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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: Woof - Watchdogs orders to Bark........Slime Loans exposed at last.

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Woof – The watchdogs have a bark!

Written by admin on

December 9, 2014

 

http://www.whocrashedtheeconomy.com/

 

 

Hot on the release of the Murray report, the Australian banking regulator (APRA) and the Australian investment and security regulator (ASIC) has today exposed teeth as they start growling and barking at our reckless banks.

Both regulators have launched an attack on prevalent risky residential mortgage lending practices, targeting in particular, loans to the overheated investor market.

According to reports, APRA has written to the banks today, telling them growth in loans to property investors should not exceed 10 per cent. APRA warns it stands ready to raise capital requirements early next year if banks do not take a more prudent approach to mortgage lending.

ASIC has today announced surveillance operations into interest only loans. In the September quarter, more risky interest-only loans reached a record high of 42.5 per cent of all loans issued. It is concerned owner-occupiers, who are betting prices will always rise, will be unable to make payments when the interest-only period ends.

One Comment to “Woof – The watchdogs have a bark!”

  1. Max D. Leverage Says:
    December 9th, 2014 at 9:17 pm

Before we get too excited about controlling Australian banks we need to find out who their major shareholders are. SURPRISE! Its the usual suspects HSBC, JP Morgan, Citigroup and National Nominees. Together they could probably buy Australia and we know they already own the government. Well I guess the solution is to throw more taxpayers funds at them and hope they don’t get too angry.

» APRA launches crackdown on loans to property investors – The Age, 9th December 2014.
» Financial regulators united in attack on risky loans – The Sydney Morning Herald, 9th December 2014.
» APRA, ASIC increase surveillance of risky home lending – The ABC, 9th December 2014

 

 

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