Cleveland City Council In Ohio, USA, is suing the Royal Bank of Scotland and other banks.
Because those banks destroyed large swathes of Cleveland City.
The banks lent money to people to buy houses. The loans were artfully constructed by the banks to be fraudulent so as to milk the maximum possible amount of money from the bank’s unsuspecting victims taking out those mortgages.
The banks knew their victims would take out the wickedly dishonest mortgages because they had no choice. Choice had been denied to them by the banks.
The mortgage victims had been forced into them by virtue of the banks forming a cartel where banks colluded with each other to deny ever larger numbers of the population ordinary, normal, and reasonable mortgages. The banks invented all sorts of mealy mouthed excuses to deny ordinary mortgages, pushing the bounds of credulity bit by bit as they strangled the housing market with dishonesty at every opportunity.
This forced increasing amounts of people desperate to have a home to live in to be forced into these dishonest loan shark style mortgages they knew were completely wrong, nasty, and utterly, utterly destructive.
These dishonest mortgages were designed to steal increasing amounts of money from the hapless victims because the mortgages were arranged in such a way as to increase repayments almost exponentially in a manner virtually all normal working people would find impossible to keep up with.
The mortgages always increased automatically anyway after an initial period, sometimes literally doubling monthly repayments.
Then, when borrowers had difficulty keeping up with repayments, the banks thought they had some kind of divine right to sanctimoniously ‘penalise’ the borrower by increasing repayments even more to breathtakingly fraudulent levels by inventing a whole raft of unrealistic, dishonest excuses, liberally laced with a good dose of pure lies.
This rapidly led to ruthlessly speedy repossession of the houses by the bank. This allowed them to steal even more money from the borrowers they were busy persecuting by charging the creatively described ‘early redemption penalty fee’; as though the borrower had wantonly inflicted some awful commercial insult or burden on the bank for which they had to be penalised for and the poor bank compensated for the dreadful inconvenience imposed on it by the borrower forcing the bank to evict them from their own home.
The banks also used repossession as a means of inventing a whole load of other ‘fees’ like the mythically dreamed up ‘repossession management fee’ which, being charged monthly, could soon mount up into thousands of additional pounds extorted from the borrower.
Now, here comes the really interesting bit. The banks didn’t seem to care that when they repossessed the houses in rapidly increasing numbers the houses would become more and more difficult to sell. In fact whole streets of houses in Cleveland were repossessed and could not be sold. The houses, with families evicted from them, were left unmaintained and became vandalised. They rotted away and soon became uninhabitable as all buildings do when left empty and abandoned.
It wasn’t too long before many homes passed the point of no return and became fit only for demolition. It happens very quickly to any home left empty.
So gigantic areas of the City of Cleveland became an urban wasteland where, previously, there had been neat, well looked after attractive family homes.
Meanwhile, the families had been evicted, making employment for those families next to impossible. I mean, how easily could you or anyone else hold down any sort of job when you are thrown out of your home and onto the streets – forced by a bank to become a homeless vagrant ?
So Cleveland City Council were faced with dealing with wholesale destruction of their City by the banks and also having to deal with an ever increasing tide of homeless people and families with small children being forced to claim emergency welfare payments from the Council just to survive. Oh, and then there was the exponential increase in crime caused by this process.
All of these evils caused entirely by the banks, without any help from any one else.
The funny thing about all these repossessions is, because the houses cannot be sold, the mortgage loan is not repaid to the bank. This makes the act of repossession completely pointless.
It would seem the only reason banks will always repossess even when it causes catastrophe, is simply out of spite.
So, because the banks have caused this to happen all over the World, the global economy now lies shattered, with poverty and deprivation stalking the World and threatening global conflict. That’s war and death in ordinary language.
All thanks to the banks colluding with each other to inflict a wicked regime of extortion backed by heartless aggression and spite.
That is why Cleveland City Council are suing the Royal Bank of Scotland and other banks.
Good for them !
Perhaps a lot of other people – particularly those mortgage holders comprehensively fleeced by the extortion of the banks, for instance – should also take legal action against what are, at the end of the day criminals. Yes, the banks have indulged in criminal and fraudulent behaviour. They extorted money from people by dishonest means. That makes them criminals.
Criminals should be taken to court, punished and be forced to compensate the victims of their crimes.
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