Financial Regulator's Consumer Panel slams Financial Regulator

[canicemcavoy]

Canice

As you might say yourself "The clue is in what I have written"

In that case, it's a tad - a tad, mind - unfair for the Consumer Panel to bring that up now as an issue they had with the FR.

 

[Potatoeman]

Totally agree. The FR was established by the government to take the blame for the next financial crisis. It worked and we all fell for it. Blaming the regulator for trying to regulate and the banks for trying to lend and developers for trying to make a profit feels somewhat naive. I would allocate more blame to the collective who bought the risky loans from the banks and paid the silly prices for the property.

Nobody wanted to rock the boat and everyone thought they could get rich. What most people failed to understand was the possibility of incurring loss. Negative equity should not matter to a homeowner unless they are looking to sell. I know its an unpleasant situation but if you borrow money no matter what you spend it on you have to pay it back.