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Friday, 6 April 2012

Year of the Farmer : another Farmer faces Foreclosure by NAB

Wheat Growers & Farmers are under constant
threat from Bankers acting as loan sharks.
  A 100 year plus salt of the earth Farming family headed by a determined brother and sister team face imminent foreclosure by a callous uncaring National Australia Bank. The property, a substantial diversified mixed farm, produces beef, cotton and wheat . The family were forced to take on substantial debt by a ten year drought unprecedented in Australia's recent history. National Australia Bank took  full advantage of this declared Natural Disaster to leverage a bank interest rate of 18%. This dedicated farming duo , acting with a resilience perhaps only generational farming families understand set a recovery plan in motion   A catastrophic flood followed this drought period wiping out a five million dollar wheat crop nearly ready for harvest.

 Following the floods the brother and sister partnership sought to address their financial position by seeking a partnership. An innovative plan to partner with local asset poor, high unemployment aboriginal communities with support from Federal Government Dept DEWR is currently on the table with a decision due by the end of the month. But National Australia Bank, in a typical bankers act of bastardry, refuse to wait that long.. They may foreclose as soon as April 12th. This same bank and account manager lacked the common civility and humanity to extend this duo the common courtesy of deferring a Sydney court case so they could attend the hospital bedside of their dying father.

  Why does the NAB want to foreclose ?? There could be many reasons, but with dual river frontages and water rights in an area where water is king, could it be that NAB want to disposess this family because the water is so valuable??

  According to Federal MP Bob Katter up to four farmers a week are driven to suicide by the pressures of modern day farming. Most of those pressures are brought about by "sound financial advice" -in reality little more than bankers marketing spin of callously calculated products.

  The time has come for the community at large to say NO to a banker controlled society. Today its these two farmers in comparative isolation some 660 kilometres from Sydney. Tomorrow it could be you.We can and must, with your help, change NAB's decision -and change the laws which protect the banks from the people. Who will come with me to help these people if needed? How else can you help?

The National Australia Bank is so adept at managing spin and foreclosures that we wonder if its real business is banking or constructing deceptive marketing strategies which inevitably result in the borrowers

1 comment:

  1. Alison Fairleigh7 April 2012 07:55

    Very sad & frustrating to read this as I wrote a blog post just a three days ago about the Australian Year of the Farmer, farmers and suicide: http://talkingfairleigh.blogspot.com.au/2012/04/farmer-ruok.html