So many shades of stupid I have to question whether these people should be allowed out of doors on their own.
They seem to have the idea they have something in common with Emily Borders who made a stand against the building societies in the 30s
http://www.telegraph.co.uk/finance/prop ... anity.html
What they fail to understand is there appears to have been some legal basis for her grievance and in order to make her point she studied the law and took it through the courts. She won some victories but lost her house in the end even though it appears she had good reason to complain.
Jimmyw et al, on the other hand, have some rant cut and pasted from, I'm guessing, that South African bloke who won a famous victory against the banks but somehow lost his home. Another Tom Crawfordesque victory I'd guess, and judging from the argument presented I can see how it would fly as well as a lead balloon.
It doesn't take a brain the size of a planet to work out their theory about how the banks create their loans from a promissory note that has "value for cash" is complete bollocks. If a promissory note has value for cash then just cash it in and buy the house without the loan? To be honest I don't even know if a mortgage agreement counts as a promissory note but it surely does count as a contract to repay monies loaned to purchase a house and the house is put up as security. The only thing which gives the mortgage or "promissory note" value is the commitment to pay back the money lent, with interest, and that otherwise unenforceable promise is made good with the charge on the asset which has been purchased with the loan.
Why do they think that selling the "note" or mortgage pays off the loan? Bank lends me £100K then sells the loan & gets it's £100K back. But whoever paid for the loan is going to be £100K out if it's not paid back so the loan doesn't go away. Am I missing something here?
These people have a special kind of stupid that I've never encountered before and frankly it's quite disturbing to think they're free to walk among us.