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wherebee

Sympathy Test

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The $1800 a month repayments takes up half his pension. Hm............ a pension pot yielding $43,000 a year after tax at 55, wonder what one of those is worth and he wants to walk away from a loan a fraction of the value.

Go suck it down.

Edited by crashmonitor

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I think 3/4 of the story is missing...the facts are laid out to present evil bankers...they are, but thats not the issue...the facts also prove the man is a gullible twonk, yet has made it to retirement running a business or two, as well as experience buying multiple properties.

Something important is missing.

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The HPC bleeding hearts are ahead with the voting so far, with 'beef with the banks' option ahead. What a surprise. Can't personally see anything the banks have done wrong myself. Play with debt and have the entitlement, then you put yourself at risk. Also no sympathy given what I remember of Bardon's attitude, regularly going on how inflation going to make his properties worth ever more millions.

In 2004 while shopping for a home loan to buy his university-going children an apartment in Brisbane, Mr Wignall found a loan for $160,000 with CBA.

....To make matters worse, in 2010 mortgage broker Aussie Home Loans advised Mr Wignall to take up a second loan, a low-doc loan, to buy a bigger home for his children in Brisbane.

"I was burnt once by CBA and told Aussie Home Loans I wanted to do things by the book. This time I went to Aussie Home Loans because they had a good reputation," Mr Wignall said. Low-doc or low-documentation loans are higher risk loans offered to people who are self-employed and do not have enough documentation such as tax returns or financial statements to support a traditional home loan application. These loans usually carry higher interest rates.

Edited by Venger

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The HPC bleeding hearts are ahead with the voting so far, with 'beef with the banks' option ahead. What a surprise. Can't personally see anything the banks have done wrong myself. Play with debt and have the entitlement, then you put yourself at risk. Also no sympathy given what I remember of Bardon's attitude, regularly going on how inflation going to make his properties worth ever more millions.

I watched a film called Larry Crowne last weekend. Filmic candy floss if truth be known but the element regarding his mortgage was both refreshing and disturbing.

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The HPC bleeding hearts are ahead with the voting so far, with 'beef with the banks' option ahead. What a surprise. Can't personally see anything the banks have done wrong myself. Play with debt and have the entitlement, then you put yourself at risk. Also no sympathy given what I remember of Bardon's attitude, regularly going on how inflation going to make his properties worth ever more millions.

The "bleeding hearts" are blaming him by a large majority, but they are also recognising that the banks were quite happy to break their own rules to lend to this twit. What are you talking about?

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An Aussie Liar Loan parable. His excuses sound very hollow:

I may have a university degree in science but it doesn’t make me an expert in finance. I relied on these experts

Sounds very like the denial expressed by Jasmine in Blue Jasmine (if you've seen it, you'll know what I mean). Still, I voted for option 2. The banks are certainly culpable when it comes to liar loans imho.

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The "bleeding hearts" are blaming him by a large majority, but they are also recognising that the banks were quite happy to break their own rules to lend to this twit. What are you talking about?

It appears that the very Government Policy in the UK RELIES on the banks breaking their own rules to even work...HTB2....

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The "bleeding hearts" are blaming him by a large majority, but they are also recognising that the banks were quite happy to break their own rules to lend to this twit. What are you talking about?

If you were a regulator you would

There's no point a regulator beefing with the banks now, over these loans for 'innocent borrowers' if the banks are now squeezing the debtors who chose to over-borrow. If regulator were to back borrowers on such claims of being victims, it would slow any prospect of lower house prices, if debtors compensated or let-off in some way. Or slow the smoothing out of malinvestment in other businesses including his boat business, which may be sold at a lower price to someone who only wants to buy 1 home for his family.

The time for regulator to beef with the banks was many years ago, during loose lending years, to stop the banks allowing the reckless taking out loans and multiple mortgages like in this instance, outbidding non owners and the prudent for years and years.

Except FSA and BoE and probably Aus equivalent rode it, and the HPI it gave. Now offering us HTB2 because house prices aren't wrong.. mortgage market conditions are.

And for his boat-business, he was coaxed into a £250,000 boat loan that he now says he 'didn't want', repayable over 15 years, but "Five months into the loan, Mr Wignall ran into financial trouble." Hmm.

I watched a film called Larry Crowne last weekend. Filmic candy floss if truth be known but the element regarding his mortgage was both refreshing and disturbing.

We've got that downstairs and I considered watching it the other night but they seemed a bit too smiley-happy on that moped front cover. I'll check it out, thanks.

Edited by Venger

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Assuming that the facts as presented in the story are complete and correct, I would tell him to suck some of it down and write the rest off. Yes, ultimately he applied for the loan, but he did so on the basis of professional advice that was at best maladministered and at worst fraudulent. I think the fairest thing to do would be to calculate the loan he would have been offered if the bank had done its due diligence correctly, and order the bank to write off the difference between that figure and what he was actually lent.

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We've got that downstairs and I considered watching it the other night but they seemed a bit too smiley-happy on that moped front cover. I'll check it out, thanks.

You are correct

When you watch it though, you'll see my comments are not as off topic as you might think.

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Remember the key to HPC in the current status quo is higher inflation in everyday essentials by overwhelming household budgets to breaking point en masse.

The 10% + energy price hikes are good for this hopefully get diesel up a bit more too.

no bleeding hearts just raw crashism

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Squeeze him until he squeaks. Once they have wrung every penny from him, let him default thus helping screw their balance sheet......

F**k 'em both, they deserve each other.

Let's go over the facts. His loan repayments are $1,800 per month which together with his business expenses (let's be kind and say they are $700) takes up half his net pension. So his net monthly pension is in the region of $5,000 a month ($60.000 a year), his gross pension before tax is liable to be in the region of $75,000 a year.

One of these pensions would cost about 1.5 million dollars at today's purchase rates at a youthful 55, yet he has never earned more than $100,000. One can only assume a public sector magic money tree pension scheme has produced such a huge pension so young.

So he has a 1.5 million pension asset and wants to walk away from the $54,000 remaining loan.

Is this a case of special dispensation for boomers who retired early or what ?

Meanwhile you young'uns can f**king well get repaying your $54,000 Uni pensions even before you get to half his level of pension, slaving away 70 hours a week at MacDonalds.

Edited by crashmonitor

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Let's go over the facts. His loan repayments are $1,800 per month which together with his business expenses (let's be kind and say they are $700) takes up half his net pension. So his net monthly pension is in the region of $5,000 a month ($60.000 a year), his gross pension before tax is liable to be in the region of $75,000 a year.

One of these pensions would cost about 1.5 million dollars at today's purchase rates at a youthful 55, yet he has never earned more than $100,000. One can only assume a public sector magic money tree pension scheme has produced such a huge pension so young.

So he has a 1.5 million pension asset and wants to walk away from the $54,000 remaining loan.

Is this a case of special dispensation for boomers who retired early or what ?

Meanwhile you young'uns can f**king well get repaying your $54,000 Uni pensions even before you get to half his level of pension, slaving away 70 hours a week at MacDonalds.

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