Australia 'at the front' of growing subprime mortgage market
- Thread starter willair
- Start date
Subprime was a whole different thing....It was a recession induced implosion coupled with failed major commercial and resi banks, sliding asset prices matched the job losses, no lending, high risk ventures that failed and dodgy CDS non-recourse loans led to keys thrown at the lenders.
Had to LOL at Former CBA CEO David Murray's response to the tool who asked him about our majors failing. He asked if they guy had ever personally done stress testing of our Big 4 banks residential loan books...Obvious answer = No. Raises eyes. Walks away with a sigh.
Had to LOL at Former CBA CEO David Murray's response to the tool who asked him about our majors failing. He asked if they guy had ever personally done stress testing of our Big 4 banks residential loan books...Obvious answer = No. Raises eyes. Walks away with a sigh.
I dont pay in that space, but to get a decent "non conforming" deal through, they are pretty rigorous with their lending margins
7 % of securitised lendind doesnt a big pot make ?
ta
rolf
7 % of securitised lendind doesnt a big pot make ?
ta
rolf
Yes, think there is truth in this. I am in the process of getting a lo doc, resi loan for a 4 unit development, resi terms - 80% LVR, I am amazed. My accountant will sign off on my company income. Also know another investor/developer got the same, we are in shock. Glory days are back..... woohooooo
ABC? Is that the leftist TV show with no credibility?
'subprime' itself isn't a big deal. Australia has very different laws in place in regards to bankruptcy and liability of loans, then that evident in the USA. Over there people could 'walk away' from the house and all the debt associated. Here in Australia you simply cannot do that. In my experience, most people who do get low doc, non conforming loans, tend to have large deposits and in a good overall financial position.
That's the difference here.
Whether to ignore stupid agenda driven reporting or accept it.
The ABC, in my opinion, is going way beyond just being biased.
It's now a place for the drive bys to catch up and think they are sofisticated because they watch/listen to ABC.
With ABC, they never post anything positive from the Right side of politics, but the Left, well, they get all the attention. Tell me I'm worng ?
You know what's really funny? I used to watch the ABC and read Fairfax newspapers because I liked to think I'm intelligent. These days I avoid them like a plague because I know I am intelligent.
Pretty hard pressed finding a newspaper that's not biased in Australia. You just have to ignore the bias.
I still listen to ABC radio in the car, it's the least worst option. Don't get me started on Q&A though, watched it three times and nearly smashed my TV
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