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Record Number Of Defaults On Mortgage Repayments. (Read 2526 times)
Verge
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Re: Record Number Of Defaults On Mortgage Repayments.
Reply #15 - Nov 6th, 2010 at 8:05pm
 
Sir lastnail wrote on Nov 6th, 2010 at 7:58pm:
Verge wrote on Nov 6th, 2010 at 7:53pm:
Why are people blaming Howard and Rudd for the first home buyers inflating, when it was the banks giving them the loans to be able to do so.

The days the banks went away from the 20% deposit, letting people borrow up to 105%.  Thats where the issue came from.

Blame the pollies all you want, but the banks played a far greater role.


Then why give the first home buyers grant to people ?? Why don't the Governments keep out of private enterprise ?


The FHBG wouldnt have had the effect it did if banks werent so prepared to throw the cash around.

The FHBG was designed to kick start things, but it wasnt a sole driver.  People were using so called equity to buy up more properties as every second man and his dog tried to be a entrepener and bought up, slapped a coat of paint and some dodgy repairs and then resold.

Also, baby boomers 10 years ago were pretty damn cashed up and controlled the market very well.
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And why not, if you will permit me; why shouldn’t I, if you will permit me; spend my first week as prime minister, should that happen, on this, on your, country - Abbott with the Garma People Aug 13
 
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freediver
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Re: Record Number Of Defaults On Mortgage Repayments.
Reply #16 - Nov 7th, 2010 at 7:59am
 
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The FHBG wouldnt have had the effect it did if banks werent so prepared to throw the cash around.


So you expect banks to deny people their own home for the macro-economic benefit of all? They are a business, not a charity, and not a moral guardian.

If the government subsidises and industry, and the industry responds, it is the government's fault for handing out the subsidy, not any of the individual players.
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Sir lastnail
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Re: Record Number Of Defaults On Mortgage Repayments.
Reply #17 - Nov 7th, 2010 at 12:07pm
 
freediver wrote on Nov 7th, 2010 at 7:59am:
Quote:
The FHBG wouldnt have had the effect it did if banks werent so prepared to throw the cash around.


So you expect banks to deny people their own home for the macro-economic benefit of all? They are a business, not a charity, and not a moral guardian.

If the government subsidises and industry, and the industry responds, it is the government's fault for handing out the subsidy, not any of the individual players.


Then why not a first share buyers grant for mums and dads investors wanting to buy shares ??

The FHBG doesn't help the people it is supposed to, instead it feeds and fuels a bubble as well as lining the pockets of the real estate industry Sad
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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freediver
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Re: Record Number Of Defaults On Mortgage Repayments.
Reply #18 - Nov 7th, 2010 at 12:31pm
 
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Then why not a first share buyers grant for mums and dads investors wanting to buy shares ??


Subsidies are a bad idea. It's just that first home buyers tug at the heart strongs a lot more than share market speculators.
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Sir lastnail
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Re: Record Number Of Defaults On Mortgage Repayments.
Reply #19 - Nov 7th, 2010 at 1:05pm
 
freediver wrote on Nov 7th, 2010 at 12:31pm:
Quote:
Then why not a first share buyers grant for mums and dads investors wanting to buy shares ??


Subsidies are a bad idea. It's just that first home buyers tug at the heart strongs a lot more than share market speculators.


I don't think that is the reason. The Government gets lobbied by vested interest groups in the property industry such as the real estate institute and property developers etc. They capitulate to these interest groups who only have interests in lining their own pockets and the FHBG is a perfect vehicle to re inflate the bubble and get money back into the hands of these scabs.

Before Dudd tripled the FHBG property was on the decline. Where I live there were many for sale signs and vacant blocks of land for months on end. As soon as Dudd tripled the FHBG guess what happened ?? Those dormant properties started to sell and building commenced on the vacant blocks. You can't tell me that was just a coincidence ! Then add the changes to the FIRB to allow foreign speculators a cut of the action and the bubble was being pumped up again !! And what was the benefit to first home  buyers ?? None because it didn't matter if they lost out to property speculators as long as money was being pored into the system Sad
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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jame-e
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Re: Record Number Of Defaults On Mortgage Repayments.
Reply #20 - Nov 7th, 2010 at 3:45pm
 
freediver wrote on Nov 7th, 2010 at 7:59am:
So you expect banks to deny people their own home for the macro-economic benefit of all? They are a business, not a charity, and not a moral guardian.



What about a cosmetic surgeon? Any moral or ethical boundaries?
Any potentially negative impacts of their actions need to be assessed and addressed?

Lawyers?
Tradesman?
Charities?
Bureaucracies?
Retailers?

What about the above? does society expect a level of moral guardianship relative to an entity's impacts and rewards it gains? I suspect you would say yes.

But hell, because the banks play such an insignificant role nowhere near the base of our society they should not have to meet the same standards that you and I have to.

Money's just to damn sexy to criticise.
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Equitist
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Re: Record Number Of Defaults On Mortgage Repayments.
Reply #21 - Nov 7th, 2010 at 3:54pm
 


The banking and finance sector has been allowed to become gravely parasitic - not only do bankers and financiers produce nothing but they have been increasingly permitted, by lax laws and regulations, to tap into the financial life-blood supply of citizens and businesses...

It is time that most of these parasites were put out of our misery...
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Lamenting the shift in the Australian psyche, away from the egalitarian ideal of the fair-go - and the rise of short-sighted pollies, who worship the 'Growth Fairy' and seek to divide and conquer!
 
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bridonta
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Re: Record Number Of Defaults On Mortgage Repayments.
Reply #22 - Nov 7th, 2010 at 3:55pm
 
at the end of the day .. people have realized there are more in life than working hard to feed those greedy shark bank bosses and their families ..
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