By any chance are you a civil servant or a banker?
No, I'm not. If I was in either of those positions, wouldn't I be far more likely to have purchased, and thus be braying for other people's money.
With attitudes like this the country will be paralyzed for decades.
No, you know what, you're completely right. What will push this country forward into the next upsurge in prosperity is if we completely pay off the mortgages of everyone who bought in the years 2004 to 2007, and if they're very good, those who bought 2007 to 2009 as well.
Paralysis is what is occurring right now; the moratorium on repossessions has almost completely frozen the property market. If the banks had been allowed to repossess in the same way as they do in the UK, the market would be seething.
There is more than a "few" who purchased at the wrong time and those that did were sold a pipe dream.
My words were "chosen few," I was referring to the 'special' nature of those who consider themselves above paying their mortgages rather than their numbers. However, now you mention it, relatively few of the population are in a situation where they are going to be in danger of losing the houses which they do not own and have failed to keep up adequate and legally agreed payments upon. (The house becomes 'owned' when the mortgage is paid in full, and no longer has a mortgage on it). Relatively, compared to the total population, that is.
What do you think about people going bankrupt?
I think it is unpleasant, and actually, I think that we would be in agreement were we to discuss it at length. I think that if one party is foolish enough to enter into an agreement with any other party, they have to consider the downside themselves.
What I mean is, someone should be able to walk away from their house and all their debts, and re-enter the world, free of obligations, after an appropriate period. The potential 30 year period here is ludicrous.