Fw: [Diggers350] repossessions unjust, unnecessary and perhaps illegal
zardos777 at yahoo.co.uk
Tue Mar 10 21:24:55 GMT 2020
----- Forwarded message -----
From: James Armstrong james36armstrong at hotmail.com [Diggers350]
Sent: Wednesday, 11 March 2020, 06:14:30 GMT+13
Subject: [Diggers350] repossessions
A DEFENCE - EVICTION FROM YOUR HOME BY REPOSSESSION ORDER
MAY BE ILLEGAL AND IS UNJUST AND UNNECESSARY James Armstrong
like a judge pushing a refugee off a rescue boat, 16 February 2020
Mortgage failure costs banks less than 0.005% of a £1.8trillion income . Banks c r e a t e in-house the money for mortgage loans (then secretly and sometimes recklessly invest them). Think of banks’ privilege of
c r e a t I n g their own assets (mortgages), investing them, then they grab your house if your don’t pay each month. A shop keeper might suffer 5% wastage of unsold goods and a commercial business have some 5% ‘bad customers’ paying late or not at all. Operating a Bank is 1,000 times safer than trade and their stock in trade, your house, increases in value.
THE FOREGROUND -Homes are the first concern of families. THE CRISIS IS GOVERNMENT POLICY
There is a severe housing shortage. In East London a one bedroom flat rents at £18,000 p.a. An artisan cottage built for £240 is for sale at £608,000. (c.f. the state pension for a couple - £7,384 p.a.)
The Bank of England economist Kate Barker, produced (2003) the ‘Review of Housing Supply.’ This identified the need for 300,000 new houses per annum. This shortage of supply against a rising population causes prices to rise and increases stress in households meeting housing costs. Yearly output since, has hovered above and below 200,000 annually, increasing the crisis. Things are worse than Barker admits. Commentators fail to take into account, that because well built houses can last for two hundred years, so does the detriment for future generations to come. Barker ignored Self Build’s supply potential.
Out of reach house prices require mortgages to fund. Mortgage incomes rewards banks. Income from securitising mortgages drives the success of the City. For people their home is vital to family life, neighbourhood, wider family connections, and access to a job, education, health- care- and retirement- services. The power imbalance between the commercial activities of plc house-builders, banks and City investors for profit on the one hand and people for homes for family life, is the background of the crisis. Successive Governments have allowed, some say contrived, the crisis of supply to raise prices and debt as a way of stimulating consumer spending and ‘growth in the economy.’ The present crisis is unsustainable and unnecessary.
People losing their job, families breaking up, or suffering other traumas causing loss of income leads to many mortgage re-payment failures. This is the unspoken, little understood background.
THE ROLE OF COURTS IN REPOSSESSION CASES.
Prof David Cowan, in ‘Housing Law and Policy’, says of repossession cases -
“Property law is in thrall to lenders without which it would be unable to produce the desired (sic) market place”
(we would say ‘the failed and highly undesirable and broken housing market.’)
Housing crises are international but extreme in UK -the world financial centre with its unreformed feudal land ownership system. An American Congressman describes U.S. housing provision - as
‘a crisis caused by hyper-capitalism’.
FIRST - Banks c r e a t e * in a ledger the money they lend (its not the real money YOU use)
Borrowers repay with real, earned money and would be jailed for creating money.
* Jackson and Dyson “Modernising Money” see also Prof Herman E Daly
SECOND Banks do not make a loss when repayments fail. They have insured against failure
THIRD Without the borrowers knowledge or approval they securitise and invest the mortgage agreement making an ultra-safe loan into a reckless investment. Banks caused the 2009 crash.
FOUR Banks are reckless crooks** with multi £million fines. (Barclays $2.4billion is the largest)
Compare the 11 Great Train Robbers’ jail sentences of up to 30 years for hi-jacking less than £2.6m.
FIVE Each top five U.K. bank owns over one million successful mortgage agreements (CML) . Failure rate 2019 was below 0.005% -The trauma and society cost of repossessions is UNNECESSARY
SIX Only people need homes to exist and raise families and become good neighbours.
SEVEN It is not lawcourts’ role to protect unfair macro-systems, banks don’t need a home, people do
EIGHT Billionaire banks may trade lawfully but are ethics free. People have ethical standards
** The Criminal Records Office does not record bank fraud, money laundering, Rigging Libor Rates etc
NINE Banks are negligent, They, not borrowers, draw up, ‘expertly’ assess and monitor each mortgage agreement, then insure it against failure and charge the borrower the PPI premium.
TEN Housing ‘experts’ don’t want to know the national potential of the self-build alternative, providing houses at half price, not hoarding landbanks and being eager to build as many houses as quickly as needed to-day and for future generations. ‘Landbanking’, the widespread, unlawful corporate monopoly of building land, restricts self-build – conveniently suppressed because self build reduces the City’s mortgage income. Landownership creates local monopolies of land.
ELEVEN Banks have expert legal representation. Fairness says both parties should be represented
TWELVE Each UK bank has multiple £1m. fines.** (Barclays fined $2.4bn) yet judges favour banks.
FINALLY Secure Tenancy should replace repossession and be automatically offered when mortgages fail. People existentially need homes. Corporations do not need houses.
It should be illegal for companies to own houses and to evict people from their home.
Courts offering a Secure tenancy removes the need for L.A.’s of rehousing evicted families.
THE MACRO-ECONOMIC BACKGROUND THE HOUSING SHORTAGE IS DELIBERATE HMG POLICY. (knowledge frequently missed or suppressed by the establishment, judges, lawyers and the media.)
Successive pro City, anti populist U.K. Governments have chosen as central, undeclared monetary policy- to financialise the supply of housing and use house-price increases to ‘grow the economy.’ Chancellor Brown directed the Governor of Bank of England to pursue a 2% annual inflation –achieved by contriving supply shortage, rising house prices, Help to Buy, and monopoly landbanking by plc house -builders. This is deceitful, undesirable and anti-social and the hidden cause of repossession cases.
Team Self build provides an alternative -houses at half the cost requiring lower mortgages or rents. Lower repayments reduce failures and repossession cases.
Governments , pressured by the City lobby, legislate and courts condone, the City’s anti-social housing police of shortage and contriving out-of-reach and rising house prices.
Land-banks held (mostly) by plc builders are the physical way that supply and competition is suppressed. This is an unlawful monopoly of land to keep out competition but unpunished by courts because widely unrecognised. When Regulators - O.F.T., Competition Commission, and Monopoly Commission interfered they were wound up.
According to O.D.P.M. Barker Review of House Supply…..
“House-builders are primarily rewarded for obtaining valuable land”
“…options and land-banking allow house-builders to erect barriers to competition.”
The property advertising-funded press supports the corporate-caused crisis. Rising house prices are described as ‘a vibrant market’ . The crisis is more severe than generally acknowledged and forms the implicit background to repossession cases.
Houses last 200 years so the crisis jeopardises to-day’s and future generations. Ever rising house prices are the central engine of governments’ inflation policy for the economy.
JOHN MAYNARD KEYNES CASTIGATED INFLATION.
“By a continuous process of inflation governments can secretly and unobserved
confiscate an important part of the wealth of individuals”
Today, UK governments and Bank of England use inflation to ‘grow the economy’. Rising house prices are their universal chosen method of doing so. Macro economics is outwith the purview of courts, the population M.P.’s. The causes of short supply and out of reach prices of houses are hidden and misunderstood by a mis-informed public and by judges who are biased in favour of mortgage lenders (Cowan quotation above) in the mistaken belief that there is no alternative but to support the present broken system of out of reach prices. Team Self build promoted nationally where need is expressed is the answer. James Armstrong. M.A.. econ., Self builder, contributed to Barker Review of House Supply.
A second paper advocates and explains the proposed alternative system of house supply by teams of self builders, promoted nationally to provide desirable houses at half the cost, built in the areas only where demand is demonstrated. Team Self Build reduces household debt and mortgage repayment failures. Team Self Build creates the multiplier effect in construction- the central manufacturing industry- and is a counter-inflationary measure. Presently financialising house provision and reducing supply centralises wealth creation to the City of London and kills the multiplier effect which a vibrant construction industry could provide.
Posted by: James Armstrong <james36armstrong at hotmail.com>
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