Sunday, Aug 10, 2008
No safety net for mortgage payers
Firstrung: Struggling homeowners have less protection than in the 90s, but most people don't even realise it - Shelter
The housing minister Caroline Flint MP visited a Shelter Housing Aid Centre in Leeds to find out how staff on the frontline are coping with the repossessions crisis. The minister met with Shelter advisers and county court desk workers, who use their legal expertise to fight for a fairer deal from mortgage lenders. They help people keep their homes by persuading the court to allow a longer period for debts to be paid off. The visit came after new figures from the Council of Mortgage Lenders (CML) show the number of homes repossessed in the first half of 2008 now stands at 18,900, a 48 per cent increase since the same time last year.
Posted by converted lurker @ 12:05 PM (407 views) Add Comment
2 Comments
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1. Eternal Sceptic said...
Struggling homeowners have less protection than in the 90s, but most people don't even realise it - Shelter
Ms. Thatcher until 1990, John Major to 1997. Nu Labour............
Labour Party: 1945 Manifesto Let Us Face the Future:
A Declaration of Labour Policy for the Consideration of the Nation
Housing will be one of the greatest and one of the earliest tests of a Government's real determination to put the nation first. Labour's pledge is firm and direct - it will proceed with a housing programme with the maximum practical speed until every family in this island has a good standard of accommodation..
Have they forgotten they said this?
2. paul said...
In many ways, US mortgage laws are more socialist than the UK.
If you go bankrupt, you lose your house, you pay back the difference to the bank, the bank wins.
If the bank goes bankrupt, they sell your mortgage as an asset, the bank wins.
If you overstretch yourself and the bank overvalues the asset, you owe the bank more money than your house is worth, the bank wins.
This is a lot of the reasons why we have the current housepricecrash. The government has take the free market aspects of the US system, and added socialist principles to protect banks.
Capitalism for the poor, socialism for the rich.