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There are and will be countless stories as such asagaai but as you know these are people who go out on the limb far too much, they also think they are very smart, greed comes to mind as well.
Its not the fault of the banks, nor the RB regards to interest rates, its about not going over your head and how many are - living off credit, living beyond their means.
I'm sorry for your bro but then again not, more so I hope his family doesn't have to suffer due to being a big shot ( I mean no offense please understand but its a general overall POV on these type of circumstances)