Sunday, January 3, 2010

When the Going Gets Tough, The Tough Unilaterally Reinterpret Their Contracts

Article from The National here on Mashreqbank's unilateral change of base rate on mortgages.  Spoiler: it's not a decrease.

I believe the relevant technical term is chutzpah.

But wait there's more - perhaps technically rising to the level of egregious chutzpah
Mr Beckett said. Mashreq has waived refinancing fees until the end of March so customers can take their business elsewhere if they choose.
Yes, indeed.  Banks in the UAE are falling all over themselves to make new loans for more than the value of the property.

2 comments:

the real nick said...

Alow me to re-phrase your headline to "...the unscrupulous & unchecked crooks reinterpret their contracts which are not worth the paper they are not written on (subject to conditions as along as they are favourable to us)"

Abu 'Arqala said...

Feel free.

As a member of the guild, I use more restrained language.