Petitioning the Government to help people as well as banks

AJ_London

Hi everybody.

Instead of posting competitions today I thought I'd post something I found on digg that I think is particularly interesting:

Mortgage Petition
Link: http://www.mortgages.co.uk/petitions/bail-out-people-not-only-banks.asp

The basic idea is that instead of just helping the banks, where the fat cats are at, the Govt. should also help us.

...use this money to buy a measure of mortgage debt off the lenders, in return taking an equity stake in qualifying properties. As well as providing liquidity to the banks, this give the consumer genuine and much-needed assistance. Problems such as arrears, repossessions and negative equity disappear. This would bring stability and equilibrium back into the market.

I think its a good idea and signed my name. I thought I should share it as I'm fed up of all of this. My friend lost her job at Lehams (the chinese girl on the BBC report holding her box - that's her!!) and a friend of mine also at ML.

dunstonh

So, you think the tax payer should help out individuals who dont pay their mortgages?

My friend lost her job at Lehams (the chinese girl on the BBC report holding her box - that's her!!) and a friend of mine also at ML.

Tell them to claim on their insurance. If they dont have it then it's their own fault for taking on such a risk. A bit like their ex employers. OK, thats harsh but it is the consequences of taking a risk. House purchases are not risk free.

There is existing provision with benefits to cover the interest payments anyway after a qualifying period. So, with an emergency fund they should have built up and insurance, that should see them through to when they qualify for benefits if they havent got a job by then.

No need for more taxpayers to bail out those that chose not cover themselves for this eventuality and I speak as someone who was made redundant in the last financial crisis and didnt go signing petitions to get more money.

AJ_London

I think the government should help those who can't pay their mortgage, certainly. Fixed rate hikes, increased lender charges, hidden fees - with the rise in general living, why should we bail out banks, who pay millions to their executives for losing our money in lieu of the people, i.e. us, who are worse off for it?!