The Poverty Profiteers (Part 2) – Failed banks want to screw the poor some more!

April 4, 2009

auction-today

Northern Rock and Bradford & Bingley are among those profiting from the misery of repossessed families by disposing of their homes in show-business-style sales.

They’re using arch bastards, the Real Estate Disposition Corporation (REDC) – who we mentioned in a previous post – to sell repossessed properties. For the good people who have been forced from their homes this is a form of secondary abuse.

REDC started in America where their auctions are more like circuses with dick-heads in penguin-suits moving among the bidders shouting out the bids and waving their arms like men on fire (…if only they were). The REDC promotes itself to banks by saying that they will not be charged for the sale. Buyers pay a 10 per cent commission, while traditional British auction houses charge sellers between 2 and 2.5 per cent (which doesn’t make them any better, just less greedy). In America the home-owner is not liable for the mortgage when they hand back the door keys; unfortunately in Britain this is not the case and by charging a high commission to buyers the REDC has created a situation where there  is less money for borrowers to pay off their mortgage debts (fuck the debts, go bankrupt – it’s what the rich do all the time) . So the banks profit, but the (homeless) home-buyer is left still owing the bank – not forgetting, in the case of Northern Rock and Bradford & Bingley, that the home-buyer’s taxes have also been paid to these bastards.

During last weeks auction at Birmingham’s NEC centre a 45 year old pilot said to a journalist: “Obviously it is a shame for the people who have lost their house, but it is great for people looking to get their foot on the ladder.”

Unfortunately for thousands of people that ladder leads to a noose. Governments around the world have found that the mortgage is better than the gun for keeping people in line. And let’s not even try to pretend that a 45 year old pilot is trying to get his “foot on the ladder”; admit it, flyboy, you’re just after making a quick buck!

All those who profit from misery – be they bankers, shareholders, ‘developers’ or scummy auctioneers – are beneath contempt; they’re as guilty as the nation’s favourite scapegoat, Sir Fred Goodwin; and as much as we like to see Fred suffer, he’s just one among many – we could tackle them one at a time, but all out class war would be much quicker!

Those who are facing the bailiffs can get advice here.

Those facing homelessness can get advice here.

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One Response to “The Poverty Profiteers (Part 2) – Failed banks want to screw the poor some more!”

  1. woodsy said

    Governments around the world have found that the mortgage is better than the gun for keeping people in line.

    Flogging the working class their council houses was the tactic used by Thatcher to quell industrial unrest. It also removed a lot of liabilities for repairs to ageing housing stock off the public books too.

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