Mortgages are illegal?

lfc321

You're mixing up central banks and commercial banks again. Go to the BoE and see if they'll give you a mortgage.

magpiecottage

Pinky and Perky forgot to zip up their pockets before doing a loop the loop.

There IS money falling from the sky!

WTFH

TheGonza wrote: »

if you read my previous posts on money creation, the money was created by the centeral bank therfore was never a loan it was created by the buyers signature the money is received to the seller of the house becuase money is simply ones and zeroes on a computer these days thats how easy money creation is, it was never a loan

Let's say someone gets a mortgage from the Halifax to buy a house, and the seller has a bank account with Santander.

1. If the money going from the Halifax to Santander to buy the house was never a "loan", then what was it?

2. A transfer of funds was made between one bank account in the Halifax and another in Santander. Do you agree? (yes or no)

3. The money eventually went into the seller's bank account in Santander. Do you agree? (yes or no)

Three simple questions, can you give me your answers.

Blackbeard_of_Perranporth

Back to school on Monday

Senior_Paper_Monitor

magpiecottage wrote: »

Pinky and Perky forgot to zip up their pockets before doing a loop the loop.

There IS money falling from the sky!

Would that be a bacon roll ?

Johnnytwostep

Do they let 'residents' of Broadmoor have computers these days.

dotdash79

Are you sure you don't have mortgages confused with bitcoins?

WellKnownSid

TheGonza wrote: »

if you read my previous posts on money creation, the money was created by the centeral bank therfore was never a loan it was created by the buyers signature the money is received to the seller of the house becuase money is simply ones and zeroes on a computer these days thats how easy money creation is, it was never a loan

Yes, it is a loan. You need to pay it back.

If what you're actually saying is that you cannot afford to pay it back, telling the bank 'it's OK, relax, it's just ones and zeroes' probably isn't going to cut it.

Money is never created out of 'thin air' - it's created out of debt. The money you owe the bank.

Faith177

TheGonza wrote: »

this alone makes everythign else void money created from nothing, then put into a washing machine of bureacy and confusion does not take away the fact the money came out of the sky and therfore no money was loaned it was created by the request of the bank to the money gods (its also a !!!!!!!! religion)

Keep taking the tablets dear *pats OP's head*

The men in the white coats will be along shortly

JuicyJesus

dotdash79 wrote: »

Are you sure you don't have mortgages confused with bitcoins?

Oh Christ let's not get onto that again, I think my well of effort towards writing long posts is finished after the last Bitcoin thread...