Friday, September 21, 2007
new consumer motto of financial institutions in Australia can be summed up as
Remember when financial institutions encouraged us to save money and develop a savings history? Not anymore!
No government agency has been tasked with the monitoring sub-prime lenders in Australia so no one knows how deep our problems run. According to ABS data, at least $9.5 billion of sub-prime loans were approved in the first five months of 2007 alone. This is certainly not a small market. The twisted and complex ways in which sub-prime lenders get their funding certainly exposes more of the banks than they seem willing to acknowledge. We are yet to see the full effects of the sub-prime fallout here, but I am certain that my service could use another lawyer to assist those people who will be hard hit and face losing their home.