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  1. #601
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    Quote Originally Posted by peat View Post
    'cept that Honda 125 allowed them to get a job in some slightly further away place which meant they could repay easily and pay tax on their earnings.
    Its their risk and by that I mean the bankers and the borrowers let them do it if they want to.

    Quite frankly that story I saw recently about the couple suing the bank because they loaned them money which subsequently became too much, just sickens me. They completed the loan application and if they said they only needed so much to live then the bank should be able to rely on that.
    I'm not saying bankers are perfect and in fact they tend to lend you an umbrella on a sunny day and want it back when it rains but it is private commerce!!
    Yes of course. It's astounding how banks have been vilified. It's pure political populism - and every investor across Australia and New Zealand should be wary. It might be banks today but the Eye of Sauron can turn on what you thought was a safe little investment at any moment. "Nice little investment in the [Oil and Gas sector; Retirement Industry; Electricity Sector; etc etc] you have there, shame if anything was to happen to it".

  2. #602
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    Quote Originally Posted by macduffy View Post
    I think you've answered the first point yourself, Bob. Perhaps people use mortgage brokers because they think the broker will get a better deal than they could obtain themselves. Or, just to save the hassle!

    Yes, I posted and then realized that!

  3. #603
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    I’ve never used a mortgage broker before, I find if you want the best rate you just need to get a pre-approval with at least two lenders. Then you just email for a bit, back and forth saying ‘bank x will offer this rate, can you beat it?’

  4. #604
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    Now, that really is a relief rally! ANZ up over 7%, WBC 8%. Even AMP scored +10%!

    Classic case of selling the rumour and buying the fact - or at least, buying back a bit of the damaged stock!


  5. #605
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    Quote Originally Posted by macduffy View Post
    Now, that really is a relief rally! ANZ up over 7%, WBC 8%. Even AMP scored +10%!

    Classic case of selling the rumour and buying the fact - or at least, buying back a bit of the damaged stock!

    ...and Heartland starting to follow suit ....seems their shareprice follows the sentiment
    “Imagination is more important than knowledge.”

  6. #606
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    Quote Originally Posted by winner69 View Post
    ...and Heartland starting to follow suit ....seems their shareprice follows the sentiment
    No surprises there.!
    Dairy prices up tonight.?...lol.

  7. #607
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    Quote Originally Posted by winner69 View Post
    Will probably affect NZ in due course .....like getting credit will be tougher as responsible lending regime really kicks in
    I have no doubt if the banks are forced into a responsible lending regime they will punish us.

    Applying for a small loan will require filling in a multiple page questionnaire including a compulsory field which asks which brand of tooth paste you use and supplying your great grandfathers birth certificate.

    Boop boop de do
    Marilyn
    Diamonds are a girls best friend.

  8. #608
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    Well that was a good day. What next? Oh, just the possibility of bizarre and extreme Reserve Bank capital requirements and a declining Australian and New Zealand housing market.

    Still, I'll worry about that another day. Tonight I'll celebrate with a glass or two of Cleanskin Merlot from Countdown ($7 a bottle and tastes fine - it's medicinal and some lamb chops.
    Last edited by Bobdn; 05-02-2019 at 06:33 PM.

  9. #609
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    Martin North has read the Banking Royal Commission Special Report and summarises it here. He says profitability will be under pressure because estimated value of remediation could be $6-7bn.
    https://www.youtube.com/watch?v=sto_p6puBI8

  10. #610
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    NAB in trading halt .....head honcho getting the boot?

    Wonder how many zillions he will get for leaving ...got a family and elderly parents you know

    So morally corrupt these bankers betcha he'll hold out for heaps and not feel one pang of remorse
    “Imagination is more important than knowledge.”

  11. #611
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    I just sold 2000 shares or 1/3rd of my holding. I'm probably going to keep the rest I think and tough it out. I think this will be painful over the next couple of years - the NZ Reserve Bank/NZ Govt worries me most (the sad state of being an investor in NZ). I enjoy bad policy and unintended consequences as much as the next person - but only when I'm not directly affected.

    Anyway I've done enough (I hope) pruning and trimming across my entire portfolio and have more cash in term deposits (ANZ of course) than I have had in the last 20 years or more. I even have some American Silver Eagles in case of complete financial collapse (I do but I'm seriously not expecting to have to exchange these for food -I'm not a complete nut
    Last edited by Bobdn; 08-02-2019 at 02:07 PM.

  12. #612
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    I’m surprised how little reaction there is to the Banking Royal Commission. Corruption in the essential banking sector is practically ignored. I don’t follow Australian politics so I was interested to look at the history. It was difficult to get the politicians to admit there was a problem.
    Just getting a banking royal commission started was a formidable task. The vested interests against it were as powerful as they come in Australia: the "big four" banks. But that was more like a speed hump compared with an almost insurmountable barrier; the major political parties, which were fiercely opposed to the idea.

    Three determined people took up the challenge and, in concert, forced the inquiry against very improbable odds. Jeff Morris became a whistleblower to ASIC. It was a courageous and non-career enhancing move. Fairfax published a series of stories on rogue financial planners in June 2013. Within days Senator Williams won cross-party support to hold a senate inquiry into the CBA and ASIC.

    The senate inquiry into CBA's financial planning scandal and ASIC's response wrapped up in June 2014 with the recommendation a royal commission was needed to get to the bottom of a fraud that left customers millions of dollars out of pocket.
    That recommendation was slapped down pretty quickly by the Abbott Government and its senior finance ministers Joe Hockey and Mathias Cormann. It was a position the Government would grimly hang on to for another three years. In the meantime, scandal after scandal emerged with depressing regularity.

    The next blockbuster instalment in banking malfeasance dropped in March 2016 through a joint Four Corners/Fairfax investigation into CBA's life insurance business CommInsure. "Within a couple of weeks, [Opposition leader] Bill Shorten said 'enough is enough' and called for a royal commission," Ms Ferguson said.

    The four big bank bosses wrote to Treasurer Scott Morrison suggesting a royal commission wasn't such a bad idea. While the banks couched their capitulation in terms of being "in the national interest for the political uncertainty to end", there seemed an obvious and less altruistic rationale.
    It would far less painful to get an inquiry set up under the terms set by a government that had always resisted the idea, rather than "rogue" backbenchers or, worse still, Labor and the Greens, who had much broader ambitions and thousands of furious constituents queuing up to testify.

    Jeff Morris said "It was a quick and dirty inquiry and you have to remember it was called by a Government that didn't want it in the first place and was deliberately starved of resources. Banks have succeeded into spinning it into a series of unfortunate accidents. I know it was deliberate theft from clients — you don't just accidently steal $1 million.”
    https://www.abc.net.au/news/2019-02-...-born/10758404

  13. #613
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    ANZ is continuing to hoover up shares. Another 12,000,000 shares canceled at what looks to be a very good price thanks in part possibly to the noise surrounding the RC

    http://nzx-prod-s7fsd7f98s.s3-websit...249/294496.pdf

    I know the bank had $3B to spend on the buybacks, I wonder how much they have left?
    Last edited by Bobdn; 13-02-2019 at 12:03 AM.

  14. #614
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    Quote Originally Posted by Bobdn View Post
    ANZ is continuing to hoover up shares. Another 12,000,000 shares canceled at what looks to be a very good price thanks in part possibly to the noise surrounding the RC

    http://nzx-prod-s7fsd7f98s.s3-websit...249/294496.pdf

    I know the bank had $3B to spend on the buybacks, I wonder how much they have left?
    Which leads one to the conclusion that either ANZ doesn't expect the RBNZ's talk of higher capital requirements to be followed through or that the bank is confident of meeting any such demands. ANZ NZ is of course only around 15-20% of ANZ Group.

  15. #615
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    Ok, my portfolio has been completely rebalanced now - I did a few final touches and will leave well enough alone. I sold a few more ANZ today, still hold some but had gathered too many over the years and needed to diversify, including bolstering my cash. Honestly, in December I thought I had missed the opportunity and we were heading for a crash. It will happen of course sooner or later but I'm in better shape now I hope. I'm still invested but I took Alan's Greenspan's advice to "run for cover" (a little bit at least).

    https://www.cnbc.com/2018/12/18/alan...for-cover.html

    The article below did not fill me with confidence. NZ banks are already semi-nationalized. There is already so much Government regulation and direction about what they can and can't do and it looks like there's bound to be more constraints to come. Gee, I hope banks won't be blamed when GDP drops and credit dries up. That would be so unfair.

    https://www.nzherald.co.nz/business/...ectid=12206198
    Last edited by Bobdn; 22-02-2019 at 10:02 PM.

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