I was thinking the same thing. However its not that I dont want to honor my obligations, its just that the concept of my bond being sold without me being notified that is upsetting.
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I was thinking the same thing. However its not that I dont want to honor my obligations, its just that the concept of my bond being sold without me being notified that is upsetting.
Best is for everybody to just go and read the following article. Should not take you longer than about 15 minutes but it should give you a complete new perspective on just how much your bank 'loves' and 'appreciate' your business...
http://www.scribd.com/doc/139885730/Discovering-the-Money-Tree-South-African-Real-Estate-Investor
http://www.scribd.com/doc/139885730/Discovering-the-Money-Tree-South-African-Real-Estate-Investor
I understand, most of us have been brought up to honour our debts so we see it as a moral obligation to settle our debts. Problem is that its only us that have that moral obligation. The banks don't as they get paid double for the same place and that without even putting a cent down and who will take it all from you even though they have been paid and have no legal grounds to do so.
I do not have any debt at this stage and I'm not too sure what I would have done if I had. On the one hand I would feel obliged to settle my debts but on the other I will be so angry with the bank for misleading me like this and making money off my back that I will tell them to go *** themselves.
ToxicBunny
Oi! Leave me out of this...
Haha! You the CEO of ABSA?
If only, then I could at least earn millions..
But these newera muppets are peddling a concept that would lead to a monumental collapse of the financial system as we know it.
You do know that one of the principal founders of NewEra is Michael Tellinger... who happens to be a complete and utter nutjob along the lines of David Icke.
Yes but now its going the other way. Before 2008 the banks went crazy and placed any asset on their books. These assets (home loans) however did not grow in value as expected resulting in the banks having billion on paper but only millions in reality.
What is happening now is that the banks are taken to task to repay the profits they illegally made. So if they thought they were worse off in 2008 then the worse is yet to come as they are now facing legal claims for the profits they 'illegally' made
"The implications are staggering: four million people in the US have had their homes repossessed illegally and the banks have been forced to pay out $8.5 billion in settlements."
If New Era have their way it will lead to a class action against local banks. I'm not so sure that our banks will be able to survive financially should something like that happen (and I believe it will). No wonder the banks are fighting tooth and nail to get this stopped dead.
At a stage something like 8,000 houses and or cars were repossessed when things were very bad a year or three ago. Imagine if the banks now have to pay damages on all those repossessions which were done illegally......
I can tell you now they will go belly up so I will not be surprised to see the government (through SARB) getting involved big time (SARB already is).
What worries me more however is the fact that our country is almost in freefall in regards to our balance sheet... that in my opinion is the elephant in the room.
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ToxicBunny
Oi! Leave me out of this...
^^^
Ok, so you actually want this lawsuit to go ahead, and the banks to lose?
Do you even have the vaguest idea of what that will do to our economy?
Ok, so you actually want this lawsuit to go ahead, and the banks to lose?
Do you even have the vaguest idea of what that will do to our economy?
If only, then I could at least earn millions..
But these newera muppets are peddling a concept that would lead to a monumental collapse of the financial system as we know it.
You do know that one of the principal founders of NewEra is Michael Tellinger... who happens to be a complete and utter nutjob along the lines of David Icke.
I do not know these people and I'm no advocate for them but sometimes it's these 'nutjobs' who gets us back on track and or who turn out to be the visionaries of tomorrow.
To say that nothing must be done as it will lead to a collapse is like saying we should not jail anybody anymore as the prisons are full.
OK so we just leave it. Let the banks plunder and go on like they do?
Is this not in principle the same way American lenders / banks started working - which eventually lead to the whole property ****up in their country and subsequently to the economic crisis the world now finds itself in?
If this is indeed the case and hundreds of first world Western banks failed, what makes our poor rotten African brains think that 5 SA banks will pull this off successfully?
This is just one hell of a recipe for disaster down the line.
If this is indeed the case and hundreds of first world Western banks failed, what makes our poor rotten African brains think that 5 SA banks will pull this off successfully?
This is just one hell of a recipe for disaster down the line.
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ToxicBunny
Oi! Leave me out of this...
Well it all depends on your point of view... I have no issue with the bank securitising my homeloan.. I still owe them the money, I have a contract with the bank....
But even vaguely thinking that NewEra or Tellinger could be visionaries is completely insane... they have their own motive for this, and its not for your benefit.
Bona Botse
A little insight goes a long way
So, are you saying that the banks are Too Big To Fail TM?
supersunbird
Honorary Master
Oh no, not this again!
*sigh*
*sigh*
Lightscribe
Banned
If only, then I could at least earn millions..
But these newera muppets are peddling a concept that would lead to a monumental collapse of the financial system as we know it.
You do know that one of the principal founders of NewEra is Michael Tellinger... who happens to be a complete and utter nutjob along the lines of David Icke.
The info being posted is interesting and people need to know these things. I don't care about Tellinger.
If an entity is too big to fail then it is too big to exist.
In my opinion they are not related.
The main driver behind the financial crisis was the way in which the loans were structured. In the good old days you could buy almost any property and it would almost double in value in say ten years time. The loans for these properties became 'creative' in that you only had to pay the interest on it, no need to pay the capital. Nobody worried, you were eventually going to sell it at a huge profit which will settle the principal debt.
The property market was strong and driven by consumer spending. Demand was strong, supply on the lower side leading to ever increasing prices. Times were changing so consumers started spending less. Fewer homes were being sold leading to lower prices (supply and demand).
Things really became tough and people stopped buying new houses. Prices fell with up to 60%. The banks gave loans of say a billion $ backed by assets that were now only worth 40% of that. The loans were essentially still where they were on day one as the consumer never paid any of the principal off but only interest. So the banks had billions of loans and hardly any assets to back them.
They had to make adjustments so they had to write it off. So in a matter of a year billions in assets had to be written off. So a company that was worth billions now all of a sudden was bankrupt and the government had to step in and essentially buy the company and ensure it stayed open and this was done with taxpayer money.
That in a nutshell was the financial crisis, I know, extremely simplified but that is the basics.
What we have now has more to do with how the banks operated. In a way its related in that the banks are reckless and their actions are not morally acceptable but it has more to do with their operations and the legal implications.
The outcome however might just be a financial crisis like none we have seen before. Think Zimbabwe and you will be about right. Our government is already printing money and borrowing like there is no tomorrow. They cannot even help themselves at this stage how are they going to bail out our big 5 banks when the time comes... also... will they if the crisis was induced by the illegal operations of the bank?
So its a catch 22, yes we need to take the banks to task.... the question is how can this be done without destroying the whole financial system. And the question one must also ask is, should the system be protected at all? Is it not the very system we want to protect that got us here in the first place?
I'm no expert but I just cannot see a silver lining on this one.
Lightscribe
Banned
Who knows, maybe he and others are drooling rabid, anarchist communists, hoping to pull down the pillars of capitalism. So what. There will always be trade. There will always be workers. There will always be products. No ones going to tear down capitalism. Ever.
ToxicBunny
Oi! Leave me out of this...
No, I'm saying the banks are an absolutely integral part of our economy and we can't afford to absolutely annihilate our economy.
I think many folks in this day with financial strain so heavy would throw moral ethics out the window. If there's a legal gap to take they will take it. This is all good and well but what do you do when the sheriff of the court comes to evict you from your property?