ANZ and Westpac "Parliamentary Grilling" is a National Joke.
Well Messrs ELLIOTT and HODGES, you never told the borrowers the hidden fact of 'GREATER RISK', prior to signing did you? You never sold these evil mortgage products of yours by saying: "This is a RISKIER ANZ product that you are going to love love love...............and you will lose your home in 5 years as we have planned for you and, we will later charge you greater interest as punishment for being so gullible and trusting of our bank." You Sir and your sidekick Hodges, KNEW that if your sellers were instructed to say those words: no-one would buy! You did not say: " we look after our customers and would never offer you such evil riskier products." You and Hodges were the greedy ones preying on vulnerable older persons including the disabled and even the innocent younger borrowers.
Westpac's chief executive Brian Hartzer and ANZ's Shayne Elliott insisted their key motivation was to give their customers a clear incentive to switch to principal and interest loans. What morons these Bankers are. They both conveniently "forgot" to warn their customers prior to signing, that the LOW DOC loans were in fact INTEREST ONLY and the customers were not told of these engineered risks and outcomes. Now borrowers are learning from BFCSA to question their loans and look for mortgage fraud on every document.
The glaring and emerging FACT that most of these loans were unaffordable from DAY ONE, meant customers who were churned into borrowers will never ever be able to afford the higher payment for P & I. Banks contemplated mayhem and loss for borrowers when the P & I period kicked in. It’s a highly profitable scandal. The Bankers could rub their hands with glee and eagerly STEAL THE HOME. That is the continual grand plan by Hartzer, Elliott, Hodges et al. Malcolm in a Muddle simply asked the Bankers: "yes I realise the products are toxic and criminal and deception is rife, so please do not sell so many." That's like asking bank robbers nicely: "please do not rob so may banks as it’s not a good look!!"
Here we have the BANKS LOOTING THE INCOMES from poorer families and older persons then charging them more for taking the risk of trusting the banks!
Mr Coleman asked Mr Elliott if it was a "happy coincidence" that the bank was likely to increase profits by increasing interest-only rates, to which Mr Elliott suggested the bank viewed these types of loans as riskier. Happy coincidence that you receive $200 million into your own pockets for five years dirty work????
Your predatory behaviour will be your own undoing. You better start taking lessons on how to work with aggrieved customers that you created. Please do not tell anyone that has had the misfortune of going to FOS “we can no longer look at your case”. This is a crime scene of your own making. Of course could gather all the 1990 victims of ANZ together. Time for you to start repairing the damage not adding to the chaos and confusion created by ANZ and its Cartel Mates.