Under this scheme, a distressed borrower ( mortgage unsustainable )will value the property with 2 valuers, and the bank will realise their security by selling it to (the state) a social housing agency or local authority.
In return the borrower remains in the property at starting rate of 10% of their assumed distressed income, and will have to deal with the negative via a DSA.
The effect of the scheme is that it provides the banks with an opportunity to liquidate cash ( at a minimal cost) through the state which will finance the agency intervention.
I assume unsustainable mortgages can only escalate, and the cost of this scheme will be alarming.
In return the borrower remains in the property at starting rate of 10% of their assumed distressed income, and will have to deal with the negative via a DSA.
The effect of the scheme is that it provides the banks with an opportunity to liquidate cash ( at a minimal cost) through the state which will finance the agency intervention.
I assume unsustainable mortgages can only escalate, and the cost of this scheme will be alarming.