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.
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.
Crap indeed......no matter how many qualifications. financial advisers have, it will make no difference if all they have to offer are FLAWED FINANCIAL PRODUCTS! This macrobusiness article says it all.......Medcraft was the Father of Securitization, globally............go figure! So You should all work out what happens from here on in, if no action taken against the Bankers.
In a nutshell to explain what Murray failed to discover (what a surprise!) read below and, for full report cut and paste the link
http://www.macrobusiness.com.au/2010/12/deep-t-is-securitisation-the-spawn-of-the-devil-part-1/
............The guys with all these new spreadsheet skills were employed by investment banks globally and told to analyse anything and everything and come up with ways to increase profits ie bonuses. This was of course delivered by gaming the system. In this case the system was.
(i) securitization, (ii) how the rating agencies gave opinions on RMBS (Residential Mortgage Backed Securities) and (iii) how investors were incentivized through government regulation globally, to rely...
http://www.macrobusiness.com.au/2014/06/tiguboff-parents-should-mortgage-for-kids/
Triguboff: Parents should mortgage for kids
Leith Van Olsen 30 June 2014
From one of Australia’s biggest property rentiers, Harry Triguboff, comes more twisted logic, with Triguboff appearing before the House of Representatives inquiry into foreign ownership to on the one hand admit that housing affordability has gotten so bad that parents need to help their children enter the property market:
Parents should understand they need to mortgage their homes to help their children get into the property market, Harry Triguboff says. …
young buyers should ask their parents to help them finance property purchases.
While on the other, arguing that foreign property purchases helps those priced-out of buying property:
…but offshore buying activity works in favour of local residents by boosting housing supply, Mr Triguboff said.
“When foreigners invest here, then maybe some people are priced out, correct. But people are given places they can rent, so...
War of words over CBA financial advice victims
June 17, 2014
Adele Ferguson SMH
·
Commonwealth Bank and the Australian Securities and Investments Commission are having a war of words in relation to the compensation process offered to victims of the bank's financial planning scandal.
While the spat continues, it raises more questions than it answers about the role of ASIC and CBA in dealing with clients who saw their life savings decimated by more than a few bad financial planning apples.
A confidential report from the bank to a Senate committee says ASIC was well aware that the bank's compensation process was not ''consistently applied'' to affected customers of advisers where there were concerns about the quality of their advice.
It says ASIC was fully informed about changes to its compensation scheme.
These changes included not offering all affected victims the same compensation process that it offered...
I feel a few Dear Greg letters will be heading his way, pointing to the EXIT DOOR.
http://nigelball.org/2013/10/09/reserve-bank-of-australia-cover-up
http://www.prnewswire.com/news-releases/sg-corporate--investment-banking-launches-us-rmbs-business-54367417.html
SG Corporate & Investment Banking......... (SG CIB), an arm of Societe Generale, today announced it has created a U.S.Residential Mortgage-Backed Securities Group (RMBS) and hired a number of experienced RMBS professionals to launch the business. The new initiative allows SG CIB to develop U.S. RMBS capital market capabilities to compliment its existing RMBS businesses in Europe and Australia.
SG CIB Securitization Group............. Active for more than a decade and organized on a global basis and led by Greg Medcraft, SG CIB's Securitization Group has over 100 professionals providing arranging, structuring and advisory services in Europe (Paris, London, Madrid, Milan, and Amsterdam), the United States (New York and Chicago) and Asia-Pacific (Sydney...). Our New York and London syndication and trading teams provide global distribution capacity in the public and private markets.
http://www.sec.gov/rules/policy/s72204/wmk071904.pdf...