Political Parties will find no currency in either trying to avoid the Mortgage Elephant in the room or continue to bury the bodies. The Low Doc Loan Scandal which eeked into the Full Doc Loans with identical toxicity, could envelope every Australian in some form.
The amount of toxicity in these 30 year loans, set to implode within 4 - 6 years, is an unknown quantity. Yet every loan we have viewed has fraud and/or forgery starring us in the face: "not one clean loan." Collectively, members have been able to piece together the mechanics of this dreadful situation. Both major political parties have been hiding our sub prime problem for far too long and knowingly offering no protection to consumers. That abysmal strategy to protect the banks at the expense of ordinary Mums and Dads will costs this nation dearly on many levels.
The evidence is clear: ASIC...