Nedbank: Expropriation, mortgage holders will still be responsible for debt

Die Vryburger

Nedbank: Expropriation, mortgage holders will still be responsible for debt
Nedbank: Expropriation, mortgage holders will still be responsible for debt. Photo: Die Vryburger

The Nedbank Bank Group has confirmed that mortgage holders will be held responsible for repayment of loans, even if land would be expropriated without compensation.

This news was confirmed by Kedibonea Molopyane, head of Nedbank’s media department.

According to the bank, a loan agreement is binding regardless of any form of so called land reform.

Agricultural economists are amazed at Nedbank’s approach, as in most cases mortgages were taken out with the bank as using land as security.

Now it seems that the bank does not have the courage to claim the land, that the stealing government is thieving, as part of their compensation, but rather want to immerse the landowner in total bankruptcy.

Read the original article in Afrikaans on Die Vryburger

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