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A mortgage plan that will save a whole generation

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What will happen to mortgages when unemployment rises to 15pc? How many first-time buyers, who bought at the top of the boom, will default? Will the banks throw them out on the streets and, if this happens, what benefit will the newly recapitalised banks get from an empty house with no tenant and a defaulted mortgage?

Widespread default on mortgages is likely to happen in the next year. This will accelerate the following year and will not stop until unemployment peaks.


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