Sunday, Feb 07, 2010
Keeping house prices high...
Express: PLAN TO PROTECT DEBTORS’ HOMES
''BORROWERS could be protected from losing their home if they fall behind on credit card or loan payments, under new proposals from the Ministry of Justice.''
Posted by hpwatcher @ 07:35 AM (1113 views) Add Comment
9 Comments
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1. Hoaglund said...
This will not keep house prices high, problems will bubble up and resurface in other areas.
2. paul said...
So, saving recklessly overstretched homeowners the cruel and degrading indignity of 'having to rent' serves what social purpose to warrant legal intervention exactly?
(apart from crystallizing lenders' bad debt losses and further restricting their lending according to risk based criteria)
3. nomad said...
These proposals come from the Ministry of Justice.
Orwellian doublespeak if ever I heard it.
4. tenyearstogetmymoneyback said...
Great news for anyone paying their mortgage with a credit card.
5. quiet guy said...
Comment on the Express page from 'fantazamaraz':
RICH FOLKS OWN THEIR HOMES AN CARS
THEY ALL LIVE LIKE MOVIE STARS
US POOR SLOBS HAVE TO BORROW
JUST TO MAKE IT TO TOMORROW
THEN WE DROWN IN HEAVY DEBT
NO USE TO WORRY OR FRET
COLLECTORS SCRAMBLE TO COLLECT
ALL OUR HUMANS RIGHTS NEGLECT
FAT CATS THRIVE ON LENDING DOUGH
EVEN THOUGH THEY SURE MUST KNOW
THE POOR ARE TEMPTED TO PLASTIC
THEN GO OUT AND SPEND LIKE DRASTIC
LIKE HUNGRY DOGS THROWN A BONE
TO GIVE THE POOR A CREDIT LOAN
THEN HEARTLESS JUDGES TRY TO FINE
AND TAKE WHAT LITTLE'S YOUR'S AND MINE
JUST TO AVENGE THE WEALTHY BANKERS
WHO ARE JUST A BUNCH OF W*NKERS
THEIR SHOULD BE NO RICH OR POOR
NO LOAN SHARKS ROTTEN TO THE CORE
NO POVERTY ON BRITISH SOIL
NO RUTHLESS ROGUES TO SHARE THE SPOIL
JUST SPREAD THE WEALTH WITHOUT THE DEBT
AND LET US ALL LIVE AND LET WITHOUT REGRET
6. quiet guy said...
I thought that the interest rates on unsecured loans were generally higher to compensate the lender for the extra risk. I have no respect for reckless borrowers but recovering unsecured loans by charging orders seems dishonest. Surely, at the very least, a judge who orders a property sale to clear debt could also order that the interest payments on unsecured loans are retrospectively recalculated at a lower rate as well?
7. mark wadsworth said...
Good find. I have added it to my occasional series on propping up the bubble, this is part 31.
8. letthemfall said...
I think these two lines of Auden's put it more generally and accurately
Intellectual disgrace
Stares from every human face
9. Crunchy said...
Let's all collectively buy a mansion, give up work and pay 20 quid a week rent each. In five years from now we will all be millionairs.
JOB DONE. £ASY!