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Government mortgages

Chris_Nowak
Chris_Nowak Posts: 86 Forumite
in Mortgages & endowments
Anyone seen this mooted as a way of kickstarting the housing market?

The private sector seems to be unwilling/unable to rise to the occasion. Who else could give a lead if not HMG?
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Comments

  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    They had to borrow £2.7 billion to cough up for the 10p tax fiasco - how do you think they could fund mortgages around £60-80 billion a year..?
  • poppy10_2
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Why do you want to kickstart the housing market? It's already been kicked into the stratosphere in recent years, it's now coming back down to earth.
    poppy10
  • Hestia
    Hestia Posts: 40 Forumite
    I already have a government mortgage, and certainly not through choice...as you can probably guess I'm with Northern Rock...
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    Chris_Nowak wrote: »
    Anyone seen this mooted as a way of kickstarting the housing market?

    The private sector seems to be unwilling/unable to rise to the occasion. Who else could give a lead if not HMG?

    What, in order to maintain one of the biggest bubbles ever, the government (AKA the taxpayer....) should stump up a shedload of cash?

    Great idea!
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • Chris_Nowak
    Chris_Nowak Posts: 86 Forumite
    Er... howsabout a more modest share? Nobody's saying they have to take over the whole shebang - just enough maybe to get a small recovery going and CERTAINLY enough to put the frighteners on the more than somewhat disgusting fair-weather lenders we seem to be blessed with.
  • Incisor
    Incisor Posts: 2,271 Forumite
    1,000 Posts Combo Breaker
    Chris_Nowak wrote: »
    Er... howsabout a more modest share? Nobody's saying they have to take over the whole shebang - just enough maybe to get a small recovery going and CERTAINLY enough to put the frighteners on the more than somewhat disgusting fair-weather lenders we seem to be blessed with.
    So the economy is suffering from too many cream cakes, the party is rather dull because everyone is feeling quite sick and Dr Nowak's prescription is that the government should hand round another plate of cream cakes to get everyone stuffing their stupid fat faces just like they were doing before they felt sick?
    After the uprising of the 17th June The Secretary of the Writers Union
    Had leaflets distributed in the Stalinallee Stating that the people
    Had forfeited the confidence of the government And could win it back only
    By redoubled efforts. Would it not be easier In that case for the government
    To dissolve the people
    And elect another?
  • bookduck
    bookduck Posts: 1,136 Forumite
    neverdespairgirl wrote: »
    What, in order to maintain one of the biggest bubbles ever, the government (AKA the taxpayer....) should stump up a shedload of cash?

    Great idea!

    Wait till the Olympic bill is final. Your grand children will still be paying it off and maybe their too
    GOOGLE it before you ask, you'll often save yourself a lot of time. ;)
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    Chris_Nowak wrote: »
    CERTAINLY enough to put the frighteners on the more than somewhat disgusting fair-weather lenders we seem to be blessed with.
    Yes, the government owned/sponsored/supported northern crock are definitely putting the frighteners on the competition!
  • wisbech_lad
    wisbech_lad Posts: 295 Forumite
    The cause of this crisis was easy credit and low interest rates. To think that the cure is more of the same - well, it seems unlikely. Staying drunk doesn't remove the hangover...
  • Charlton_King
    Charlton_King Posts: 2,071 Forumite
    I've been Money Tipped!
    Just found this thread.

    Actually, it seems to me that Chris Nowak is at least half way right. Other replies appear to be saying that Government should never intervene in the housing market which is patently absurd. They already do in many ways, not least Stamp Duty.

    If we accept that HMG has a role to play in managing the economic affairs of the nation, then there is nothing to bar the concept of a 'government mortgage'.
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