Political Rant ----- This time the banks --Grrrrrrrrrrrr

25 Jun 2008

Do you ever sit down sometimes and really question WTF is going on? Why is it always the good, hard working citizens of this country who get shafted at every possible opportunity by anyone who has the ability to do so???
Ok - this has really got me today.............
Eight or nine months ago the UK economy was in fine fettle, housing market strong everything kind of tickety boo and sailing along just fine.
Then we find out that our banks have been rather stupidly underwriting bad debts in the USA and there follows a run on the banks, property crisis and general feeling of doom and gloom across the entire country.
In the USA, the Federal Bank deals with their crisis by cutting interest rates to 2% to ignite the housing market and hold off recession. Meanwhile here in the UK where no-one, apart from the banks, has done anything wrong the good mortgage paying citizens are penalised with higher LTV requirements and the highest interest rates for years as banks try to claw back their massive losses. Recession is arriving, people are being made homeless, property values are falling and all because the banks cocked up abroad and now want their pound of flesh back here in the UK.
Am I just being cynical or are the banks clawing their money back from the ordinary mortgage paying citizens of this country having caught a terrible cold by being stupid in the USA? Next question - Is that lawful?? Can we be punished for the mistakes made by others?? Certainly NOT in a Court of Law - but then again - this is rip off Britain and maybe the rule of law no longer applies if you can be had - they will have you cos you are an easy target.
Head F*****D - really losing the plot with this one.
Mr Hot (Mrs away on a course tonight)

25 Jun 2008

Quote by Too Hot
Do you ever sit down sometimes and really question WTF is going on? Why is it always the good, hard working citizens of this country who get shafted at every possible opportunity by anyone who has the ability to do so???
Ok - this has really got me today.............
Eight or nine months ago the UK economy was in fine fettle, housing market strong everything kind of tickety boo and sailing along just fine.
Then we find out that our banks have been rather stupidly underwriting bad debts in the USA and there follows a run on the banks, property crisis and general feeling of doom and gloom across the entire country.
In the USA, the Federal Bank deals with their crisis by cutting interest rates to 2% to ignite the housing market and hold off recession. Meanwhile here in the UK where no-one, apart from the banks, has done anything wrong the good mortgage paying citizens are penalised with higher LTV requirements and the highest interest rates for years as banks try to claw back their massive losses. Recession is arriving, people are being made homeless, property values are falling and all because the banks cocked up abroad and now want their pound of flesh back here in the UK.
Am I just being cynical or are the banks clawing their money back from the ordinary mortgage paying citizens of this country having caught a terrible cold by being stupid in the USA? Next question - Is that lawful?? Can we be punished for the mistakes made by others?? Certainly NOT in a Court of Law - but then again - this is rip off Britain and maybe the rule of law no longer applies if you can be had - they will have you cos you are an easy target.
Head F*****D - really losing the plot with this one.
Mr Hot (Mrs away on a course tonight)

MR Hot I could not agree more. lol

It is the same with the credit card companies. Not so long ago they were charging £25 for a late payment or missed payment fee. Then the ombudsman came along and said the charges were too excessive. So they were forced to cut them to £12. Now a lot of money lost, so what did they do? They upped their interest charges on new purchases AND on what you already owed.
Now in my calculations going from say 17% to 23% meant they were making even more money than they were before.
I hope the banks suffer as they have been far too greedy for years, and now it is their turn to feel the pinch. The only people who will suffer are the very people the banks overlent to in the first place.

25 Jun 2008

It's times like this I am so glad I don't have a credit card or a mortgage. I served my time in the late 80s and I'd hate to have to go through that again!

25 Jun 2008

I tell you now, its put me off ever buying a house again.
will be glad when I get rid of this noose around my neck!
and yes. I do agree that you work so hard for everything and someone is always ready to take it away from you.. be it legally or illegally..

25 Jun 2008

I tell you now, its put me off ever buying a house again.
will be glad when I get rid of this noose around my neck!
and yes. I do agree that you work so hard for everything and someone is always ready to take it away from you.. be it legally or illegally..

25 Jun 2008

Not sure it should put you off buying a house because there is nothing wrong with that. What is getting me is the unregulated way in which the banks are recovering their international losses from the easy targets here.
That has to be wrong? legally and morally

26 Jun 2008

The banks are guilty in encouraging loans and credit. But people also have extended their credit beyond their ability to repay it.
There was evidence of this problem long before the banks revealed their hidden problems. People have been declaring bankruptcy for the last 2-3 years.
If you are in a certain financial framework ie regular job, mortgage, special bills etc you are easily victimised by any changes to these things. So I would agree that many people are helpless and are forced to pay out through the nose to sustain their lifestyle, which they no longer have the option to give up either.