Tuesday, 10 April 2012

BANK WEST in deep legal challenge MUST WATCH Video

BANK WEST in deep legal challenge MUST WATCH Video
below is a link to youtube video worth a watch.
It more likely demonstartes not how bad BANK WEST is since they do help out millions but more about how important due dilligence in any property transaction is so important.
 e.g.. don't buy something for over a million dollars with out looking at it.
Also we must as investors have a PLAN C "what happens if "  and "what is the EXIT STRATEGY.
It is worth watching the below and remembering those things can happen.

from : thewest

Bankwest has been accused of unscrupulous practices ahead of a Senate inquiry into bank lending during the global financial crisis.
Several Bankwest customers, interviewed for an episode of ABC's 4 Corners which aired last night, alleged that Bankwest unfairly terminated their loans and liquidated their assets.
It followed an audit of 800 loans after Bankwest was taken over by Commonwealth Bank of Australia in late 2008 in a $2.1 billion deal.

4 MINUTE VERSION



ABC STORY 4 CORNERS 42 MINUTE VERSION

click here http://www.abc.net.au/4corners/stories/2012/04/05/3471045.htm

from : wa today

Pursuing class action
Bankwest's outgoing managing director Jon Sutton told the Australian Financial Review in mid-2010 the bank was moving to limit its exposure to property developers.
Mr Sutton made the comment after a loan impairment expense increase to $754million was revealed in the Bank's 2009-2010 financial results, according to the spokeswoman.
"The increase was primarily due to losses from property development lending," she said.
"During this period the property development sector generally was under greater pressure due to the GFC and falling property values."
But she said the comment referred to assessment criteria for future borrowers and did not relate to existing loan holders.
Mr Shannon said he and his lawyer have rallied together seeking out property developers or small commercial clients who believe they were treated unfairly during this period.
More than 200 people have contacted the group seeking legal help, Mr Shannon said.
He said the website has had more than 16,000 hits in its first month online.

ANOTHER ARTICLE WORTH READING
Bankwest, which financed Mr Hunt's purchase of the island to the tune of about $50million, then called in Ferrier Hodgson as receiver and manager of Fitzroy Island Resort and two associated companies.