Tables have been turned on banks
HOW true are the words, “You borrow enough from the bank; the bank becomes indebted to you.”
The wolves (big four) are now slipping into a sheep’s costume, their o v e r - c o m m i t m e n t through indulgence into easy money from the mortgagee has left them in a vulnerable position.
They’re not offering you help, they’re pleading to the mortgagee for help.
Remember it’s the large amount of debt they have that could cripple the bank that has forced their hand.
They know Australians have paid ridiculously high prices for their homes and if the banks go into a fire sell-off, they would be left high and dry.
Don’t forget if you went to the bank on your own because of a difficult financial situation they’d laugh at you.
It’s the sheer weight of numbers that has them begging for help.
FRED MCCULLOCH, Pimlico.