Continuing my occasional series* on "Crazy measure that the gummint adopts in the vain hope of staving off the house price crash", they are coming thick and fast now. Here's today's attempt ...
The Treasury's Yvette Cooper has also urged lenders to be more lenient on people who default on mortgages [and has] called for banks and building societies to have a more responsible approach when home owners default on their mortgages. The government is working on ways to tighten the rules when courts have to decide on repossessions. "We need to do everything that we can to keep people in their own homes," she said.
In other words, repossessions are bad for house prices, so you fix this by making it much more difficult for the bank for repossess houses. And seeing as the gummint writes the laws and has nationalised half the banking sector anyway, they can push this through quite easily.
Gentlemen, the Age Of Irresponsibility is about to go to the next level!
* Here, here, here, here, here and here.
Sounds as if he's been reassured
3 hours ago
4 comments:
how many people do you think listen to Yvette Cooper?
I do. And then tear her to shreds.
your labels on this post have me in tears
Bastards, Fuckwits, house price crash, Waste, Yvette Cooper
Back in April/May this year they hinted at this and several lenders pulled their 5% mortgages that night.
When will they realise that there is a free market out there. They can surely come up with something better. Maybe Yvette should buy up the mortgages, reposses and charge rent in effect making in social housing. after all Northern rock is doing the first 2
Learning from history - this government sucks at it!
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