Where has the money gone?

[Eric]

I'm sure you will all be relieved to know that we don't have this problem in Canada What we do have is a Bank Act that regulates how banks behave and a strong Bank of Canada ....

[Margaret Pilkington]

and that is what was missing over here.
I hope the government has learned its lesson......and is now going to act and form some kind of responsible regulatory body.

[claytonender]

Originally Posted by Royboy39

In the first part or your post.
Your not suggesting banks are bent are you?
In the UK only a small parcel of land which a house stands on is worth money and I understand where you are coming from.
In the US we are talking about whole estates where people have lost their houses. Parcels of land like that just cant be written off, surely?

Would I dare suggest that banks are bent .

As I said before I don't really know enough detail about the US situation, other than US banks lent to people that they knew would never be able to pay off their mortgage debt and then sold that debt on to another bank. Selling on of debt (especially bad debt) is very common practice - there are several UK companies who buy up debts from financial institutions and then persue the debtors for that debt. They even quite often after the debt becomes statute barred (which of the top of my head I thnik and even without solid proof that the debtor signed a legally enforceable credit agrrement (or have the voice recordings to prove a verbal contract). These companies pray in people who do not know their legal rights regarding credit/loan agreements.

[SPUGGIE J]

Originally Posted by Margaret Pilkington

and that is what was missing over here.
I hope the government has learned its lesson......and is now going to act and form some kind of responsible regulatory body.

It was the banks and big business that helped those in power today to attain power. As such there had to be a trade off/fat reward and I dont mean titles. The money men got what they wanted when the chancellor passed on responsibility on regulation. Now the cowpats are flying it all lands on the govenment. Those with the power in business can pass the buck by saying the govenment opened the stable door so the horse ran for freedom thus dont blame the horse for taking advantage.

[Margaret Pilkington]

There was no effective regulation and that is what was missing...now we are saddled with a debt that won't be paid off in my lifetime.

[SPUGGIE J]

Originally Posted by Margaret Pilkington

There was no effective regulation and that is what was missing...now we are saddled with a debt that won't be paid off in my lifetime.

It will never be paid it will hang around the necks of us all until we shuffle off this mortal coil. Sadly I doubt they will learn and will consider it a blip and the blinkers will stay on.

[Margaret Pilkington]

Spuggie, I am sure you are right.
They ought to hang their heads in shame.

[Royboy39]

Originally Posted by claytonender

Would I dare suggest that banks are bent .

As I said before I don't really know enough detail about the US situation, other than US banks lent to people that they knew would never be able to pay off their mortgage debt and then sold that debt on to another bank. Selling on of debt (especially bad debt) is very common practice.

That is an illegal practice and surely heads must roll, not only in the loss of pension rights but by bringing criminal charges for wholesale fraud and deception not only in the US but also in the UK if they were a party to the scam. Ignorance is no excuse, or so I am told.
I like your choice of 'roll eyes' I should use it more often.

[SPUGGIE J]

Originally Posted by Royboy39

That is an illegal practice and surely heads must roll, not only in the loss of pension rights but by bringing criminal charges for wholesale fraud and deception not only in the US but also in the UK if they were a party to the scam. Ignorance is no excuse, or so I am told.
I like your choice of 'roll eyes' I should use it more often.

Heads role criminal charges peff I have more chance of being the next US President. They are too well protected by those with power and influence especially if they have profited from these deeds. Ignorence in the banking world gets you away with anything they want.

Roll eyes??? Is there a little man on your shoulder?

[Royboy39]

Originally Posted by SPUGGIE J

Heads role criminal charges peff I have more chance of being the next US President. They are too well protected by those with power and influence especially if they have profited from these deeds. Ignorence in the banking world gets you away with anything they want.

Roll eyes??? Is there a little man on your shoulder?

Not at all.....A tut is better than a wink to a blind man.

[steeljack]

Originally Posted by Royboy39

In the US we are talking about whole estates where people have lost their houses. Parcels of land like that just cant be written off, surely?

interesting article in todays New york Times

http://www.nytimes.com/2009/03/04/bu...l?ref=business

seems some of the bankers who caused the crash by making bad loans are now using all their millions of bonus money to buy up the defaulted loans at knock down prices


as they used to say in the cowboy movies .......get a rope

[SPUGGIE J]

Originally Posted by steeljack

interesting article in todays New york Times

http://www.nytimes.com/2009/03/04/bu...l?ref=business

seems some of the bankers who caused the crash by making bad loans are now using all their millions of bonus money to buy up the defaulted loans at knock down prices


as they used to say in the cowboy movies .......get a rope

The dirty scumbags!!!!! Hanging is to good for these people. Get a mob together n wreck what they buy!

[Royboy39]

Originally Posted by steeljack

interesting article in todays New york Times

http://www.nytimes.com/2009/03/04/bu...l?ref=business

seems some of the bankers who caused the crash by making bad loans are now using all their millions of bonus money to buy up the defaulted loans at knock down prices


as they used to say in the cowboy movies .......get a rope

That is the point I was making...I will pay for the rope.

[cashman]

Money will always look after Money.you n i do not count its that simple.

[Royboy39]

Originally Posted by cashman

Money will always look after Money.you n i do not count its that simple.

I agree, but are we all simple? ....I think not