Tuesday 21 February 2017

Don't blame the homeowners

Published 16/04/2010 | 08:45

COLM Lauder ('Homeowners took gambles', Letters, April 14) argued against a bailout for those who are struggling to pay mortgages saying, "No borrower was forced to take out 110pc mortgages or car loans. These were their decisions and their gambles -- they cannot blame everyone else . . . If financial institutions are to be punished for reckless lending, then homeowners who partook in reckless borrowing must also face their responsibilities."

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I would certainly agree with him as far as borrowing for a car loan goes.

However, I will argue that many people had no other choice but to take out a mortgage even when they knew they couldn't really afford to do so, because that was the only way they could provide their families with a home.

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