People have the choice to sell their shares. It's a bit more difficult to emigrate.Some would say that if it’s a publically owned bank then it’s a bad idea but a private bank can do what it likes.
I don’t think it’s a good idea either way as a state owned bank will be giving away tax payers money and a private bank will be giving away shareholders money.
There are many people out there who have homes that they cannot now afford. They bought at the top of the market with 100% mortgages. They are now in negative equity by up to 60%. If/when the properties are repossessed these people will still carry personal debt into the hundreds of thousands. They will never get another mortgage. They will never again own their own home. If the banks exercised all of their rights in these circumstances these people (many of whom were young and inexperienced when they bought) will work for the next thirty years with every cent of their non-essential spending going to pay the debt. With rent costs etc many will not even be able to meet interest on the amount owed. Essentially these people would be facing a sort of indentured servitude.
Finally I would just like to say that it seems to me that the little guy (ie the private consumer) is always the one who has to face up and carry the can.
.........and if you didn’t know you were buying a house in a bubble and it would lose a large percentage of its value then you are a fool, pure and simple
The whole "your an adult" and moral arguments are getting old now.
The banks should be made pay and pay dearly and I don't care who gets burned in the process.
To the argument that people will have debts following them for the rest of their lives my response is that it should be treated like a liquidation; take all of their assets (including the family home) and sell them. That’s what the bank gets, the rest they write off and the debtor walks away to start again.
If/when the properties are repossessed these people will still carry personal debt into the hundreds of thousands.
They will never get another mortgage. They will never again own their own home.
If the banks exercised all of their rights in these circumstances these people (many of whom were young and inexperienced when they bought) will work for the next thirty years with every cent of their non-essential spending going to pay the debt.
Personally I think this is morally unjustifiable.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?