hang on a minute, page-5

This is more than ten times originally thought in Australia. We are therefore not far behind the USA. So much for our superstar banks. Why write off the loans, just sell the assets? that scared of crashing the fragile market I suppose.

All we need is one institution involved to start foreclosing and the others will hopefully follow. Hey that's only about 50 billion dollars worth of bad loans ( approx 5% of 1.1 trillion loaned to property market)

Hold a bit of a fire sale, get back say 40 of the 50 billion, kick the Neanderthals back out to the caravan parks and the bonus will be a housing price affordabolity improvement (crash)