{"id":31806,"date":"2013-05-02T11:02:16","date_gmt":"2013-05-02T10:02:16","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/?p=31806"},"modified":"2013-05-03T15:49:09","modified_gmt":"2013-05-03T14:49:09","slug":"criminal-banking-scam-whitewashed-by-the-media","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/latest-news\/criminal-banking-scam-whitewashed-by-the-media\/","title":{"rendered":"Criminal Banking Scam Whitewashed By The Media"},"content":{"rendered":"

Mick Meaney
\nRINF Alternative News<\/strong><\/a><\/p>\n

Thousands of British homeowners could be at risk of losing their homes as a result of potential\u00a0widespread mis-selling of ‘interest-only’ mortgages, it has emerged today.<\/p>\n

A report from the\u00a0Financial Conduct Authority (FCA)\u00a0has found<\/a> that around 2.6 million ‘interest-only’ mortgage’s are due for repayment over the next 30 years, with one in 10 people having no\u00a0plan to repay the loan.<\/p>\n

It’s thought that banks failed to inform approximately\u00a013% of borrowers that they would need to repay an average debt of\u00a0\u00a350,000 once their mortgage has ended.<\/p>\n

Now the FCA, together with the mainstream media, are attempting to shift blame onto homeowners, citing the need for a ‘wake up call’.<\/p>\n

FCA chief executive Martin Wheatley said:<\/p>\n

“By acting now we are aiming to nip this problem in the bud.<\/p>\n

“Mortgage lenders have volunteered to contact their most at-risk customers with a ‘wake-up call’ to highlight the report’s findings and what they need to do without delay.”<\/p><\/blockquote>\n

Yes of course Marty, we can always trust the banks to do the right thing – recent history has shown us that, right? <\/sarcasm><\/p>\n

So let’s take a look at that history, specifically the organisation who published the report – which is little more than the re-branding of the\u00a0Financial Services Authority\u00a0(FSA).<\/p>\n

The FCA was created in 2013 as part of a\u00a0new regulatory structure along with the Bank of England, after\u00a0the FSA was abolished.<\/p>\n

Now, the FSA has a troublesome track record when it comes to finance. It also has a history<\/a> of protecting companies that have been found guilty of mis-selling.<\/p>\n

Before we delve into the nitty-gritty, in December 2012<\/a>\u00a0Andrew Bailey of the FSA warned that “banks are too big to prosecute” and that:<\/p>\n

\n

\u201cIt would be a very destabilising issue. It\u2019s another version of too important to fail.<\/p>\n

\u201cBecause of the confidence issue with banks, a major criminal indictment, which we haven\u2019t seen and I\u2019m not saying we are going to see\u2026 this is not an ordinary criminal indictment.\u201d<\/p><\/blockquote>\n<\/div>\n

\n

This tells us something about the mentality of the FSA, and the financial institute as a whole.<\/p>\n

In 2005, the group turned a blind eye to payment protection insurance<\/a>\u00a0(PPI), taking very little action to prevent banks from profiting from the scam.<\/p>\n

In 2008 they considered allowing banks to\u00a0officially\u00a0hide\u00a0important\u00a0information from the public.<\/p>\n

Just months before the\u00a0economic\u00a0crash the\u00a0FSA ignored warning signals<\/a> from Northern Rock and allowed the bank to continue without a risk mitigation programme.<\/p>\n

In 2008 it tried to protect the identity<\/a> of the\u00a0LAUTRO scandal. Also in 2008 the FSA staff received<\/a>\u00a0\u00a320m in bonuses for 2008\/09, despite\u00a0self-acknowledged failures of regulating the financial industry.<\/p>\n

In 2009 it was revealed that FSA deputy chairman,\u00a0Sir James Crosby\u00a0had fired<\/a> Paul Moore,\u00a0a\u00a0whistleblower\u00a0who warned of dangerous lending practices at\u00a0HBOS.<\/p>\n

I could go on, but I think we get the picture.<\/p>\n

This demonstrates that in reality, even those who are given the\u00a0responsibility\u00a0of protecting the British public from the criminal banking elite, only serve to protect the financial\u00a0institutes\u00a0and their corporate masters.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Thousands of British homeowners could be at risk of losing their homes as a result of potential widespread mis-selling of ‘interest-only’ mortgages, it has emerged today.<\/p>\n","protected":false},"author":1,"featured_media":31808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[461,52,18],"tags":[],"class_list":{"0":"post-31806","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-editorials","8":"category-money","9":"category-latest-news"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/31806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=31806"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/31806\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media\/31808"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=31806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=31806"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=31806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}