Mojo ♻️Jul 8, 2024

Tsunami of financial distress: a sad indictment of society. Banks' lenient lending during record-low interest rates has led to today's #mortgagecrisis. They knew it was unsustainable once rates rose. #FinancialCrisis #MortgageCrisis #BankingReform #ausecon #auseconomy #auspol #bankingroyalcommission

https://www.smh.com.au/national/nsw/tsunami-of-financial-distress-a-sad-indictment-of-society-20240708-p5jruw.html

Tsunami of financial distress a sad indictment of society

The lending rules of our banks have contributed to the mortgage crisis people now face. When interest rates were at record lows, banks were only too willing to allow borrowing. They surely would have been aware this would be unsustainable when interest rates inevitably rose.

The Sydney Morning Herald
ijenkins99Nov 10, 2023

With the benefit of hindsight we now know #CBA was guilty as sin and rotten to the core. We know the #BankingRoyalCommission found similar malfeasance throughout the whole financial services industry.
Ken Hayne’s 76 recommendations were meant to cleanup the industry but following another barrage of #DenyDeflectDelay from the banks, aided and abetted by the Morrison LNP crime family, fewer than half the recommendations were implemented.
In 2023 bank profits have never been greater.
The system won - again

https://www.abc.net.au/news/2023-11-11/the-dirty-tricks-the-cba-used-to-silence-whistleblowers/103086260?utm_source=abc_news_app&utm_medium=content_shared&utm_campaign=abc_news_app&utm_content=other

The inside account of how Commonwealth Bank tried to bury the scandal that sparked a royal commission

The inside story of how the Commonwealth Bank went to extraordinary lengths to discredit whistleblowers and journalists who exposed wrongdoing within the company.

ABC News