National Australia Bank Ltd. (NAB.AU) said Wednesday full year net profit fell 43% on year, as rising bad debts, tax charges and other one-time items offset higher revenues. In a statement, the Melbourne-based bank said net profit for the year ended Sept. 30 fell to A.59 billion from A.54 billion a year earlier.

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This blog discusses subprime mortgage problems. Subprime problems began when lenders offered loans to potential home owners with bad credit or credit / income that did not meet the standards of traditional lending. Subprime mortgages for people with bad credit or no credit face an uncertain future. Once the hope of many to enter into home ownership has now been corrupted both by overreaching consumers and predatory lenders. I hope to follow the aftermath of this crisis.

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