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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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 Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
Banks could do the RBA's job on rates Australian Financial Review Mar 22, 2019 11.18am Christopher Joye   Let’s talk about plummeting house prices, why the banks could cut rates for the RBA, and Unisuper’s hitherto undisclosed $1.3 billion bet on hybrids. Home values across Australia’s five largest cities are about to pass through the 10 per cent peak-to-trough loss threshold, with the draw-down since their late 2017 apogee at 9.6 per cent. That’s one line in the sand where credit rating agencies have warned residential mortgage-backed securities (RMBS), which are suffering from a toxic combination of rapidly rising leverage, climbing arrears, surging supply (new issuance), and radically reduced prepayment rates, are at risk of being downgraded. (That also explains why while global credit spreads have been compressing sharply – contrary to most experts’ calls last year – RMBS spreads have not followed suit.) In early 2017 we forecast a 10...
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Unintended consequences put squeeze on economy The Australian 12:00am March 23, 2019 Alan Kohler   The Australian economy is being hammered by a double dose of ­responsibility: responsible lending and responsible budgets. Oh, the irony. We have a credit squeeze and fiscal tightening at the wrong time — that is, into the teeth of a cyclical property downturn — because banks and governments were irresponsible for too long, and are now trying to atone for their sins by being responsible. More broadly, Australia is reaping the result of having an economy based on real estate, ­resource exports and immigration, excluding manufacturing and ideas. The nation’s economic health is hostage to the banks and China and there is an also a productivity-sapping infrastructure deficit that can’t be made up because state stamp duty revenues are now collapsing. At a federal level, both major parties are campaigning on deficit reduction, and as a...
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Short bets on banks point to slump The Australian 12:00am March 23, 2019 Michael Roddan   Sliding house prices and faltering economic conditions have sparked a resurgence in the “widow maker” bet, as fund managers pour millions into short positions against the major banks and regional lenders. A flood of money betting on a housing implosion has coincided with a warning from global ratings agency Moody’s that tumbling apartment and house prices will push more borrowers into default. Bank shares have already been hammered through the royal commission over the past year, but international fund managers expect stock prices to fall further. Over the past three months, the slice of bank shares that are held short has risen by an average 50 basis points. Short selling is the practice of investors selling borrowed shares in the hope of buying the stock back later at a lower price to make a profit....
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PwC fears payments issue will go global Australian Financial Review Mar 22, 2019 — 11.00pm Edmund Tadros   EXCLUSIVE  Fears that PwC Australia’s burgeoning conflict-of-interest controversy over retirement payments made to former partners will spread to overseas member firms is piling pressure on local leadership to resolve the widening issue. The firm on Friday denied that the global board had become involved, even as AFR Weekend identified another ex-partner who is receiving payments from the firm and working as an audit committee head at a listed company where the auditor is also PwC. The PwC engagement with Amcor, along with the previously identified Vocus where a similar arrangement is in place, are estimated to be worth about $13 million in audit and non-audit fees to PwC. Please stop talking In one sign of the panic at the executive level of the firm, a note was sent out during the week to...
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‘Phantom’ savings pad budget figures The Australian 12:00am March 22, 2019 Michael Roddan   There are $1.1 billion worth of unlegislated budget savings that have not yet passed parliament that the government is factoring into the budget bottom line over the forward estimates, according to the independent Parliamentary Budget Office. The PBO’s estimate of the revenue measures that are not yet law grows to $5.7bn out to the end of the decade, relating to the planned amendments of the research and development tax incentive. The reform was announced last May and targets big business in an effort to save $2.4bn over the next four years but is yet to become law. The PBO’s pre-budget analysis comes as the Morrison government races towards finalising its April 2 federal budget. However, it only includes legislation that has been announced and appeared in budget papers more than a year ago. This means many of...
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Shock twist in bank cartel case Australian Financial Review Mar 22, 2019 12.15am Chanticleer (Tony Boyd)   Panic and pragmatism in equal doses are part of the intriguing back story behind the competition regulator’s case against Citigroup, Deutsche Bank, ANZ Banking Group and six senior bankers for alleged criminal cartel conduct. The case, which stems from a $2.5 billion capital raising by ANZ in 2015, passed a key milestone this week. On Wednesday the Commonwealth Director of Public Prosecutions emailed a statement of facts to the accused, almost 10 months after they were charged. Now, local court magistrate, Jennifer Atkinson, has to complete a committal hearing before referring the case to the federal court for a trial by jury, probably in the middle of next year. Chanticleer has learned from senior banking sources that JPMorgan, which has been granted immunity against prosecution, went into panic mode after it sought external advice...
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‘Tax big banks’ for guarantee The Australian 12:00am March 22, 2019 Michael Roddan   ME Bank chief executive Jamie McPhee has called on the government to level the competitive landscape for small lenders by taxing the major banks for the cheaper funding they get on the wholesale market due to investor belief the companies would be rescued by the government in a crisis. Speaking to The Australian as the fledgling bank reported an 11 per cent slide in net profit to $41 million for the second half of last year, Mr McPhee said there were three key areas for reform to break the big four stranglehold on the local banking market. “We’re not asking for a handout. We’re asking to compete fairly. That it’s in the best interest of the consumer,” Mr McPhee said. Due to the implicit government guarantee enjoyed by Commonwealth Bank, Westpac, ANZ and National Australia Bank, as...
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Financial advisers in the spotlight The Australian 12:00am March 22, 2019 Joyce Moullakis   The word is that several companies in the industry are fielding new requests for information or engagement by the Australian Securities and Investments Commission, with several being asked to complete detailed questionnaires to shed light on compliance processes and structures. That follows the interim and final reports from Commissioner Kenneth Hayne into misconduct in financial services, which firmly had regulators, wealth managers and financial advice firms in its sights. Referrals by the Hayne commission are being actively considered by ASIC and the prudential regulator for further action, as both seek to get on the front foot and regain respect from the public by moving away from a cushy or consultative approach. The regulator is certainly now more visible in the market. Sources said a firm — believed to be Perpetual — received a private reminder in recent...
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Fraser Anning staffer and alleged Nazi enthusiast employed by Home Affairs Sydney Morning Herald March 22, 2019 12.00am Nicole Hasham   EXCLUSIVE  The political staffer accused of writing Fraser Anning’s infamous "final solution" speech and holding an obsession with Nazi Germany is employed by the federal government agency managing Australia’s immigration program, it has emerged. The staffer, Richard Howard, is on unpaid leave from the Department of Home Affairs and has left the door open to returning should Senator Anning fail to be re-elected in May. Senator Anning prompted global condemnation for links he made between the Christchurch terrorist attack and Muslim immigration. At the time of writing almost 1.4 million people had signed a petition calling for him to be expelled from Parliament, and Labor and the Coalition plan to vote together to censure him in a Senate motion when MPs return to Canberra in April. The far-right Queensland senator...
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  Labor commits to build fast train from Melbourne to Brisbane Australian Financial Review Mar 20, 2019 11.00pm Phillip Coorey   EXCLUSIVE  Federal Labor will lock in its commitment to build a fast train from Melbourne to Brisbane by promising to start buying the land corridor if elected. The Australian Financial Review understands that Labor will promise funds during the election campaign to start securing the corridor, which Infrastructure Australia estimates will cost a total of $2.8 billion. Shadow infrastructure Minister Anthony Albanese, who has been pushing the project for several years, says there has been longstanding interest from China, Japan and Europe to build the rail line. "The Japan Railway Company. They've had an office here (in Sydney) since the 1980s waiting for something to happen,'' he told a recent transport forum. "The Europeans, the Chinese, there's a great deal of interest.'' When last in government, Labor promised $50 million...
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Westpac steels itself for customer compensation challenge Sydney Morning Herald March 20, 2019 7.30pm Stephen Miles   Westpac's decision to abandon its loss-making financial advice will cause it some short-term pain, analysts say, but it is preparing for the far bigger challenge of compensation costs for past misconduct. While some bank sector watchers said the move was "not material" to the bank's long-term financial outlook, others said it was preparing itself for customer remediation. Analysts agreed the decision to get out of personal financial advice would result in some short-term pain for its fiscal 2019 earnings but the bank would benefit from fiscal 2020 onwards, with the restructure removing about $53 million in annual after-tax losses from its bottom line. The bank on Tuesday said Viridian Advisory would take over part of the bank's advice arm, while the rest of Westpac's BT Financial Group businesses - private wealth, superannuation, life insurance...
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Half-built blots on the landscape are testimony to the construction slowdown ... and it will get uglier ABC News21 March 2019 Phillip Lasker   The property market upheaval brings billionaire investor Warren Buffett's oft-quoted piece of wisdom to mind: "Only when the tide goes out do you discover who's been swimming naked." We are witnessing more naked developers as half-finished projects dot the landscape of our major cities. As the year progresses, many more operators who've pushed the boundaries will join them. "Areas of oversupply will see a bit more chaos in the next six to twelve months," Scott Gray-Spencer, local head of capital markets at the global real estate firm CBRE, told ABC's The Business. Mr Gray-Spencer sees areas 10 kilometres from the city centres of Sydney and Melbourne and parts of Queensland as the most vulnerable. Job losses mounting up Construction jobs are an important support for the economy....
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Crackdown on Bank Misconduct & Flood of New Condos Pose Financial Stability Risks: Australia’s Central Bank Wolf Street Mar 20, 2019 Wolf Richter   But don’t worry: “The risks here appear to be elevated but contained.” The Reserve Bank of Australia has kept its policy rate at the historic low of 1.5% for the 31st month in a row, to do what it can to keep Australia’s housing bubble inflated. But with home prices spiraling down for other reasons, and with households being among the most indebted in the world, the banks are heavily exposed, and now the RBA is beginning to fret about financial stability. Or rather financial instability, which RBA Assistant Governor (Financial System) Michele Bullock defined in a speech today “as a disruption in the financial sector so severe that it materially harms the real economy.” So, a financial crisis. A rising pile of housing debt and falling...
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PRESS RELEASE Victims of Financial Fraud (VOFF Inc) Monday 25 March 2019 ORGANISED FINANCIAL THEFT - REGULATORS SHOULD BE IN HANDCUFFS   The Australian Financial Complaints Authority (AFCA), which is meant to redress victims of bank misconduct, is run by the banks and is not accountable to Parliament. BFCSA conclude that AFCA is designed to continue the protection racket the government and regulators have been running on behalf of Australian banks.   According to Denise Brailey of the Banking and Finance Consumers Support Association (BFCSA), Treasure Peter Costello attended the 2005 Macquarie Bank seminar that encouraged financial advisers to target the asset rich income poor (older people who own their home). Does this mean Treasury knew about the ARIP strategy (asset stripping) and did nothing? With tens of thousands of banking victims and a $75 million banking royal commission, that only scratched the surface, VOFF see the Trio Capital fraud in a...
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APRA demands banks, insurers act on climate risk Australian Financial Review Mar 20, 2019 1.52pm James Fernyhough   It is no longer good enough for banks, insurers and superannuation funds to disclose climate risks, they must take action to address them, the Australian Prudential Regulation Authority has warned. APRA, the regulator charged with overseeing the soundness of Australia's financial system, said on Wednesday it would "increase its scrutiny" on how financial services companies were changing their businesses to protect themselves against the physical, regulatory and economic effects of climate change. "The world is rapidly transitioning to a low carbon economy, driven principally by the decisions of governments, business leaders, investors and consumers. Companies that fail to respond to these forces risk being left behind," APRA's head of insurance Geoff Summerhayes said. "Gaining an understanding of the risks is an important first step for entities, but APRA wants to see continuous improvement...
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ANZ scraps sales targets for tellers Australian Financial Review Mar 20, 2019 2.30pm James Frost   The performance of ANZ's bank tellers will no longer be measured against sales targets as the bank extends a successful trial to scrap financial targets across it network of 600 branches from April 1. ANZ has been running trials that removed sales targets on and off for almost five years, but the feedback from a trial held last year across an entire city was overwhelmingly positive. An email obtained by The Australian Financial Review says the change will allow bank staff to perform their roles without the distraction of sales targets and will be rolled out on April 1. ANZ's general manager of retail distribution, Paul Presland, said in the email to staff the bank had come a long way in improving the customer experience and scrapping sales targets was the right thing to do....
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Downturn crunches SME loans, top regulators warn Australian Financial Review Mar 20, 2019 11.34am Patrick Commins   Financial regulators are concerned that tighter mortgage lending standards and falling house prices are further crimping the ability of small businesses to access credit. "Members observed that new lending to small businesses has slowed over the past year," a statement released Tuesday by  the Council of Financial Regulators statement read. "For many small businesses, personal and business finances are intermingled," the statement read. "As a consequence, the higher standards that lenders apply to personal borrowing are affecting some small business loan applications." The CFR is the peak coordinating body for the country's most powerful financial regulators. It meets every three months and includes representatives from the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, and Treasury and is chaired by the Reserve Bank of Australia. Sydney house prices are now 13 per...
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Sydney prices could fall up to 30pc Australian Financial Review Mar 19, 2019 3.50pm Su-Lin Tan   Sydney's house prices could fall by up to 30 per cent when the downturn is over if its decline doesn't slow down by the third quarter of the year, BIS Oxford Economics warns. In its bi-annual forecast in Sydney on Tuesday, the research group says given the negativity of the housing sector, house prices could fall between 20 to 30 per cent in nominal terms, or up to 35 per cent in real terms, especially if quarterly price falls in June and September this year remain at around 2 to 2.5 per cent or more. The full peak to trough price fall of 25 per cent over the full downturn - with the peak in June 2017 - has been bandied about previously. AMP Capital chief economist Shane Oliver has long held that Sydney...
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RBA urges lenders to loosen up, but downplays risk of credit crunch The Australian 2:35pm March 20, 2019 Paul Garvey, David Rogers   Reserve Bank assistant governor Michelle Bullock has urged the nation’s “stingy” banks to “loosen up” their lending practices amid the slowdown in Australian housing and credit markets. The call came as she downplayed the risk of a credit crunch in Australia. Speaking at an Urban Development Institute Australia function in Perth, Ms Bullock said the RBA was trying to encourage the banks to take on more risk and step up their lending to would-be property buyers. “My hope, now that the royal commission has finished, and now that APRA has finished and is removing its benchmarks, that banks will start to lend again.” She added: “I don’t have any silver bullet, unfortunately. “All I can do, all the bank can do, is continue to encourage the banks ......
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Bond markets ignoring wages pick-up: RBA Australian Financial ReviewMar 19, 2019 6.29pm Jonathan Shapiro   Reserve Bank assistant governor Chris Kent says bond markets are underestimating the risk of wages growth stoking higher inflation, as long-term Australian bond rates fall towards historically low levels. Last week, the Australian 10-year bond rate declined to below 2 per cent, prompting some economists to suggest the markets had lost faith that the central bank could restore the inflation rate to within its target band of 2 per cent to 3 per cent. But Dr Kent said lower Australian bond rates were part of an "international phenomenon", as data showed global growth was slowing while a lower oil price had kept headline inflation rates down. "There is just no risk built into these rates for any increase in inflation and yet we see wages growth trending up around the globe in a situation of fairly...
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Australia could be ‘first domino to fall’ in next GFC news.com.au March 19, 2019 4:01pm Frank Chung   Australia could be the “first domino to fall” in a global economic crisis for the first time in its 200-year history. That’s according to economist John Adams, Digital Finance Analytics founder Martin North and Irish financial adviser Eddie Hobbs, who argue Australia’s economy is looking increasingly similar to Ireland’s prior to the 2007 housing collapse. For nearly three years, Mr Adams has been predicting a looming “economic Armageddon” in which a vulnerable Australia is overwhelmed by an overseas financial crisis due to property, household debt and net foreign debt bubbles. But as house price falls across the country begin to pick up steam, the former Coalition adviser has revised his view. “Australia has never been the first economic domino to fall during a global economic crisis,” he said. He points to previous downturns...
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120 labour market researchers sign an open letter calling for intervention to boost wage growth ABC News19 March 2019 Stephen Long   An open letter signed by more than 120 labour market experts has urged policy action to boost wages growth in Australia, amid perceptions that stagnant wages are threatening the economy and increasing inequality. The letter, endorsed by 124 economists, lawyers and specialist labour market researchers, has called for the adoption of measures to raise minimum wages, strengthen collective bargaining, relax wage caps on public sector workers, tackle pay inequity and constrain the outsourcing of "normal employment responsibilities". "If those proposals are implemented, in whole or in part, we expect they would support a moderate but meaningful improvement in wage growth in future years, lifting wage increases back above consumer price inflation and towards traditional benchmarks (of 3.5 per cent to 4 per cent per year)," the letter said. "The...
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Lenders defy market heat with smaller deposits and longer fixed terms Australian Financial Review Mar 18, 2019 3.45pm Duncan Hughes   Lenders are defying the market heat with new loans that reduce deposits a borrower needs to qualify, lower rates for borrowers with low deposits, or double the fixed-rate term, according to analysis of rates and conditions. Industry fund-owned ME Bank, Macquarie Bank and ANZ are improving their offers to marginal borrowers as analysts claim market sentiment continues to sour, causing sellers to rush to the exits amid "fears of not getting out before prices fall further", or FONGO. "Just when we thought banks were finding the kitchen a little too hot, lenders are encouraging borrowers at the higher end of the loan-to-value ratio," said Steve Mickenbecker, group of financial services for Canstar, which monitors rates ane prices. Lenders are attempting to juggle the need to boost net interest margins from...
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Sydney and Melbourne house price fall sharpest in five downturns since 1965 Australian Financial Review Mar 18, 2019 3.53pm Su-Lin Tan   The fall in Sydney real house prices is close to hitting its average downturn decline at only halfway through the average downturn cycle, setting it up for the sharpest drop for the city since 1965, a BIS Oxford Economics study shows. The average downturn for Sydney house prices is 14 quarters and the average total real price decline each downturn is 21 per cent. The current downturn has progressed through six quarters to December 2018, but real median prices – taking out the effects of inflation – are already down 16 per cent. This could mean Sydney house prices have either dropped faster than average downturn cycles – five cycles since 1965 were analysed – or it could bode tougher times ahead with more price falls to come, BIS...
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APRA warns against super fund activism Australian Financial Review Mar 18, 2019 10.30pm John Kehoe, David Marin-Guzman   Super fund boards must put member's interests first and manage investments "free from influence", the Australian Prudential Regulation Authority has warned in response to Coalition alarm about unions pressuring funds to take sides in workplace disputes. In response to a letter from the Treasurer, APRA chairman Wayne Byres said the regulator was strengthening the intensity of oversight of governance weaknesses that could hurt retirement incomes, in the wake of the Hayne royal commission. Mr Byres agreed with Josh Frydenberg's March 3 letter that super fund trustees were legally required to invest in line with the best interest duty and sole purpose test. "APRA therefore expects that trustees will carry out their role and meet their responsibilities free from the influence of sponsoring organisations or any other external parties," Mr Byres wrote in a...
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