Have we done this already? Let the taxpayer insure your mortgage

[Ruprect]

Taxpayer will pick up the tab for repossessions and property value losses

http://www.timesonline.co.uk/tol/mon...cle5769570.ece

Comment beneath that sums it up really:

Those of us who didn't leap to buy properties which we couldn't afford, and decided to stay in our smaller houses which we could afford, are now being penalised and having to subsidise those who have no sense of financial intelligence. Great.

[Bagpuss]

It's more a blank cheque to the banks than individuals.

[expat]

There is much more to come as an entire generation retires without sufficient savings of their own. They will need to get somebody else's money to live (reasonably well) off, and they will have the voting power to do it.

[Bagpuss]

Toxic old git as opposed to Toxic debt

[Ruprect]

It's more a blank cheque to the banks than individuals.

Still taxpayers money - that's the point.

[Bagpuss]

Of course, I despise the way the government are trying to prop up a bubble they helped to create. But then the consequences of doing nothind are far wrose

[Cyberman]

There is much more to come as an entire generation retires without sufficient savings of their own. They will need to get somebody else's money to live (reasonably well) off, and they will have the voting power to do it.

True, but who has destroyed our pensions since 1997 and increased taxes our savings, by reducing the tax-free allowance when bringing in ISAs !! Failing to encourage saving and encouraging benefit-scroungers by discouraging marriage is one of the worst crimes of this HMG.

[Cyberman]

Still taxpayers money - that's the point.

If people lose their jobs they would get assistance anyway in the form of housing benefit that would pay their mortgage. There's no extra loss to the taxpayer here and in fact a possible gain as interest is deferred and capitalised, thus reducing the burden on the taxpayer.

[expat]

True, but who has destroyed our pensions since 1997 and increased taxes our savings, by reducing the tax-free allowance when bringing in ISAs !! Failing to encourage saving and encouraging benefit-scroungers by discouraging marriage is one of the worst crimes of this HMG.

As in, True.

The usual question: if you think NL did this, how did they manage to do it to everybody else too?

[Cyberman]

As in, True.

The usual question: if you think NL did this, how did they manage to do it to everybody else too?

Labour have destroyed pensions except for gold-plated ones in the public sector. Not only will people not get proper pensions, but HMG will lose out on tax that they would have got through these people when their pensions are paid, and also have to pay additional benefits via pension supplements.
Thus a double whammy for all future taxpayers and the economy as pensioners' spending power is reduced.