For Like minded people who like to see-
An interesting perspective.
The link I posted was in reference to your mention of the CBA which I remembered reading about. There is also story on either ACA or TT (can't remember which one) about "percieved" corrupt policys at CBA and other banks. This link was posted as mere information about what is on the net -- NOT about my personal view at all. (I actually bank with CBA)
As for refertence to this thread -- my opinion about RBA and money rates is that Banks should pass on any cuts that RBA states. However, this is a very complicated issue and cannot be viewed in isolation.
My take on the banks Alyn is that they are incredibly stupid as many of their practices that harm business in Australia including Rural are incredibly short sighted .
Banks once worked in with Business in Australia and as the Business prospered so did the bank,They seem to have forgotten this and are actively working it seems to sell out Australia to overseas interests.
What else could explain that Cubby Station had three good years and the Banks took a return of 33% Per anum from the Capitol Outlay Cubby had borrowed.
Then the forced bankruptcy proceedings and sold the Whole shebang for a pittance with one of their Dodgy mates from Overseas (Goldman Sachs) fully implicated in the Shenanigans that caused the so called GFC (In Truth total loss of faith in the banking industry and Government by the average person).
Any wonder banks have lost the trust of the public and Business at large.
Re caveat actor -- let the DOER beware !! people borrow to get ahead dam right their "DOERS" Why should'nt they Trust THEIR BANKS
Guys this is just a snippet from Denise check out the web site (www.bfcsa.com.au) she's highly qualified in this field !
"Understand, first and foremost, this is the worst CRIME SCENE RE LENDING IN AUSTRALIA’S BANKING HISTORY. We should be tying a yellow police ribbon around the whole of Australia and calling it a Bankster Crime Scene. The activities that have occurred with you as pawns, according to existing laws, bankers code, consumer protection laws and criminal code is CRIMINAL . To date no charges have been laid against banksters. We have to fight to have authorities, whom we pay as taxpayers, to take criminal action against those responsible: namely, the engineers and mechanics.
The July 22 High Court 2012 decision was a civil case under CIVIL LAW and found the in favour of the borrowers and against lenders for imprudent lending activities, no matter what the broker was thought to have done (see my latest two blogs). Responsibility for those activities and processing imprudent loans, AND asset lending AND withholding vital information from the customer AND for concealing the LAF, AND for ordering documents to be destroyed in order to tell the Judges “we cannot find them Sirs….” Rests with the banks…therefore hand back the Title Deeds, DISCHARGE THE MORTGAGE AND BUGGER ORF……..
The devastating news is for those who never had a home to start with and were given a mortgage for purchasing their first or 2nd home but owned NO HOME when they arranged this Low Doc Loan.
The LOW DOC AND NO DOC products were only for people who were in business and could produce satisfactory records and tax returns for two years and more, according to LIAR POLICIES by 36 Lenders.
These sub-prime loans requiring less documentation than a FULL DOC, were only (according to Liar Policies copied to APRA) could only be offered to business people who had an EXISTING HOME with equity of sorts : ie either fully owned, no mortgage, or a small mortgage or DEBT. These people were known to have little or no credit and therefore could be labeled as A! Credit rated for the sake of on-selling the “income streams” (your payments)into RMBS Tranches (bundles) as a commodity." END