THE BIG LIE EXPOSED: Big banks ignored sub-prime troubles

This is such an important development, despite the fact that many of us being well aware of the major personal debt issues we face, I just had to post it without delay.  Why?  The old line ‘ our banks are fundamentally sound’ has once and for all been expose for what it is.  A LIE.

Sean Parnell, FOI editor of the AUSTRALIAN writes today:

AUSTRALIA’S big banks ignored the sub-prime crisis in the US and actively took greater risks in the home mortgage market to see off a challenge from rival lenders.

The banks not only relaxed their lending standards in recent years – ultimately luring many customers into financial distress – but held off tightening their terms of credit to build a better market position.

Continue reading