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CBA not proud of Storm loans
6 August 2009 |
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| Commonwealth Bank says its’ staff were pressured by former colleagues who defected to go and work at failed Townsville based financial planning firm Storm Financial to approve bigger loans than the bank’s systems would normally allow.The Commonwealth said it was "not proud" of its shortcomings and admitted its lending behaviour "fell below our usual and expected standard.We have discovered that, when it came to providing loans, mostly secured by property, we failed at times to follow our own policies and lending practices.Additionally, a property valuation assessment system known as VAS was misused on occasion by some staff with the effect that loans against some properties were larger than they would otherwise have been."About 3,000 Queenslanders lost their life savings and some lost their homes as a result of the collapse of Storm Financial. |
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| Source : Courier Mail |
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| 31 August 2009 | - Government checks up on bank rate rises |
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| 28 August 2009 | - Rumours of rate rises next week |
| | - Rates to rise by 3.0 per cent |
| | - Banks to ensure you can repay your debts |
| | - Young investors are clueless |
| | - The most expensive kids in history |
| | - Time to spring clean your finances |
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| 27 August 2009 | - Glenn McGrath’s Visa card looks competitive |
| | - Housing shortage will only get worse |
| | - First home buyers want more help |
| | - ME online saver judged the best |
| | - CUA keeps getting bigger |
| | - Banks say we’re not ready to be fair |
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| 26 August 2009 | - Your repayments are going up by $4680 |
| | - Suncorp suffers as deposits head to big 4 |
| | - Minimum bankruptcy debt to go up |
| | - Poor bankrupts to be punished |
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| 25 August 2009 | - Aussies pay $83 off their card debt |
| | - Mortgage defaulters sell before repossession |
| | - Banks demand to know what you owe |
| | - Business banking customers vote for BoQ |
| | - Investors continue to shun shares |
| | - Investors urged to protect themselves |
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| 24 August 2009 | - Online savings more popular than term deposits |
| | - Savers win as bank shareholders suffer |
| | - St George offers 1.1% home loan discount |
| | - Borrowers head for brokers |
| | - Smaller lenders making a comeback |
| | - Melbourne auction results stand out |
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| 21 August 2009 | - Visa and Mastercard debit cards taking over |
| | - Consumers more cautious about credit |
| | - Aussies preferring cash to credit |
| | - MyState members pick up $1000 |
| | - USaver leads market in on-call savings |
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| 20 August 2009 | - Brace for flurry of credit card offers |
| | - At last banks take eftpos online |
| | - Beware new wave of online crime |
| | - Offset more flexible than Redraw |
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| 19 August 2009 | - Six rate rises expected, starting early 2010 |
| | - ING Direct offers customers something great |
| | - MyState members vote for shares |
| | - ASIC says ban financial commissions |
| | - NSW workers expecting 5% pay rise |
| | - ANZ admits to Storm lending mistakes |
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| 18 August 2009 | - Frozen mortgage fund withdrawals get bigger |
| | - ING Direct set to revolutionise banking |
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| 17 August 2009 | - Be prepared for higher rates says RBA |
| | - Melbourne auctions outshine other cities |
| | - Banks discounting by up to 0.7 per cent |
| | - Credit card debts hurt homeowners |
| | - Banks cut loans to first home buyers |
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| 14 August 2009 | - Houses set to become more affordable |
| | - Aussies saving $463 per month |
| | - Big credit unions to merge |
| | - Investors coming back to banks |
| | - Debtors caught out by debt consolidation |
| | - Your time will come say Storm clients to banks |
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| 13 August 2009 | - $10,000 exit fee to switch mortgages |
| | - We will decide on rates says CBA |
| | - Time is running out for first home buyers boost |
| | - CBA benefits from branch, netbank upgrades |
| | - Adopt a banking strategy and save |
| | - ANZ travel card compares well |
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| 12 August 2009 | - ME Bank opens new branches |
| | - ATM fees spark irrational behaviour |
| | - Bankwest limits free ATM access |
| | - Debt puts 1 in 4 marriages under stress |
| | - Household debts drags CBA profit down |
| | - BoQ in denial over Storm loans |
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| 11 August 2009 | - Bank fees - $10/month is too much |
| | - Housing cycle nears peak |
| | - Commonwealth raises fixed rate home loans |
| | - Queenslanders take to fixed rate loans |
| | - Fixing rates is a dangerous game |
| | - Panic and punches at auctions |
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| 10 August 2009 | - Revolutionary fee-free account coming soon |
| | - Huge mortgages now the norm |
| | - Borrowers reject fixed rate loans |
| | - Investors flocking back to property |
| | - Big borrowers get rate discounts |
| | - Sydney, Brisbane auction results improving |
| | - Credit card tips and tricks |
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| 07 August 2009 | - UBank offers 5.11% on savings |
| | - UBank promises service |
| | - Rates likely to rise |
| | - Aussies look to fix rates |
| | - Don’t get fees? Get on the phone |
| | - Parents confused by tax returns |
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| 06 August 2009 | - CommBank slashes penalty fees |
| | - ANZ thinking about penalty fees |
| | - ANZ says we will raise rates |
| | - Woolies card falling behind |
| | - Cashed up ANZ wants to ‘bulk up’ |
| | - End of day loophole nets $200K |
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| 05 August 2009 | - House prices and shares up |
| | - Interest rates on hold – for now |
| | - RBA says steady as she goes |
| | - St George cuts fees across the board |
| | - Investors savage Bendigo |
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| 04 August 2009 | - Rates must rise says government |
| | - Boosted first home grants still available |
| | - Profitable penalty fees disappearing |
| | - Scrap the guarantee says ANZ |
| | - Fee free ING wants to take on big 4 |
| | - Lending up, deposits down at HSBC |
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| 03 August 2009 | - Westpac slashes penalty fees to $9 |
| | - Pressure builds on CBA & ANZ to cut penalty fees |
| | - Auctions going out of fashion in Sydney |
| | - Banks delaying mortgage approvals |
| | - Savers withdraw their cash |
| | - Bank funding gets easy again |
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