Conspiracy of Silence -- Are you being robbed by your Bank?

[Darkangelyaya]

Securitisation - A Conspiracy of Silence.pdf
Please find attached a report that has taken the internet by storm.
Banks have been lying to us!
Thousands of hard-working people have lost their homes in the process, and through deliberate misrepresentation by the Banks in South Africa.
Get your head out of the sand and start becoming aware of what is happening to 'your' money!
For more information, also visit http://www.newera.org.za

[ians]

I dont believe it, the banks would never lie to us or rip us off.

[Darkangelyaya]

I dont believe it, the banks would never lie to us or rip us off.

Well then, no harm in reading it then?

[Chrisjan B]

I dont believe it, the banks would never lie to us or rip us off.

You are not really that gullible are you?

[IanF]

What I can't understand is you borrow money and still owe some of it. Now the bank has used a funding mechanism to get in more money which involves your borrowings from the bank and you don't owe the money any more.
Have I got the wrong end of the stick?

[adrianh]

I think that ians has his tongue firmly in his cheek

[Blurock]

I dont believe it, the banks would never lie to us or rip us off.

Banks want to be seen as ethical and honest in their dealings. They are the bastions of good business practice. The reality is that managers are under so much pressure to perform, that they and their staff are sometimes pushed to drastic measures just to keep their jobs.

The sub prime scandal, illegal forex dealings, reckless trading, conditional selling (of insurance), interest rate manipulation and many other shady deals are proof of this. Yes, the perpetrators get caught and sentenced, but even banks harbour crooks in their mids.

The executives from time to time hire consulting firms to investigate ways and means of reducing costs and increasing revenues. I do not think that those schemes are always ethical.

I have had first hand experience of a banking group who decided to stop paying the 2% interest on credit balances on cheque accounts. This was unannounced as "clients would not notice". Those that did notice and complained were re-embursed, only to receive a letter a month later that no interest would be paid as standard banking practice.

[Darkangelyaya]

What I can't understand is you borrow money and still owe some of it. Now the bank has used a funding mechanism to get in more money which involves your borrowings from the bank and you don't owe the money any more.
Have I got the wrong end of the stick?

Nope, you have it right!
The fact is, with securitisation, a third party has settled your debt with the Bank; they are also insured against default on payments. Since the Bank has been remunerated for your 'loan', they do not have the legal right to lay claim to your property anymore. Yet they will never disclose this, unless forced, and will continue to bully us as long as we take it, and don't make too many waves.
There are several cases for property repossession in South Africa that have recently been withdrawn (unconditionally) by the Banks, because the bonds were securitised.
Please don't just take my word for it; investigate the links I have posted for yourself.

[IanF]

Nope, you have it right!
The fact is, with securitisation, a third party has settled your debt with the Bank; they are also insured against default on payments. Since the Bank has been remunerated for your 'loan', they do not have the legal right to lay claim to your property anymore. Yet they will never disclose this, unless forced, and will continue to bully us as long as we take it, and don't make too many waves.
There are several cases for property repossession in South Africa that have recently been withdrawn (unconditionally) by the Banks, because the bonds were securitised.
Please don't just take my word for it; investigate the links I have posted for yourself.

OK now someone else has paid your loan (cession to this organisation) you still owe on the loan. This is then administered by the bank and you still owe it. Where can you show value paid. Isn't like financing a car you are the owner but the bank has the title to the car until you settle. How do you prove you have paid?
Then lets extend this to your company doing invoice discounting. After that how can you claim from your customer as you have been paid and then the customer refuses to pay the invoice.

[Darkangelyaya]

OK now someone else has paid your loan (cession to this organisation) you still owe on the loan. This is then administered by the bank and you still owe it. Where can you show value paid. Isn't like financing a car you are the owner but the bank has the title to the car until you settle. How do you prove you have paid?
Then lets extend this to your company doing invoice discounting. After that how can you claim from your customer as you have been paid and then the customer refuses to pay the invoice.

1. It is not ceded, it is bought outright from the Banks;
2. The Bank is never appointed to administer the loan;
3. Your contract is between you and the Bank, not between you and the 'debt owner';
4.The Bank must answer the simple question whether your specific debt has been securitised or not - you don't have to prove you paid - they have to prove not paid (not securitised);
5. It is exactly like financing a car - often credit card debt and vehicle finance also get securitised;
6. For more in-depth legal information, please contact NewEra, as I'm not a legal boffin at all, I'm merely putting the info out there for everyone to make up their own minds - I have a hard enough time already getting simple answers from my banksters.
7. Securitization is a multi-billion dollar industry, also in SA, info is freely available on Banking Regulatory websites in SA.