Friday, October 2, 2009

More government help for the overly indebted

New laws (Scotland) on possesions

Housing Minister Alex Neil said: "With an increasing number of families facing financial difficulties, it is imperative that they are protected with the full weight of the law." Or is that from the full weight of the law?

Posted by chrisch @ 10:07 PM (920 views)
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10 thoughts on “More government help for the overly indebted

  • They only way to protect a generation from the poor financial decisions they have made is to do so at the expense of another generation.

    This is precisely what the Japanese government did to try to prevent the Japanese residential property crash and 20 years on, lessons have not been learned.

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  • The government are doing everything they can to encourage people to hang on to houses they could never afford, had interest rates or LTVs been realistic. And nowhere more so than Scotland. Having your house repossessed is not something I would wish on anyone but was it ever really yours under such a scenario? And you can always rent afterwards, like us HPCers have to.

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  • Except the guy north of Aberdeen who has property Trump wants to make a golf course and the council are considering a compulsory purchase. Scary or what.

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  • Who will lend money to anyone if the lender is unable to gain control of any asset used as collateral?

    If people need houses, they need mortgages. Mortgages will only be provided if assets can be reclaimed when people dont repay.

    If some dont repay and get to keep their houses, then very soon no one will be repaying and there will be no mortgages.

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  • So when will this clause be omitted from the mortgage agreement?

    “Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.”

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  • Well?

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  • Or indeed modified.

    “Your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it, so long as homeowners do not pose a

    threat that would bring the entire banking system down on it’s knees.”

    A backlash!

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  • If these measures go through then banks will be even less willing to lend money than they already are. This means that house prices can only go in one direction.

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  • mark wadsworth says:

    Crunchy – well spotted. But JonB beat me to the answer.

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  • Or simply “Your home is NOT at risk if you do not keep up repayments on a mortgage or other loan secured on it.”

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