Council Mortgages

Err, what?

Under Government-backed plans to restart the housing market, councils would sell £2 billion-worth of mortgages to tens of thousands of people hit hardest by the credit crisis.

Some of the finest financial minds in the country have come unstuck recently by lending money for house purchases. Now we\’re going to get the people who collect the rubbish to offer them?

Are we sure this is entirely wise?

3 thoughts on “Council Mortgages”

  1. Wow, the mind reels at the possible unintended consequences of such a programme.

    One question about the article:

    Councils would be able to borrow against anticipated revenues to help home owners find the best mortgage rate.

    Would “anticipated revenues” also be known as future taxes paid by taxpayers?

  2. Pingback: Government to Nationalise housing market ~ but only the shit, unprofitable parts « Nation of Shopkeepers

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