Industry must share the blame for CCCFA failures: Minister
Friday, February 3rd 2023, 7:09PM 
2 Comments
Newly-minted commerce minister, Duncan Webb, says the industry should share the blame for CCCFA failures. Here is what he said [READ ON]
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On 7 February 2023 at 11:12 am JeffQV said:
Just read what Duncan Webb has said about our industry engaging with CCCFA. He’s worse than Clark, if that’s possible. Clark and Webb were warned by those who actually know what they are doing that these changes would impact severely on Kiwi's wanting to buy their own home. They didn't listen and used a sledgehammer approach affecting the very people they claim to protect. Loan trucks and loan sharks still operating and these are the very people CCCFA was designed to hit. Crippling Consumer Confidence Finance Act is the true definition. Please remove it from mortgage lending, there are already checks and balances in play (Responsible Lending Code for one) and we have never had reckless mortgage lending in New Zealand. On 8 February 2023 at 5:21 pm JPHale said:
What a crock of crap, the industry engaged, it submitted, and it was ignored!
The minister’s have been found wanting.
The mess that is CCFA, housing, and most of the ill’s financial with NZ are directly linked to the law changes, or lack there of, of the labour Government.
They had a mandate to change pretty much what they wanted in this area and failed to do anything. Despite the advice they were given, the opportunity’s presented, and generally mismanaged anything that wasn’t a crisis.
Labour’s legacy will be the most ineffective government ever to provide affordable housing to the people of NZ while managing to make the cost of living the most expensive in the world.
Sure, there’s outside influences that haven’t helped, but the focus on keeping the band playing while the ship is sinking is the indictment of their ineffectiveness.
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