UK govt owned bank does more repossessions than others

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UK govt owned bank does more repossessions than others - 10/17/2008 12:39:29 PM

LadyEllen

Posts: 10931
Joined: 6/30/2006
From: Stourport-England
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Mr Brown assured us he had put £100 million away, to help people struggling to pay their mortgages. He sent a message to banks that they should try everything other than repossession, which should be a last resort only.

He has talked a very good game.

Meanwhile, repossessions are on the rise. The Citizens' Advice Bureau (a charity providing free qualified advice to the public) has waiting lists reckoned in the months, for repossessions. Homeless charities are overwhelmed.

Last year we the taxpayers and homeowners of the UK, forked out billions to nationalise one bank totally - Northern Rock. Now it seems, this bank is busily repossessing at record rates - ignoring all offers at negotiation from its customers.

And the rise in repossessions overall, cant be attributed to Northern Rock alone. It must be that all those other banks which in the last week or so received billions more to shore up their rotten cores, are at it too.

In other words, what the government is saying and what its new assets are doing are seriously dislocated.

And then there was a report earlier this week that these banks are issuing court summons for repossession on people, and then advising them that judgement will be made against them, so they might as well not show for the hearing. As it turns out, the judge in such cases has some room for manoevre and can decide not to grant the repossession - but if the person doesnt show for the hearing, he can only judge against.

I am getting heartily sick of all this. It seems to me that we are expected to swallow what are complete and utter lies, fabrications and deceits spoken to keep us calm whilst the same cunning, conspiring criminals continue their devious, underhand schemes to produce profits where naught but contrition and shame should be found.

And the great party of the people - they who claim to represent us, claim to wish to promote our interests and fight for justice for the people - either doesnt give a damn, or more apparently, is deep in cahoots with the robber barons of the City.

E

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RE: UK govt owned bank does more repossessions than others - 10/17/2008 2:58:14 PM

seeksfemslave

Posts: 4011
Joined: 6/16/2006
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Almost whatever happens the taxpayer is screwed.
If "social considerations" are allowed to sway the banks' decisions then the loan book of the bank will remain "toxic" , their financial status vulnerable and their ability to repay the government diminished.
Dont forget N Rock have already sold off their good loans.

If the families are made homeless then the increase in welfare expenditure will place a massive additional burden on the taxpayer.

Thats being between a northern rock and a hard place.
Oh the virtues of excessive welfareism and the advantages of living in the first post industrial society.

< Message edited by seeksfemslave -- 10/17/2008 2:59:37 PM >

(in reply to LadyEllen)

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RE: UK govt owned bank does more repossessions than others - 10/17/2008 3:29:07 PM

tweedydaddy

Posts: 673
Joined: 9/1/2008
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I would not trust this government with my dirty washing.
I lost my house in the last recession, to the Woolwich, bless them.
I made a simple set of rules that I have lived through the whole boom by; no loans, no buying anything on credit, pre pay mastercard only, pay as you go phones, meters for all my utilties except water, no overdraft and no catalogues.
I have no credit rating as I have and will never have any credit arrangements..
I can't tell you how many snide comments I had to put up with and yes, I did buy one of those "I don't give a shit how much your house is worth" t shirts from private eye, during the dream time when people thought houses were the new Gods.
It strikes me as odd that in a Christian country the sin of usury became the national obsession. That Northern rock is demonstrating such rottweiller behaviour is no surprise as the rock are where the government have said is where they intend to put the less juicy mortgages from the other defunct banks when the divvy out the plunder from them.

(in reply to LadyEllen)

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