Saturday, Apr 19, 2008
We dont want to repossess homes worth less than their mortgage
BBC: Mortgage help demand for jobless
Surprise, surprise, mortgage lenders are asking the government to give the masses of potentially unemployed more assistance with their repayments.
Posted by enuii @ 03:26 PM (553 views) Add Comment
6 Comments
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1. uncle tom said...
Those who have insured themselves against this would be very unimpressed if others got benefits without paying a premium..
However, the Govt. is not exactly flush with cash, so I doubt they'll make any substantive changes to the status quo.
2. Jon said...
The government could help, just legislate than when someone is unemployed their loan is put on hold at 0% interest.
Extreme isn't it but then so is the way the banks are trying to get the government to bail them out for a mess largely of their own creation.
3. renting2 said...
Some people insure themselves against old age (with a pension), doesn't stop the gov deciding to give to those who haven't. Depends where the votes are.
4. Bearback said...
Only the taxpayers money can save the housing market now!
5. plato said...
Ths justifies the need for an HPC. Simple maths shows an HPC as the only control to ever increasing mortgage debt. It would be impossible to continue this kind of social support in a continually rising market. That is assuming such assistance can be afforded in the first place. Whatever happens the past increases in home prices cannot continue and all values have to descend to a normal level based on earnings. Propping up this overpriced market is a dangerous erroneous game, that will bankrupt the individual,the lender and probably the country.
6. tick tock said...
Funny to watch the banks demanding Socialist style welfare intervention. If banks want tax payers to cover their risk, I stands to reason that tax payers should seek a larger slice of their profits in future also.
Why not simply Nationalise the whole banking sector then?