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@contradevian

My Local Council Is Offering Loans To 'mortgage Strugglers'

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..or mortgage defaulters as they should be known, The bank that likes to say yes..

http://www.examiner....y-loans-6257399

Families struggling to meet mortgage payments have been offered a helping hand.

It has come from Kirklees Council which has set up an interest-free loan scheme.

Working with other councils in the region, the authority is helping to run the Breathing Space Scheme.

Forbearance, QE, ZIRP, Help To Buy. Anything to keep a roof over hard working families.

IMO this ought to be illegal and ultra vires (beyond the legal scope) for a local authority.

Other partner authorities involved in the scheme include: Barnsley, Bradford, Calderdale, Harrogate, Hull, Leeds, North East Lincolnshire, North Lincolnshire, Ryedale, Selby, Sheffield, Wakefield and York.
Edited by aSecureTenant

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..or mortgage defaulters as they should be known, The bank that likes to say yes..

http://www.examiner....y-loans-6257399

Forbearance, QE, ZIRP, Help To Buy. Anything to keep a roof over hard working families.

IMO this ought to be illegal and ultra vires (beyond the legal scope) for a local authority.

Funnily enough another headline on the same page....

Budget proposals unveiled this week reveal job losses and £21m service cuts for 2014/15

More than 200 jobs – the equivalent of 201 full-time posts – will be lost at Kirklees Council next year.

Budget proposals unveiled this week reveal job losses and £21m service cuts for 2014/15.

Cuts include £1.4m less for routine road repairs, zero funding for Area Committee activity funding for community groups, and the proposed closure of public attended toilets in Huddersfield, Holmfirth and Dewsbury.

And in a shock move, some 9,000 people may have to pay a suggested administration charge of £30 for a permit to park outside their own homes.

http://www.examiner.co.uk/news/west-yorkshire-news/201-job-cuts-kirklees-council-6253544

Helping people pay mortgages they cannot afford means guaranteeing mortgage payments for bankers. Meanwhile jobs are being cut because the council doesn't have enough money? So some of the people they are laying off might also need their mortgage paying? If they didn't pay mortgages for the first lot they could save some jobs?

The UK is like a dog eating it's own vomit.

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Funnily enough another headline on the same page....

Helping people pay mortgages they cannot afford means guaranteeing mortgage payments for bankers. Meanwhile jobs are being cut because the council doesn't have enough money? So some of the people they are laying off might also need their mortgage paying? If they didn't pay mortgages for the first lot they could save some jobs?

The UK is like a dog eating it's own vomit.

Yup and Kirklees has another 'elephant in the room' too. A £700M pension deficit. I'm assured its contained.

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Interesting fact that 1/3 of local authority mortgages here in Ireland are in default

I suppose it does two things for the council:

1) Saves them maintenance - i.e. offload the crumbling property onto some mug.

2) Gives them a good return on their cash piles / pensions.

Don't think for a minute they are doing anyone a favor.

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