Of benefit is that there isnt the non recourse lending situation...

Of benefit is that there isnt the non recourse lending situation that prevails in the States where borrowers can just walk away from their debts.

The mortgage paying public in Australia will be an indentured slave to the banks for decades. If they default, mortgage insurance has been forced upon them anyway. (not sure who backs the insurers however). Licence to print money.

The only time Australian banks get into trouble is when they embark on disastrous forays into international markets.

The fees situation will blow over to be replaced by some thing more of the same, that a group of marketing geniuses will foist upon the poor consumer. Well said by the previous poster. If you cant beat 'em.................