Fianna Fail -- the Builders' Party
Friday October 17 2008
The State loan will clearly distort house prices by supporting a specific part of the market at the expense of the market as a whole.
Just like Orwell's 'Ministry of Truth', which in reality served the opposite function, the 'Home Choice Loan' offers little choice. The loans are only available to purchase new builds, which excludes a massive part of the market: all second-hand home owners hoping to sell to a first-time buyer.
There could not be a clearer signal that Fianna Fail are in the pockets of the developers than this, but there is more.
In addition to only making the loans available to buy new builds, the builds have to be part of the homebond scheme. The homebond scheme generally is adhered to only by large property developers. So this measure is also excluding small builders and developers from this "last hurrah" for the cronies of the Builders' Party.
For our Government to use our money to help naive first-time buyers into guaranteed negative equity so that their friends can exit the market intact is one of the most brazen examples of serving vested interests that I have ever witnessed.
Indeed, Mr Lenihan said in his speech on Tuesday: "This Budget serves no vested interest."
Much like a suspect blurting out "I didn't do it!" before they are asked.
It had guilt written all over it.
KARL HOFLER
ROEBUCK ROAD, DUBLIN 14
