Cut bubble loans to true values
Sir -- I think Sean Mahon (Sunday Independent, June 26, 2011) is correct. Mortgages taken out during the "property bubble" should be automatically given a significant write-down. During this period, four things grossly interfered with the property market:
Commission-driven auctioneers said things like, "This is a good investment but the bigger house is better value."
Bonus-driven lending institutions advised, "You can afford the bigger house, fully furnished, with a 100 per cent loan."