50 signatures reached
To: The Government
The RBS scandal continues - Loans and Mortgages to be sold off to private equity firms
Stop all banks from selling off people's bank loans and mortgages to vulture funds.
Why is this important?
The high street banks for the past 3 years have sold off vast portfolios of people loans and mortgages at huge discounts to private equity companies to improve their liquidity with no regard to the consequences to their clients. These private equity funds have the nickname of vulture funds for obvious reasons. They have the reputation of "manufacturing" defaults and calling up loans at no notice thereby putting the customer into bankruptcy or financial ruin. The government plans to sell off tranches of RBS customers loans to these vultures and they must be stopped. This is the equivalent of banks throwing their customers under a bus.
