QUOTE(Thasmita @ May 2 2023, 09:12 PM)
The greed was perpetrated by the developers, agents and the financiers.
If not for them there will be no victims.
Bankers and lawyers can pretend to be oblivious to the whole charade but it’s them who facilitated this.
If they had a conscience - there would be no victims now
If we go by your logic, everything that induces greed should be banned. All the people/platform that facilitate Buy Now Pay Later Scheme, Credit Cards, Crypto, NFT, Investment Courses, Trading Courses should be sued?
Back to the topic, there are a lot of measures being introduced by government and banks to stop people from overcommitting already, for example RPGT, 70% margin for 3rd property onwards, secret shopper, recheck ccris before disbursement, requesting proof of fund for down payment, no more 100% loan even for affordable housing scheme, being stricter on valuers etc. Cash back is still there but a lot less prevalent as compared to 8 to 10 years ago.
From what I observed, most of the recent cases are by people purposely mislead the banks by marking-up SPA value (for subsale), creating fake income etc. Some wanted the cash back to invest in high risk, high return schemes. Without cash back schemes, they will go for other form of financing such as personal loan, share margin financing. End result will likely be the same. If you cannot control your greed, there will always be things that try to hook you in.