Homeowners took gambles
THE suggestion by some sectors of public opinion that there should be a bailout for homeowners struggling to repay mortgages is ludicrous.
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.