NEW ways of thinking are necessary as Australia weathers the worst financial crisis in our lifetimes. The path forward as we navigate the fallout from the subprime-induced credit meltdown will be a suite of new measures to deliver greater transparency and tougher financial sector regulations, along with innovative solutions to assist working families in financial hardship.
In many cases, the horse has already bolted and we cannot undo the damage that will emerge from predatory lending. Action is urgently needed on special measures to help Australian home owners at risk of foreclosure.
For young families struggling to meet high mortgage or rental costs, a sudden reduction in income caused by a slowdown in the economy, pregnancy, illness or the loss of a job can risk the roof over their heads through foreclosure or eviction.
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Source:http://business.theage.com.au/business/reform-to-help-owners-facing-default-20081016-52fj.html
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a secured loan in which the collateral is property, such as a home.
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