A lot of people are very frustrated that nothing is being done about bringing legal action against the ghastly sub-prime mortgage lenders who have done so much to bring the Global economy to it’s knees.
Greece is in turmoil today and three people have just been killed there just as a consequence of the riots which are a direct result of the greedy, wicked behaviour of the banks and the destructive forces unleashed by Lehmans bank in particular going bust while it wrecked the financial markets around the World.
The financial turmoil and civil unrest promises to spread to other countries – including the UK !
Tens of thousands of people have been either partly or completely stripped of their home equity and often been made homeless and suffered other serious consequential losses as a result of being manipulated and duped by the mortgage providers owned by the banking industry.
These same homeowners would never have suffered these losses if their mortgages were administered within the same sort of transparently honest structure and system of mutual mortgage lending that was previously so successfully undertaken by the original mortgage lending mutually owned building societies whose aim was to facilitate home ownership rather than engage in predatory lending to squeeze as much profit for themselves as possible out of homeowners.
The Consumer Action Group website has thousands of posts about the wicked behaviour of the sub-prime lenders and how they rip off homeowners with devious charges and force families out of their homes.
Evicted and stripped of everything they have put into their homes, and with nowhere to put their domestic possessions collected over a lifetime, people often lose everything they own as vandals and thieves strip their home bare after they have been thrown out onto the streets and made homeless by the immoral banks.
It is self evident the banks took over the original mutually owned building societies in order to milk profit for themselves out of the housing market.
It is equally self evident that the costs of mortgages of any sort for any homeowner have risen exponentially since the banks forcibly took over the mortgage lending market; and that repossessions and evictions and resulting homelessness and other associated social problems have also risen exponentially as a direct result of the mortgage lending subsidiaries of the banks forcing homeowners to accept deliberately predatory lending contracts designed to maximise profit for the banks.
That the entire mortgage market is rigged and manipulated by a small cartel of only a handful of principal banks who have contrived to completely drive out of the market the older style, simplistic, fairer mortgage which is now virtually non existent as a direct result of the banking cartel’s activities.
The banks have contrived a delusion of the concept of ‘the unreliable and risky borrower’ as an excuse to create the infamous ‘sub-prime mortgage lending market.’
That these sub-prime lenders have engaged in predatory and wrongful, frequently fraudulent and sometimes criminal practices directed against homeowners in order to deprive homeowners of money, and to wrongfully convert homeowner’s property to their own use.
So, how might we find a way of constructing a class action case against one (to set a precedent) or all of these extremely nasty and grasping mortgage lending organisations ? What do we need to actually look for ?
What would be the list of many possible grounds for bringing a case so we can look at each possibility and discover it’s presence (hopefully) as experienced by homeowners with mortgages ?
Perhaps we could all start making a list of what we think these grounds might be, many of which have been discussed on these forums.
Anyone want to make a start here right now ?
Any suggestions, anyone ?
Any lawyers out there who might like to help progress this a bit ?
Tags: Bank Charges, Banks, Building Societies, civil unrest, CONSUMER ACTION GROUP, Credit Crunch, Debt, Euro, European Union, Eurozone, Fraud, global economy, Greece, Homeowners, Lehmans, Mortgages, News, Politics, repossession, Sub-prime mortgage lenders