TO ALL GREEKS FACING REPOSSESSION FROM VULTURE FUNDS. THIS IS THE LEGAL ARGUMENT TO STOP THEM


*SOROS, KKR AND OTHER VULTURE FUNDS GATHER TO SEIZE GREEK PROPERTY

*GREEK GOVERNMENT PREPARES TO TRANSFER DISTRESSED MORTGAGES FROM REGULATED FINANCIAL SECTOR TO UNREGULATED VULTURE FUNDS

*BUT THIS VERY REDUCTION IN RIGHTS ALLOWS FOR A LEGAL CHALLENGE ALSO UNDER EUROPEAN CONSUMER AND CONTRACT PROTECTION LAWS

*LOTS OF OTHER LEGAL AVENUES AVAILABLE, SUCH AS ASKING TO SEE THE ORIGINAL CONTRACT

*ALSO CHARGING VULTURE FUNDS, BANKS AND GOVERNMENT WITH FRAUD OVER FRACTIONAL RESERVE BANKING SYSTEM

As young Greek women are forced into prostitution for the cost of a sandwich, the vulture firms are gathering to evict hundreds of thousands of families onto the streets.

https://www.washingtonpost.com/world/young-greek-women-selling-sex-for-the-price-of-a-sandwich-new-study-shows/2015/11/27/c469695e-94d9-11e5-b5e4-279b4501e8a6_story.html

KKR, the private-equity firm headed by former CIA director David Petraeus, was active in Spain in buying up distressed mortgages from banks, and it looks set to become active now in Greece too as the Greek government finalizes plans to sell off residential mortgages.

http://www.bloomberg.com/news/articles/2014-05-13/kkr-eyes-spain-lenders-role-managing-bad-bank-assets

http://www.ekathimerini.com/203941/article/ekathimerini/business/foreign-firms-eager-to-get-their-hands-on-lenders-loan-portfolios

KKR is also the ultimate owner of Singular Logic, the IT company which is responsible for all aspects of Greek national elections. It is not clear what, if any, controls there are on Singular Logic.

http://info.kopp-verlag.de/hintergruende/enthuellungen/udo-ulfkotte/was-deutsche-medien-verschweigen-die-cia-und-der-countdown-in-athen.html

Singular Logic, with or without controls, propelled Alexis Tsipras into power. Now, Tsipras is offering KKR and other vulture funds Greek property on a plate.

Is there a conflict of interest?

But there is a snag for KKR and other vulture funds as they circle Greece. The Irish have been down this road before the Greeks. And they know the basis of mounting a legal challenge against the Greek government and the vulture funds.

The legal challenge in Ireland specifically concerns the way consumer rights that home owners enjoyed under national and European law in the regulated financial sector were removed without their knowledge or consent when the Irish government transferred them to the unregulated vulture funds.

The advice for Greeks is this. Do the same. Check what rights you have in dealing with a vulture fund. If you do not have the right to consumer protection and the financial services ombudsmen allowed under the standard codes, also EC, codes, your rights have been violated. This reduction in rights when challenged in court can be deemed unfair.

The transfer of your mortgage loan to the fund was breach of the EC ( Unfair Terms in Consumer Contract Regulations ) 1995., as, at that time of the transfer your guarantees under the mortgage contract where diminished.

Read this…

http://www.askaboutmoney.com/threads/vulture-funds-may-have-problems-enforcing-their-securities-against-distressed-borrowers.194913/

“So, for any consumer currently before the courts in a repossession action by a vulture fund, just state on affidavit that because you had no recourse to the CCMA or the FSO about how the fund dealt with your particular case, your consumer rights have been violated. That the Vulture fund offered you no appeal option, that the actual transfer of your mortgage loan to the fund was breach of the EC ( Unfair Terms in Contract Regulations ) 1995., as, at that time of the transfer your guarantees under the mortgage contract where diminished. Indeed the Act directs that vulture funds, in the interim, must comply with the Act immediately. There are many more valid legal arguments that can be made by consumers in this situation. I would invite feedback from consumers in this situation.
“…vulture funds are not regulated by the Central bank of Ireland, that means that borrowers do not have redress to the Code of Conduct of Mortgage Arrears ( CCMA ) or indeed the Mortgage Arrears Resolution Process ( MARP ). The borrower has no redress to the Financial Services Ombudsman’s Office. This reduction in the guarantees for a borrower, if challenged in court, could be deemed to be unfair. If that be the case, the Irish state could be liable for any losses suffered by the borrower due to the sale of his loan to the vulture fund, as the Irish State did not protect the consumer rights of the borrower. The Government , on such advice, has recently passed the Consumer Protection ( Regulation of Credit servicing firms) bill 2015 and is awaiting the signature of the Irish President to become law.

 Vulture funds that have instigated legal proceeding against borrowers in arrears could run into some strong headwinds in the courts, as, at the time they instigated the proceeding, they were not regulated and as such did not comply with the CCMA or the MARP processes. This will probably be deemed by the Courts to be unfair on the consumer ( borrower ). Indeed, even regulated Bank’s, that are subject to these codes, when seeking to repossess primary residences encounter great difficulties due to non compliance with these codes.”

In reality, it will only be legally prudent for vulture funds to seek enforcement of their respective securities from borrowers 12 months after the Consumer Protection ( Regulating of Credit Servicing Firms) Act 2015 comes into effect. To do otherwise would leave the funds open to legal challenge which, in the circumstances, will in all probability be successful and most likely lead to a costly legal bills for the respective funds.

http://www.askaboutmoney.com/threads/vulture-funds-may-have-problems-enforcing-their-securities-against-distressed-borrowers.194913/
 If that be the case, the Irish state could be liable for any losses suffered by the borrower due to the sale of his loan to the vulture fund, as the Irish State did not protect the consumer rights of the borrower. The Government , on such advice, has recently passed the Consumer Protection ( Regulation of Credit servicing firms) bill 2015 and is awaiting the signature of the Irish President to become law.

 Vulture funds that have instigated legal proceeding against borrowers in arrears could run into some strong headwinds in the courts, as, at the time they instigated the proceeding, they were not regulated and as such did not comply with the CCMA or the MARP processes. This will probably be deemed by the Courts to be unfair on the consumer ( borrower ). Indeed, even regulated Bank’s, that are subject to these codes, when seeking to repossess primary residences encounter great difficulties due to non compliance with these codes:-
http://www.independent.ie/irish-news/central-bank-has-no-idea-how-many-mortgages-sold-to-vulture-funds-31050950.html

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