Friday, Feb 20, 2009
Brown says "Don't worry you little heads" and all the homeowners sigh in relief
Press Association: Brown: Housing measures will help
Measures to tackle rising repossession levels will have an impact on homeowners, Prime Minister Gordon Brown said.
Figures released by mortgage lenders indicate these went up by more than half last year.
But Mr Brown insisted the Government is pulling out all the stops to ensure repossessions do not become as prominent in the current recession as in previous slumps.
"We're going to do everything we can to stop repossessions," he said on a visit to his Fife constituency.
"We're determined that this will not become as high a feature as it has been in previous downturns in the country. The measures we're putting in place are coming in and I believe that we will be able to see an impact on the rate of repossession."
Posted by 51ck-6-51x @ 03:41 PM (1037 views) Add Comment
13 Comments
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1. 51ck-6-51x said...
...and The Telegraph's article
2. 51ck-6-51x said...
maybe "you" in the headline should have been "your" but I'm tired.
3. justwatching said...
how are you going to do this Gordo?
4. greytornado said...
How is Gordo going to do it? - Well I reckon he has been swotting up on his history and has read about one King Canute who sat on the beach and ordered the tide to stop coming in........................................
5. 51ck-6-51x said...
"measures will have an impact on homeowners"
- ah he means those that own homes, that is the lenders.
Now I understand.
6. will said...
The Government will only help out the Banks, not the struggling home owner. The debt will remain with the home owner unless he gives over any equity to the Bank. Banks 10 - Home Owner 0.
7. mark said...
gordon no-one is listening to you anymore you talk utter SH*t................... you only need to read comments from the public in all the papers.....
8. Ulfarus said...
Which bank has the highest level of repossessions currently - Northern Rock.
Who owns NOrthern Rock - The Government.
Enough said.
9. mark wadsworth said...
I know I'm preaching to the converted and everything, but does he not understand the first thing about economics?
It would be perfectly possible, for example, to change the law make it illegal for a bank to repossess a borrower, no matter how far he was in arrears. As a result, people would just stop paying their mortgages, unless their mortgages were very small and they needed a good credit rating in future, and banks would totally collapse - in practice this would be like cancelling mortgage debts, every penny of savings in banks would be wiped out (approx £1 trillion), to compensate the savers, he'd have to increase taxes by £1 trillion (that's like an additional 20p on income tax for the next ten years), so we'd all be slaving away for little reward in order to pay ourselves back the money we are owed.
Alternatively, he could print £1 trillion in bank notes and go door to door, giving everybody with a mortgage the exact amount needed to pay off their mortgage, which would dilute the value of savings by 50%, let's say.
Whichever way you look at it, this is a disaster waiting to happen.
10. Neo-serf said...
Really Gordon no-one is listening to you any more.
I promise they aren't we are getting on with stuff ourselves.
Just get out of the way.
11. Eternal Sceptic said...
Short of giving money away, I would have thought all this will do is postpone an adjustment downwards in house prices. Maybe the government should take a percentage equity in houses of those in arrears.(Of those with a greater than 50% stake) This would be retrieved on the sale of the property.
The householder retains a roof and also takes the hit of declining equity. Homelessness is kept under some degree of control, and money advanced is one day retrieved. Simplistic, but better than anything else I have yet seen.
12. Crunchy said...
Everything Gordon does turn to brown.
13. it_is_going_with_a_bang said...
""We're signing agreements with the building societies and the banks that there is a moratorium on repossessions for people with these banks and building societies"
Reminds me of the sign in the chip shop regarding the extension of credit terms provided you are over 65 and can bring both your grand parents down with you. We're doing this and that, introducing,signing, agreeing, procedures, bla bla.
Bottom line. If you don't pay your mortgage you will get repossessed. It's in the small print!