Nearly Normal (=>÷)The only obligations banks will meet will be to unswervingly maximise their profits.
Mortgage stress is the result of basic banking strategy.
The less likely you are to repay a loan the harder a bank will make it for you to repay.
PaulWay@Spoon And that is why I bank with Bank Australia, where the only shareholders are those people with accounts.
So I disagree with the generalisation that all banks only maximise profits.
And it amazes me that so many people continue to bank with banks like Commonwealth Bank, which has been found guilty of aiding money laundering. There are so many other, better choices of bank out there.
I am remiss in implying that *all* banks are guilty. We bank at a credit union where all account holders are share holders.
It is still true however that the great, great majority of loans are issued by banks where the lenders are given bonuses for lending.
What could go wrong?
Graham Palmer@Spoon They do the same with credit cards - if they see you as a risk of default - they increase the risk by raising your interest rate. Smart eh?