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http://www.abc.net.au/news/2018-04-26/salim-mehajer-appeals-bankruptcy/9700078quote:Former Auburn deputy mayor Salim Mehajer has taken the stand at his own bankruptcy appeal hearing, revealing he has plans to borrow as much as $82 million for five property developments in Sydney's western suburbs. https://www.buzzfeed.com/joshtaylor/none-of-australias-federal-politicians-have-taken-an-anti quote:Not one Australian federal politician has taken an online course set up in the wake of the James Ashby sexual harassment case.
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Apr 26, 2018 14:11
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My first car was a stick
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Anidav posted:Yeah but it just seems like they were taken advantage of because they didn't read what they were signing. They just saw or heard the words more money and signed away. Getting complete strangers to fill out a form for you. Jesus, you dumb grey haired investors got swindled clean and easy and it wasn't exactly because of the lenders misbehaviour but because of the investors apathy towards getting involved with what they were signing. They just want to sit on their asses and earn passive incomes regardless of how a financial adviser fills out their forms. this is exceptionally bitter even for you anidav i approve
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Apr 26, 2018 14:18
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Anidav posted:Yeah but it just seems like they were taken advantage of because they didn't read what they were signing. They just saw or heard the words more money and signed away. Getting complete strangers to fill out a form for you. Jesus, you dumb grey haired investors got swindled clean and easy and it wasn't exactly because of the lenders misbehaviour but because of the investors apathy towards getting involved with what they were signing. They just want to sit on their asses and earn passive incomes regardless of how a financial adviser fills out their forms.
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Apr 26, 2018 14:20
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CrazyTolradi posted:If they get refunded, they'll just lose it all to ATO scammers.
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Apr 26, 2018 14:58
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The problem with simply pointing and laughing at people signing up for unaffordable loans is that it’s gonna to gently caress us all eventually. If we don’t protect people from themselves and the whole economy shits the bed we’ll all pay for it through higher unemployment, taxes for bailouts, etc. People that are unironically sitting on the sidelines thinking they’re going to scoop up a bargain and have an easy time when the crash comes are dreaming.
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Apr 26, 2018 15:50
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bigis posted:The problem with simply pointing and laughing at people signing up for unaffordable loans is that it’s gonna to gently caress us all eventually. Also boomers: Please protect us from everything!
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Apr 26, 2018 16:22
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The "hurr how dumb are people for borrowing more money than they could pay back" argument came up during the GFC. I can almost guarantee the banks intentionally targeted these people. After all, it's easier to trick an unsuspecting person than actually provide quality service. It's a perfect information problem - the average borrower in this situation will probably be straight about their situation, the lender then decided to lie about their capacity to repay. So yeah, I think the borrower's should have some recourseeven if they're crappy boomers who should have known better. There's no point in having banking regulations if the regulator turns around and tells people it's their own stupid fault they were victimised by someone, even though that person had a fiduciary responsibility toward them.
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Apr 26, 2018 16:52
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If you're so incredibly loving stupid as to sign a form that's blank and send it through to a lender, then you deserve everything you get. That's just plan A grade loving dumb, it's what everyone gets told never to do.
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Apr 26, 2018 16:55
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The purpose of regulation in the financial industry is to ensure that consumers have an even footing to that of the financial institutions who from a perspective of ensuring maximum profits will never put the interests of the consumer first. This has been proven time and again with financial institutions chasing commissions and bonuses at the loss of actually giving consumers something that isn't a giant pile of garbage.
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Apr 26, 2018 17:10
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Of course banks will always act in their own self interest and yes dumb boomers should get their comeuppance. But when the house of cards comes down just because you don’t own property doesn’t mean you aren’t going to get indirectly hosed anyway. Death is certain.
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Apr 26, 2018 21:17
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As a boomer I believe in small government *a few moments later* Oh no, my money! Save me government!
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Apr 26, 2018 21:20
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Anidav posted:As a boomer I believe in small government Seems like boomers have a lot in common with buttcoiners.
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Apr 26, 2018 21:38
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At the moment the Queensland Government is trying to build a new school in the Brisbane CBD and alot of old fucks got together and made a television campaign arguing that the vacant land should be used to build apartments instead.
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Apr 26, 2018 21:40
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Noted rational actor Crazy Tolradi
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Apr 26, 2018 21:54
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Anidav posted:At the moment the Queensland Government is trying to build a new school in the Brisbane CBD and alot of old fucks got together and made a television campaign arguing that the vacant land should be used to build apartments instead. Use the site for fracking instead.
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Apr 26, 2018 21:55
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Use the land for nuclear testing instead
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Apr 26, 2018 22:03
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When all you've been told your whole life is that "property will only go up, up ,up!" I can see why people would be less than diligent about getting a loan for a house (particularly when pushed by dodgy lenders). Why wouldn't you risk it when it's a sure thing? This isn't to say they aren't at least partially to blame for their situation when it all goes wrong, but it goes a way to understanding how the situation came about - something that can be pretty important if you actually want to fix the problem.
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Apr 26, 2018 22:06
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just lol if you think banks aren’t willing to underestimate my living expenses using the benchmark instead of reading through the months of statements I’ve given them
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Apr 26, 2018 22:12
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The problem won't be fixed. The property bubble is going to pop and destroy us all.
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Apr 26, 2018 22:25
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Birdstrike posted:just lol if you think banks aren’t willing to underestimate my living expenses using the benchmark instead of reading through the months of statements I’ve given them If only it were possible to look at your own bank statements and understand how much you get paid and how much you spend on things. And also to listen and hear the amount repayments will be and do the simple maths to work out if that is realistic.
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Apr 26, 2018 22:54
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Gluten Freeman posted:Went past Barry today and there were loads of people in there. Class traitors, the lot of them. Motherfuckers, I was going to go past this weekend for some schadenfreude. Barry Cassidy gave them a spray on the news this morning so hopefully people will get the message that you don't knowingly support wage theives.
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Apr 26, 2018 22:57
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Cool so Canada has incel terrorists and Melbourne has furries doing smash and grabs
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Apr 26, 2018 23:03
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iajanus posted:If only it were possible to look at your own bank statements and understand how much you get paid and how much you spend on things. And also to listen and hear the amount repayments will be and do the simple maths to work out if that is realistic. And while we’re at it the banks can maybe use forego 1% of their multi-billion dollar profits by not inflating the amounts they’re willing to lend.
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Apr 26, 2018 23:18
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Solemn Sloth posted:Cool so Canada has incel terrorists and Melbourne has furries doing smash and grabs The Internet was a mistake.
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Apr 26, 2018 23:29
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Birdstrike posted:And while we’re at it the banks can maybe use forego 1% of their multi-billion dollar profits by not inflating the amounts they’re willing to lend. Sure, that too. Strangely I believe that both sides can share the blame in this one.
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Apr 26, 2018 23:32
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Solemn Sloth posted:Cool so Canada has incel terrorists and Melbourne has furries doing smash and grabs Wait whut
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Apr 26, 2018 23:38
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iajanus posted:Sure, that too. gently caress boomers and all but it was very strange going through the pre-approval process recently and their willingness to use the benchmark instead of the higher level we calculated and evidenced ourselves
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Apr 26, 2018 23:44
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Birdstrike posted:gently caress boomers and all but it was very strange going through the pre-approval process recently and their willingness to use the benchmark instead of the higher level we calculated and evidenced ourselves I agree that when we got our loans it was hilariously easy to get a blank cheque from the bank, but it's not like we went in with our eyes closed about how much the repayments were going to be and how much our income was. If you're making financial decisions on that scale them the impetus has to be on you to use your brain to work out if the numbers make any kind of sense and whether you have any scope for surviving if problems come up.
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Apr 26, 2018 23:49
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They are still piggybacking off the royal commission to get refunds out of bad decision making though. There are far more deserving people of such a bonkers second chance to undo financial choices such as the homeless or problem gamblers.
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Apr 26, 2018 23:49
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I kind of feel like the media and society in general have put a lot of pressure on people to buy property so they also share some blame
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Apr 26, 2018 23:50
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quote:One Nation's Pauline Hanson furious online citizenship poll being shared overseas http://www.abc.net.au/news/2018-04-27/pauline-hanson-says-online-citizenship-poll-foreign-interference/9701272
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Apr 26, 2018 23:52
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And here I was thinking I should only borrow what we could easily afford to pay back, I guess things were simpler 15 years ago when the housing market had only started getting crazy
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Apr 26, 2018 23:53
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When will the royal commission call on that fat guy from AUSSIE
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Apr 26, 2018 23:56
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Birdstrike posted:And while we’re at it the banks can maybe use forego 1% of their multi-billion dollar profits by not inflating the amounts they’re willing to lend. The banks are basically willing to lend as much as the regulations will allow. A friend who is familiar with cash converters internal modelling told me that their problem isn't bad debt but that apra regulations won't actually let them soak up MORE risk into their books. Given that cashies are working at the shittiest end of the debt pool just think what the banks are able to do.
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Apr 27, 2018 00:00
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Gridlocked posted:Wait whut http://www.abc.net.au/news/2018-04-27/victoria-police-hunt-wigged-robber-in-lion-costume/9702308
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Apr 27, 2018 00:29
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Anidav posted:At the moment the Queensland Government is trying to build a new school in the Brisbane CBD and alot of old fucks got together and made a television campaign arguing that the vacant land should be used to build apartments instead. That's already happening The yeronga shs/tafe site was meant to be Brisbane state high v2 But now the yeronga tafe is turning into flats so they have to build a second school in the inner city Looks like a different developer got their donation in first
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Apr 27, 2018 00:31
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I think we're going too far into cynical town here, thread, pull up! It's not some conspiracy by boomers to get the RC going to get a refund, don't forget they're the type who believe banks, corporations and the police all love you and do right by you no matter what - if we had a referendum on it they'd vote no. These people are victims due to a number of factors: 1. Financial savvy in Australia is pretty woeful (see: amount of cc debt, mortgage debt, budget issues floating around) 2. If you trust brokers and banks and brokers and banks tell you you can afford this poo poo, why would you argue 3. They're only finding out they got screwed now that the RC has started, it's a bit hard to say they wanted the Royal Commission when they thought banks were being unnecessarily victimised by those commies in Labah
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Apr 27, 2018 00:31
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Nah all these people are explicitly going to the media to get a sob story out there for some sort of refund. This isn't the first story the ABC has published showing some chucklefuck getting owned for not paying attention. There are absolutely people celebrating the royal commission for happening and they're gonna get something out of it. I just don't like reading these stories at all.
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Apr 27, 2018 01:01
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I'm in the middle of this issue, if you're too stupid or greedy when it comes to money at that scale you're bound to get burnt, but I don't agree with just letting predators in the market target people either.
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Apr 27, 2018 01:23
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Anidav I think you're punishing people for crimes they may not have committed or for decisions the government has made. These people got conned so they should get a refund, end of story.
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Apr 27, 2018 02:00
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