4TH MORTGAGE BANKS AT RISK IN AUSTRALIA
Today and this year January 6th 2013, I want to remind our economic professionals and the various tiers of government politicians that our Australian owned banks security is increasingly being put at risk by all three tiers of government mortgaging our freehold land and buildings which rank ahead of our property lending banks who think they have a first mortgage, but in fact they really have is a FOURTH MORTGAGE. Yes a FOURTH MORTGAGE. The mortgage ranks may go like this but not yet tested in a court...
Local government is first mortgage, the States 2nd Mortgage and the federal government the 3rd and largest mortgage before the lending banks who have a 4th Mortgage ranking..
Each tier of government is undermining each others security by borrowing more and more until the land owners can no longer support you all or their banks and they are sold up in a very messy economic revolution in courts and maybe much worse for the nation.
I urge you all to stop and think before you increase council rates or build that castle for council staff, or that $10 Billion to build an importers port or the Federal deficit to keep an extra few thousand in jobs by increasing our property owners mortgages by $350 Billion without the land owners direct permission. An election win which includes those without land or assets is not any permission to mortgage private land to the hilt to foreign banks or others. I call that mob rule.
There appears to be no co-ordination between the various local, state and federal government and no respect for private property before they decide to spend our private wealth and our property owners equally seem oblivious to what is really happening to their assets. There needs to be more public debate about these very serious issues. Gillys Daily News.blogspot.com
copyright Gilbert Boffa 2013
