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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: Genworth, US Giant, to sell IPO $2.4 billion Australian mortgage insurance: breaching US regulations? CBA and Macquarie

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http://www.afr.com/p/opinion/genworth_ipo_worth_up_to_bn_launches_g2kvo1UFahDHEqoT65KoUO

 

Genworth IPO worth up to $2.4bn launches

 

Genworth Financial

 

 

Brett ColeFrom: Business Spectator   April 08, 20144:31PM

 

US insurer Genworth Financial says it plans to sell as much as 40 per cent of its $4 billion Australian business, Genworth Mortgage Insurance Australia, in an initial public offering as early as June, a US Securities and Exchange Commission filing says.

Australian-based fund managers told Data Room that Genworth Mortgage Insurance Australia might be worth between $2.3 billion and $2.7 billion, or about 10 to 12 times the company’s forecast 2014 net profit of $231.1 million.  Commonwealth Bank of Australia and Macquarie have roles managing the IPO, the fund managers say.  Macquarie will host a “teach-in lunch” tomorrow for analysts working at fund managers, because an IPO of a mortgage insurance business in Australia is unprecedented, the investment bank says in its invitation.  Next week, CBA’s analyst is visiting fund managers to brief them more about Genworth’s balance sheet and business.  The analysts at Macquarie and CBA who are involved in the IPO have been tight lipped with investors about Genworth’s plans because they are concerned about potentially breaching US SEC regulations.

 

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  • Denise
    Denise Tuesday, 08 April 2014

    Definite shady mortgage loans. One would be forgiven for assuming shady insurance. We know Australian Banks were taking Insurance highly inflated premiums and self insuring their toxic products. More grief ahead and look at the timing. May breach US regulations? Here we have regulations but no-one enforces them. Thats why the current Inquiry into useless ASIC. Enjoy your time on the stand tomorrow ASICKERs - being grilled by the Senators again. [email protected]

  • doyla66
    doyla66 Thursday, 10 April 2014

    How is Genworth doing so well with so many claims on it for compensation in maladministration in lending and injury cases?
    Not to mention all the LMI as hundreds of Australians lose their jobs and jobs are harder to find?
    More to the point, how long will Genworth continue to prosper as the number of cases increases?
    IPO at this stage looks like they can see the writing on the wall and are hoping to share the risk and raise capital to buffer the slow slide into meltdown.

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