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Old 09-09-2018, 11:03 AM
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Thumbs down South African bank wants farmers to repay debt for property even

South African bank wants farmers to repay debt for property even if it's expropriated by government

White farmers in South Africa will have to pay back their loan for property that could be expropriated under the land reform proposal that is currently being pushed by the ruling African National Congress (ANC).

The controversial bill, allowing the government to confiscate lands from white farmers without compensation and redistribute them to the black citizens, is currently pending further study after the Portfolio Committee on Public Works withdrew the draft.

An email from Nedbank, which emerged on social media last week, made it clear that expropriation without compensation is not going to be deemed as a legitimate reason for borrowers to default on their payments. Nedbank is among the country’s ten largest lenders.

“It is important to note the Home Loan agreement is subject to a contractual agreement, and bond payments remain due and payable until such time that the bond is paid in full irrespective of any form of land expropriation – with or without compensation,” the email reads. “We would encourage you to continue with the bond payments until such time a determination is made.”

The bill, which evoked heated debate across the world and alleged violent attacks against white farmers, was approved by the ANC under President Cyril Ramaphosa in February. It was initially proposed in 2015 to alter the skewed property ownership patterns and to include the black majority into the developed sectors of the South African economy.

This #NedbankEmail is currently being shared all over social media.

I am sharing this NOT TO CAUSE PANIC but to explain what I believe because people are sharing this without actually reading the email (or putting the reply into context).

Thread 👇🏽👇🏽👇🏽 pic.twitter.com/Pi9Wxu9d8w
— Brent Lindeque (@BrentLindeque) August 27, 2018

Agricultural banks have previously expressed concerns over the planned reform. They warn the proposed land reform creates considerable uncertainty for lenders, which are exposed to billions of rands worth of home and property loans. In the worst case scenario, banks would require government bailouts if landowners begin to default on loans. Nedbank is reportedly participating in the parliamentary debates, submitting its own proposals on land reform.

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Old 09-09-2018, 11:33 AM
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Default Re: South African bank wants farmers to repay debt for property even

How will they make them pay if they flee the country?
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Old 09-09-2018, 12:08 PM
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Default Re: South African bank wants farmers to repay debt for property even

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Originally Posted by Melensdad View Post
How will they make them pay if they flee the country?

In what I've followed on the subject is this, many of the farmers have either been forced off their land or outright murdered and they confiscated it after the fact. It's really hard to believe that any bank thinks a borrowed or they're estate should still make good on their note is beyond my comprehension. The bankers themselves must be black so their white indentured servant must make good on the note!!
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Old 09-09-2018, 02:26 PM
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Default Re: South African bank wants farmers to repay debt for property even

OK, if one has their car stolen with no insurance, they are still required to pay back the loan. If the Gov't confiscates said car, the loan still needs to be paid back. Nothing out of the ordinary here.

What is out of the ordinary, is the fact that SA whites are witnessing government sanctioned theft of their property. What will happen when their property is confiscated is anyone's guess but a good bet would be for them to emigrate to Australia which has an open ended call for any and all farmers who are proven smart and hardworking people.

What happens to the loans after the whites leave? Anyone's guess but a good bet would be default on the load and see you later, Jack. Now, this makes the banks another big loser in all this, so how long before SA suffers a banking crisis on top of a food crisis because the blacks taking over the farms are by and large both incompetent and lazy.

Bottom line on all this and the very hard tough truth in all this is that Africa after all these years still shows the world the blacks are still incapable of running their affairs in a proper manner. Time and time again we see upheaval and uncontrollable corruption every time whites turn over power to the blacks. Call it what you will, I call it reality. Liberals would argue with me over this but they have a hard time with reality, so no surprise there.
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Old 09-10-2018, 09:27 AM
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Default Re: South African bank wants farmers to repay debt for property even

In the end there will be famine.

People will starve, and chaos shall prevail.

Mark my words, in few years there will be calls of a pending emergency in South Africa, as people starve for lack of food. They can not afford to import what those farmers produced. They are in fact, shooting themselves in the foot. Sound familiar?

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Old 09-10-2018, 09:32 AM
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Default Re: South African bank wants farmers to repay debt for property even

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Originally Posted by 300 H and H View Post
in few years there will be calls of a pending emergency in South Africa, as people starve for lack of food.
I don’t think it will take that long. Maybe a year before big problems arise.
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