Sitting Duck Loans











Sitting Duck Loans - Click for movie As we understand bank jargon: ‘Sitting Duck’ loans are risk free lending decisions apparently making ‘Identity Validation’ or ‘Financial Due Diligence’ unnecessary as undisclosed legally binding loan applications from notarizing lawyers’ affiants swearing to other peoples’ borrowing intentions, or credit availability as security. As we understand legal parlance: Banks are institutions geared to profit from usury practices with no legal requirement for any duty of care to clients. ‘Sitting Duck’ victims are generally unaware, uninvolved, and never see the money. • All loan applications based on third-party ‘Affidavits’ should trigger a lender’s onus of proof for ‘Identity Validation’ and ‘Financial Due Diligence’. Today, banks recommend homeowners pay for ‘Title’ insurance to seemingly cover banks’ lending risks and avoid the hassle of litigation to settle trick loans. ‘Sitting Duck’ predatory lending works by several ‘Identity Theft’ scenarios. They are illegal in many countries where Banks are held accountable for ‘Irresponsible Lending’. Not so in Canada. According to Canadian law victims are responsible to repay lenders who claim to be duped along with similarly suckered lawyers who say savvy confidence tricksters with carefully crafted ‘Affidavits’ trick people out of their money. The solution (Print) is to put ‘Identity’ where it belongs … in places where it should be for verification. In the present credit crunch environment: anyone, even banks can be ‘Sitting Ducks’ trading overvalued, understated, overrated credit-risk derivatives sold to one another. Responsible Lending Act We would do well to model an Ontario ‘Responsible Lending Act’ on European and in particular the very sophisticated Irish legislation. • I believe a single Canadian Securities Commission with greater capabilities for enforcement is long overdue. • There is a clear need for a ‘Responsible Lending Act’ to close loopholes and protect consumers from a rigged system. To that end, I am pleased to announce the founding of a Canadian companion organization to www.affil.org that has a goal to establish fair credit policies and practices. CFFIL – Canadians for Fairness in Lending – also proposes consumer safeguards against ‘Identity Theft’ and a provincial ‘Responsible Lending Act’. Meet Robby and Bobbie Ducky from a debtor’s story: ‘The Perfect Sting’. The sequel ‘Identity Theft Protection’ and ‘Summary Judgement’ limited edition card game are free NDP public awareness fund raising materials. ‘AFFIANT RULES’ replays trick loans like Poker and scores like Bridge. The cards include usury questions and answers for a playful strategy and entertaining learning experience. Players lose their ‘Identity’ and then their money to trick loans unless they have ‘Joker’ title insurance. In this edition: The ‘Joker’ in the pack includes NDP resolutions for consumer protection. It’s best to play ‘Identity Theft’ with NDP public awareness cards, rather than cash. NDP Identity Theft Protection We invite you to sign an exclusive NDP petition that basically demands due diligence in lending decisions. Then it’s only a question of voting NDP for the party behind consumer protection verses those whose silence appears to condone trick loans. Ask your Oakville Liberal and Conservative candidates what they intend to do about ‘Sitting Duck’ loans. Ask a banker to explain them. I would like to be your NDP candidate with the ability to challenge a game that is tough to justify to hard working people. While lead painted ‘Elmo’ big birds are manufactured with no intent to harm and dutifully withdrawn from distribution with public warnings to avoid purchases … it would appear ‘Sitting Duck’ loans are fabricated with intent and aggressively sold without disclosure. It’s incredible that a bank challenged us to change the law … to curb a predatory lending practice. The source of ‘Sitting Duck’ loans defined the job. Someone has to do it … If elected I will do everything I can to implement a ‘Responsible Lending Act’ through a ‘Sitting Duck’ private members bill for your protection. Many thanks in advance … Tony.