Global greed & Corruption is rampant – Property crash fears prompt banks to offload risk onto taxpayers

Greetings,

Isn’t this the trend globally? The so-called rich nations, through their cronyism, corruption, greed, evil, hypocritical, and underhanded policies and politics allow for those in power and the rich and powerful to make bets that lose money and put their system in jeopardy.

Then they back them up through fear and propaganda promoting QE, derivatives, bailouts, and zero interest/negative interest schemes bailing out the greedy corrupt investors, while transferring the debt and losses unto the poor, uneducated, and already needy people.

This is showing you that this system is parasitic in nature and must be removed or else after it is allowed to eat up the hosts completely, it will then turn on itself and eat itself up. This is the stage that capitalism has reached.

Therefore their must be a cut-off point. It must be destroyed or it will eat up and destroy everything!

Property crash fears prompt banks to offload risk onto taxpayers

Banks and speculators are attempting to offload mortgage default risk onto unsuspecting taxpayers and pension funds amid fears of a looming property crash in London, ethical finance campaigners have warned.

Earlier this week, it emerged that the Greater London Authority (GLA) is seeking to use residential backed mortgage securities (RMBS) to diversify its investments. At present, there is little direct investment in RMBS by council treasurers. However, the GLA’s proposal looks set to change this trend.

Speaking at an event in central London earlier this week, GLA chief investment officer Luke Webster said the body will adopt the financial instruments if London Mayor Boris Johnson gives them the go-ahead.

“The GLA is certainly sold on the RMBS investment case. So, subject to the mayor’s approval, we will be investing in this asset class,” he said.

RMBS would be run by external managers following a procurement process. Credit specialist 24AM, which currently manages over £3 billion ($4.27bn) worth of asset backed securities, is one such contender.

Ethical finance researcher Joel Benjamin said residential mortgage backed securities played a significant role in the global financial crisis.

Amid growing concern over a looming crash in London’s luxury property market, he told RT that the timing of GLA’s announcement is significant.

Benjamin accused banks and speculators of unloading mortgage default risk onto the backs of taxpayers and pension holders. He said the GLA’s shady investment plans had been sparked by a desire to avoid financial turmoil in the face of a property crash……More Here

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