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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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Subscribe to this list via RSS Blog posts tagged in Derivatives
KGB: NAB's Cameron Clyne

Kohler, Gottliebsen & Bartholomeusz

Published 1 Nov 2012
 
http://www.businessspectator.com.au/bs.nsf/Article/NAB-Cameron-Clyne-Clydesdale-pd20121031-ZL8QM?opendocument&src=idp&utm_source=exact&utm_medium=email&utm_content=125952&utm_campaign=kgb&modapt=commentary
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  In the Australian Senate - Corporations Legislation Amendment (Derivative Transactions) Bill 2012 This is from the Australian Senate listing for today. It appears that the Senate debate on this Bill has been adjourned. http://www.aph.gov.au/Parliamentary_Business/Dynamic_Red   Summary Amends the: Corporations Act 2001 to: enable the minister to prescribe a certain class of derivatives (in relation to a mandatory obligation); require the Australian Securities and Investments Commission to then issue a derivatives transaction rule for participants transacting in the prescribed class of derivatives; require any such rule to be consented to by the minister; and introduce a licensing regime for trade repositories; and Australian Prudential Regulation Authority Act 1998, Australian Securities and Investments Commission Act 2001, Mutual Assistance in Business Regulation Act 1992 and Reserve Bank Act 1959 to make consequential amendments. http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:%22legislation/billhome/r4879%22   Transcripts of the speeches by each member in both houses can be found as well. Are our politicians...
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  • doyla66
    doyla66 says #
    agree. scrap the current system and start all over again.
  • doyla66
    doyla66 says #
    Agree with Lisa, great info Lee. It's a long heady read but a fascinating discourse on how these markets work. Most of the opinion
  • doyla66
    doyla66 says #
    Wow, Lee, thanks. Great information too.
  • doyla66
    doyla66 says #
    Derivatives: The $600 Trillion Time Bomb That's Set to Explode. Derivatives played a crucial role in bringing down the global e
  • doyla66
    doyla66 says #
    Can anyone suggest a better header for this please?
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Unsecured creditors to receive nothing from Provident [13 Oct 2012]  Sub-prime mortgage lender Provident Capital's unsecured creditors will receive nothing following the firm's collapse, while other investors will only begin to receive some capital after some $100 million worth of homes and other properties are slowly repossessed, according to The Australian.  The newspaper also reported that Provident had told investors only three months before it collapsed in July that it was confident the $220 million lender could stay afloat. That pledge came despite the fact that 90 per cent of the loans it had made using investors' money were many months in arrears. The firm used investors' money or their self-managed superannuation funds to in turn lend to sub-prime borrowers buying residential property or to property developers. News that unsecured creditors would receive nothing surfaced after one Provident borrower received a letter from the Financial Ombudsman Service. “The receiver has informed FOS that there will be no...
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  • doyla66
    doyla66 says #
    It appears they are only good at following paper trails when it is the money trail that will show where those funds have ended up
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Pacific First Mortgage Fund [CP] by Andrew Griffin: "I say the returns were “illusory” because the distributions that resulted from the ‘accounting income’ were largely funded not by income earned from the loans but from new money invested in your fund by new investors and this is the very definition of a Ponzi, or pyramid, scheme --funding existing investor’s distributions with new investor’s money.  Why was it hidden? Why did they not stop it? Because once this became known there would be no more new investment in the Fund the cash flow would stop and it would collapse --the unitholders were not important, your only role was to be it's ‘iron lung’, you unknowingly kept them alive. As a thank-you CP stripped the last remaining cash out of the Fund with a $50m loan to itself in March 2009. I cannot imagine what would have happened if they were still the manager of your Fund....
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  • doyla66
    doyla66 says #
    Now we have another issue uncovered, fraudulent valuations! Which valuers would come up with such a valuation for that rural prope
  • doyla66
    doyla66 says #
    Good one, Andy. I wonder if ASIC knows what a Ponzi is?
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Chairman: "If history is any guide, we have some time before this [financial crisis] is over...these financial crises occur regularly & follow consistent patterns, as such, we should expect this one to last at least another 5yrs, maybe longer." ”CEO: "that poor business & consumer confidence continues." The banks clearly have some ugly stuff in their loan books & while it seems odd that the banks could still be expecting a rise in unrecoverable loans so long after the GFC [not odd says BFCSA] it suggests many businesses that have held on are now running out of options. Bendigo’s warning is supported by the fact that BoQ & ANZ have both recently warned that bad debt levels could increase as the tail of the GFC washes through. _______________________________ Bendigo Bank delivers a warning 30 Oct 2012   The annual general meeting season is in full swing and yesterday’s big event saw Bendigo and...
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  • doyla66
    doyla66 says #
    BANK MANAGERS ARE TELLING LIES ABOUT FORECASTS. ANY CORRUPT ORGANIZATION IS GOING TO FEAR HYPER-REGULATION BECAUSE IT MAY MEAN A L
  • doyla66
    doyla66 says #
    THE ORGANIZERS OF THIS WEBSITE HAVE BEEN GIVEN THE TRUE REASONS WHY THE WORLD'S ECONOMIES HAVE BEEN UNSTABLE SINCE THE FALL OF THE
  • doyla66
    doyla66 says #
    the rest of the banking sector, is also facing the challenge of meeting new regulatory requirements that flow from global changes
  • doyla66
    doyla66 says #
    Yoda, banks are yelling "call-it-in" [low-docs] before the masses discover "the truth" about the tainted loan application process
  • doyla66
    doyla66 says #
    The sheeple/pew warmers are HOPING (and praying?) that the second coming will be PRE Tribulation. There are 3 theories about the s
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The information is "freely" available online for public discourse , so maybe they should go talk to Julian Assange? --and since we're not retail clients!.--   Global Credit Research - 28 Sep 2012 --Approximately $4.3 billion of debt affected New York, September 28, 2012 -- Moody's Investors Service continues to review for downgrade the ratings of Genworth Financial, Inc. ("Genworth"; NYSE: GNW, senior debt at Baa3) and the insurance financial strength (IFS) ratings of its US Mortgage Insurance (MI) operating companies. Moody's initially placed the ratings on review for downgrade on June 27, 2012.   RATINGS RATIONALE Holding Company   Commenting on the continuation of the review for downgrade of Genworth, Senior Vice President Scott Robinson said: "Moody's will continue to focus on the evaluation of holding company financial flexibility over the near to medium term. We will consider management actions and plans to enhance financial flexibility, limit the potential downside...
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It’s all perfectly sensible in theory. But in practice, it’s ripe for abuse, especially when the servicer owns the insurer. But Everbank allegedly let that insurance policy lapse, allowing it to replace the policy with a different policy, this one costing more than $33,000. The insurer, a subsidiary of Assurant, then paid Everbank a $7,100 kickback for giving it such a lucrative policy --and, “left the door open to further compensation” down the road. $7,100 is an insanely enormous amount of money for a loan servicer to make on a single property: And of course it’s not the servicer paying that $33,000 insurance premium --that money is ultimately paid by the investors who bought the loan. Those investors are, understandably, not happy.  The force-placed insurance scandal --By Felix Salmon  in   NOV 9, 2010 HOUSING American Banker’s Jeff Horwitz has a spectacular piece of reporting today about goings on in an obscure corner of the mortgage-servicing...
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  • doyla66
    doyla66 says #
    The newly formed [US] Consumer Financial Protection Bureau[CFPB] is proposing new rules to crack down on mortgage servicers' use o
  • doyla66
    doyla66 says #
    Isn't that typical? Nice law/reg - but who enforces it? Maybe that should be included in every piece of legislation, every reg and
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  “Continued improvement in bank customers’ perception will depend largely on the big four avoiding any further negative publicity, as we have seen that Westpac, the CBA and most recently ANZ have all suffered major setbacks in customer satisfaction following negative market announcements,” says Norman Morris, industry communications director at Roy Morgan Research." --NAB customer satisfaction rating reaches record high but home loan customers not any happier: Roy Morgan NAB’s customer satisfaction rating lifted 0.7 percentage points to 80.3% in September to reach the highest score for a big four bank since Roy Morgan began researching customer attitudes to the banks in 1996. The bank’s customer satisfaction rating has improved by 3.8 percentage points over the past 12 months to be the “clear market leader” among the big four banks. However, NAB’s rating is due to the satisfaction of its non-home loan customers ( up 5.2 percentage points over the past 12 months), whereas...
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  • doyla66
    doyla66 says #
    "Negative market announcements" impacting customer satisfaction? Don't they mean "adverse media reports" and "increasing awarenes
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Watch this video and see how badly the banking system has unraveled around the world in 2012. An "ECOSYSTEM OF BANKER CORRUPTION" is now beginning to feed on itself in the banking industry around the globe. It's spreading like a virulent disease from country to country. Recently some bankers have committed suicide and others have deserted their homes and jobs and are going into hiding apparently unable to face the consequences of their actions. Bankers appearing before Parliamentary and Senate hearings in other countries are admitting complicity in causing the financial meltdown. Some bankers with a conscience want us to believe they are truly SORRY for the disaster that they have visited on millions of people around the world. See what's happening for yourself here ... http://www.youtube.com/watch?v=VcOUe0e8WKo  ...
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  • doyla66
    doyla66 says #
    Excellent video. Thankyou for posting it LennyM. Has Julian Assange done the expose on bank execs yet?
  • doyla66
    doyla66 says #
    Can't wait for this one Lisa!
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27 July 2012   On Wednesday 25 July 2012, the Australian Government released an exposure draft of the Corporations Legislation Amendment (Derivatives Transactions) Bill 2012, which will establish a framework for the introduction of substantial reforms to Australia's over-the-counter (OTC) derivatives industry. The Bill follows the Government's April consultation paper outlining its proposed framework to meet Australia's G20 commitments on derivatives regulation (see our article explaining the elements of the proposed framework). The purpose of the Bill is to create a legislative framework to allow the following mandatory obligations to be imposed on derivatives transactions: reporting of derivatives through trade repositories; clearing of derivatives through central counterparties; and executing derivatives on exchanges or electronic trading platforms. The Bill raises a number of issues for the Australian derivatives industry to consider. Framework The legislative framework will be enacted via amendments to the Corporations Act 2001 (Cth). The Bill itself will not impose...
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  Wednesday, October 17, 2012 17:22   SARTRE, Contributing Writer | White Owl Conspiracy The frightening prospects from a derivative meltdown, well known for years, seem to deepen with every measure to prop up a failing international financial system. The essay Greed is Good, but Derivatives are Better, characterizes the gamble game in this fashion: “The elegance of derivatives is that the rules that defy nature are not involved in intangible swaps. The basic value in the payment from the risk is always dumped on the back of the taxpayer. Ponzi schemes are legal when government croupiers spin loaded balls on their fudged roulette tables.” Under conventional international trading settlement, the world reserve currency is the Dollar. The loss of confidence in the Federal Reserve System causes a corresponding decline in value in U. S Treasury obligations. Add into this risk equation, derivative instruments that are deadly threats that can well...
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  • doyla66
    doyla66 says #
    Greg Medcraft's experience in US with "CFDs" was a reason trumpeted for his selection last year as ASIC Chairman.
  • doyla66
    doyla66 says #
    "Bottom-of-harbour-Scheme"-Hedging = reassigning betting-risk to "unfunded" underwriters never able pay off claim!
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Posted by on in Toxic Mortgage Loans
Please listen to this great summary of what is happening world-wide that is affecting us all! http://www.catholicbinder.com/WebPages/BeforeTheWarning/TheInfoWar/LindseyWilliams.aspx If you search (use Startpage) you will be able to hear prior information by LW. I have listened to Lindsey Williams for years and he has never been wrong!   So please take notice.   I continue to find great difficulties in persuading people of the truth of the fraudulent banksters!    Australia continues to be the land of the long weekend! Ruth   ,...
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  29 Jun 2012 - Good reading and video at: http://barnabyisright.com/2011/06/29/rba-says-our-banks-are-stuffed-in-other-words/#comments   Yesterday, RBA Assistant Governor Guy Debelle indulged in some MOPE.   Management Of Perceptions Economics.   Lies, deceit, and propaganda, in other words.   But for those with an ear to hear, and an inclination to check the “authorities’” claims, what he really did – unintentionally – was to give us a heads up.   That our Too Big To Fail banks (TBTF) are going to get bailed out, sooner rather than later.   Go grab a modest quantity of your favourite beverage, and settle in.  You are about to learn – in detail – why we cannot trust a word the banksters say.   Ready?   Now as expected, the mainstream press all lazily parrotted the “everything’s fine, move along, nothing to see here” headline that Mr Debelle wanted. Here’s a good example, from the nations’ “premier” newspaper:...
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  • doyla66
    doyla66 says #
    "why is the Australian taxpayer on the hook to backstop the banks?.." Why not change this scenario around in favour of the tax p
  • doyla66
    doyla66 says #
    Lisa, 'you're a woman after my own heart', but would you be employable to the press? Hmm, let me think......computer says, "no" r
  • doyla66
    doyla66 says #
    A big read Lisa. Keep them coming.
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