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No sorry your wrong, I didn't(and a huge number like me) take on a mortgage I couldn't afford, and we shouldn't be asked to pay for others mistakes (I'm not any
by dublinclontarf 16y ago
No sorry your wrong, I didn't(and a huge number like me) take on a mortgage I couldn't afford, and we shouldn't be asked to pay for others mistakes (I'm not anyway, emigrated last year).
It did not bail out ordinary people who had borrowed a little too much, these people are getting doubly screwed over. Paying extra taxes (which the governemt is raising, a large part of which is going to the banks) and they still have to pay back the loans on homes that are now in negative equity, on which rates have risen.
If nature were allowed to take it's course, the people who lent the money(other EU countries as it turns out) would have to take a hit(accept that they won't be getting all their "investment" back.
You can't just call in a loan, you know, contracts and all that, and why would the lender even want to do that? Who wants an unsellable thing like a house in Ireland(you can't sell them nowdays, no ones buying) instead of SOME of their money back.
So the current state of things in Ireland is homeowners that are in negative equity(everyone who borrowed since 2000 essentially) are prisoners. They can't sell, can't leave, they just have to take it(and both the government and the banks know this). And I'm sure the voters don't like that.