Letters: Bail out ordinary bank borrowers
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Published 25/04/2010 | 05:00
Sir -- The son of a friend of mine bought a house for €450,000. He borrowed €425,000 from a bank.
He was made redundant a year ago and could not make the repayments or interest. He left the house and went to live with his father. The bank said if they sold the house it would bring in €100,000 less than what he still owed on the house. He would have to pay the difference.
His position is that he is not working and only for his parents he would be on the breadline. The banks cannot get blood out of a stone. Yet our Government has guaranteed to pay all the banks' losses which will amount to billions of euro, and good people will have to pay that money in taxes all their lives.