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Aussie Anti-American Sentiment High

Lending Central article provokes negative feedback

April 28, 2010

By SAM GARCIA


Some in the Australian mortgage community don't currently share Crocodile Dundee's friendly outlook of Americans.

As a side gig, I write a regular column about the U.S. mortgage market for the Australian mortgage trade publication Lending Central. Actually, much of the work on these articles is done by Jill Fraser -- a well-known journalist 'down under' -- based on MortgageDaily.com coverage.

On one recent article, several readers had some not-so-nice comments about our mortgage market. Among subjects discussed in the story were improved mortgage employment, a decline in mortgage company failures and an increase in bank failures. Also covered were regulatory actions against financial institutions and U.S. foreclosure rates.

Lending Central articles are published without a subscription and allow readers to provide feedback.

"Hopefully we can forever put an end to looking to what the U.S. is doing to guide us as to where our local mortgage broker market should be heading," wrote one reader.

The reader went on to say that one problem with the American mortgage industry is non-recourse lending, which was labeled "a fools paradise - creating a house of cards." Another problem cited was the Federal Reserve's monetary policy.

"The U.S. will never concede that they are inferior, especially to AUST," another said. "This isn't the first time they have nearly destroyed themselves financially and it won't be the last.

"They are just too arrogant."

One reader wrote that "behind the curtain in the U.S., you find the corporates and the individuals who manipulated the market and [were] the driving force behind the crash."

The statement went on to cite "NINJA" loans, "each-way derivatives" and "obscene amounts of cash at the expense of the rest of the world."

But Fraser says the current perception that "corporate overlords" in the United States rule the world is influencing Australians' views.

"Anti-American sentiment in Oz waxes and wanes," she said. "On one hand we passion to be a part of the U.S. culture and everything it stands for.

"On the other hand we resent the oppression."


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

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