'Collossal cuts' on the way.

[L00b]

But the bankers got bailed out....and now they earn good bonuses on top of that, how come the house owner who has fallen on herd times cannot get bailed out

I think you'll find they did, when the banks got bailed out (instead of going bust, at which time the banks'creditors would have been entitled to call outstanding mortgages in, prompting mass repo's for the people who couldnt clear their mortgage balances).

 

There's also long been plenty of insurance products to cover mortgage defaulting in case of unexpected hard times. Of course, that means paying a monthly or annual premium and maybe going without this-that-the other to pay for it.

Edited December 8, 2014 by L00b

[banjodeano]

it has been answered.Dont borrow what you cant afford to pay back and dont winge when you tried to live beyond your means.Take responsibilty for you OWN actions.

I must have missed the answer......the bankers acted foolishly and didnt get penalised. why should average joe bloggs be any different?

 

I think you'll find they did, when the banks got bailed out (instead of going bust, at which time the banks'creditors would have been entitled to call outstanding mortgages in, prompting mass repo's for the people who couldnt clear their mortgage balances).

Not the same though is it, no matter how slanted you look at it

[L00b]

Not the same though is it, no matter how slanted you look at it

Come again?

 

It's basic finances and corporate law, nothing odd or 'slanted' about it. If your mortgage was with a bailed bank, had the bank not been bailed, the bank's creditor would have been perfectly entitled to realise all of the bank's assets, all outstanding mortgages being such. If your mortgage wasn't with a bailed bank, there was no issue whatsoever.

[landlordshef]

yes bankers made a mistake but when you look how much they have made for banks/pension funds/uk .they have made far more over the years. everyone just picks on the one mistake. think bigger. they are what kept the banks in profit every year bar one or two years

[Bonzo77]

I think you'll find they did, when the banks got bailed out (instead of going bust, at which time the banks'creditors would have been entitled to call outstanding mortgages in, prompting mass repo's for the people who couldnt clear their mortgage balances).

 

Like that would ever happen! There'd be blood on the streets!

 

---------- Post added 08-12-2014 at 22:49 ----------

 

yes bankers made a mistake but when you look how much they have made for banks/pension funds/uk .they have made far more over the years. everyone just picks on the one mistake. think bigger. they are what kept the banks in profit every year bar one or two years

 

That's no excuse at all.

[landlordshef]

Like that would ever happen! There'd be blood on the streets!

 

---------- Post added 08-12-2014 at 22:49 ----------

 

 

That's no excuse at all.

 

its not excuses. only a small % of banker created that crash. most was investing in normal stuff and made billions. you cant paint every banker with same brush over and over again

[L00b]

Like that would ever happen! There'd be blood on the streets.

And therefore banks were bailed.

 

Understand the bigger picture and the expression 'too big to fail' now?

 

Or was the Gvt supposed to wing it and just wait and see?

 

Not so easy a gig, governing a country, is it? That devil, bloody scary it looked, and that sea, awful blue and deep it looked

Edited December 8, 2014 by L00b

[Bonzo77]

And therefore banks were bailed.

 

Understand the bigger picture and the expression 'too big to fail' now?

 

Or was the Gvt supposed to wing it and just wait and see?

 

Not so easy a gig, governing a country, is it? That devil, bloody scary it looked, and that sea, awful blue and deep it looked

 

I don't think that's the case. It was more a case of the banks knowing that they were always going to have their debt written off.

 

I'd like to see the tables turned on them and see a mass movement where everyone refused to pay their mortgage. There's absolutely nothing they can do about it if everyone took part. There'd have to be a mass debt cancellation because there's no way on earth that they could call in their assets.

 

---------- Post added 09-12-2014 at 07:39 ----------

 

its not excuses. only a small % of banker created that crash. most was investing in normal stuff and made billions. you cant paint every banker with same brush over and over again

 

I'm not painting the same banker. Theirs more to it than that. The government knew what was going on. The banks knew it too, from the underwriters and mortgage advisors, to the people right at the top.

[L00b]

I don't think that's the case. It was more a case of the banks knowing that they were always going to have their debt written off.

Really?

 

Does Northern Rock's failure and the run on it in late 2007 ring any bell?

 

So why didn't all the banks engage in suicidal investment schemes and then needed bailing out? There's quite a few which have weathered 2008 and its aftermath very well, and never needed a single penny of the taxpayers' bailout fund.

I'd like to see the tables turned on them and see a mass movement where everyone refused to pay their mortgage.

Property law, contract law, equity and liberalism are such fundamental pillars of British socio-economic history that this is never going to happen, never mind due to the impossible logistics of it.

There's absolutely nothing they can do about it if everyone took part.

Don't be so naïve. Or keep telling yourself that.

There'd have to be a mass debt cancellation because there's no way on earth that they could call in their assets.

Are you willing to stake your family's roof and wealth on that outcome? How many others do you think are? Everyone with a mortgage do you think, no matter how small/nearly-paid up? (...and revert to beginning of post ). Edited December 9, 2014 by L00b

[JFKvsNixon]

Like that would ever happen! There'd be blood on the streets!

 

Lets not forget that if the banks had failed, imagine the streets when people realised that their banks cards did not work, or they couldn't access their money via the counter.