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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: Macrobusiness explains and dispells what the David Murray Crapomatics delivered

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Crap matter how many qualifications. financial advisers have, it will make no difference if all they have to offer are FLAWED FINANCIAL PRODUCTS!  This macrobusiness article says it all.......Medcraft was the Father of Securitization, globally............go figure!  So You should all work out what happens from here on in, if no action taken against the Bankers.

In a nutshell to explain what Murray failed to discover (what a surprise!) read below and, for full report cut and paste the link

............The guys with all these new spreadsheet skills were employed by investment banks globally and told to analyse anything and everything and come up with ways to increase profits ie bonuses. This was of course delivered by gaming the system. In this case the system was. 

(i) securitization,
(ii) how the rating agencies gave opinions on RMBS (Residential Mortgage Backed Securities) and
(iii) how investors were incentivized through government regulation globally, to rely almost exclusively on these credit opinions.

Spreadsheets were used to over analyse very detailed cashflows to predict outcomes as a matter of almost certainty but with little knowledge by the modelers of what risks are associated with the cash flows disappearing. But to add something else to the mix, almost all the bosses of these spreadsheets gurus grew up in investment banking in different eras and had no spreadsheet skills whatsoever.

So the decision makers who may very well had some risk management skills, had to rely almost exclusively on young guns with the new technology who most certainly had no risk management skills. Believe it or not that situation was the norm from London to New York, to Tokyo and Sydney..............

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Guest Friday, 14 August 2020