Pretty much Bronte.
Sticky territory this one.
Imagine though what the bill to the taxpayer would be if debt forgiveness became a reality?
A damned if you do damned if you don't scenario.
The tax payer is picking up the tab, Because of bad government thats not the fault of the mortgage holders.
The tax payer is picking up the debt of bond holders all over europe.
The taxpayer is pouring money into AIB so it can be sold, there is no Bank of Ireland it foreign owned.
It's grossly unfair to blame people for bad goverment other than for being stupid enought to vote for them and being sold a pup in the first place.
The more I read Kerrigan recent post the more it makes sense to me as the least worst solution. Better than a simple make-them-pay or forgive-their-debt solution.
Couldn't agree more !
All of these debts would have been suffered by German & French banks and any other lenders/ Bondholders (who were getting an interest rate by the way to reflect their gamble) on lending to these Banks. The real villains are the morons who bought a pig in a poke on your behalf. The banks have already received the money to sort this out but greedy pigs have been allowed to hoard it by the present government .There has been a coup d'etat in this country right under our noses , we don't have a government anymore. Rant over.
I shudder to think what will become of this already depressed economy if we see mass evictions next year.
Moved from another thread by mods.
1 People on interest only = (Debt has not been forgiven, it has been extended and paused)
2 Bankrupt builders returing Home from the UK = (Debt has not been forgiven, they legally washed their hands of it)
3 Won't pays = (Still have not been forgiven, and even further from it as they are willingly not paying).
The crux of the issue is wiping peoples debt.
Mark12 is actually correct. Any alteration of the original terms of a mortgage to the benefit of the mortgagee is a form of debt relief. Whether it's restructured, extended or partially written off.
Debt forgiveness is defined as:
- " the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations."
But just extending the loan isnt adding to your debt. You owe the same just over a longer period.
My only point with extending a mortgage amounting to debt forgiveness is that if you and I earn the same and borrowed the same, you decided you want 15 years and I want 25 years at the start, if you later realise that you cant pay back at the speed and extend to 25 years, we are the exact same but in your eyes you are getting debt fogiveness and I am not.
If you are extending to a lenght that you could have taken when you took out the mortgage in the first place I wouldnt call it debt forgiveness. Others might see it a different way though.
or the slowing or stopping of debt growth
That is the definition, you may not see it that way, but that is a form of debt relief. If you ask me for a loan of 5k and I take it off my credit card (for example) and you promise to pay me back in 12 months, if you don't pay me and I can't repay it then I incur extra interest charges, I don't pass these too you, hence debt relief.
from wikipedia, your own sourceIn modern times, the most common alternatives to debt relief in cases where debt cannot be paid are forbearance and debt restructuring.
Your debt isnt growing if you extend the lenght of your mortgage
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