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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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Denise Brailey

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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BFCSA: Arrogant Major Banks tell APRA to Bugger Off....."don't tell us how to run our dirty business"

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All Banks have to do to boast Prudent Lending Practices that advantage their customers, is to PRESS THE EASY BUTTON?  Will Banks do that and stop their nefarious activities in Toxic Liar Loan Mortgage Lending?  Not likely.

They say all too hard as no profit in clean products but obscene profits in toxic mortgage products...engineered by four Major Banks.   Bankers use Fraud, Forgery and Maladministration in Lending in approval processing aided by their favourite weapon:   the dreaded service calculator.  Next banks will move the loan approval process OFFSHORE as if a Nigerian Scam...............wait for it....coming to a bank nearest YOU!

ASIC and APRA will bleat: outside our jurisdiction.......................Back to 1950's BUYER BEWARE OF BANKERS and toxic financial products.

They simply tell our Australian Prudential Regulator ("APRA") to bugger off.....same as bankers have been doing for two decades.  Then ASIC sends form letters to aggrieved consumers complainants re Banks,  to clear off as well!    Oh what a lovely system..............Government endorsed.    Consumers need to fight back................  This email address is being protected from spambots. You need JavaScript enabled to view it.

Banks push back on mortgage guidelines

Business Date July 22, 2014

Clancy Yeates


Big banks are resisting the Australian Prudential Regulation Authority's move to introduce detailed new mortgage lending guidelines, saying the regulator's proposals are too prescriptive in telling banks how to run their businesses.  In May, amid concerns lending standards were slipping, APRA published landmark guidelines on how it expected banks to manage and monitor their mortgage risks.  But a new submission on behalf of the banking industry has hit back at the plan, saying it will add costs and invites a "tick the box" mentality among lenders.

The Australian Bankers' Association submission argues the regulator should stick to providing banks with top-level principles for lenders to implement as they see fit, rather than developing specific guidelines.  The debate is the latest flashpoint between a banking industry that has faced extensive rule changes since the global financial crisis, and a regulator intent on reducing systemic risk.  In a submission provided to APRA on Monday, the bank lobby group said the proposed guidelines went too far in telling banks how to run their affairs.   "It should be remembered that it is as much in the [bank's] interest to manage credit risk on residential mortgage lending prudently as it is in the interests of the economy," said the submission, lodged on behalf of banks including the Commonwealth Bank, Westpac, NAB and ANZ.

In particular, the ABA took aim at proposals for tougher stress tests for borrowers, and changes to mortgage broker commissions.  APRA has argued trailing commissions paid to mortgage brokers can lead to extra risk-taking because they encourage brokers to pay less attention to loan quality. It also suggested banks be able to "claw back" commissions to brokers who supplied large amounts of bad loans.  Against this, the ABA argued clawing back commissions did not represent "commercial reality" and could breach contract laws. Westpac and NAB ave recently raised their broker commissions in an attempt to win more business.

The Mortgage and Finance Association of Australia has also rejected claims that broker-originated loans are riskier than others.  The ABA also claimed APRA's guidance on how banks should stress-test borrowers was more stringent than consumer credit laws enforced by the Australian Securities and Investments Commission.  The $1.3 trillion home loan sector is emerging as a growing concern for authorities. The financial system inquiry last week said it represented a "systemic risk" to the economy, and APRA has sought written assurances from banks over lending standards..................
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Banks' role in real estate's foreign investors questioned

Banking and Finance  July 21, 2014

Clancy Yeates

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The role of Australian banks in helping to fund foreign investment in real estate is coming under scrutiny, as politicians investigate overseas buyers' activity in the housing market.  The trend highlights the global pressure on banks to know more about their customers' financial dealings, amid allegations wealthy Chinese citizens are secretly transferring money into overseas property markets, including Australia's.  As foreign investment in housing surges and banks eye their cut, lenders' activities in relation to overseas buyers are being examined as part of a broader parliamentary inquiry into residential housing.

At hearings of the House of Representatives economics committee late last month, ANZ Bank and Macquarie Group were asked to provide details of how they were ensuring various foreign investment rules were followed.  However, responses from banks, published this month, highlight the limitations of what lenders currently know about foreign real estate investors.

Macquarie Group was asked what it did to make sure loan clients were not misusing the Significant Investor Visa and diverting the funds into property assets. Known as the "888" visa in reference to the lucky Chinese number, the visa fast tracks residency status for wealthy foreigners who invest at lease $5 million in bonds, certain managed funds, or private companies.  A response from Macquarie this month said it did not directly monitor how loaned funds were being used but it had the power to call in the loan or seize collateral early if clients were dishonest.

ANZ, which is targeting Asian customers, was asked whether it traced the source of income for individual foreign buyers when it was lending money to domestic property developers.  The bank's response, published this month, said it did not trace foreign buyers' source of income, but it checked the post-codes of "pre-sales" to make sure they were genuine.  Australian Bankers' Association chief Steven Munchenberg said in a submission that when banks were lending to developers, they did not have direct contact with the foreign buyers and could therefore not investigate their funds.  "Basically, a bank will seek to ensure that the pre-sales contracts represent genuine sales,’’ he said.


β€˜β€˜The source of funding for foreign purchasers, however, is generally not investigated."  Even so, the questions come amid allegations wealthy Chinese residents are using back-channels to move money out of the country, including into Australian property.  Chinese media have cited estimates 20 billion yuan ($3.4 billion) has been moved out of China illegally since 2011 via banks.  Macquarie analysts referred to this figure in a report last week, alongside estimates Australian lending to non-residents had surged 27 per cent in the year to March.  At a time of heightened interest in foreign property purchases and strong house price growth, the analysts said the latest allegations provided "food for thought".  Foreign investment in residential real estate, especially from China, has surged recently, giving rise to fears it is pushing up home prices  Figures provided to the inquiry by Treasury show approvals of overseas purchases were $24.8 billion in the first nine months of 2013-14, a jump of 93 per cent on the previous year.......Read more:

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