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Hi @pintohoo your last paragraph is 100percent correct this time...

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Staffyman

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18/07/23

20:33

Post #: 68852608
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Originally posted by pintohoo ↑

'' and it would be fire sales every where as the banks would be foreclosing left right and centre as the mortgage crisis in America years ago was''

nope - you can't equate anything in America to Oz in mortgages ------------ there are totally different laws.

In Oz -banks have a bigger problem if they foreclose on people than if they don't. ------------- it depends on the size of the brownie that's hit the fan

in Oz in the past, banks have let people stay in their houses and not repay payments in a time of crisis ------- if they didn't then they would have had to foreclose and flood the market with homes for auction -------- or just let the homes sit and degrade into uninhabitable - a monster loss.

People in Australia carry their defaulted loans with them.

In America - they don't - that's why they call it jingle keys ---- so when the GFC hit - Americans just returned the keys to the bank and said - here's the key - it's all yours. From memory - all they had to do was leave and leave the keys in some states.

So, the banks were stuck with the properties ---- which many of them they didn't even know that people had walked away from the properties - and the places just went from houses to trash heaps.

It's going to be interesting to see how banks in Oz handle the coming mortgage rate cliff ---------- this time it's different - but, it's still not America

we wait.

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Hi @pintohoo your last paragraph is 100percent correct this time is different and banks want there money so time will tell as it did in the late 80's and early 90's!
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