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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: Mortgage Buyer's Beware: NCCP laws a DOG'S BREAKFAST says MFAA. We agree!

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If ever you needed proof of why these NCCP is unworkable its this:  Consumers are left at the end of dangling wrangling ropes between the Brokers, Bankers and Dumb ASIC.  Medcraft is in charge of this dog's breakfast and NO CONSUMER PROTECTION has taken place before, since or during the NCCP discussion and inception meetings.  Now one knows what they are supposed to be doing.  Buyers contemplating asking for a mortgage or refiannce: DON'T, as the RISKS will leave you utterly unprotected.   Read why the Broker Industry says so..............................and we agree:  

"NO ONE KNOWS THAT THEY ARE DOING."  SO ITS BACK TO BUYER BEWARE................................DANGER AHEAD.  Whatever you do as a consumers never ever sign a Low Doc Mortgage High Risk, High Cost Loan...............................ITS A KILLER LOAN.

Government given the hurry-up by MFAA


by Calida Smylie | 20 Mar 2014
 
While the Treasury recently announced the government does not intend to proceed with the phase 2 NCCP credit reforms, the government has been dragging its feet with clearing up issues with the NCCP Act – and MFAA has sent them a reminder to do so quickly.

“We’re trying to get the issues resolved for our members so they know what they can and can’t do under the act,” MFAA chief executive Phil Naylor toldAustralian Broker.

“There’s been a bit of a stand-off with the new government coming in, but we now understand they are starting to look at problems with the act again.”

Treasury has stated it intends to proceed with the so called 'fine tuning regulations' of NCCP.

MFAA has summarised the 22 key points it has been making submissions on since the NCCP Act came in four years ago.

The one many brokers are likely to want to see changed urgently is the credit activity point of sale exemption for retailers and vehicle dealers.

“That’s one which gets a lot of brokers’ backs up,” said Naylor. MFAA seeks total removal of this exemption.
 
The broker representative group has also recommended key fact sheets for home loans are abandoned, because of the unnecessary compliance cost of maintaining documents which are rarely requested by borrowers.

However, if the fact sheets are not abandoned, amending the form to more clearly state what happens at the end of a fixed rate term is recommended.
 
Comparison rates should be stopped, as they are of limited value and can be misleading to customers, said MFAA. But if the government chooses not to stop them, the prescribed amounts should be amended due to inflation since they were set.
 
MFAA also recommends brokers should be able to obtain credit reports to improve efficiency, and clarify what triggers a hardship application.
 
Ah YES....more of MEDCRAFT'S MAYHEM, MESS and  CONFUSION  a la ASIC   This email address is being protected from spambots. You need JavaScript enabled to view it.
 
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