Comments on: Australia on its own sub-prime precipice http://www.crikey.com.au/2008/11/25/australia-on-its-own-sub-prime-precipice/ now with extra source Sun, 22 Nov 2009 04:36:07 +1100 http://wordpress.org/?v=2.8.6 hourly 1 By: Adam http://www.crikey.com.au/2008/11/25/australia-on-its-own-sub-prime-precipice/#comment-9677 Adam Thu, 01 Jan 1970 10:00:00 +0000 #comment-9677 We do have a sub-prime issue in Australia that has just not surfaced yet. A quick glance in the window of many shops will say things like "approved finance for all- no background check needed!".<br /><br />I could jump online and apply for a $1.2 million home loan based on the modest income that me and my partner earn. We do have a sub-prime issue in Australia that has just not surfaced yet. A quick glance in the window of many shops will say things like “approved finance for all- no background check needed!”.

I could jump online and apply for a $1.2 million home loan based on the modest income that me and my partner earn.

]]> By: gARy joHnSOn http://www.crikey.com.au/2008/11/25/australia-on-its-own-sub-prime-precipice/#comment-9678 gARy joHnSOn Thu, 01 Jan 1970 10:00:00 +0000 #comment-9678 what da difference between da spuiker and da agent?, it all over-lap i fink. yes, da industry practises from da bottom to da top are border-line illegal and dese practices go unchallenged by da govt or industry bodies. we reap what we sow what da difference between da spuiker and da agent?, it all over-lap i fink. yes, da industry practises from da bottom to da top are border-line illegal and dese practices go unchallenged by da govt or industry bodies. we reap what we sow

]]> By: Marilyn http://www.crikey.com.au/2008/11/25/australia-on-its-own-sub-prime-precipice/#comment-9679 Marilyn Thu, 01 Jan 1970 10:00:00 +0000 #comment-9679 And Turnbull wants capital guarantees for the casino capital mob. Huh. And Turnbull wants capital guarantees for the casino capital mob. Huh.

]]> By: andrew strobel http://www.crikey.com.au/2008/11/25/australia-on-its-own-sub-prime-precipice/#comment-9680 andrew strobel Thu, 01 Jan 1970 10:00:00 +0000 #comment-9680 No more bank guarrantees with out some degree of equity in behaviour.<br />I want guarrantees that when banks get desperate/agressive,they will not move to revalue real estate as the market soften and start picking off people that have been servicing loans properly but will suffer an equity decline that may FORCE them into forclosure caveats in mortgage contracts. Say,just because the market now says your house is worth 300,000, and you paid 480,000, mostly borrowed, some contracts can tigger a value shortfall demand, and a forced sale can ensue. No more bank guarrantees with out some degree of equity in behaviour.
I want guarrantees that when banks get desperate/agressive,they will not move to revalue real estate as the market soften and start picking off people that have been servicing loans properly but will suffer an equity decline that may FORCE them into forclosure caveats in mortgage contracts. Say,just because the market now says your house is worth 300,000, and you paid 480,000, mostly borrowed, some contracts can tigger a value shortfall demand, and a forced sale can ensue.

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