Denise L Brailey
RBA's new Governor Philip Lowe is either a dunderhead or corrupt. He cannot have an each way bet. Over 90% of all loans written last year are INTEREST ONLY LOW DOCs. Government is lying when its says "only 40%." Sellers tell us we were only selling LOW DOCs and: "we did not know they were interest only, now we are realising what has been going on. We have been misled and now the banks want to claw back the commissions. We have been used. We were told to practice on our parents first! Now their home is in danger.
How dare this moron call borrower victims "DESPERADO's"
RBA's Philip Lowe takes aim at desperado borrowers. This high powered banker KNOWS consumers have been the target of Rip-Off bank merchants. Now he chooses quite deliberately to mislead the public into thinking its all the borrowers who devised this PONZI financing Scandals known as LOW DOCs.
Dr Lowe would have us all believe that borrowers rushed out and purchased 30 year INTEREST ONLY LOANS. In the olde language these loans are the most expensive in the world and known as BRIDGING LOANS. So which MORON would invent a 30 year bridging loan and sell it to vulnerable pensioners and people on low incomes????
WHICH NASTY PIECE OF WORK WOULD DO THAT TO ANOTHER HUMAN BEING? The 34 Members of the Banking Cartel, thats whom. Plus the bankers would be backed up by the Governor of the Reserve Bank Of Australia Philip Lowe.
THEN Philip decides to blame the bank customers for buying this wretched and hideous product know as Interest Only
Just one BIG problem for you Dr Lowe: The customers were not told these LOW DOC SUB PRIME mortgage loans were in fact INTEREST ONLY!!! The scandal lies in between, engineered by the banks, with sellers being unaware of the risk and consequences of these loans.
APRA is releasing FAKE STATS and FAKE DATA to suggest $137 Billion of these loans were sold to the "spruiked" buyers, by the Cartel last year. Then APRA tries to suggest these new mortgages were NOT LOW DOCS as crippled the USA and caused the GFC!!!
These Time-Bomb Products are one and the same. Customers were unaware they were Interest Only until at least 2 years later, by then they were trapped into buffers and LOCs and Top Ups and refinancing cycle and DOOMED to lose their homes.
ITS SCANDAL OF THE HIGHEST MAGNITUDE PHILIP!!!
It is your job to Get a Grip on the situation re the economy!
Your "Desparado" borrowers - consumers will turn on you personally - Bank on It....................
Read the Lowe article here.....................
http://www.bfcsa.com.au/index.php/entry/bfcsa-rba-s-new-governor-philip-lowe-is-either-a-dunderhead-or-corrupt-its-the-bankers-stupid