Lost MILLIONS of dollars in property ... and still smiling

Discussion in 'Property Information Resources & Tools' started by MTR, 27th Jan, 2016.

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  1. Kate Moloney

    Kate Moloney Well-Known Member

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    It's all perspective hey? To some people losing $1000 is a lot. To others losing $100Million means nothing. All depends on your level of the game, ultimately it's all about picking yourself back up and trying again.
     
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  2. kierank

    kierank Well-Known Member

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    I am one of these.
     
  3. MTR

    MTR Well-Known Member

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    I was reading the paper the other day where prices in Karratha have actually fallen 45%. I am not surprise, many people have lost everything.
     
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  4. MTR

    MTR Well-Known Member

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    Kieran, wise words.
     
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  5. wylie

    wylie Moderator Staff Member

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    Why are the banks responsible for that?
     
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  6. MTR

    MTR Well-Known Member

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    Wylie I suspect it has something to do with bank practices at the time. The day of lo doc/no doc where anyone could get a loan, even if you did not have a job.??
     
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  7. Azazel

    Azazel Well-Known Member

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    Can't get blood from stone though as they say.
    If you go bankrupt, the bank wears it?
     
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  8. willair

    willair Well-Known Member Premium Member

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    So if there is 1000's of investors in the same sinking boat as yourself,on advice from property gurus,then start a class action against the people that led you up the garden path and walked away,my advice be very very care full what you post about Banks,saying they were complicity
    in the test of originality in any way,by the data you intend to post about any lending style,and
    i'm still trying to understand why any bank that you signed a legally enforceable-binding-valid,
    contract is responsible for?,who singed the contract?.
     
    Last edited: 30th Jan, 2016
  9. Xenia

    Xenia Well-Known Member

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    Responsible does not mean "at fault"
    It means they were at the effect of what happened as they co-invested.

    .
     
  10. Xenia

    Xenia Well-Known Member

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    Kate's book is about learning and moving onwards and upwards
     
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  11. MTR

    MTR Well-Known Member

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    Willair
    I am looking forward to reading the book, I am sure we will find out what exactly happened.

    MTR:)
     
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  12. WattleIdo

    WattleIdo midas touch

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    Do let us know if you find anything out MTR.
     
  13. truong

    truong Well-Known Member

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    Absolutely, it’s about dealing with yourself foremost, and only then with others.

    Good on you Kate.
     
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  14. MTR

    MTR Well-Known Member

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    Absolutely, I will give my personal review ... LOL
    On a serious note, congratulations to Kate for giving it a go.
     
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  15. Kate Moloney

    Kate Moloney Well-Known Member

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    What I mean is banks are responsible in that they lend money and take a risk on a borrower - as did we borrowing money from them and investing.

    Hope that makes sense.
     
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  16. Kate Moloney

    Kate Moloney Well-Known Member

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    Actually we are negotiating. We could walk away, but We want to take responsibility for our actions ... And I also want to create positive change in the banking system. What happened in mining towns was a collectively created problem and collectively we can fix it.

    In the coming weeks I'll reveal more about what's happening up here. It's been deliberately hidden from the public .... But not for much longer !
     
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  17. MTR

    MTR Well-Known Member

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    Interesting

    @Kate Moloney, in USA people actually can walked away from their loans, because they have non recourse loans, which means the buyer is not personally responsible.

    In the 2007 crash that is exactly what people did, walked away and those who had cash would purchase another property that had dropped 70%, quite an eye opener.

    MTR:)
     
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  18. Kate Moloney

    Kate Moloney Well-Known Member

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    Like I said I take responsibility and they also lent us the money.

    It's no accident that APRA and ASIC are getting involved. There is a bigger picture here, I'm not here to attack or blame anyone just to create positive change.

    Have you watched the movie, the big short ?
     
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  19. BigKahuna

    BigKahuna Well-Known Member

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    @Kate Moloney Congratulations Kate. More than anything, I hope that your book can help those suffering depression from having lost money in mining towns.

    If some people are worried about the truth, they must be hiding something and be living with dishonesty. Take the veil off, for everyone's sake.

    I would like to buy your book. Can you send me the link? thanks
     
  20. MTR

    MTR Well-Known Member

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    I watched the movie, absolutely brilliant.

    Wow, the big boys made a killing, while the poor home owners sucked it up and lost their properties in the US crash of 2007.
    Sadly, only 1 person got convicted, he was the scapegoat for the rest.

    MTR:)
     
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