V
Velazquez
Guest
From reading the discussion on affordable housing / shared ownership and the levels of arrears that are apparently building for local autorities, it is seriously questionable if local authorities have or ever had a legitimate role in mortgage lending.
If people were unable to obtain a mortgage from a bank in the good old bad old days when they were prepared to lend to just about anyone, this suggests to me that those people simply could not afford to own a home.
Local authorities were effectively a State sponsored sub-prime lender but unlike most sub-prime lenders, their rates were lower than those available in the market.
If people were unable to obtain a mortgage from a bank in the good old bad old days when they were prepared to lend to just about anyone, this suggests to me that those people simply could not afford to own a home.
Local authorities were effectively a State sponsored sub-prime lender but unlike most sub-prime lenders, their rates were lower than those available in the market.