Bank De-Regulation to Blame for Current Home Loan Crisis

Deregulation of banks and the financial system is largely  to blame for the current home-loan crisis.

Institutions have been  allowed to lure people into debt far beyond  their capacity to re-pay.  The loan industry should be regulated  so that  borrowers are left with sufficient to live on after they pay their mortgage even if   interest rates   go up.

Outrageous mortgages have also driven  home prices up, as the amount people bid at auction is proportional to what  they know the bank is prepared to lend them,.

The banks also exploit  borrowers' financial naivety and their fears of missing out on the bandwagon of future price surges with  misleading advertising for "restructured"  loans and fixed rate terms that are gurranteed only  to put more money in the banks' coffers at the expense of  the well - being of the borrowers.

Their philosophy is  obviously "there's a sucker born every minute".

Don't expect  re-regulation of the banks to be advocated by the  major  parties:  if you  go to the disclosure returns on aec.gov.au you will  see  what  the banks have given them in the way of political donations.

One Nation has always advocated re-establishment of a publically-owned bank and believes the Government's mandate  is the well-being to  the citizens of Australia, not the profits of the financial institutions. One Nation calls on the Government to make banks  play by the same rules of common decency which everyone else is obliged to follow.