external auditor earlier this year to conduct a review of its loan book. ...............Nomura bank analyst Victor German said the truth about credit quality would only be known in three to five years’ time.  Before the 2008 global financial crisis, Bankwest, Suncorp and Lloyds took on riskier business loans that the big four domestic banks didn’t want to hold.  Between 2009 and 2012, the ability for the big four to shift their lower quality customers to these more aggressive players largely disappeared.........

 

Separate from business lending, APRA released detailed data for the first time in August on residential and commercial property exposures.................The new information included the proportion of high loan-to-valuation ratio loans, third-party originated loans, interest-only loans and investment property lending.   Analysis of the data by UBS’s Jonathan Mott and Chris Williams shows 39 per cent of new housing loan approvals are interest only loans, up from 30 per cent four years ago.  The publication of the data was quickly followed by APRA executives visiting the boards of the major banks to discuss lending standards.............ANZ’s Mr Smith has previously highlighted how he has fixed credit quality problems he inherited when he took over as chief executive in 2007. Its bad exposures at the time included Centro Properties, ABC Learning Centres, Opes Prime, Babcock & Brown, Tricom, Timbercorp and Great Southern.

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Guest Wednesday, 03 June 2020