Dear Members and Non-Members,

The FINANCE BROKERS ASSOCIATON OF AUSTRALIA LIMITED was not consulted and we believe finance brokers at large were not consulted thoroughly prior to the draft Bill being released on the 28^th November 2007

We are conducting a survey, and your response would be appreciated.

We need your support to fight this UNREASONABLE, UN-COMMERCIAL, EXTREME piece of State based National Legislation. The Profession cannot allow this legislative model to go through in its current form.

Here is a link to the survey:
https://www.surveymonkey.com/s.aspx?sm=FPde_2bA7gQ8L0BoAfeg7G_2fA_3d_3d

This link is uniquely tied to this survey and your email address, please do not forward this message.

Thanks for your participation!

We have highlighted certain points and are asking all interested parties for their collective thoughts on the proposed regulatory scheme. Please click on the following link, to take a few minutes of your time to read the comments.

THIS IS IMPORTANT!

http://www.financebrokers.com.au/pages/documents/FBAANa_RegComments.pdf

Specialist lender Bluestone Group, has reported a strong lift in profitability in the first half of the financial year and launched a new business able to handle the back-office administration of other Australian and New Zealand lenders.

For the 6 months to December 2007, Bluestone recorded a 40% lift in cash earnings before interest tax and depreciation (CEBITDA) to $15.8m. Profitability was underpinned in the period by continued growth in its loan portfolio which now totals over $3.0b, the successful securitisation of over $600m residential mortgages in November and December, and the launch of Bluestone Servicing.

Total revenues on a cash basis for the 6 month period were $35.9m, with 94% of revenues earned being either cash-backed or received as AAA rated cashflow, derived from Bluestone’s securitisation programme. At 31st December, over 85% of the Group’s loans under management were funded via securitisation, which constitutes a non-recourse, long term funding source for the business. The business does not utilise the commercial paper markets or similar short term sources to fund its mortgage portfolio.

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