Government to guarantee mortgages

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A topic from News & Current Affairs: Political

laresMon 21/11/11 01:02

"Under plans to be unveiled by David Cameron and Nick Clegg today, the Government will underwrite a proportion of mortgages for newly built homes – the first time any such scheme has been attempted in the UK.

By taking on some of the risk of lending, the Government hopes to bring down deposits of up to 20 per cent for first-time buyers to as little as 5 per cent, and to kick-start demand for homes. But, if the housing market were to suffer significant falls in the future, the taxpayer could become liable for losses on repossessed homes.

As part of a three-pronged approach to tackle Britain's housing crisis, housing developers will also be able to bid for up to £400m of government subsidies to start work building on land which they already own but consider currently uneconomical. A further half a billion pounds will be available to local authorities to create the infrastructure necessary to support new developments, while changes will also be made to encourage tenants to buy their council houses.

The proposals are the first of a package of measures to be announced in the run-up to George Osborne's autumn Budget statement, designed to boost growth by spending more on large infrastructure projects."

http://1sq.me/vChIvb

Isn't this the sort of dumb ass lending and encouraging indebtedness that screwed the world 4 years ago?

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