By: imcrookonit
5/11/2009
8:22 pm Yahoo! Profile:
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The Federal Government must urgently stump up more cash to help combat a housing repossession crisis, says NSW Attorney-General John Hatzistergos.
Figures released by the NSW Supreme Court show the number of householders facing court to save their homes is on the rise, but Mr Hatzistergos says many are being denied legal aid.
The problem stems from an $80 million drop in Federal funding since 1996-97.
Federal funds once accounted for half the budget for legal aid in NSW but now represented one quarter, Mr Hatzistergos said.
The State Government had been forced to shoulder the burden, increasing its cash input by 270 per cent from $26.5 million to $98.4 million since 1997, he said.
As the number of repossessions grows, the NSW Attorney General and NSW Legal Aid are calling for federal funding to be restored to previous levels.
"It just cannot continue in this way when more and more demand is being met with less and less resources on the part of the Commonwealth Government," Mr Hatzistergos said.
"The reality is for many families, maintaining your home is a continuing struggle, particularly in these times of global economic crisis and rising interest rates.
"The importance of legal assistance cannot be underestimated - it can be the difference between keeping your home and losing it."
In the first six months of this year, 2796 people went to court for home repossession proceedings, compared with 2519 during the same period in 2008 - an 11 per cent increase. |
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By: acotrel2003
5/11/2009
9:29 pm Yahoo! Profile:
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| Yeah, and we don't need the stimulus package, do we? When the mortgage belt falls over , the yuppies will get it in the neck too, along with the rest of us! |
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By: andreihicks
5/11/2009
10:32 pm Yahoo! Profile:
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Good money after bad.
If people have over-extended, then they face the consequences.
It really isn't very hard to budget.
You spend less than you have coming in - there. So hard?? |
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By: astrolin7
5/11/2009
10:34 pm Yahoo! Profile:
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| I do agree with Andrei on this one. There, I've said it. |
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By: thy.nemesis
5/11/2009
10:36 pm Yahoo! Profile:
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But it's not REALLY that simple, is it!?
The "Growth Fairy's" unbridled corporativist bubble was allowed to grow out of all proportion - and ordinary Aussies were sucked into its moral vacuum... |
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By: astrolin7
5/11/2009
10:51 pm Yahoo! Profile:
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I guess so Thy. Still anyone who was there in 1987 and afterwards should have known it was all a con -yet again.
The younger ones - well some leeway but theres always books to read about these things. JK Galbraiths masterpiece on the Great Depression for one. Speaking of that check this out
http://www.telegraph.co.uk/finance/comment/ambrose evans_pritchard/6480289/It-is-Japan-we-should-be-w orrying-about-not-America.html
Theres plenty of strife yet ahead I would say. |
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By: thy.nemesis
5/11/2009
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| Agreed, Astro...I'm afrait I am one who still believes that the GFC has barely started... |
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By: thy.nemesis
5/11/2009
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| * afraid even!? |
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By: astrolin7
5/11/2009
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It is Japan we should be worrying about, not America
Japan is drifting helplessly towards a dramatic fiscal crisis. For 20 years the world's second-largest economy has been able to borrow cheaply from a captive bond market, feeding its addiction to Keynesian deficit spending – and allowing it to push public debt beyond the point of no return.
The rocketing cost of insuring against the bankruptcy of the Japanese state is telling us that the model has smashed into the buffers. Credit default swaps (CDS) on five-year Japanese debt have risen from 35 to 63 basis points since early September. Japan has suddenly decoupled from Germany (21), France (22), the US (22), and even Britain (47).
Regime-change in Tokyo and the arrival of Yukio Hatoyama's neophyte Democrats – raising $550bn (£333bn) to help fund their blitz on welfare and the "new social policy" – have concentrated the minds of investors at long last. "Markets are worried that Japan is going to hit a brick wall: the sums are gargantuan," said Albert Edwards, a Japan-veteran at Société Générale.
Simon Johnson, former chief economist of the International Monetary Fund (IMF), told the US Congress last week that the debt path was out of control and raised "a real risk that Japan could end up in a major default".
The IMF expects Japan's gross public debt to reach 218pc of gross domestic product (GDP) this year, 227pc next year, and 246pc by 2014. This has been manageable so far only because Japanese savers have been willing – or coerced – into lending for almost nothing. The yield on 10-year government bonds has been around 1.30pc this year, though they jumped to 1.42pc last week.
No one knows exactly when a country tips into a debt compound trap. But Japan must be close, even allowing for the fact that liabilities of the state Loan Programme (FILP) have fallen by 40pc of GDP since 2000.
"The debt situation is irrecoverable," said Carl Weinberg from High Frequency Economics. "I do ... |
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By: astrolin7
5/11/2009
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The debt situation is irrecoverable," said Carl Weinberg from High Frequency Economics. "I don't see any orderly way out of this. They will not be able to fund their deficit. There will be a fiscal shutdown, a pension haircut, and bank failures that will rock the world. It is criminally negligent that rating agencies are not blowing the whistle on this."
Mr Hatoyama inherited a country that was already hurtling into sovereign "Chapter 11". The Great Recession has eaten up 27pc in tax revenues. Industrial output is down 19pc, even after the summer rebound; exports are down 31pc; the economy is 10pc smaller today in "nominal" terms than a year ago – and nominal is what matters for debt.
Tokyo's price index fell 2.4pc in October, the deepest deflation in modern Japanese history. Real interest rates have risen 300 basis points in a year. It reads like a page from Irving Fisher's 1933 paper, Debt Deflation Causes of Great Depressions.
Deflation of over 2 per cent in just one month!!!!
Agree with you Nemesis and you have held this line for a long time. I remember. |
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By: thelastnail1
5/11/2009
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By: andreihicks
Good money after bad.
If people have over-extended, then they face the consequences.
It really isn't very hard to budget.
You spend less than you have coming in - there. So hard??
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Tell that to your good mate Gerry GE. He relies on people who can't pay back their loans on time otherwise he hasn't got a business.
It is the predatory lenders who have screwed the world over with their unsustainable and irresponsible lending practices :( |
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By: acotrel2003
6/11/2009
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It is the predatory lenders who have screwed the world over with their unsustainable and irresponsible lending practices
I live on fixed income, yet the Commonwealth bank still asks me whether I would like to buy another investment property! I always answer that I couldn't service the loan, yet they offer credit regardless! Even with the global economic recession these cynical b.stards haven't learnt. I would have thought they'd be lending to businesses to help the country, but they've got their eyes fixed on my savings, and the home I own! |
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By: denrose9
6/11/2009
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| Tell that to your good mate Gerry GE,,,,,,,what you should do is play Gerry at his own game, like we do take out the loan on the interest free plan and pay it off one week before it is due, done it for years and never paid any interest at all. While we have the goods at home our savings account is making us money instead of him. |
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By: thelastnail1
6/11/2009
10:44 am Yahoo! Profile:
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By: denrose9
Tell that to your good mate Gerry GE,,,,,,,what you should do is play Gerry at his own game, like we do take out the loan on the interest free plan and pay it off one week before it is due, done it for years and never paid any interest at all. While we have the goods at home our savings account is making us money instead of him.
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You are missing the point. Some people just don't have the luxury of paying it off earlier. The people who pay it off earlier are the minority otherwise Dear Gerry wouldn't have a business. |
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By: denrose9
6/11/2009
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| You are missing the point. Some people just don't have the luxury of paying it off earlier. The people who pay it off earlier are the minority otherwise Dear Gerry wouldn't have a business..... thelastnail1 I know that but surely even the most uneducated of us would have seriously think about going into a serious debt position and not being able to repay it but there are exceptions I suppose. |
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By: bridonta
6/11/2009
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| we're not in crisis yet .. until population reach 35 millions |
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By: thelastnail1
6/11/2009
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By: denrose9
thelastnail1 I know that but surely even the most uneducated of us would have seriously think about going into a serious debt position and not being able to repay it but there are exceptions I suppose.
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The mere fact that Gerry is willing to spend millions on ads during prime time TV appealing to the gullible means that there is no shortage of suckers willing to fall into his debt trap :( |
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By: bwood2007au
6/11/2009
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You are missing the point. Some people just don't have the luxury of paying it off earlier. The people who pay it off earlier are the minority otherwise Dear
As usual rustynail G E FINAnCE do the lending not Harvey Norman but you dont seem to ba able to understand such a simple cocept The same as they do for WOW,RETRA VISON ,AND HOST OF OTHERS |
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By: chicken_lipsforme
6/11/2009
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<<< In the first six months of this year, 2796 people went to court for home repossession proceedings, compared with 2519 during the same period in 2008 - an 11 per cent increase. >>>
imcrookonit - It is quite obvious these people should never have gotten housing loans in the first place.
Fancy the repo man coming in to do his thing when the variable cash interest rate is just over 3% and is the lowest in 45 years.
Wait till Kevin707 gets it back up to a Labor high of 17%, then the repo man will be busy. |
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By: thelastnail1
6/11/2009
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By: bwood2007au
As usual rustynail G E FINAnCE do the lending not Harvey Norman but you dont seem to ba able to understand such a simple cocept The same as they do for WOW,RETRA VISON ,AND HOST OF OTHERS
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I understand the connection alright. You don't honestly think that Gerry helps GE out from the goodness of his heart do you ?? |
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By: imcrookonit
6/11/2009
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| If these people should never have gotten housing loan in the first place, then why did they get them?. Is it so that the banks and other lending institutions, and the like still don't practice responsible lending habits. They should share some of the blame. This is not good enough, and people that don't practice responsible lending habits, should be fined. After all is that not one reason, that we are up the creek?. |
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By: bogarde73
6/11/2009
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imcrook, how much of a nanny state do you want? We've already got people being fined & sued because they supplied people with too much alcohol - did they hold them down & pour it down their throats? Now you want people fined because greedy people borrowed too much so that they can emulate the lifestyles of their neighbours.
There is no end to it if you go down that path. Personal responsibility is the name of the game.
<Tell that to your good mate Gerry GE. He relies on people who can't pay back their loans on time otherwise he hasn't got a business.>
rusty, are you saying GH is behind GE Money? |
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By: remember_when64
6/11/2009
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No such thing as personal responsibility according to some in here.
Who knows, maybe I'm just lucky but I've never had anyone hold a gun to my head forcing me to sign a contract. |
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By: vegitamite97
6/11/2009
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No such thing as personal responsibility according to some in here.
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-No such thing as government responsibilty in most issue either.
so whats the difference ? |
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By: chicken_lipsforme
6/11/2009
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<<< If these people should never have gotten housing loan in the first place, then why did they get them?. >>>
imcrookonit - I'm sure for some, their employment situation had unfortunately changed for the worse.
As for the rest, them and the banks should have known better.
Particularly the banks.
Some people are born stupid. |
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