Bad Australian Bank Practices Exposed
Royal Commission Uncovers Bad Aussie Bank Practices
Australian Mortgage Lending and by association the Aussie housing market could be in for a bit of a bad patch.
Dodgy Aussie Banking Practices Exposed
Banking Royal Commission may have only been going on for a few weeks, but so far Commissioner Kenneth Hayne has heard tales of:
- Fraud
- Irresponsible/Lax Lending
- Forging Signatures
- Reckless overstatement of income on loan applications
- Over 50% of loans are put together by brokers that earn more money for making the largest loans possible
Broadcast News Video on the Royal Banking Commission Investigation
According to some bank documents 42% of people that took out mortgage loans were making more than 500,000 income per year! Australia has a fairly healthy economy relative to a lot of other places, but I don’t know of too many people that would be in that 42%! Guess I am hanging with the wrong crowd (lol).
Generally Australians were able to escape most of the negative consequences of the previous Global Financial Crisis of 2008, however, if precautions were not put not place since that time, and their banks were not closely regulated then a few ghosts from the last crash might still be lurking around.
Green-Eco-EV News Reporting by Ken Green Burridge
Kenneth Burridge test-drives electric Nissan LEAF in Melbourne Australia
Independent green journalist, EV of the Year Judge, photographer, author and sustainability activist that has published over 1000 articles. Mr Burridge’s travels have taken him to over 40 countries and 300+ major cities. He is originally from the USA, but has been residing in Australia for the last seven years. Connect to Ken Burridge on: Twitter, steemit, facebook, Google+, Linked in or website
