#bankingreform — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #bankingreform, aggregated by home.social.
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Australia's banking system is rigged in favor of the big banks, leading to record profits for them while everyday Aussies struggle with rising interest rates and mortgage repayments. The lack of competition in the banking sector allows banks to pass on costs to borrowers without sharing the benefits with savers, resulting in a massive transfer of wealth from the average punter to bank CEOs and shareholders
#BigBankProfits #AussieMortgageCrisis #BankingReform #InterestRateHikes
#RiggedBankingSystem #WealthTransfer #CostOfLivingCrisis #BankingCompetition
#CorporateGreed #CBA #westpac #NAB #ANZ -
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
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Rising rent? Mega mortgage? Cozzielivs? 'Hardship' help hard to get, as banks fail to help those who need it.
A recent #ASIC report reveals that lenders' hardship processes are so challenging that many struggling customers give up. Mortgage hardship notices surged by 54% in the last three months of 2023 compared to the same period in 2022.
ASIC criticises banks for not complying with legal obligations to assist customers, as rising interest rates, soaring rents, and living costs push more borrowers into financial trouble.
ASIC plans further legal action against non-compliant lenders. #FinancialHardship #ASIC #BankingReform #ausecon #auseconomy #banks
https://www.abc.net.au/news/2024-05-20/hardship-help-hard-to-get-as-banks-fail-to-help-those-in-need/103860130