"M Holmes" wrote in message
news:fsaqp1$7f$4@scotsman.ed.ac.uk...
> In uk.finance Lord Turkey Cough wrote:
>
>>> The average is irrelevant here : we're considering specific
>>> cases where there *is* sufficient equity in the house to pay
>>> the debts, but even so the borrower has defaulted on the loan.
>
>> So what?
>> He took the high interest in return for high interest.
>> HE lost toughh sh*t.
>> No the banks and the bankrupt legal system is conspiring to defraud him.
>
> Let's try this another way:
>
> *IF* the bank couldn't come after someone's house (or car, or Hawkwind
> collection or whatever) when they defaulted on an unsecured loan, then
> the banks would charge a *MUCH* higher interest rate for these loans.
And not sell any.
>
> Thus by your logic, the bans have been defrauding themselves, not their
> customers.
You logic does not exist.
>
> FoFP
>
> --
> "Our entire banking system is a complete disaster. In my opinion, nearly
> ever major bank would be insolvent if they marked their assets to market."
> -- Head of hedge fund Lahde Capital, which made 1000% return betting
> against subprime. Financial Times 26/11/07
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