LOAN SHARKS – PREDATORY MORTGAGE LENDING

Today’s news is full of the UK Government setting up a ‘telephone help line’ for people who are victims of ‘loan sharks to call. How cute ! Isn’t Mr Gordon Brown and his Government such a nice, caring bunch of politicians?

But if they were so concerned about unlicensed door to door loan sharks why didn’t the government do something about them before ? They have always been a nasty bunch of grasping thieves, so what’s new ?

You don’t need a telephone ‘help line’ for an illegal criminal activity of fraud to be dealt with. But you do need the police to get out there and do the job we taxpayers pay them to do. Telephone ‘help lines’ are always a way to keep people like the police busy answering telephone calls and filling out lots of forms and ticking lots of boxes after asking loads of nonsensical and irrelevant questions of the individual conned into making a telephone call to such a useless ‘service’.

All that activity and box ticking helps them meet those ‘targets’ which Gordon Brown’s silly bunch of dangerous twits are so fond of imagining means they are actually doing something useful.

But, just wait a minute . Loan sharks, predatory lending. A dreadful, fraudulent criminal activity to be sure !

So why hasn’t the Government done anything about curbing the fraudulent, dishonest and criminal activities of the banks and other large financial institutions ?

It is the collective behaviour of the entire financial industry which has brought the whole World economy to it’s knees, driving millions of people into poverty, joblessness, homelessness and Gods knows what sewer of other awful deprivations.

Why hasn’t the Government stopped the completely fraudulent nature of that laughingly described ‘sub-prime’ mortgage lending which is what kick-started the World wide financial Crisis in the first place ? Why isn’t the Government doing something about it right now, before it gets even worse ?

After all, sub-prime mortgage lending is just another version of loan sharking. It is a means by which mortgage lenders use fairy tale nonsense finance babble to substitute for honesty and straight dealing. It is deliberately designed to ensnare home buyers into their sub-prime clutches so the banks can extort ludicrous and unrealistic high interest rates, followed by sudden leaps in monthly repayments which the banks know borrowers will find incredibly difficult to meet.

This in turn allows the banks to turn the screws of extortion – just like those criminal loan sharks – by charging huge amounts of extra money based on utter fiction; knowing it will drive the hapless borrowers further into financial oblivion, repossession and homelessness- and almost inevitably joblessness as well; because holding down a job while being thrown out of your home onto the street is a bit of a tricky proposition.

The mortgage lenders say they do everything they can to help people who are in difficulties with their mortgage repayments. But that is a lie. They do nothing of the sort. What they do is to deliberately drive people further and further into financial difficulty. They employ people like teenagers in call centres to ask a standard list of questions, just about exactly the same for every mortgage lender.

These questions are all about ‘have you got the money today. Will you pay your mortgage by credit card now to stop us taking legal action to repossess you’ etc. The nature of the call centre teenagers is obstructive, insulting and meaningless; deliberately designed to be as stressful as possible and making it impossible for the borrower not to sink into a state of severe stress and almost certain depression.

These calls are not about borrowers negotiating the best possible means of being able to maintain their home loan by talking to responsible, mature bank employees with the authority to be able to sort out the best possible solution for the mortgage to be maintained.

One of these unpleasant loan sharks, part of that Lehman Bros empire that sparked the Global Financial Crisis, told a mortgage holder in difficulties, “Nothing you can say to us will make any difference. We are going to repossess your house regardless’.

Doesn’t sound like negotiation to me. Doesn’t sound like doing all they can to help a borrower in genuine difficulties either.

It does sound like the language of a door to door criminal loan shark using whatever threatening behaviour is available to find excuses to extort more and more money out of hapless victims.

When will the Government do something to stop this loan shark mortgage extortion engineered by the banks ?

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