Westpac’s video which compared its extra interest rate rise to the cost of bananas has been removed from the website.
Originally the video was produced to offer a simple explanation of the global financial crisis to their employees, but the bank then sent it in an email to customers – who labelled patronising and insensitive.
The seven-and-a-half-minute cartoon begins with the words ‘Once Upon A Time.’ and shows a tropical storm decimating a banana plantation. The email was dispatched after the bank increased its variable mortgage rate by nearly twice as much as Australia’s Federal Reserve raised interest rates.
The current state of the US Property market is so dire that buyers are now scooping up homes for next to thing according to a CNN website.
In Detroit and Cleveland, according to a report, banks are unloading rundown homes at prices as low as US$500 (A$750) – and even lower. In Detroit, Realtor.com listed a three-bedroom, one-bathroom home of about 986 sq ft for only US$100 (A$150).
Stated in the report “With prices this low, lenders aren’t looking to make any money on the deals.” Read the rest »
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