Haven’t we been here before – Government backed mortgages

Published On March 12, 2012 » 767 Views» Politics

Reading the excitement about the Governments new scheme to enable homebuyers to have a 95% or even 100% mortgages shows just how eager people are to see the housing market get reinvigorated and that the trades of building etc could really invigorate the economy.  However, I have an alarm bell going off in my head, haven’t we been here before?  How did we get into this economic crisis in the first place?

We must remember that we got into this mess initially due to dodgy lending in the housing market.  Subsequently we have been chastised by the Government for having too much personal debt. 

So is this really a good thing, or are we just going to fall back to where we were?

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One Response to Haven’t we been here before – Government backed mortgages

  1. Richard Bard says:

    The sooner people accept that house prices are lower & are staying that way, the better. Once this is accepted action will return to the marketplace.

    On a related point, did I hear this morning that the government are going to increase the discount council tenants get when buying their council houses? So, despite having council waiting lists years long, lets sell some more of the stock – brilliant. Takes me back to the seventies – oh the memories.

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