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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: Historical Bad Banking Behaviour in Low Doc Lending covered up 2000 - 2007

Posted by on in Consumers Fight Back
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Our intrepid Researcher Gladys is digging up an impressive history of dastardly banking BIG BANK BAD BEHAVIOUR  .

Time to regulate the banks start with URGENT ROYAL COMMISSION into Banking             This email address is being protected from spambots. You need JavaScript enabled to view it.


Canny chief steers ANZ clear

February 9 2004

There is an experienced banking chief executive with the perfect curriculum vitae to strip the risk out of National Australia Bank in the wake of its foreign exchange trading losses.  The only problem is, he's already doing it for one of NAB's competitors.

ANZ bank chief executive John McFarlane is Scottish-born, like John Stewart, the man chosen to clean up after NAB's $360 million foreign-exchange debacle.  But that is where the similarities end. Stewart joined NAB last year with a brief to consolidate NAB's British banks, but he was a retail banking specialist before that, first at Woolwich, the British building society-turned-bank, and then at Barclays, which took over Woolwich in 2000.

McFarlane in contrast is a career corporate banker. He joined Citibank's British arm in 1975, and began developing expertise at senior levels in exactly the kind of businesses that have produced the loss for NAB: corporate banking, treasury and investment banking. He even set up Citibank's British currency-options trading business in the mid '80s. Currency options trades are the source of NAB's loss.

Almost as soon as he took over, McFarlane started to downsize the bank's derivatives trading and investment banking activities in the belief that they are a source of poor-quality profits at best. Even if they are not blind-sided by the sort of loss that has hit NAB, the earnings they produce are simply less dependable year to year, in McFarlane's view. He also believes a competitive edge in corporate banking is less easily defended than one in less esoteric businesses, such as mortgage lending....................


press release  Low-doc New business is finally measured now $8.8 billion in annual Low-doc lending stems from 26% growth on previous year


Press embargoed for 12.00am Sunday 28 October 2007
Please adhere to the following reference conventions for any MISC material used in your article(s):

1. Please refer to MISC in the following manner; MISC Australia (Market Intelligence Strategy Centre)
2. Do not cite any individual MISC staff
3. Please forward an original version of the published article(s) to MISC for internal records
4. Further information about MISC services please contact the Marketing Department

Low-doc New business is finally measured now $8.8billion in annual Low-doc lending stems from 26% growth on previous year.

Newly written Low-doc loans reach $8.8 billion for the year ended June 2007 with 26% growth from the previous year says MISC (Market Intelligence Strategy Centre) on behalf of its Bank and Broker pool members in results released today from the June Quarter Mortgage Broker Pool. This growth coincided with three successive quarters of interest rate adjustments each of 25 basis points with a further additional adjustment immediately after the June 2007 quarter, in August this year (Refer to table on next page for full details). The year of this increased low-doc activity was a year in which the accumulated 75 basis points in rate adjustments impacted on all mortgages. The median low-doc rate (variable) rose from 7.35% at the beginning of the year immediately following the May 2006 adjustment to 8.04% by July 2007, just before the latest Reserve Bank adjustment.


The MISC measures also represent the first new business figures in which a consistent definitional framework is set. Previous inconsistency in the scope of low-doc estimates have added to the volatility in the estimate fluctuations with variations from $7billion to $38 billion in stock and incorrectly
intensified belief that looser lending patterns were growing. Fuelling that speculation is the practice of grouping non-conforming or credit impaired lending inferences in the same category as low-doc. The reason can be traced back to the only other regular primary data source of measurement, which measures only lowdoc
and non-conforming and is securitised as one group.


2000 ANZ launches a policy for approving loans for applicants who could not verify their income.
Apr 2001 Adelaide Bank launches Low-doc Express Term Loan & Low-doc Express Mortgage
Tamer and Low Doc Express Home Buyer Power.
Mid 2001 BMC Launches its low-doc product BMC Low-doc.
Mid 2001 Collins Securities launches low-doc product Collins Complete Line of Credit.
2002 Suncorp Metway launches Low-doc Select Ready Access (Variable) and Asset Mid 2003 ING launch low-doc
Jul 2003 Professional Lending Corporation launches Premium Low-doc facility.
Aug 2003 Loancorp launch fully optioned Low-doc or No Doc Home Loan (six months free mortgage insurance).
Sep 2003 RAMS Homeloans enters low-doc market RAMS Low-doc and RAMS Smartway Low-doc.
Oct 2003 Mortgage Ezy launch Low/No doc.
Dec 2003 Mortgage House launch broker originated Lite & Easy Low-doc.
Jan 2004 Professional Lending Corporation launches a broker originated Prime Low-doc.
Feb 2004 Home Loan Services launch a Low-doc loan - "Banksia Self Certified Loan".
May 2004 RESI Mortgage Corporation and AIMS discount low-doc offerings.
Apr 2004 BankWest launch Easy Doc targeted at owner-occupiers, personal investors and construction.
Sep 2004 APRA's proposal on additional capital provisioning for low-doc loans is enacted.
Dec 2004 NAB and Homeside introduce new low-doc product.
Apr 2005 NAB and Homeside launch Business Low-doc package.
Aug 2005 ANZ introduce self-verification "ANZ Lo Doc".
Jun 2006 Citibank launches its ''no doc''.
Jun 2006 Bluestone announced ''BlueWay'' Mortgage account offered for low-doc and featuring ATM access.Line (Equity) loans
Sep 2006 Resi Mortgage low-doc loans have reduced from 7.44% to 7.23% for new borrowers and
Resi's line of credit product was cut from 7.44% to 7.09%
Dec 2006 Pepper Homeloans launch the Business Direct No Doc Loan


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