TRADITIONAL BUILDING SOCIETIES WERE TAKEN OVER AND PUSHED OUT OF MARKET BY BANKS TO INFLATE HOUSE PRICES AND SQUEEZE MORE MONEY OUT OF HOME BUYERS WITH LIFETIME BURDEN OF EVER INCREASING DEBT.
House prices and most mortgages are now a complete rip-off compared with a generation ago. This has been orchestrated entirely by the dishonesty of the banks.
They took over the original mortgage lenders in Modern Times, the building societies, so they could control the whole mortgage market in order to make loads more money out of it for themselves.
Previously, mortgage lending to home buyers was traditionally done by building societies, originally formed by groups of individuals grouping together to help each other buy their houses one by one. Any very modest profits the building societies made were jointly owned by all the building society members.
So, no rip offs going on there then ! No vast profits for predatory, racketeering investors from luckless home buyers trying to provides homes for their families to live in !
No racking up of house prices into an unsustainable bubble of unaffordability, where average house prices rocketed from about three times a worker’s salary to more than ten times annual salary after the greed obsessed banks gained control of the housing market and were able to influence the rapid inflation of house prices by pumping unlimited amounts of cash into it.
Although buildings societies grew larger and larger, they were still mutually owned by all their members until the predatory banks muscled in and took them over.
Banks are desperate to lend more and more money, and they could see the housing market was the biggest lending possibility that had ever existed for the gullible and vulnerable ordinary person to be comprehensibly fleeced by tying him into a lifetime of mortgage servitude.
The banks knew that by lending ever larger amounts for mortgages, they would increase the cost of housing. This would keep nearly all homeowners completely dependent on the banks and locked into a lifetime of paying ever increasing amounts of their wages just to keep a roof over their heads.
This in turn enabled the banks to lend even more – and earn even more profits for themselves at the expense of home owning families whose lives were made a misery with huge amounts of lifelong debt; almost impossible to pay off.
Why hasn’t the government done something about it ?
More and more people think the banks are fraudsters – including Governments. I think they are real bastards too.
What do you think ?
Tags: Bank Charges, Banks, Credit Crunch, Debt, Economy, Extortion, financial crisis, Financial Service Authority, Fraud, Gordon Brown, Government, High Street Banks, Labour Party, Loans, money, Mortgages, News, Office of Fair Trading, Politics, Poverty, recession, repossession