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Over 300,000 mortgage holders have no real equity in their homes; Mortgage holders in WA most at risk
Topic Started: 10 Oct 2016, 03:42 AM (5,846 Views)
hidflect
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Given that at least 30% are liar's loans as per recent data, that puts 100,000 homes on extremely shaky ground for the banks. At an average of, say, $500K per house that's $50Billion tottering on the brink. And if one green bottle, should accidentally fall...

Overall some 6.8% (311,000) of mortgage holders in Australia have been identified as having little or no real equity in their home. This is based on the fact that the value of their home is only equal to or less than the amount they still owe, placing them at considerable risk if they have to sell or prices decline. This is one of the findings from the latest Roy Morgan ‘State of the Nation-Spotlight on Finance Risk’ report. The data in this report is from Roy Morgan’s Single Source survey of more than 500,000 interviews conducted over the last decade.

http://www.roymorgan.com/findings/6989-over-300000-mortgage-holders-have-no-real-equity-in-their-homes-201610061000
Edited by hidflect, 10 Oct 2016, 03:43 AM.
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Ex BP Golly
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So many mortgages in technical default!
Fascinating.
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Khaderbhai
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hidflect
10 Oct 2016, 03:42 AM
Overall some 6.8% (311,000) of mortgage holders in Australia have been identified as having little or no real equity in their home. This is based on the fact that the value of their home is only equal to or less than the amount they still owe, placing them at considerable risk if they have to sell
According to Golly and Rastus, the banks could just repossess these 300,000 homes tomorrow. :lol
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Ex BP Golly
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Khaderbhai
10 Oct 2016, 07:14 AM
According to Golly and Rastus, the banks could just repossess these 300,000 homes tomorrow. :lol
No Shadow, they COULD reposes,...Willy nilly....at the drop of a hat......at the time of their choosing- up to 30% of loans, underwater, or flush based on the fact (as shown by UBS) that 30% of loans are provided to people who have criminally misled their bank.

Such power to manipulate the market to protect themselves, and you guys byo lube!



WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Khaderbhai
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Ex BP Golly
10 Oct 2016, 07:32 AM
they COULD reposes,...Willy nilly....at the drop of a hat......at the time of their choosing- up to 30% of loans
Those banks must be very kind and generous, choosing not to repossess 30% of homes when they could do it at a drop of a hat. :lol
Edited by Khaderbhai, 10 Oct 2016, 07:38 AM.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Rastus2
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Khaderbhai
10 Oct 2016, 07:14 AM
According to Golly and Rastus, the banks could just repossess these 300,000 homes tomorrow. :lol
got proof I have said that they could repossess all of those loans tomorrow ? or just more lies from your newest dummy account ?
Edited by Rastus2, 10 Oct 2016, 08:36 AM.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Khaderbhai
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Rastus2
10 Oct 2016, 08:31 AM
more lies from your newest dummy
That's just a personal attack.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Rastus2
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Khaderbhai
10 Oct 2016, 08:38 AM
That's just a personal attack.
so no proof then, just cries of how dare I demand proof of what you claim I said.


Got any other claims that are total bullshit ?
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Khaderbhai
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Rastus2
10 Oct 2016, 08:59 AM
so no proof then, just cries of how dare I demand proof of what you claim I said.

Got any other claims that are total bullshit ?
It's OK, Golly has clarified the position - apparently banks can call in 30% of loans at the drop of a hat. :lol
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Ex BP Golly
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Khaderbhai
10 Oct 2016, 07:37 AM
Those banks must be very kind and generous, choosing not to repossess 30% of homes when they could do it at a drop of a hat. :lol
They're anything but generous Shadow.

They gain the largest profits (of banks) in the world from criminals who because of their crimes of obtain benefit by deception, bear all the risk.

Not only do you guys line and lube up, but you bring your own barrels:-) allowing them to call in your loan at whim, the drop of a hat, the time of their choosing.


Khaderbhai
10 Oct 2016, 09:10 AM
It's OK, Golly has clarified the position - apparently banks can call in 30% of loans at the drop of a hat. :lol
Shadow! Sheesh! You still haven't read your contract :-)
Edited by Ex BP Golly, 10 Oct 2016, 09:17 AM.
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