Mortgages are illegal?

TheGonza

Hello just wanted to ask a few things from other more informed people than myself.

I've recently seen a video on youtube of a man preventing eviction from court ballifs,
(I would post video but newbies to the forum are not allowed to post links)

in the video a comment is made that becuase the money for a mortgage is created by the person signing the contract the money for the house is created out of thin air, and isnt being transfered from anyone thefore no loan is actually been given out, its a promise to pay said amount if anything, and since the money is created on the spot by my signature for example it is thefore illegal to charge intrest on the mortgage its self which wasnt lent from anybody, charging intrest on money that wasnt actually transfered from anyware is illegal in british law. is this correct? and if not explain why please since this is a pretty big deal otherwise right?

R_P_W

Is there such a thing as British law?

Seriously.....give you tube a break....

HappyMJ

TheGonza wrote: »

Hello just wanted to ask a few things from other more informed people than myself.

I've recently seen a video on youtube of a man preventing eviction from court ballifs,
(I would post video but newbies to the forum are not allowed to post links)

in the video a comment is made that becuase the money for a mortgage is created by the person signing the contract the money for the house is created out of thin air, and isnt being transfered from anyone thefore no loan is actually been given out, its a promise to pay said amount if anything, and since the money is created on the spot by my signature for example it is thefore illegal to charge intrest on the mortgage its self which wasnt lent from anybody, charging intrest on money that wasnt actually transfered from anyware is illegal in british law. is this correct? and if not explain why please since this is a pretty big deal otherwise right?

No it's not correct. Yes money is created out of thin air but all banking systems of the world operate like that. All money is created out of thin air really...it's just a piece of paper that the central bank has printed and declared it as money. You trust it to be worth something and therefore it has value.

roonaldo

and man was never on the moon, 911 was an inside job right?

opinions4u

Why do people buy into this nonsense?

Blackbeard_of_Perranporth

roonaldo wrote: »

and man was never on the moon, 911 was an inside job right?

Come on, the moon was made cheese.

matttye

You don't have physical money that is personally yours sitting somewhere in a bank account either.

When you transfer money from one bank account to another, no physical money is sent, the two systems just talk to each other and funds are transferred electronically.

"charging intrest on money that wasnt actually transfered from anyware is illegal in british law. is this correct?"

How about when you pay for items in a shop on a credit card; no physical money is sent. You will still be charged interest on the money spent.

The guy is talking absolute rubbish.

_Andy_

oh dear god..not this again

dotdash79

Blackbeard_of_Perranporth wrote: »

Come on, the moon was made cheese.

If the moon was made of cheese at what price of cheese would mining the moon make economic sense?

Senior_Paper_Monitor

That will depend on the make and quality of the cheese !

mrginge

Cheese mining on the moon was outlawed by the clangers in 1978.