Draconian Measures in the Banks - 90 day foreclosure limit?

Draconian Measures in the Banks - 90 day foreclosure limit?

Postby onq » Fri Apr 02, 2010 12:01 pm

I spoke to someone today who suggested that there may be a 90-day limit on foreclosures coming into force in the banks.

My understanding is that instead of working with people to try and find a way through this current wasteland of terror we find ourselves in, the banks are coming down hard.

By this I mean in situations where people aren't getting paid what their owed, but where monies are recoverable, the banks are pulling the plug after 90 days with no payments.

The implications for this for architectural practices that ar teetering along on lines of credit and getting screwed by criminals who won't pay them monies owed for work done is significant.

If we had a legal system that could offer redress to creditors withing 90 days and allow our society to function be dealing with the thieves and criminals who are keeping monies owed in their accounts, then we might all have a chance.

But our courts don't work that way - it takes months, years sometimes to recover monies owed - but not for the banks it seems.

I'm not commenting on whether this is a good or a bad thing in terms of Bank Governance - but its a disaster in terms of going concerns screwed by thieves and criminals who aren't paying their debts.

Can anyone comment on this as a matter of urgency?

We've heard it said that these are unprecedented times and this is why we must shovel billions of fiture taxes into the banks.

But if the banks succeed in short term policing of accounts actions like these there will be no future salaries and wages from which to levy taxes.

Its seems utterly wrong that the banks are applying the law and good practice principles now so vigorously to others, having flouted them so wantonly themselves.

You can argue that two wrongs won't make a right, but in this case, applying Roberts Rules of conduct to this current debacle - authored and administered by the banks - will certainly make matters worse.

This policy suggests that the banks are only thinking of looking after their accounts, that this is a small limited world they work in composed of suits and computers.

But they cannot be let take that view, because all we have done in Government for 18 months is prop up failed companies - the Banks - with taxpayers money.

Now, when it comes time for hard decisions, it appears that the banks chose to forget how closely linked to the electorate they are.

If they send more people to the dole queue, the cost to the state will redouble on the cost to the bank of helping to keep them in business and the courts have a role to play in making those with money honour their debts.


--From Wikipedia


"First they came ..." is a popular poem attributed to Pastor Martin Niemöller (1892–1984) about the inactivity of German intellectuals following the Nazi rise to power and the purging of their chosen targets, group after group. In Niemöller's first utterance of it, in a January 6, 1946 speech before representatives of the Confessing Church in Frankfurt, it went (in German):[1]

"THEY CAME FIRST for the Communists,
and I didn't speak up because I wasn't a Communist.

THEN THEY CAME for the Jews,
and I didn't speak up because I wasn't a Jew.

THEN THEY CAME for the trade unionists,
and I didn't speak up because I wasn't a trade unionist.

THEN THEY CAME for the Catholics,
and I didn’t speak up because I was a Protestant.

and by that time no one was left to speak up."
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