The Great Tracker Mortgages Robbery

Started by Hardy, October 21, 2017, 08:04:06 PM

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Hardy


Why is this not a criminal investigation?

The Subbie

Quote from: Hardy on October 21, 2017, 08:04:06 PM

Why is this not a criminal investigation?
Because that's the way things are done in Ireland
White collar crime is a mere transgression
Working class crime of any description-TV licence, dog licence, etc - are horrendous heinous acts that must simply be made an example of.
Low hanging fruit to use a ridiculous management speak anology

The people who have their fingerprints all over the tracker mortgage scam won't see a day inside a courthouse let alone a cell, anyone remember Anglo?
A few of "the lads" had a little scholarship in Loughin house for 3or 4 months- garlic man got longer in Portlaoise.

rosnarun

Quote from: The Subbie on October 21, 2017, 08:47:10 PM
Quote from: Hardy on October 21, 2017, 08:04:06 PM

Why is this not a criminal investigation?
Because that's the way things are done in Ireland
White collar crime is a mere transgression
Working class crime of any description-TV licence, dog licence, etc - are horrendous heinous acts that must simply be made an example of.
Low hanging fruit to use a ridiculous management speak anology

The people who have their fingerprints all over the tracker mortgage scam won't see a day inside a courthouse let alone a cell, anyone remember Anglo?
A few of "the lads" had a little scholarship in Loughin house for 3or 4 months- garlic man got longer in Portlaoise.
Where is the 'Crime'
sounds to me like a load of people made bad decisions and the banks did what they were supposed to  , that is work in the banks best interest and maxmise profit?  some very hard luck stories but im failing to see any crime here.
im not impressed with the usual argument 'we bailed out the banks'  unless you want to keep bailing them out let them act as business'
If you make yourself understood, you're always speaking well. Moliere

The Subbie

So you want light touch regulation ? That worked out before for us didn't it......

rosnarun

and the planned economy worked out great in eastern Europe at least capitalism had a built in recovery system where as communism collapsed
but  no what im  asking is  what crime was committed . the bank should operate within whatever laws are in force not what ever popular injustices that the newspapers discussions boards or politicians will be make them sound like they are on the side of the people .
had I tracker and gave it up I would consider that stupid by me unless things had turned out differently and trackers been a disaster . would people be then squealing for relief from them?
If you make yourself understood, you're always speaking well. Moliere

johnneycool

Quote from: rosnarun on October 23, 2017, 12:15:43 PM
and the planned economy worked out great in eastern Europe at least capitalism had a built in recovery system where as communism collapsed
but  no what im  asking is  what crime was committed . the bank should operate within whatever laws are in force not what ever popular injustices that the newspapers discussions boards or politicians will be make them sound like they are on the side of the people .
had I tracker and gave it up I would consider that stupid by me unless things had turned out differently and trackers been a disaster . would people be then squealing for relief from them?

What was that?

Esmarelda

Quote from: rosnarun on October 23, 2017, 12:15:43 PM
and the planned economy worked out great in eastern Europe at least capitalism had a built in recovery system where as communism collapsed
but  no what im  asking is  what crime was committed . the bank should operate within whatever laws are in force not what ever popular injustices that the newspapers discussions boards or politicians will be make them sound like they are on the side of the people .
had I tracker and gave it up I would consider that stupid by me unless things had turned out differently and trackers been a disaster . would people be then squealing for relief from them?
I'm open to correction here but at least some of the banks have admitted that what they did was wrong. That's be a fair indicator of wrongdoing, although perhaps not a crime.

As I understand it, and we need to bear in mind that each affected case is different, the affected mortgage holders were on trackers, they switched to a fixed rate for a specifically stated period of time, and when that time elapsed, the banks refused to put them back on the tracker that they had previously been on.

As I said, each case is different and the small print in each institution is likely be different.

The Subbie

Quote from: johnneycool on October 23, 2017, 12:16:46 PM
Quote from: rosnarun on October 23, 2017, 12:15:43 PM
and the planned economy worked out great in eastern Europe at least capitalism had a built in recovery system where as communism collapsed
but  no what im  asking is  what crime was committed . the bank should operate within whatever laws are in force not what ever popular injustices that the newspapers discussions boards or politicians will be make them sound like they are on the side of the people .
had I tracker and gave it up I would consider that stupid by me unless things had turned out differently and trackers been a disaster . would people be then squealing for relief from them?

What was that?

Yeah what is the recovery system ? Really keen to know?
Anyway I'm seeing lots of headlines about swift settlement and compensation payouts before Christmas.
Now maybe I'm reading this wrong but if you agree to pay compo aren't you in effect admitting guilt ? And if you admit guilt aren't you admitting that you have operated beyond the boundaries stipulated for your industry and in doing so you have adversely and materially negatively affected others.

Or just plain broke the law.

Billys Boots

Is the 'crime' not that the banks were 'advising' customers that foregoing their tracker mortgages was a better financial option for them (their customers)?  Which it wasn't. 
My hands are stained with thistle milk ...

magpie seanie

It's amazing how blinded people are by theories that have utterly as and completely failed. Just as communism drastically failed in Eastern Europe and many other places, capitalism has spectacularly failed throughout the developed world. Globalisation has been a disaster and many people who were cheerleaders for it initially accept it has been a mess. The trouble with economic theories are they are just that - theories - and any stringent application of them is pretty much guaranteed to fail. They are not scientific despite some claims that they are, they are just opinions and need to be treated as that. The hilarious Irish groupthink (even after bailing out the banks and covering 43% of Europe's banking debt) of capitalism good, socialism bad is so nonsensical it drives me crazy. Elements of both theories have merit and should be factored into decision making but rigid adherence is just plain stupid.

Once we were forced to nationalise the banks we should have maintained control until we were 100% sure everything was cleaned up and we could never, ever be caught like that again. I think we've been too quick to re-privatise.

Esmarelda

Quote from: Billys Boots on October 23, 2017, 12:30:33 PM
Is the 'crime' not that the banks were 'advising' customers that foregoing their tracker mortgages was a better financial option for them (their customers)?  Which it wasn't.
I don't think so. At the time the ECB rate was relatively high and so switching from the tracker for a fixed period made obvious sense. The unwillingness to allow lenders to revert to the tracker is the issue I'm aware of.

magpie seanie

Quote from: Esmarelda on October 23, 2017, 12:48:20 PM
Quote from: Billys Boots on October 23, 2017, 12:30:33 PM
Is the 'crime' not that the banks were 'advising' customers that foregoing their tracker mortgages was a better financial option for them (their customers)?  Which it wasn't.
I don't think so. At the time the ECB rate was relatively high and so switching from the tracker for a fixed period made obvious sense. The unwillingness to allow lenders to revert to the tracker is the issue I'm aware of.

Surely this is the point though - they were told they would be able to revert and when they wanted to they were told different, is that not correct?

Esmarelda

Quote from: magpie seanie on October 23, 2017, 12:58:10 PM
Quote from: Esmarelda on October 23, 2017, 12:48:20 PM
Quote from: Billys Boots on October 23, 2017, 12:30:33 PM
Is the 'crime' not that the banks were 'advising' customers that foregoing their tracker mortgages was a better financial option for them (their customers)?  Which it wasn't.
I don't think so. At the time the ECB rate was relatively high and so switching from the tracker for a fixed period made obvious sense. The unwillingness to allow lenders to revert to the tracker is the issue I'm aware of.

Surely this is the point though - they were told they would be able to revert and when they wanted to they were told different, is that not correct?
Yes, as far as I understand it.

bennydorano

Quote from: johnneycool on October 23, 2017, 12:16:46 PM
Quote from: rosnarun on October 23, 2017, 12:15:43 PM
and the planned economy worked out great in eastern Europe at least capitalism had a built in recovery system where as communism collapsed
but  no what im  asking is  what crime was committed . the bank should operate within whatever laws are in force not what ever popular injustices that the newspapers discussions boards or politicians will be make them sound like they are on the side of the people .
had I tracker and gave it up I would consider that stupid by me unless things had turned out differently and trackers been a disaster . would people be then squealing for relief from them?

What was that?
Central Government bailout.

magpie seanie

Quote from: bennydorano on October 23, 2017, 01:14:15 PM
Quote from: johnneycool on October 23, 2017, 12:16:46 PM
Quote from: rosnarun on October 23, 2017, 12:15:43 PM
and the planned economy worked out great in eastern Europe at least capitalism had a built in recovery system where as communism collapsed
but  no what im  asking is  what crime was committed . the bank should operate within whatever laws are in force not what ever popular injustices that the newspapers discussions boards or politicians will be make them sound like they are on the side of the people .
had I tracker and gave it up I would consider that stupid by me unless things had turned out differently and trackers been a disaster . would people be then squealing for relief from them?

What was that?
Central Government bailout.

Yeah. It's called socialism!