Funny you suggest I read the article and offer something meaningful about it when you have thus far done neither, if this statement is all you took from the article:
"For instance, that article tells us the sweet fantasy we see on the HC forum about banks not wanting to foreclose at all cost is a sick self-serving myth."
If anything, the article supports the 'fantasy we see on the HC forum'.
Take another read:
"The CBA, ANZ and others ask customers facing mortgage stress to contact them well before it gets to repossession stage. "Home loan repossession is a last resort for the bank and we work with customers to avoid this," a CBA spokeswoman said.
"It is not in the best interests for our customers or the bank. "The bank has a hardship unit for customers who are facing financial difficulty or for those whose circumstances have changed." The ANZ said of its 850,000 mortgage holders, less than 250 foreclosures had occurred last year and 13,000 customers had received hardship assistance."
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So 250 out of 850,000 ANZ mortgage holders have been foreclosed, whilst 13,000 have received hardship assistance. That sounds to me like the bank doesn't want to foreclose if it can help it.
As for the foreclosures, what are historical averages? I would think there are foreclosures all the time, regardless of boom or bust.
Since you posted the article, are you able to tell us the significance of these numbers of foreclosures when compared with historical figures?
That would be of some interest, and is the sort of thing that could take your article linking to a whole new level.
