Commendation by Professor of economics & finance: Steve Keen

I have reviewed the business model and associated financial representations provided to me by Mortgage Mediators recently.

I have spent a large part of my career assisting the community to better cope with and understand the downside of carrying too much debt.

The current approach to dealing with distressed mortgagors is inconsistent and costly for all parties concerned, but while the banks and lenders mortgage insurers are able to absorb the cost, the distressed mortgagor obviously cannot.

Mortgage Mediators has found a quicker and cost effective approach to managing distressed mortgagors by acting early and seeking an appropriate resolution via mediation.

When all parties agree to a revised payment, the benefits of a favourable sale as to the very costly mortgagee sale the benefits flow to all stakeholders.

Successful mediation may also:

• Examine access to a range of hardship provisions
• Maximise the equity in the property by acting quickly, thereby avoiding the payment delinquent mortgage fees upon the sale of the property
• Maximise the selling price by ensuring that the condition of the property is optimal for sale by keeping the mortgagor engaged and motivated in the sale process

People who find themselves in significant mortgage distress should examine the service that Mortgage Mediators offer as I believe, when accessed early in the default stage, they can be of enormous benefit through effective mediation. A cooperative approach to the growing problem of distressed mortgagors is long overdue. There is no doubt as proved in the USA can only be achieved face to face . A team effort, the lender/LMI/ distressed mortgagor/mortgage mediators, the only winning formula for all.

Professor Steve Keen
(Professor of Economics & Finance: Australia)

I agree with the comments above by Steve Keen.

Professor Somino Semesi
Professor of Economics & Finance New Zealand.