TimberCorp Class Action
Are class Actions the best action or is it consolidation of the MIS investors to avoid the banks who underwrite the loans. The impact to banks far out ways what they may receive from the loans as opposed if those being impacted by the loans switch to other banks.
Timbercorp Finance lenders are ANZ Bank, Commonwealth Bank, Westpac Bank and Bank of Scotland. ANZ is reportedly by far the biggest, with an exposure between $450 million and $500 million.
Great Southern Class Actions involved the Bendigo Bank and Adelaide Bank but were withdrawn?
Are judges out of touch giving the Timbercorp rejections on fathers day?
I wonder how many people would swap and at what stage the banks would write off the loans as bad debt, potentially saving mum and dads homes, finance and the on going survival of them and their continued input to the economy.
If you destroy the foundation of our economy with greed then there will be nothing left.
Johnson.
