The Gottiboff panic builds today:
It’s true that Australia needed a correction in the housing market and the banks, which were key drivers of the boom, needed to return to proper lending practices.
…Bank analyst Brett Le Mesurier from Shaw and Partners says the confessions of the banks will cost the industry an incredible $7.4 billion. If the payouts are anything like that figure the Big Four banks will be badly damaged and their credit rating will be dumped. To that you can add housing bad debts.
