Fantastic news! Newham will save some £3.5 million interest per year (including £1.5 million extra off our housing loans). Many thanks to all those who fought for justice so long including our new Mayor, Rokhsana Fiaz, Cllr John Whitworth as well as Ne…Read more…
RBS LOBO loans a “fraud on the people”
Newham Cllr John Whitworth labels RBS ‘inverse floater’ LOBO loans a “fraud on the people” at RBS AGM, demanding further disclosure from the bank.
Newham Councillor John Whitworth who is also the Chair of the Scrutiny Committee at the Counci…Read more…
BBC “World Tonight” LOBOs Loans and why Council including Newham are still being being ripped off by the Banks
On BBC Radio 4 “World Tonight” on Wednesday there was a feature on the LOBO derivative loans scandal and how they have played a role in the recent bankruptcy of Northamptonshire County Council.
Check out World Tonight – 36 minutes 25 seconds int…Read more…
Have LOBOs contributed to the “bankruptcy ” of Tory Council?
This is of relevance to Newham – it has a host of RBS LOBO loans including a 2010 RBS inverse
floater. We have £563 million exposure in Newham to LOBOs. Hat top Debt Resistance press release
“Northamptonshire County Council Joins CAPITA In Crisis
LOBO Local Finance Hackathon – 14 January
please register here: http://bit.ly/LOBOHack2
Through hundreds of Freedom of Information requests, Debt Resistance UK have obtained a dataset of LOBO loan contracts. These are risky and expensive loans miss-sold to local authority by financi…Read more…
50 councils face residents’ objections to LOBO loans
Check out MJ article (Municipal Journal – you need to have a paid account unfortunately) on the up to 50 objections by residents in different Councils (including Newham) at the use of “controversial Lender Option Borrower Option (LOBO) loans,
£238 million reasons to stop Barclays Bank LOBO cheats ripping off Newham Residents
This was the written question I put to the Newham Deputy Mayor and Cabinet member for Finance, Lester Hudson, at the Full Council meeting last week
To the Executive Advisor on Finance, Cllr Lester Hudson
“Last week 3 more employees of Barclays Bank w…Read more…
LOBOs are a National Scandal
Last week there was extensive coverage in the Standard and Independent on the UK LOBOs scandal. I have posted before on LOBOs (see labels)
Yesterday the Independent published a new report that John Mann MP and Chair of select committee, Clive Betts MP…Read more…
“Dealing with debt”, Osborne-style
Can someone please tell me just why the Tories have this reputation for economic competency? Hat tip Joel from Debt Resistance. Read more…
Select Committee Hear Damning Evidence on LOBO Loan Scandal And Conflicts
I was at the Parliamentary select committee hearing yesterday with Newham Councillors, Cllr Fiaz and Cllr Whitworth. Bearing in mind the savage cuts in our budget, I was incensed to hear futher details how Councils were duped into buying LOBOs when p…Read more…