woody234 Posted October 24, 2008 Share Posted October 24, 2008 in the news it said the uk goverment will bale out uk banks with 200 billion pounds but how much would it cost to bale out the 45,000 uk familys who are struggling with monthly payments and are expected to lose there house in the next year, some people say 10 billion would be enough to pay off all the mortgages, is the uk goverment going to help the familys with mortgage problems Link to comment Share on other sites More sharing options...
Sunday Driver Posted October 25, 2008 Share Posted October 25, 2008 Well, whatever happens, they're certainly not going to hand over £10 billion to 45,000 families so they can pay off their mortgages......[;-)] Link to comment Share on other sites More sharing options...
giantpanda Posted October 25, 2008 Share Posted October 25, 2008 Hi!I am afraid, the 2 questions are quite different, and this in most countries has not been explained properly to the population.Helping the banks, is in most cases not done " free":-When there is capital help, there is State participation, who has the latitude to be able to wait to get there money back, in some times at higher value.-when it is liquidities ( and that is the major problems of the banks at present, since other banks are loathe to lend them cash ), it is done at the current interest rates.So in fact the risk the State is taking ( which is necessary ) is rather limited. Most EC countries speak of under 5% of the sums.For single mortgages, the cost for the State is difficult to appreciate, because in most cases it is a real dead loss.Especially in GB where the Estate market was rather special ( if you compare it to France ) there will be a radical change, because buying ( without any capital ) to rent and make a profit is out for decades.Certainly there are intermediate cases, where it is only a time factor, where the State could recuperate the sum invested. Here certainly something will be done.Yours,giantpanda Link to comment Share on other sites More sharing options...
AnOther Posted October 25, 2008 Share Posted October 25, 2008 Any scheme to assist those in danger of losing their homes would be impossibly fraught to administer not to mention highly controversial.Whilst one can sympathise with those who have acted prudently yet still find themselves in dire circumstances what of the feckless who have repeatedly remortgaged and borrowed to pay for new cars, plasma TV's, extravagant holidays, WHY. Are they deserving of one single £ of taxpayers money ? Link to comment Share on other sites More sharing options...
Gastines Posted October 25, 2008 Share Posted October 25, 2008 Why can't the UK exchequer pay off the debt on these houses,thus getting ownership and rent back the property to the otherwise homeless families? The rent could be deducted as source from benefit or salary. If all these families are going to be made homeless ,I presume the local councils will have to assume responsibility for the them and the costs. Mind you perhaps the Exchequer would prefer local councils to shoulder the costs from local taxes than have to put it's own hand in the till. A few of the bonuses handed out might go some way to helping out if they were recouped. It would also save housing people in million pound houses and paying benefits on top as some of the London councils seem to be at present. Regards. Link to comment Share on other sites More sharing options...
Iceni Posted October 25, 2008 Share Posted October 25, 2008 [quote user="woody234"]in the news it said the uk goverment will bale out uk banks with 200 billion pounds but how much would it cost to bale out the 45,000 uk familys who are struggling with monthly payments and are expected to lose there house in the next year, some people say 10 billion would be enough to pay off all the mortgages, is the uk goverment going to help the familys with mortgage problems[/quote]Q. I am not struggling to pay off my mortgage - why can't I have some taxpayers money ?A. 1 - you are too prudent so do not deserve itA. 2 - you do not live in a Labour marginalJohn Link to comment Share on other sites More sharing options...
Frederick Posted October 25, 2008 Share Posted October 25, 2008 The finest bit of advice I ever received was from the manager of what was then the CO - OP building society....As a young man in the second year of marriage seeking to buy a house and obtain a mortgage he said "If your monthly mortgage paymernt is more than your weekly wage you cant afford it ! " We all know sombody who has exagerated his or her earnings when seeking a mortgage because we live in a " must have it now " society and the new kitchen costs and other add- ons ..furniture cars etc have been put on the mortgage ......If these people have taken on more than they could afford and now stand to lose it.... then......sorry ..... you should not have been so irresponsible and streatched yourself beyond your means .... so ...why should the tax payer bail you out ? Link to comment Share on other sites More sharing options...
Frederick Posted October 25, 2008 Share Posted October 25, 2008 It appears Argentina has by nationisation grabbed private pension funds to bail itself out .........what next ? Link to comment Share on other sites More sharing options...
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