Credit downgrade and the banks

9 comments on “Credit downgrade and the banks ”

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1. shreddakj 1

   6 November 2011 at 9:31 pm

   The amount of money they’re making off us is appalling, switch to Kiwibank!
   • infused 1.1

     6 November 2011 at 9:47 pm

     Yeah so I can pay even more. Kiwi bank was one of the shittiest when getting my mortgage. I ended up going with TSB who blew all the others away.
     • Lanthanide 1.1.1

       6 November 2011 at 10:06 pm

       They have a new advertising campaign saying that they guarantee they’ll be the cheapest home mortgage for the first 6 years, or they’ll pay the difference.

       What exactly did you have trouble with?
       • infused 1.1.1.1

         7 November 2011 at 6:52 am

         Interest rate and deposit. I think I am fixed at 4.6% (need to check). Kiwibank couldn’t/wouldn’t match that and also required a bigger deposit, even with my father backing me.

         TSB has turned out to be one of the nicest banks I’ve ever used though. Just a pitty their internet banking is like a website from 1998.

         I’m locked in now for another 1.5yrs. I will look around once this term is up. I was surprised that Kiwibank wasn’t the best choice.
       • Ben 1.1.1.2

         7 November 2011 at 8:22 am

         They’ve actually been offering that home loan guarantee for a while – it was a scheme when I worked there in lending five or six years ago, but it’s bloody hard to prove that they’ve cost you more than another bank. It includes all the fees and interest charges associated with your account(s), and to go through and prove that ANZ or whoever would’ve been cheaper would be quite an exercise.
   • Gosman 1.2

     7 November 2011 at 9:01 am

     So you classify a 1% return on Assets as appalling do you?

     Well I suppose it is appalling if I was the one investing money that got that sort of return.

     I believe David Tripe mentioned recently that he wouldn’t be surprised if the Aussie banks reevaluated their investments if this rate of return was being consistently maintained.
2. AAMC 2

   6 November 2011 at 10:17 pm

   Changing banks is in the air…

   “As the social media-sparked Bank Transfer Day approaches, the Credit Union National Association (CUNA) reports that over 650,000 people have joined credit unions in the last four weeks. In Colorado, the group reports 14,000 new accounts and $100 million in new deposits.”

   http://coloradoindependent.com/105075/14000-coloradans-move-100m-into-credit-unions

   We need a similar campaign here. Any advice on local credit unions?
3. One Anonymous Bloke 3

   7 November 2011 at 8:47 am

   What a can of worms.

   “Enron’s rating remained at investment grade four days before the company went bankrupt, despite the fact that credit rating agencies had been aware of the company’s problems for months.”
   “Moody’s gave Freddie Mac preferred stock the top rating…and on the next day Moody’s downgraded Freddie to one tick above junk bonds.”

   Meanwhile…

   Everybody gets buffaloed by Wall Street doublespeak, and his colleagues say, You loved going to meetings with Steve because he will say over and over again, “Could you say that again? Could you explain that again in English?” Michael Lewis.

   A toxic combination of snake oil and snafu.
4. randal 4

   8 November 2011 at 9:08 pm

   so why are the banks advertising for new customers every night on the teevee?

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