Banks should not bail out homeowners
Published 15/04/2011 | 05:00
I read with disgust the recent reports of plans to forgive portions of people's mortgages. While this may be justifiable in situations where a family has bought a reasonably-priced house but are now unable to cope due to redundancy, it is positively offensive in the case of anyone who was either cretinous or avaricious enough to buy at or near the top of the market.
By definition, the recapitalisations that will be necessitated by this debt forgiveness will be funded by all taxpayers, including those who were responsible and sensible enough to live within their means.