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It does not matter much why stupid/greedy people went into these ventures thinking the masses will bail them out…
We will all have to bail the sheeple out. Would you prefer a failure of the banking system and total anarchy?
I hate banks, greedy and uninformed buyers, liar developers as much as anybody else but I prefer to pay now instead of living back in the Middle Ages.
a little bit dramtic do you not think failure of the banking system and anarchy?
the banks need to pay a heavy price, its these stupid idiots who are largely responsible for the current mess. lending money like they are throwing confetti around. if they’d didn’t lend money to unsuspecting ill informed purchasers, the lieing toe rag developers wouldn’t be in business and the likes of the instigator of this thread wouldn’t be in such a mess.
Where was their lending criteria when they lent to this person,
could they afford the repayments?
could they afford the repayments with a interest rate rise?
at what interest rate would they really be suffering at, what is the likelihood the rate would reach this level in the next ten years?
did she provide a water tight business plan, based on market evidence, ie could these properties be let, for how long and at what levels.
etc. etc. etc.
These were obviously not considered otherwise the person would not be in their current predicament. If this means some medium term pain for the banks then so be it, but it doesn’t mean the tax payers should be paying up for their complete inadequacies and irresponsible lending.