Venger, on 27 March 2012 - 12:07 AM, said:
Banks have also got a right to go after debt they are owed. Renters have a right to expect to pay realistic market value for homes they hope to buy.
Your guy doing all the talking there bought at the peak, for what it got valued at; €452,000. Putting down the proceeds of the sale of his smaller house, €150,000, borrowing €310,000 on an interest only subprime mortgage, pay €652 A WEEK.
That's the point though - they don't have a lawful
The guys in the video are just standing behind the law and it is the banks (and by extension, the state) who were taking liberties.
Their argument is that the maximum amount they are liable for through the legal system is a fraction of what the bank wants. The bank has no right to claim any more, regardless of what was promised. The banks should have done their home work, rather than just relied on state manipulation and fraud.
As this sort of this harming renters, I doubt it. It will drag down
the price of housing, as the banks will be forced to extend credit only up to the amount that they can realistically retrieve.
Alternatively, the banks will just fail, especially if there are tax strikes preventing further bailouts. Then this whole, sorry ass system of obfuscation, fraud and corporatism can implode on itself. We can then try something else more sane instead.