Green Party plan for borrowers in trouble

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Celt07

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http://www.independent.ie/national-...-homes-from-struggling-customers-1911571.html

What do people make of the new proposals contained in the revised programme for government? They seem to be aimed at those who have defaulted on mortgage repayments. Could anything be done for those who haven't defaulted but who now find themselves in a negative equity situation? They seemed to suggest on Newstalk this morning that the government could possibly introduce a subsidy in situations where mortgage repayments are above a certain % of income, say 40%.
 
Re: Programme for Government Proposals

Presume it would be the government. Not sure of the details but they say a similar scheme exists in the US.
 
Re: Programme for Government Proposals

Celt07 said:
Presume it would be the government. Not sure of the details but they say a similar scheme exists in the US.
Click to expand...

This "government" person. What do they do for a living to be able to afford such largesse?
 
In a report last week the Economic and Social Research Institute said that as many as 35,000 people could end up defaulting on their mortgages next year if house prices continue to plunge.

I took this from the article in the Independant. It makes no sense.

How does house prices falling have any bearing on somebody defaulying on their mortgage?

I think they are trying to be sensationalist.

While I feel very sorry for the 138 households who have lost their homes this year, it is a miniscule proportion of the overall number.

The government need to prioritise their (and our) scarce resources and I think negative equity mortgage holders should be well down the list.
 

That's fantastic! Presumably that applies to everyone. So, if I go out today and buy a house that's 80% of my income, I'll get cash back too from Mr Government?
 
This is more than just a Green Party plan. The proposals are contained in the revised Programme for Government document where both parties in government outline a number of possible options which they could introduce to help people who are struggling with mortgages.

They also say the following which may be referring to the US subsidy scheme that the Indo picked up on, "With reference to the measures adopted in other jurisdictions, the Government will examine ways of expanding its own mortgage -support measures".

I didn't say I agree with the proposals and obviously I accept the point that it's us as taxpayers who would ultimately pick up the tab. Whatever people think, they do appear to want to introduce something.
 
That will teach me a lesson for buying a house I can afford.

Lesson learned , no such mistake next time.
 
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