THE INDEPENDENT: The taxpayer is to become the ultimate guarantor for hundreds of millions of pounds of mortgages as part of a radical strategy to boost Britain's ailing housing industry.
Under plans to be unveiled by David Cameron and Nick Clegg today, the Government will underwrite a proportion of mortgages for newly built homes – the first time any such scheme has been attempted in the UK.
By taking on some of the risk of lending, the Government hopes to bring down deposits of up to 20 per cent for first-time buyers to as little as 5 per cent, and to kick-start demand for homes. But, if the housing market were to suffer significant falls in the future, the taxpayer could become liable for losses on repossessed homes. » | Oliver Wright | Monday, November 21, 2011
My comment:
This is NOT capitalism! Since when should the taxpayer pick up the tab for private mortgages? This is a ludicrous scheme thought out by half-wits and dim-wits. – © Mark
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