Bronwyn “The people given low-doc loans were conned.”

I refinanced a couple of years ago to a low doc loan

I chose low-doc because the nature of my annual income is volatile (a problem when doing full-doc) but I was comfortable with the amount I would pay and have further access to alot more, immediately should I need it for any investment opportunity which might present itself.

“The repayment terms were initially affordable but were always set to be increased, a fact not pointed out to the recipients at the time they took the loans”

For low-doc, I pay a half % above fully-documented, like, I presume, everyone else on low-doc.

I was not conned, as you suggest, the half % differential between low-doc and full doc is a fixed differential.

So, what you claim is, patently, not true.

“The lenders were definitely at fault and should be held to account.”

Too often people caught up in their own “spin” and omnipotence, will eagerly accept the benefits but whine about what are, after all, discoverable and potentially avoidable consequences.

No one forced them to borrow!

Anyone who borrows money without reading and fully understanding the terms of the loan agreement is an imbecile.

In fact for my loan agreement I had to sign a legal declaration that I did fully understand the terms or had sought independent legal/financial advice.

You cannot get fairer than that.

Paul L.,

Thanks for your comments.

China and Japan are sitting on huge USD and other currency reserves, if Trump et al. go to the wall (they wont), but if it does escalate, some Chinese CCCP members (ironically), the Russian MAFIA and the Japanese Zaibatsu/Keiretsu can buy major US assets. The debt/loans would be transferrred/internationalised and paid-off to a new party.

Also, it is worth bearing in mind, the Great Depression was caused by (trade) protectionism in reaction to collapse of Wall Street, not the fall in share prices.

Ultimately, we want Market Capitalism, not State (Corporate) Capitalism, which is the opposite pole to Commununism, i.e., not the Corporatism, as occurred in Germany and Italy in the 1930s-1940s.

While the super/insurance institutionals in Australia have been loosing on ASX, instead, they could have made gains on the Euro Dollar stocks in recent years. The Boards have been protecting each other, not investors' super.

On the other hand, the US might be looking over maps of Iran and North Korea?

Greetings, Col.

O

Yabby,

Interesting comment about Westpac. It has learned a lesson. It nearly went under twice in recent decades, 1974 and 1992. Poor liquidity management and bad lending respectively.

Oliver

Yabby`s comment about Westpack is interesting I agree.

Yabbs is involved in live animal exports so he would have a heads up on their accounts that go direct to promote it.

1.
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Its very luctrative especially if you disregard animal cruelty.

Bank: Westpac

JazakAllahuKahirun

May Allah Subhanahu Wa'Ta'ala reward you for your donation and contribution on the Day of Yaumal Qiyamah. "Aameen".

I will leave it to Yabbs to inform you about Westpacks other activities.

You can do that cant you Yabbs.