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The luck of the Irish: banks to pay off mortgages...

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By Caroline Dann | 12/10/2012 6:30:00 AM |

In an unprecedented move, the Irish government will pass laws encouraging banks to substantially cut homeowners' debts.

The move, aimed to reduce foreclosures and help thousands who are struggling, is being closely watched by the US to see if it is a viable preventative to a housing crash.

Critics argue unscrupulous borrowers will simply take advantage of the bailout and stop making payments altogether.

Before we get too excited, the government is merely making a suggestion: paying off or substantially reducing the debt will not be 'enforced' according to Ireland's justice minister Alan Shatter.

Too bad.


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  • doyla66
    doyla66 Friday, 12 October 2012

    As i have commented here before.. try Professor Steve Keen's idea for a Modern debt jubilee
    Personally I too am inspired by his vision and his ideas. I think they would be easy to sell as political policies and to lobby politicians to consider Steve's ideas. At this stage the situation is so urgent that I'd vote for anyone who adopted such policies.

  • doyla66
    doyla66 Friday, 12 October 2012

    I agree, Arree.
    With the Aussie Dollar over priced and interest rates falling Steve Keen's Jubilee is timely.
    His ideas would probably sell either right now (for the enlightened) or very soon, unless Australians are still planning to be so super responsible that they don't even want a hand to pay down their loans that probably don't deserve repayment at all. The entire system has "banked" on borrowers being prudent and responsible with their loans while the banks and lenders have been ... well, laughing all the way to the bank as they didn't have much, if any, skin in the game with secret securitisation on the back end of the loans. That's why they must be publicly and severely reprimanded for their conduct and jailed to drive the message home. I guess the average pollie has no idea what to do about the securitisation mess ...

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