The latest wheeze being worked on the taxpayer by the banks was flagged up today by Respond, the housing association. Apparently, some of their members have reported that their mortgage applications for affordable housing have been turned down by a number of banks in what looks like a highly organised pattern, despite the applicants having solid jobs, clean credit histories and all their other ducks in a row.
According to the respected association, the reason the banks are doing this is clear: giving out mortgages to these low-income buyers will have the effect of setting a statistical benchmark for house prices, something the banks are desperate not to do until the taxpayer (in the form of NAMA) has paid way over the odds for the shedload of bad loans issued by the banks.
This is all of a piece with the desperate attempts by the banks to keep Liam Carroll's Zoe empire on life support until he, too, can be offloaded onto us, the mugs, who will clean up their toxic tank of worthless trash and allow them and their bondholders to go right back to their bad old ways again.
It is a sign of how desperate the bankers are getting that they would risk showing their hand in such an obvious way to a respectable organisation like Respond. Things must be getting rough in the corporate mansions now that NAMA is getting such a rough ride in academia and the press, who are all agreed that this scheme is not much better than the scam that was worked on Garret Fitzgerald's coalition in the 80s by AIB, when they got him to saddle the taxpayer with the losses of an insurance subsidiary after selling him a cock and bull story about depositors losing their savings etc. That's a bill that we, the taxpayers, are still paying nearly 30 years later, but you don't hear anyone in government or the banks agonising about that, do you? Once they dump NAMA on us we'll never hear another word about it, but we'll be paying through the nose for it for the rest of our lives.
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