Posts Tagged ‘Mortgages’

Poisonous Banks Destroying World Economy

December 17, 2008

Banks immoral behaviour shrinks World supply of money and destroys economy

 

For our Global system of money to work we have depended entirely on all our banks to act responsibly, with honesty, morality and probity.Because the banking system realised it could get away with being increasingly dishonest, immoral, completely irresponsible and absolutely without the slightest hint of probity or decency, the currency system of the World has been destroyed by their fraud and breathtaking greed.   

We have a system whereby nearly all the money is manufactured by the banks issuing loans to their customers. These loans amount to about ninety five percent of all the money in circulation. Nearly all the money we therefore use is created by a bank making a loan to someone else.

A culture of rapacious, greedy dishonesty was created throughout every aspect of the banking system as the banks tried to lend ever increasing amounts of money with a complete disregard of their poisonous behaviour towards borrowers. They wanted to lend as much money as possible because the more they lent the richer the banks themselves could become at the expense of those borrowers.

So, all this had the effect of putting absolutely every business and individual person into more and more unsustainable debt. The currency system is actually called money as debt and a fractional reserve banking system whereby the banks can create unlimited amounts of money out of nothing. If there were no bank loans at all, there would less than ninety percent of money in circulation and no-one would be paying interest to the banks.

This system allows banks to exercise increasing amounts of control over every aspect of business and personal life. Everyone was at their mercy. All of us were really working for the banks – working hard at earning enough to pay the increasingly absurd levels of interest and penalties on all the banks loans.

Businesses were constantly persuaded to borrow more money to expand, individuals were persuaded to borrow impracticably large mortgages to buy homes and consumer goods they really didn’t need. We were all told how silly we were if we didn’t use credit cards to spend money we didn’t actually have.

The banks were in complete control of almost the entire supply of money everyone depended on to enable all trade and personal commerce to exist. All the money in use could be traced backed through debt after debt issued through the dishonest banking system.

The financial well being of every business and individual now depended completely on the banks and how they behaved, and how honest and moral they were.

When the levels of dishonesty exhibited by the banks became so blatant and unsustainable, it became so extreme it had the effect of making the banks themselves too frightened to lend to each other.

They knew better than anyone else how dishonest and fraudulent their system of loans and debt had become and how each bank would try and outsmart other banks by being even more devious with loans to each other.

So the banks stopped lending to each other because they knew they were ripping each other off with dodgy loans which were less and less likely to be paid back.

If the banks weren’t going to lend to each other it interrupted the circular movement of money from bank to borrower and from that borrower’s loan ending up in another bank which, in turn enabled the next bank to issue more loans of many, many times the amounts actually being deposited in the bank. And so on it went around in endless circles.

But once the banks interrupted the entire money supply by being too frightened to lend to each other, it also had the effect of rapidly shrinking the money supply. The behaviour of the banks is making money literally disappear from existence at exponential speed.

This is the reason people have less and less money to pay their debts or to actually buy anything they need. The World economy is being destroyed by all the banks because of their greed and fraud and their fear of lending to each other. They know how dishonest and unreliable other banks can be with lending money and fear their loans to each other may not be paid back because the system they created is so dishonestly fraudulent and unreliable.

Governments around the World thought by lending gigantic amounts of money to all the banks this problem of confidence in the money supply would go away. All the money Governments loaned to banks would enable them to commence lending to each other again and get the circulation of the whole supply of money moving again.

Government were wrong. They were wrong because lending to the banks didn’t make the banks any more honest or improve their morality or common sense in any way at all. So the banks just pocketed any money they could get hold of, held on to it like grim death, carried on paying themselves ridiculous ‘bonuses’ and still refused to lend to each other.

The fact this also meant they had less and less money to lend to anyone else too, didn’t seem to bother them. They didn’t seem to be able to work out their collective behaviour was rapidly destroying the whole World economy and even themselves as they started to go bust one by one.

If something doesn’t change pretty damn quick they will probably all go bust in the end. But they are too pathetic to see that, as they whimper on about how it isn’t their fault at all. It must be someone else’s fault, they say. Meanwhile things will continue to get much, much worse.

They are liars !

Every single single business, and individual wishes to continue to work hard to earn themselves money. Businesses do not wish to sack employees and cease to exist, employees don’t want to sit around jobless and having their lives being destroyed by unemployment. It is being forced upon them by the banks.

We all depend on being in possession of money to trade and prosper as a business, and in turn pay employees’ wages so they can buy things they need from the businesses that are prospering.

Money is simply a token of trust we can use to give to some one else in exchange for goods or services of actual real value we need from them. They can then use that token of money we give them to buy what they need from others.

The banks have manipulated the money system with sheer greed until it has been taken to the brink of complete destruction by their deviousness.

The banks are the only custodians of the money system. No one else at all has control of it. No Government, business or individual has control of the system of money. It is entirely in the hands of the banks. They have abused it, misused it for their own profit and have shown a callous disregard of the damage they do to everybody they deal with. Their behaviour has been, and still is quite simply disgusting.

The banks cannot be trusted. They created the Worldwide financial recession single handedly with no assistance from any one else. They are currently destroying the money supply everywhere with lightning speed. Their self seeking manipulation of the World’s money supply is destroying everyone’s ability to trade, or have a job, or pay back their debts. The entire money system is collapsing exclusively because of the irresponsible, fraudulent behaviour of the banks.

They are utterly callous in turning tens of thousands of people out of their homes, leaving houses empty, vandalised and pointless useless. They are equally callous as they take away the jobs of millions of people by destroying businesses with toxic loans and making it impossible for trade and commerce anywhere to function normally any more .

With this vicious control of money the banks have, allowing them to say who has a business and trades or who has a job and who doesn’t, who starves or who has a home or who is thrown out of their home onto the street by bank bailiffs, to have their entire lives destroyed by being made homeless, is a grotesque condemnation of modern times.

DISHONEST, IMMORAL MORTGAGE LENDERS

November 6, 2008

HOME OWNERS FLEECED BY DEVIOUS BANKS

 

“An important factor behind the increase in mortgage foreclosures is the rise of so-called subprime loans. Subprime loans are made to borrowers with credit deemed insufficient to qualify for a standard home mortgage. They sometimes entail predatory practices including exorbitant interest rates, additional fees and prepayment penalties that make it virtually impossible for the borrower to escape from debt. Subprime lending is targeted disproportionately at the poor, minorities and the elderly.

The increase in home foreclosures is linked to the rise in subprime lending. Studies in Boston and Atlanta conducted during the 1990s showed foreclosures by subprime lenders tripling, while foreclosures by other lenders remained steady or declined. A similar study in Chicago, which began at an earlier date, showed an even more dramatic increase. [ See Subprime Foreclosures: the Smoking Gun of Predatory Lending? Policy Development and Research Information Service http://www.huduser.org/index.html%5D

During the 1990s the practice of “risk based’ pricing increased. Banks began charging higher than normal interest rates to certain borrowers deemed to have lower than average credit worthiness. This practice was justified on the grounds that it opened home ownership to those who would not otherwise qualify for mortgages. However, by their nature, subprime loans carry a higher risk of default because they impose an additional financial burden on those who are in many cases least able to afford it. Further, subprime loans have become an arena for outright fraud and abuse. Cases of “redlining” have been documented where whole neighborhoods, usually poor or minority, are deemed to be substandard credit risks, forcing residents with otherwise excellent credit to pay subprime interest rates.

One of the most flagrant offenders is CitiGroup, headed by Bill Clinton’s former treasury secretary Robert Rubin. In March the Federal Trade Commission charged CitiGroup with deliberately “steering” and “misleading” borrowers into accepting predatory loans.

It is alleged that CitiGroup, its affiliate Associates First Capital and sister company CitiFinancial engaged in predatory lending practices such as inducing borrowers to take out high-interest loans even though they qualified for prime-rate loans. It is also charged that CitiGroup engaged in another predatory tactic known as “flipping,” where borrowers are pushed into progressively higher-interest loans by repeatedly refinancing their mortgages. The bank is also alleged to charge “excessive and unjustified” fees and impose impossible loan terms that lead to foreclosure.

Despite these serious allegations of a criminal character, CitiGroup and its executives were able to escape any major consequences by paying a mere $215 million in restitution to defrauded home buyers.

Such practices are by no means the exception. Subprime lenders often impose interest rates far higher than anything that could conceivably be justified by factoring in costs associated with added risk. Borrowers are often unaware of provisions hidden in fine print that require additional fees, balloon payments or the payment of compulsory life insurance premiums. In some cases lenders simply lie to borrowers, stating installment amounts that are far lower than what the mortgage holder is actually required to pay.

There are indications that the speed of home foreclosures is increasing. This is also tied to the rise of subprime lenders. For example, the above mentioned study in Washington state noted that of all foreclosures reported in 2000, subprime lenders were responsible for 58 percent of fast foreclosures, defined as foreclosures within the first two years.

Powerful financial interests have intervened to block even token reform. For example, the Ohio legislature enacted a bill in February 2002 prohibiting local communities from passing laws against predatory lending”.

MONSTROUS SOCIAL INEQUALITY

“Our site provides a source of political perspective to those troubled by the monstrous level of social inequality, which has produced an ever-widening chasm between the wealthy few and the mass of the world’s people.

As great events, from financial crises to eruptions of militarism and war, break up the present state of class relations, the site will provide a political orientation for the growing ranks of working people thrown into struggle.

We anticipate enormous battles in every country against unemployment, low wages, austerity policies and violations of democratic rights.

The financial crisis enveloping the entire world economy sharply poses the need for the international unification of working people. Transnational production and global financial markets have changed the face of capitalism forever.”

( This is from an interesting political website and I just couldn’t resist quoting the article as I couldn’t have put it better myself)

SAINSBURY’S AND OTHER BIG BUSINESS CONNIVE IN DESTROYING SLEEPY MARKET TOWN

July 1, 2008

 

 

 

When, many years ago, my Father was a Councillor in this town and as Chairman of the Council was intimately involved in trying to prevent Sainsburys’ and other megalomaniac big businesses from wrecking the then pretty country market town with massively destructive ‘redevelopment’, he would have had absolutely no idea how nasty these big businesses like Sainsbury’s would become.

Since I knew the town as a boy, the Sun Life Insurance company and Sainsbury’s have  together been instrumental in conniving to persuade the Town Council to raze down vast amounts of the then attractive centre of the town and browbeat the Local Council into agreeing to close off most roads into the centre of town and build an ugly motorway-like ‘inner ring road ‘bypass’ around the centre of sleepy little town, preventing any normal access to it.

 

Both  these business organisations built monumental and modernistic ugly buildings over the centuries old town centre roads, killing of the historic town at a stroke. No doubt Sainsbury’ and Sun Life persuaded the Council it would be a good thing as they would be bringing lots of local jobs into the town.

 

But it has had  the effect of preventing any of the local residents from getting at the town centre to do any shopping and empty shops now  lie abandoned and boarded up forlornly as a result. 

 

Shops and other traders still struggling to make ends meet as the Council extorts gigantic parking charges, hugely exceeding the costs of paying an average monthly mortgage for a house, never mind a bloody car parking space, can only watch grimly as turnover falls and they go out of business one by one.

 

Fewer and fewer residents bother to overcome the sheer trauma and hassle of being milked by unreasonable parking charges and endless threats of £90 parking tickets followed by bailiffs at the door adding hundred and hundreds of pounds to just one parking ticket, then threatening householders with the legalised theft of their house contents if they don’t pay up immediately.

 

Pedestrians are artfully provided with their own obstacle course to get into the town centre too. Nearly the entire local population has to brave an artificially contrived and utterly inappropriate and unnecessary urban motorway, carefully conceived by dimwitted ‘planners’ to make getting into the town centre on foot as unpleasant as possible for virtually everyone.

 

Hence, the town is dying on its feet; a slow strangulation that has already turned a really busy, attractive mediaeval market town into a nasty little empty urban desert in the middle of of what used to be some of the most stunningly beautiful landscape in the World.

It is now a noisy sprawl of ring roads and Orwellian building development designed to look as revolting as possible.

 

But Sun Life has fallen on hard times as more and more people realised the life insurer plundered their pockets and business has slumped. So the predatory business has now gone, having done its job of sucking the life out of the two like the parasite it is.

 

Sainsbury’s too is no longer in the centre of town, bringing the extra shoppers and vibrancy it had solemnly promised all those years ago. 

 

It’s old low rise utilitarian shed like architecture is now a shoddy enclosed shopping centre, identical to any down at heel shopping mall anywhere. Completely without character and wildy unpleasant to visit, most shops offering standardised high street cloned tat.

 

Sainsbury’s supermarket itself, even more sophisticated in manipulating and dictating to local town councils all over the country, has purloined most of the one time garden of a fantastically elegant classic manor house in the one small remaining bit of the original town by the ancient Church that still remains. 

The Manor House is no longer fantastically elegant as it was bought by the RSPCA for it’s headquarters, and then sold at a massive profit to developers who built bits on everywhere and turned it into a warren of poky little ‘town houses’ and awkward apartments in the once elegant original building.

 

The town is is now ugly and bereft of the soul it had. The centuries of hustle and bustle of a busy English country market town have gone. The old coaching inn, once the focal point,  is boarded up and decaying listlessly. In the evenings and on the weekends, the town is dead and empty, except for a few loitering youths, often mindlessly drunk.

 

It is not the pleasant, friendly place it once was. Instead it is a place to hurry away from before a black cloud of depression descends about what modern life is like .

Repossessed, Repossessed, Repossessed !

June 18, 2008

Instead of Location, Location, Location !

 

The mortgage lending industry are mostly liars and thieves. I can speak from personal experience. Read on and you will see what I mean.

 

The Council of Mortgage Lenders are certainly liars. I have lost count of the times I have seen spokespeople from the Council of Mortgage Lenders telling all us mortgage holders that our lenders will bend over backwards to help us if we fall into arrears with our mortgages when we experience financial hardship.

 

It is, quite simply, a lie.

 

Another falsehood being peddled is that courts are sympathetic towards householders being repossessed.

 

The truth is, once you have become three months or more in arrears, you are likely to be repossessed in the most astonishingly nasty, brutish manner – and very quickly too.

 

The whole industry is rotten to the core. It is intrinsically fraudulent. 

 

For example; I had a mortgage with Birmingham Midshires. They actually told me I didn’t have to pay the mortgage for a while as I was in severe financial difficulties.

 

They immediately ignored what they had told me and sent me repetitive penalty charge notices. Eventually they built up thousands of pounds of mythical expenses they added on to my mortgage. They were all artful works of fiction – a complete fairy tale. 

But the small print of their mortgage contract said this is what they could do. Of course it did !

 

They proceeded to repossess my house and throw me out with an eviction notice that just gave me about three weeks notice to quit.

 

Is that civilised behaviour or what ?

 

To be continued.

SAINSBURY’S THUG LIKE BEHAVIOUR

June 17, 2008

 

I recently visited Sainsbury’s in a Sussex market town on a Sunday to return some boys shorts bought the previous day which had been incorrectly labeled and were, therefore, the wrong size.

 

I had done a major shop the previous day and didn’t need to purchase anything else other than about £5 of milk etc.

 

When I paid the cashier I asked her to ‘swipe’ my car park entry card in order to allow me out of the car park because I had probably been in the store for very slightly more than the half hour allowed for ‘free’ parking.  

 

Without swiping the card I would have incurred a parking fee of £10 for the privilege of being forced to return a faulty product and make a minor purchase.

 

The cashier made the assumption that because I had bought such a small number of items I must have been in the store less than  half an hour. When I told her I had also spend a considerable time dealing with my exchange of shorts she held on to her mindset of me being within the half hour. 

 

She refused to swipe the card, saying she ‘couldn’t’ swipe it if I had been less than half an hour and ‘couldn’t’ swipe it if I had been more than half an hour because I had only spent about £5 and not the minimum of ten pounds.

 

Never the less, I asked her to swipe the card because should I have been in the store for just slightly more than half an hour I would be refused exit without paying a ten pound fee, and I would have blocked the exit to the car park for all the other exiting shoppers while I either paid the fee or had the unpleasant experience of arguing the matter with the intransigent Sainsbury’s staff.

 

Although this discussion was ludicrous, there was no personal difficulty or rancour in the discussion other than the cashier explaining to me her wish to obey her management instructions not to swipe cards in my sort of circumstances.

 

The cashier then hailed a passing ‘supervisor’ and asked her to take the card to the customer service point to have it swiped. An amicably reasonable solution to the utter lack of initiative the Sainsbury’s management deprive cashiers of using.

 

I would stress that despite my slightly acid description of events, there had been no unpleasant exchanges between the cashier and me. I recognised she was following the management instructions to her and our exchange was perfectly polite and civilised in every way.

 

I merely told her I insisted the card must be swiped as I did not want to block the car park exit. And It seemed complete lunacy to gamble on whether I had been in the store 29 minutes and would be freed, or 31 minutes and would be trapped causing every other exiting shopper to also be trapped behind my blocked car.

 

There had been no disruption or ‘argument’. It was a perfectly normal exchange, with a perfectly amicable solution as the cashier instructed the supervisor who gaily tripped off to swipe the card  without further ado.

 

Unfortunately, just as the supervisor walked off with the card, a hatchet faced woman with a Sainsbury’s uniform and  with a filthy expression of intense anger on her face shrieked at the top of her voice to me ‘You’ve been barred from the store.’ 

 

At the same time she slammed her hand on a ‘panic’ button to set off a loud alarm and shouted for security staff to forcibly remove me from the store.

 

Amazed and utterly nonplussed, I replied to her that I had not been banned. The supervisor taking my card to be swiped turned around and handed the card back to the cashier who then handed it to me, unswiped. I handed it back to the supervisor in a dazed state as the screaming harpy was continuing to shriek loudly at me that I was banned and shouldn’t be shopping at the store at all.

 

This was news to me as I have been shopping at the store every few days for five years uninterrupted by any ‘banning orders’ imposed by screaming harpies shouting abuse at me at the top of their voices.

 

The supervisor with my card walked with me to the customer service point where the card was swiped by her without comment. 

 

Meanwhile, a burly security guard appeared who told me I couldn’t leave the store. He kept shuffling up to within a very few inches of my face every time I tried to keep a reasonably normal distance from him, breathing his foetid breath straight into my nostrils as he followed his training instructions to intimidate people by ‘invading their personal space’ in an overtly threatening manner by standing abnormally close to them.

 

 

I was a prisoner of Sainsbury’s, not allowed to leave the premises by this threatening security guard.

 

I was completely stunned at being screamed at for absolutely no reason at all by this maniac of a hatchet faced harpy woman employed by Sainsbury’s, and then kept prisoner and prevented from leaving by a threatening ’security guard’ who clearly implied he would use violence to prevent me going about my lawful business.

Meanwhile, my nine year old son appeared to be in a state of increasing terror at what was happening to his Father.

A  duty manager, then appeared and asked the security guard what was going on. The guard replied he had no idea other than the shrieking Sainsbury employee has said I was banned from the store and had asked him to throw me out. 

 

A slightly unnecessary procedure as, armed with my now swiped card, and having paid for my shopping, I was more than anxious to remove myself from  this screaming madhouse where the Sainsbury employee’s continued shrieking had attracted a wide audience of at least a hundred people looking to see what the fracas was all about.

 

The manager did not speak to me, indeed refused to do so as he asked the security guard what the fuss was about. I was insolently and rudely told to be quiet by the manager when I greeted him as a possible saviour from this growing insanity and attempted to start explaining to him what had taken place. I imagined that, naturally, the manager would wish to speak to the polite and diffident customer being kept prisoner and prevented from leaving the store by a security guard. 

Not so. When the security guard had finished telling the Duty Manager he had no idea what was going on, the manager simply refused to speak to me and told me brusquely to leave. I replied that was what I was being prevented from doing.

 

The manager’s response was to behave in an extremely confrontational and aggressive way, and also following his training on how to deal with violence, proceeded to do the same as the security guard and shoved his face within inches of mine. Together the manager and the security guard ‘herded‘ me out of the store in a brutally uncivilised and unnecessary manner, not allowing me to leave  normally and willingly as I was entirely intent on doing.

 

It occurred to me the pair of them must have been watching too many American Los Angeles Cop and Car chase type TV films and were completely confused about what was American television fantasy and what was real life in a quiet Sussex market town as a sixty year old, inoffensive,  middle class resident went about the daily business of domestic shopping with his nine year old son.

 

I was followed into the car park by the security guard at a distance who waited to see which car I approached. He then wrote my car number in biro on his hand in a thoroughly dramatic manner, no doubt still living the fantasy and taking his cue from all those America Cop movies he watched when not harassing innocent shoppers in the local supermarket for a living.