Monday, Nov 24, 2008
Bleat Bleat Bleat
Daily Express: END THIS HOMES GRAB SCANDAL
THE Daily Express today launches a crusade against the threat of hundreds of thousands of families losing their homes. On the eve of today’s Pre-Budget Report, this newspaper demands a proper amnesty to give struggling home-buyers a lifeline.
Our crusade presses for an amnesty of at least one year’s grace for home owners slipping into mortgage arrears through genuine hardship. Other measures proposed, by housing charity Shelter, include allowing interest-only mortgages, extending the repayment term, repayment holidays and being able to put outstanding debt on to the mortgage.
Posted by little professor @ 01:10 AM (1367 views) Add Comment
24 Comments
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1. jack c said...
Responsible lending coupled with responsible borrowing is the only way forward - if the Mail's strategy was followed the Government might as well throw in a £1000 Christmas spending money whilst they are at it
2. phdinbubbles said...
Words are inadequate to convey my sense of rage at this. Why aren't they reporting the real story their readers are interested in anyway - Princecss Di.
3. alan said...
"Responsible lending coupled with responsible borrowing is the only way forward "
I agree with this. Better late than never!
4. Mjs9691 said...
Tomorrow it'll be "House prices to rise by 50% just in time for the Olympics"
5. theboltonfury said...
where was the call to stop these 'hard up' families showing off their new 4 bed homes, X5's, big TV's, fancy restaurants? All paid for I suspect, by monies obtained from something other than their incomes
6. fjcruiser said...
Wait till Mandy the king of spin call an election next June......
7. New User 2007 said...
Genuine hardship of course being defined as having taken on so much debt that they should have known it was unsustainable! They had no concept of saving for a rainy day!
8. A Solovine said...
The Mail is preaching to the choir. Does the accompanying headline ["Now get ready for the big chill (part 2)"] refer to the economy?
9. jack c said...
5. fjcruiser said..."Wait till Mandy the king of spin call an election next June......" - yep and I'm now campaigning for everyone to vote Labour - they think they can con everyone with their latest economic measures leaving Cameron & Osbourne to sort a monumental mess - it'll be worth keeping them in power just to see them wriggle once re-elected.
10. Joe Le Taxi said...
The Tories haven't offered anything better than Labour and have been supporting Labour policies for much of the last 10 years... and that's when they've managed to express a sensible set of policies.
I don't quite see what everybody is seeing in the Tories.... For me a lot worse than Labour. At lest Brown is doing the right things now.
11. planning4acrash said...
Truth is, these guys don't own the houses. BUT, repossession on a mass scale is lop sided justice, with banks being bailed out, and people not being bailed out.
The ONE solution to this, is bankruptcy for the banks, then, via bankruptcy purchases, writing off of percentages of the extent mortgages, with purchasers of the banks saying what the value should be, that they would be willing to buy, then, outstanding mortgages are sold for, lets say, 10p to the pound, and mortgages deflate over night, house prices plummet and first time buyers move in. This would have to happen because nobody would purchase the debt without it being written off and deflated.
The correction could already be here if the bloody government GOT OUT OF THE WAY and let the market solve the problem.
12. sold out said...
I think the banks will be "forced" by the government to do something, and that will be anounced this afternoon.
They are so desperate to stop the decline in house prices, not because they want to help homeowners (that is just spin) but because they know that the property market is pulling the rest of the economy down the pan.
So what will they do? They have reduced IR to 3% but this has only been passed on too a handfull of lucky people on existing tracker morgages, most people are on fixed rates.
I think they will allow people on fixed rates to switch to a tracker or SVR, and announce an amnesty for the early redemption fee, for the next 12 months,anyone who changes their morgage to a cheaper product will have the fees paid by the government (taxpayer).
13. Jake said...
The Daily Express is a waste of everybody's time.
Please don't post any articles from it here! That publication should be put out of business.
14. Alan Lubin said...
but they were reporting house prices up only a couple of months ago. wheres the problem?
15. Freewheelin' Franklin said...
It's great the way they help people with homes and yet do almost nothing to help the homeless other than offer them a helping hand up to the summit of a pack of cards.
16. marcus b said...
Maybe I am getting the newspapers mixed up but I thought it was the Daily Express that spent the last 5 years telling everyone from their front page to fill their boots with property because they couldn't lose, and attacking all the Doomsters that suggested it wasn't a good idea? I am right, was it the Express or was it the Mail? If it was the Express then I guess they have alot of angry readers!!
17. renting2 said...
Once someone goes into arrears on a mortgage it very quickly rolls up into a nightmare debt. Repaying it may well be impossible for most at the end of the day. That's why banks usually don't hang about. I'm sorry but the market must be allowed to work.
18. plato said...
The Express is suggesting creating an even deeper level of debt that will potentially last into generations. That's not really going to help anyone. Just another back door method of ramping.
19. charlie brooker said...
What the Express should be asking: "Did the bankers abduct Maddie?"
20. charlie brooker said...
Are all bankers paedophiles?
21. phdinbubbles said...
Don't be ridiculous - the bankers did not abduct maddie and they are not paedophiles. They did, however, hatch a secret plot to kill Princess Di.
22. mountain goat said...
Jake @9.55 agreed!
23. rm96696 said...
While they're at it, why doesn't the government guarantee a minimum return for property owners (say 5 percent p.a.9?
24. Daniel said...
@no.6 Dont you mean Mandy the Queen of Spin? ]
I used to work for a company which won the Shell Live Wire Award. For being an outstanding new Business. This was when Mandelson was in the cabinet. He gave us the award.
Afterward there was a secret compoany meeting where we all agreed never to mention the fact that it was Mandelson who gave us the award. He is so despised by every potential client we could deal with, we had to secretly put as much distance between us and him as possible. The mans enithma. And the Labour government couldnt run a p*ss up in a brewery.