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Fin24 user Mark Peyton shares his views on a letter by another Fin24 user about how he signed his life away: He writes:
This article describes the past six years of pro-crash suffering sustained by my wife and I almost to the T.
A most important point not mentioned here is the fact that, the typical lender does not loan money to anyone. Instead, the borrower creates the 'loan' out of nothing more than his/her signature! The borrower is indeed the creditor.
Further, virtually every 'traditional' loan for the past ten years, or longer, has been securitised. This is a process where 'loans' are bundled and sold off via the stock exchange, to gamblers.
This very often is done multiple times. Consider that, the original security now underpins up to 47 x the value of the original 'loan'. (This is on record). Is it any wonder then, that we're in the worst recession since the 30s?
The process corrupts the chain of title and therefore the ability of the original 'creditor' to collect on the defaulted 'debt'.
It sets up the predicament where multiple parties might come after the debtor (the only legit party in the scheme) for the outstanding debt or his/her possessions. All of this flies in the face of contract law.
Our time will come - there is a massive global awakening and exponentially mounting pressure for jail terms for offending CEO's... and of course, for real compensation.
There is much more to this story - I have not even touched on fractional reserve lending.
Our Facebook group is involved in research and also provides limited guidance for victims of financial fraud.
Mark Peyton
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
This article describes the past six years of pro-crash suffering sustained by my wife and I almost to the T.
A most important point not mentioned here is the fact that, the typical lender does not loan money to anyone. Instead, the borrower creates the 'loan' out of nothing more than his/her signature! The borrower is indeed the creditor.
Further, virtually every 'traditional' loan for the past ten years, or longer, has been securitised. This is a process where 'loans' are bundled and sold off via the stock exchange, to gamblers.
This very often is done multiple times. Consider that, the original security now underpins up to 47 x the value of the original 'loan'. (This is on record). Is it any wonder then, that we're in the worst recession since the 30s?
The process corrupts the chain of title and therefore the ability of the original 'creditor' to collect on the defaulted 'debt'.
It sets up the predicament where multiple parties might come after the debtor (the only legit party in the scheme) for the outstanding debt or his/her possessions. All of this flies in the face of contract law.
Our time will come - there is a massive global awakening and exponentially mounting pressure for jail terms for offending CEO's... and of course, for real compensation.
There is much more to this story - I have not even touched on fractional reserve lending.
Our Facebook group is involved in research and also provides limited guidance for victims of financial fraud.
Mark Peyton
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
