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Mortgage Support Scheme Is A Duck


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I like many others on here felt anger when I intially learn't of Gordons latest scheme to help hard working families that cannot keep up with their payments due to the global economic downturn that started in America. :rolleyes:

This scheme will prove to be just another PR stunt to show how desperate they are to appear to be a "nice Labour" and not "nasty Tories" and also to deflect blame away from the Gordon for the misery and hardship he has caused.

This is a classic Gordon Brown tactic to shift the blame away from himself and onto the nasty banks and he will point the finger at the banks for not fully endorsing the spirit of the scheme when the banks cannot fully apply it and repossions escalate next year.

The fact of the matter is that banks cannot afford to apply it to the majority of cases but the the great british public will not grasp this for the same reason they cannot grasp why Banks cannot pass rate cuts on.

We are heading for deflation in certain ares of the economy.Average wages as employment rises and bonuses are cut. House prices are falling at a record rate.The banks are effectively being asked to take a risk that the level of employment and average wages will be the same or higher after 2 years to support those that have got into trouble.They are being asked to take the risk that those that have lost the house due losing at the end of a huge credit bubble will regain their earning power to support a possible bubble housing repayment. Also the banks are being asked to take the risk that interest rates have not increased to a higher level in 2 years time. All a very big gamble considering what small proportion of loss the Government is preparing to underwrite compared to the loss in house price and the fact that that person will not be maintaining the property further adding to the banks loss.

This scheme will be applied in limited cases where the homeowner would normally be allowed a payment holiday e.g someone who has a secondary wage earner in a secure industry,has high equity in the house and has a good credit score with low on no unsecured debt.

This scheme designed to grab headlines and when the reality does not match the headlines Mr Brown will point the finger at the nasty Banks.

Edited by equitystasher
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This scheme will be applied in limited cases where the homeowner would normally be allowed a payment holiday e.g someone who has a secondary wage earner in a secure industry,has high equity in the house and has a good credit score with low on no unsecured debt.

So no one will qualify then.

No one will have any equity left.

No one will be in a secure industry.

No one will have a credit score.

No one will have unsecured debt.

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Guest KingCharles1st

Deep breath

- "For some of us poor bastards who now have little hope of ever getting on the property ladder with or without a Liar loan, it somewhat sticks in the throat that we may now have to pay the mortgage relief of exactly the scum of the universe that got the country and economy into this shit in the first place.."

"and that it is decreed we do so by the biggest knut of them all."

Edited by KingCharles1st
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The Daily Politics screened a quick interview with Mandy.

He was asked point blank if the banks were onside.

He said nowt. Clammed up. Cue hoots of laughter in the DP studio. Total bolox.

Even Declan is giving Coogan a grilling on it.

Their reporter has also just said that this could drag homeloaners in to deeper neg equity.

It looks like there are elements of the media that are slowly beginning to turn.

All hot air.

Slack Jaw strikes again. Mandy probably had his head in his hands when he read this out yesterday.

Its electioneering. Broon couldnt help himself.

This could really bite him in the ass.

Edited by shindigger
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Guest KingCharles1st
This scheme will be applied in limited cases where the homeowner would normally be allowed a payment holiday e.g someone who has a secondary wage earner in a secure industry,has high equity in the house and has a good credit score with low on no unsecured debt.

Ummm- an Investment banker that has just lost his job and has all his money tied up in property and investments as opposed to savings? :unsure:

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The Daily Politics screened a quick interview with Mandy.

He was asked point blank if the banks were onside.

He said nowt. Clammed up. Cue hoots of laughter in the DP studio. Total bolox.

Even Declan is giving Coogan a grilling on it.

Their reporter has also just said that this could drag homeloaners in to deeper neg equity.

It looks like there are elements of the media that are slowly beginning to turn.

All hot air.

Slack Jaw strikes again. Mandy probably had his head in his hands when he read this out yesterday.

Its electioneering. Broon couldnt help himself.

This could really bite him in the ass.

This does not surprise me.

It's all hot air and lacks credibility. At last maybe the media is waking upto the fact that that this is alot of hot air and has little substance. How can you propose such a plan without talking to the mortgage industry first or have any idea how it will be implemented or who it would qualify! Policy making on the hoof.

They probably know the extent of the Halifax falls and what the projected falls are going forward and are panicking. They are running scared and this is designed to be act like a bit of teflon for Brown.

It is annoying that borrowed tax payers money is being spent to bolster Browns election prospect with no benefit to anyone :angry:

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This does not surprise me.

It's all hot air and lacks credibility. At last maybe the media is waking upto the fact that that this is alot of hot air and has little substance. How can you propose such a plan without talking to the mortgage industry first or have any idea how it will be implemented or who it would qualify! Policy making on the hoof.

They probably know the extent of the Halifax falls and what the projected falls are going forward and are panicking. They are running scared and this is designed to be act like a bit of teflon for Brown.

It is annoying that borrowed tax payers money is being spent to bolster Browns election prospect with no benefit to anyone :angry:

why would banks take to defering interest when the other mortgage benefit scheme actually pays it.. perhaps theres not enough schemes for all the excess civil servants to plough through.

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This scheme will be applied in limited cases where the homeowner would normally be allowed a payment holiday e.g someone who has a secondary wage earner in a secure industry,has high equity in the house and has a good credit score with low on no unsecured debt.

It's estimated at helping about 9,000 'homeowners'

http://news.bbc.co.uk/1/hi/uk_politics/7764125.stm

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Please be gentle as this is my first post on here. (Lurked for a while though!!)

I look at it like this:

The government used to pay the interest on mortgages after 39 weeks(?). Now they wont pay it for 2 years - Then they will pay it all back. In the meantime the banks aren't getting any of this money back at all. Therefore they have to go to the Government for more loans, and the Government owns a larger part of the banks. Eventually the government will own outright several of the banks. In 2 years, when they have to pay the interesdt back, they are paying it back to themselves, plus, when they repossess all the houses, (from those who couldn't pay, and are in even worse negative equity than they are now), they then own those houses and have a nice stock of council housing, much of which will still be within NHBC, so all the repairs can be done at their expense.

Just a theory ;)

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