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BFCSA
MORTGAGE
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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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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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Australian housing a Ponzi scheme and the housing price bubble will burst: Academic Larry Schlesinger | 6 February 2012 http://www.propertyobserver.com.au/finding/residential-investment/15075-australian-housing-a-ponzi-scheme-and-the-housing-price-bubble-will-burst-academic.html The only thing that prevented Australian house prices from crashing during the 2008 GFC was the first-home owners’ boost, says Deakin University’s Philip Soos, who believes the sector is now operating like a Ponzi scheme.  Soos, a researcher in Deakin University’s School of International and Political Studies, believes the Australia’s residential property market has resembled the Ponzi stage of financing for the last 11 years. The Ponzi finance stage is the third and final stage of US sub-prime mortgage theorist and economist Hyman Minsky’s “state capitalist economies cyclically generated crises”.  In the first hedge finance stage “income flows from an asset is sufficient to pay down both principal and interest on the debt financing asset purchases. Prices are based upon fundamentals”.  In the second speculative finance stage “income flows cover only...
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If you were in any doubt there are giant PONZI's raging faster than bushfires right now, one only has to look at the corrupted FINANCIAL advice industry.  People's lives are lying in smoldering heap of ruin right now.  Over $200 billion has been lost in either savings and homes, and more carnage to be uncovered.  Retirees and Pensioners were the target market for 15 years of non enforcement of law.  Most of these scams are connected in some way to property and yet some were even connected to manipulation of the stock exchange. If you are outraged by this you need to send our online petition to as many people as possible.   Lets do more to hit 3000.   Every MP should be reading the comments on the petition.  I am putting together a submission for Sen. Sam Dastyari Inquiry into Financial Advice.  I gave ASIC 15 years of meticulous documentation...
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Bank revenues go up as dollar loses ground Banking and FinanceBusiness Date October 2, 2014 http://www.smh.com.au/business/banking-and-finance/bank-revenues-go-up-as-dollar-loses-ground-20141001-10osre.html The  fall in the dollar has delivered Australia's big four banks up to $10 billion in cash in just two weeks, as hedging contracts put in place over their massive offshore funding programs come into the money.  Australian banks' offshore borrowings are hedged for the term of those bonds. As the dollar slipped to just below US87¢ on Wednesday, counter-parties to the banks' hedging contracts – mostly the large, global investment banks – have been forced to deposit cash with the Australian banks under collateral agreements. Sensitivity analysis conducted by veteran banking analyst Brian Johnson, from CLSA, shows that every 1¢ fall in the AUD/USD exchange rate generates $1 billion of "collateral cash-backs" for Commonwealth Bank of Australia and Westpac Banking Corp, and $500 million for ANZ Banking Group and National Australia Bank.  This means...
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Kill negative gearing to calm housing market, says Saul Eslake The Economy September 29, 2014 http://www.smh.com.au/business/the-economy/kill-negative-gearing-to-calm-housing-market-says-saul-eslake-20140930-10nr84.html A leading economist has called on Canberra to put an end to negative gearing for new investors as the best way to dampen frothy property markets in Sydney and Melbourne.  In its Stability Review released last week, the Reserve Bank of Australia pointed out that strong demand by investors means that investor housing loans now account for about 40 per cent of all home loans.  The RBA also said for the first time it was working with the Australian Prudential Regulation Authority (APRA) on "additional steps" to reinforce safe bank lending, particularly for lending for investors.  With investor demand surging, and steep rises in Sydney and Melbourne property prices, RBA governor Glenn Stevens last week noted it was "perfectly sound and sensible to ask ourselves whether we might at least lean on that a bit."...
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Hi all, We received a determination against ANZ for maladministration - yay? no - FOS largely ignored many of the points we spent painstaking hours over 22 months trying to put forward. The FOS determination does not make sense, is contradictory, relies on account statements for calculation and ignores the evidence that those very statement provide. ANZ lied during the investigation claiming that my parents made inter-company loans, where bank statements clearly show that the majority of the overdraft has been taken up by fees, interest and charges. FOS repeatedly told us verbally and in writing not to provide further information!! Nice investigating... let's look at one side of the story. FOS also refused to provide copies of material supplied by ANZ that it relied on for their determination - where is the transparency and natural justice? There are some relatively basic black and white facts which FOS has completely ignored....
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  • Aries
    Aries says #
    That's strange N.N. that no case worker has spoken to you on the phone. I found that didn't matter what my case worker said, he wa
  • organza
    organza says #
    The entire dispute process is an utter shambles. It's called how to string you out further out with weasle words while they try a
  • NABbed Nanna
    NABbed Nanna says #
    Not_Happy our present FOS case has been ongoing for nearly 12 months now. Same as you "Do not send any further info" and the bit
  • Not_Happy_ANZ
    Not_Happy_ANZ says #
    Sorry to hear that NN! I would suggest that you approach your local member and try and get them to intervene. But be quick though
  • Aries
    Aries says #
    FOS should be sued for mishandling an investigation and misconduct.
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Coalition embraces big bank gouge that even Howard rejected Thursday, 6 February 2014 by Bernard Keane   http://www.crikey.com.au/2014/02/06/coalition-embraces-big-bank-gouge-that-even-howard-rejected/?wpmp_switcher=mobile   The government’s winding back of the Future of Financial Advice reforms will legalise conduct by financial planners that has long been banned and hand a major win to the big banks and AMP — one that even the Howard government rejected, Crikey can reveal. Draft regulations to reverse the Future of Financial Advice reforms established by Labor were released by Assistant Treasurer Arthur Sinodinos last week as the Coalition rushes to remove reforms that took years of consultations, parliamentary inquiries and reviews to develop, trying to do as much as possible via regulation in order to avoid parliamentary scrutiny. Among the government’s changes, however, will be one that doesn’t merely reverse the FOFA reforms but would legalise conduct that has been prohibited for many years, was the subject of major action by the Australian...
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  • Aries
    Aries says #
    We will remember this traitor to the honest people of this land at the next election.
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https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-royal-commission-into-australian-banks-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners  In 2009 60 Mins displayed a Low Doc Application with CBA/Colonial in telling the story of STORM victims. That was the every day the Storm victims realised its the Banks the banks that banks....The wretched banks came to storm's offices and taught the planners how to use the dreaded bank engineered service calculator. Its called criminal activity but the Planners did not realise. BDM's (bank officers from BOQ, CBA and Mackers) taught sellers to sell products that would "help people and make them all happy." The happiness is rally: BIG BAD Banks approving toxic loans and CEO's claiming big bonuses and no clawbacks. We all need the truth to come out. Banks pulled all levers to then on sell distressed properties to ARIP's and/or margin loans for shares. Royal Commission has to be called by Government....
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Appendix B                                 "Look how Banks Target ARIPs" Banking on our Future: Framing a vision for the Australian Banking Industry A.T. Kearney March 2014 This report has been prepared by A.T. Kearney for the Australian Bankers’ Association to inform the industry’s consideration of issues. The report reflects the views of its authors only. The report and points made within the report do not necessarily reflect the views of the ABA or any individual bank.   Banking on Our Future: Framing a Vision for the Australian Banking Industry Five trends could create a vibrant economy or a stagnant one. The right banking sector vision can tilt the odds.  This independent, self-funded paper by A.T. Kearney seeks to develop and propose such a vision for consideration by the industry and its various stakeholders. It has been developed in dialogue with...
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Shareholders livid as Macquarie Bank executive pay packets surge Banking and Finance Date September 22, 2014 http://www.smh.com.au/business/banking-and-finance/shareholders-livid-as-macquarie-bank-executive-pay-packets-surge-20140922-10k9d0.html#ixzz3E2iRfP37 Macquarie Bank – famously known as "the millionaires factory" – is back on top, with chief executive Nicholas Moore and his management team taking out three of the top five places on this year's list of highest paid executives. Mr Moore's pay packet increased by almost 50 per cent this year to $13.1 million, making him the country's highest paid CEO, according to data compiled by Fairfax Media. Macquarie's Andrew Downe took out third position with $12.3 million while the head of the company's funds business Shemara Wikramanayake ranked fourth on $12.1 million.  But the extravagant salaries and bonuses have enraged retail investors and victims of the financial planning scandal which has engulfed the wealth arm of the investment bank. "I don't believe you can ignore what has forced this company to write to...
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You know the ship is about to sink when the rats start fleeing!!   General Electric in local retreat with consumer arm ‘for sale’ - September 06, 2014 http://www.heraldsun.com.au/business/general-electric-in-local-retreat-with-consumer-arm-for-sale/story-fni0dcne-1227049530131?nk=b5b0acbf21069778146a2bfb8e302ec7 US conglomerate General Electric wants to offload its Australian consumer finance business, pulling out of the consumer market almost 20 years after GE Capital forged into Australia. The company is “exploring options” for the sale of its Australia and New Zealand consumer arms as it intensifies its focus on lending to medium-sized businesses. GE’s Australian consumer finance division, based at its Australasian headquarters near the Yarra River in Burnley, includes the prominent GE Money credit cards and personal loan operations. GE Capital Australia & New Zealand chief Duncan Berry said the decision tallied with the group’s “overall strategy to be the world’s premier infrastructure technology company and the leading specialty finance provider to the mid-market’’. “GE is committed to this growth strategy...
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Do not fall for this ruse.  If you have just signed up, we suggest you IMMEDIATELY demand the bank's COPY OF YOUR LOAN APPLICATION FORM (11 pages).  Send to us if you think there are misstatements on there after you signed and without your knowledge or consent.  The Lair Loan Mortgage Scandal has suffered a dent and why banks are getting desperate.  Yes a $100 cash looks inviting but trust me not the Bank, it will be padded in elsewhere.  Want to know where?  Email me!  This email address is being protected from spambots. You need JavaScript enabled to view it.  Where is ASIC?  Snoozing as usual?  Muddled Medcraft will just stand up for their bank mates and say its "marketing." Just as well we are on the ball and the Australian Broker News.  Meanwhile I will continue cleaning up the NAB messes that clutter my desk:  $400,000 buffer propped up "30 year" loans that become $600,000 in four years and implode under the weight...
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  • kddeed
    kddeed says #
    Westpac are just as bad, all tarred with the same brush!!!!
  • NABbed Nanna
    NABbed Nanna says #
    DO NOT TRUST THE NAB. Do not fall for their fraudulent ways. This offer is an absolute insult to consumers. Do Nab really belie
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http://www.theage.com.au/business/banking-and-finance/penske-file-exposed-macquarie-groups-cheat-sheet-made-public-20140919-10j8yu.html Penske File exposed: Macquarie Group's cheat sheet made public Banking and FinanceBusiness Date September 20, 2014 Adele Ferguson and Ben Butler It is the cheat sheet at the centre of the Macquarie Private Wealth scandal that the millionaires' factory and the corporate regulator, the Australian Securities and Investments Commission, refuses to confirm or deny exists.  Fairfax Media has obtained a copy of the Penske File, named after the folder of documents on which the Seinfeld character George Costanza pretends to work. The Macquarie folder contained answers to exams its advisers are required to take annually in order to keep their professional accreditation up to date. Fairfax Media can reveal a version of the controversial Penske File has been barcoded and scanned into ASIC's database. The file includes more than 30 cheat sheets showing the answers to questions on topics ranging from agribusiness schemes and margin loans to advising clients whose...
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If you are a student you need to sign our PETITION.  TALLY today is 2034 This is the link and thank you for support as this is sorely needed and long overdue.  Ask 100 contacts to sign up..........................   https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners http://mfi-miami.com/2014/09/the-u-s-student-loan-debt-crisis-will-dwarf-the-mortgage-crisis/ The U.S. Student Loan Debt Crisis Will Dwarf The Mortgage Crisis By Steve Dibert September 8, 2014 This Is Why MFI-Miami Has Started Investigating Student Loan Fraud Back in 2010, the New York Times ran a story about an Austrian guy who broke off his engagement with his American fiancee because of her $170,000 student loan debt from attending medical school. Everyone expressed their “OMG That’s horrible!” on social media and like typical Americans were back focusing on American Idol or Dancing With The Stars two minutes later.   Since 2010, student loan debt has reached $1.5 Trillion and this growing debt is second only to mortgage debt in the...
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Mike Smith ANZ Gloats of success! Warning...  More Money Mike's "selfie" article will upset most Australian citizens and particularly ANZ victims of Liar Lending Policy BFCSA (Inc) 20 Sep 2014 — Share our Petition re Bad Bank Behavior with everyone. How does white collar criminal activity at the top level of the Banking Cartel assist Australia? A 70 year old person who had retiree status and owned their home debt free, now about to become homeless and now has to stand in the queue at Centrelink because "I now qualify as poor and the age pension." How does that help our economy? Ask Mike Smith of ANZ who gloats about success and riches after coming from UK, is now ready to become a very wealthy $7 million per year citizen, and still heads ANZ and their toxic Liar Loan Low Docs. Mike  loves Australia! His personal Road to Wealth story on page...
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Get involved: Why? as one petitioner explains To prevent a banking collapse here in Australia because this would have a devastating effect on the population.   The future of our economy is dependent upon a Royal Commission.  MR DAVID MURRAY must recommend  ROYAL COMMISSION INTO BANKS AND ALL ASSOCIATED SUBSIDIARIES in the PROPERTY, DEVELOPMENT SCHEMES running PONZI STRUCTURES connected to Banking - wide Terms of Reference. THIS IS DOABLE  cut and paste link and sign in.  Then send to every community group you know of. Read the 1650 REASONS OF OTHERS Both partners to sign in - then send to 100 people and you will see the momentum building as other recognized organisations and groups come on board. This is the link and thank you for support as this is sorely needed and long overdue  https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners Petitioning Mr David Murray Chairman of the Financial System Inquiry  Recommend an urgent ROYAL COMMISSION into...
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  • kddeed
    kddeed says #
    I've gone public with it on Facebook, we've emailed it to all our contacts, c'mon those who have not done so, time to get on boar
  • setup
    setup says #
    Here is a great comment amongst many others on the petition. "I'm in utter contempt for and disgusted by a system that is rotten
  • setup
    setup says #
    Lets not become complacent. we need thousands more signatures - sign and pass on.
  • Jenny L
    Jenny L says #
    Please sign this Petition. It's easy and takes just a few seconds to do. Common everyone, sign and pass on for others to sign. Pe
  • setup
    setup says #
    A couple of hundred signatures went up today and in the last 30 minutes or so 103 went up - unbelievable. I have sent the petition
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Peter Kell, Deputy Chair of ASIC,  Dear Pete, you cannot continue the 16 year old crappy suggestion you are doing a CRACK DOWN on crooks.  You can no longer look at an advertisement and hand out a parking ticket to a Major Bank. Oxford Dictionary: CRACKDOWN A series of severe measures to restrict undesirable or illegal people or behaviour: a crackdown on white collar crime.    Pete a CRACKDOWN it does not suggest a parking fine for an ad!!!!  But we should have a CRACKDOWN on dud regulators!!! A CRACKDOWN IS WHERE YOU LOOK AT CONSUMER LOSSES AND RUINED LIVES, instruct the AFP, ROUND UP THE BANKERS, THROW THEM OVER THE BONNET OF THEIR FANCY CARS, HANDCUFF THEM AND HEAD OVER TO THE CDDP.    I explained this to you in our 2004 meeting in the Melbourne ZOO, remember?  Let's get a move on!  Its not about saying "oops adv is a tincy wincy bit misleading.  Its looking...
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  • NABbed Nanna
    NABbed Nanna says #
    You were lucky you actually got someone to talk to you although abusive. We could not get any sense from Nab whether through the
  • kddeed
    kddeed says #
    we approached our Westpac bank manager & asked why they approved our application for a loan on an investment property after we req
  • Duped
    Duped says #
    And that's about it (THE SCAM) in a nut shell and approved by ASIC.
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 Bring on the ROYAL COMMISSION into banks 30 years This email address is being protected from spambots. You need JavaScript enabled to view it.  Yes it’s your turn to become involved.  Let it never be said we sit on the sidelines…………….whilst your homes and savings disappear.  Please sign our PETITION for Royal Commission into Australian Banks non Banks and Collapsed Companies and Debenture & Investment & Mortgage Scams & the neglectful regulators ASIC AND APRA. The PETITION is being sent to DAVID MURRAY - Finance System Independent Inquiry  This is the link and thank you for support as this is sorely needed and long overdue  https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners  cut and paste into word and then press return at the end and click You can also donate funds to the Petition by pressing Promote Button Our petition is rising by at least 50 a day.  Please ask group leaders to send out to their members.  Ask your extended families to get involved.  Use social media and also using Facebook and...
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We have arrived:  The Big Bank Scandals - let the games begin! http://www.abc.net.au/pm/content/2013/s3770355.htm ASIC threatened with class action after Storm settlement Justine Parker reported this story on Wednesday, May 29, 2013 ASHLEY HALL: The corporate watchdog says it's had a significant victory in the long-running saga of the failed investment company Storm Financial. Lenders, including Bank of Queensland, Macquarie Bank and Senrac, have agreed to pay a total of $1.1 million to compensate two former Storm investors in an out-of-court settlement.  But lawyers representing other Storm investors are now threatening to launch a class action against ASIC. They say ASIC has dropped the ball on this case. Justine Parker reports. PETER KELL: The settlement reached today with the Bank of Queensland and Macquarie, have agreed to pay $1.1 million to the Doyles, Barry and Deanna Doyle. That's full compensation for the financial loss arising from their Storm investment. So it's a...
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  • Susan
    Susan says #
    How about ASIC use its $500,000,000 annual budget to pay these people?? That way, the budget would be put to good use for a chan
  • setup
    setup says #
    Mr and Mrs Doyle are indeed very fortunate but why did it take so long to settle one case? Now they have hundreds more to settle a
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Thanks to all those who lobbied for this to happen.....well done.  Now for the SUBMISSIONS: The Senator has announced another Senate Inquiry into Planners and ASIC and bad financial advice.  Start drafting your submissions!!! That collective push has been responded to……………………… our collective 16th Inquiry will lead to a Royal Commission. Remember that Senator Mark Bishop Chair of Inquiry into ASIC said “Royal Commission into Bank….namely CBA.”  We want Senator Dastyari to hammer the Financial Advice to Consumers Inquiry to run amok with all those who invested funds on behalf of financial planners and then you will find the Bad Banking Sector at the top of the pile re DEVELOPER AND CONSTRUCTION LOANS, using promotions via the Planner and Broker Channels.  Why?  To prop up the DISTRESSED PROPERTY problems and make Mums and Dads, retirees and pensioners and low income families pump up the property market and TAKE ALL THE RISK!...
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  • Magie
    Magie says #
    Aries says" Banksters beware we are coming after you." I love your comment, we are growing by the day and some time soon someone w
  • Magie
    Magie says #
    Aries says" Banksters beware we are coming after you." I love your comment, we are growing by the day and some time soon someone w
  • Magie
    Magie says #
    Aries says" Banksters beware we are coming after you." I love your comment, we are growing by the day and some time soon someone w
  • Magie
    Magie says #
    Aries says" Banksters beware we are coming after you." I love your comment, we are growing by the day and some time soon someone w
  • Jetfighter
    Jetfighter says #
    We will have our day.
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At last our BFCSA submission is on the FSI website and my personal thanks for Philip Soos for his editing and experience. http://fsi.gov.au/files/2014/09/Banking_and_Finance_Consumer_Support_Association.pdf cut and paste the link into word document and it will lead you there or paste into google   also read: Bubble Economics: Australian Land Speculation 1830 – 2013, has been published through the World Economics Association website, at http://www.worldeconomicsassociation.org/books  Philip Soos and Paul D Egan This book is free and on our website, re mortgages see chapter on fraud “3.6 The Emergence of Fraudulent Mortgage Lending” can be found on page 621.    ...
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  • kddeed
    kddeed says #
    Further to the above re Bubble Report, do banks allow us to sell our investment properties at a loss and then try and repay the lo
  • kddeed
    kddeed says #
    Another interesting article in the West Markets in todays Weekend West; "Buffers no bother for true believers". Well we are the d
  • kddeed
    kddeed says #
    Interesting read Denise. We have been told by our Bank Manager that the finance on our 30 year interest only loan, plus buffer, f
  • setup
    setup says #
    Thankyou Denise for a well written report. Everyone should read it - Denise has put a lot of time and effort into it. We are all s
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