Tuesday, February 22, 2011

Taxpayers to bail out BTL

Developers to sue banks

It was the bank's fault for lending me the money. Honest.

Posted by chrisch @ 08:54 AM (1474 views)
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11 thoughts on “Taxpayers to bail out BTL

  • Developers are what they are… glorified builders looking to make lot of money – but not financial accountants.

    But I hope they succeed in the action. Since if they can argue the banks failed to show a duty of care and give prudent advice, the fact the banks get sued will get all banks to plan in FAR more risk than they do now. That in turn will be another nail in the “silly money” market that caused the inflation we are all hoping will readjust.

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  • cynicalsoothsayer says:

    How will they raise the money to fund the litigation? Borrow it from the banks? It’s a last gasp before bankruptcy…

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  • “Taxpayers to bail out BTL”

    ~ Many a true word said in jest chrisch, but you were more likely being serious.

    What do you think the recent 95% mortgage loans are all about.

    “Wer’e all in this together”… The ponzi scheme that is. The ugliest side of a democracy is when the minority count for zilch and in a mass

    brainwashed society, that’s very dangerous.

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  • Great – if this works I’m going to borrow 100K, but 100,000 lottery tickets and if none of them win me the jackpot I’ll sue the banks to get my money back.

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  • And the tax payer eventually picks up the tab.

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  • Unbelievable! So if property prices go up (as they always do) and you make a nice handsome profit it’s all yours to keep but if property prices fall it’s not your responsibility and someone else has to pay for your loss. There’s no disagreement the banks were wreckless but no one forced a gun to these peoples head to take on unaffordable debt.

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  • Property only goes up, even when it’s going down.

    Who will explain this to our slaves, I mean our children in the future.

    Welcome to the new world order. We are incrementally laying the foundations.

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  • 4. timmy t said…Great – if this works I’m going to borrow 100K, but 100,000 lottery tickets and if none of them win me the jackpot I’ll sue the banks to get my money back

    ~ It’s already your money mate. The Sting.

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  • I saw Aherne on Panorama last night. Incredibly arrogant. If he fails to admit liability, why should anyone else? The chief culprit in the UK was Brown, who changed the regulation of banks from a system that had worked successfully for 100+ years. I would really like to see him face a Public Inquiry.

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  • were the banks reckless are merely reacting to market conditions and government pressure to lend

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  • “are” should read “or”

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