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Property Law - The Home Repossession Protection Bill

[quote="eodmatt]
But just pause for a moment. I have very clear memories of mortgage companies in the late 90's trying to sell me mortgages far outside my ability to pay back in the event that the economy went tits up. So they should take some, not all, responsibility.

[/quote]

So do any other kind of sales outfit. Caveat emptor applies - and if one is not capable of applying this principle then take advice from an independent party who is.

Getting pretty tired of people having to be constantly spoon-fed.
 
Counter-Bluffer-Ops said:
[quote="eodmatt]
But just pause for a moment. I have very clear memories of mortgage companies in the late 90's trying to sell me mortgages far outside my ability to pay back in the event that the economy went tits up. So they should take some, not all, responsibility.

So do any other kind of sales outfit. Caveat emptor applies - and if one is not capable of applying this principle then take advice from an independent party who is.

Getting pretty tired of people having to be constantly spoon-fed.[/quote]

Then get some sleep. When you wake up it might just be that a small element of protection has been built in to mortgage sales to protect people who dont speak latin from arrogant and rapacious sales persons.
 
eodmatt said:
Counter-Bluffer-Ops said:
[quote="eodmatt]
But just pause for a moment. I have very clear memories of mortgage companies in the late 90's trying to sell me mortgages far outside my ability to pay back in the event that the economy went tits up. So they should take some, not all, responsibility.

So do any other kind of sales outfit. Caveat emptor applies - and if one is not capable of applying this principle then take advice from an independent party who is.

Getting pretty tired of people having to be constantly spoon-fed.

Then get some sleep. When you wake up it might just be that a small element of protection has been built in to mortgage sales to protect people who dont speak latin from arrogant and rapacious sales persons.[/quote]

No reqt to speak Latin, just an ability to undertake some simple arithmetic calculations added to a soupcon of common-sense.
 

Iolis

LE
msr said:
Don't go blaming anyone other than those who borrow money they cannot afford to replay.

Anyone who has actually studied the law of mortgages and analysed the case law will discover that it is highly profitable to lend money to those who cannot afford to repay it. A condition sine qua non of doing so is the appreciating value of a tangible asset that may be continually repossessed and resold together with the ability to pursue the person deprived of it for the full amount of the loan on the security of it.

The conditions which obtain to the acomplishment of this state of affairs is the ability to unilaterally alter both the amount to be repaid and the conditions under which they become payable since the mortgage contract, unlike any other contract in English law is exempt from any common law or statutory controls over the fairness of the terms which may be inserted by way of variation.

Virtually our entire economy has been built upon the nature of debt secured on property. If an ailing business needs capital, it liquifies its assets. If its assets are property, it involves a process by which the mortgage contract is varied to the extent where default is inevitable, liquid assets to satisfy the needs of business creditors is thus obtained as a consequence of resale in a boyant market, and long term income is generated by pursuing the debtror for the full amount plus interest.

Such is the nature of Mortgage law in which for policy reasons, economic necessity is allowed to trump social justice.

It is therefore entirely inaccurate to suggest that that moral culpability attaches to default arising from factors entirely outside of the control of the individual.

It is usually the strong who acquire great wealth by eschewing morality who have no hesitation in using it as a tool to manipulate the weak who are generally poorer for possessing it in any abundance. This is probably why large financial institutions see no contradiction at all in preaching financial responsibility while acting entirely inconsistently with it.
 

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