Banks win – lose or draw
Published 09/12/2012 | 05:00
Madam – Letters continue to flow in berating developers. Clearly many of your readers do not understand the basics of business and borrowing, or at least choose not to know. I have no doubt that those who decry builders and developers are in business themselves as they most likely have mortgages and car loans. All business loans are made up of loan value and borrower equity input. Banks are responsible for due diligence on these matters, not the borrower. The facts are unchallenged worldwide.
Banks oversupplied money to not just the building industry but all other sectors where there were willing clients.
Entrepreneurs create wealth, and employment and developers are just one of the groups of such people.