AUSTRALIA - Homeowners have been increasingly drawing on superannuation savings to get themselves out of a mortgage crisis, while non-bank lenders are disproportionately foreclosing on home loans, according to a new report.
David Tennant, director of Care Financial Counselling Service and The Consumer Law Centre, as well as an associate to the Centre for Commercial Law at ANU, said the findings showed there was a need for national leadership on credit regulation.
"It shows that non-bank lenders are responsible for almost half of the foreclosures - a dramatic disparity when they only have around 10% of the market share. These lenders are writing loans which are less safe and they're doing a bad job looking after people who fall into hardship," said Tennant.
The report revealed that borrowers struggling to meet repayments who turn to refinancing are facing foreclosure far more quickly than those who do not refinance.
"Foreclosure matters are impacting people in a very real way. To see families facing that kind of threat over Christmas is terrible," Tennant said.
The directors of collapsed construction giant Carillion were "contemptuous" of funding their defined benefit (DB) pension schemes, and "refused to give an inch", Frank Field has alleged.
The PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).