While I don't want to see people put to unnecessary hardships, I have to say that the current suggestion by a number of parties to write off people's debts when they sell their houses for instance, is neither fair nor equitable.
If the Government does what is stated above, could I buy a house safe in the knowledge that if the price fell, I could sell it for whatever it happened to be worth at that time and write off the mortgage loss?
Sounds great! A risk-free investment is what we all want.
Secondly, why should people who didn't purchase overpriced houses be penalised for being more frugal? We already are paying more in taxes to pay for others' mistakes.
Whether it's a business investment or an "investment in your future", a house purchase is simply that -- an investment. While I feel sorry for many people, they made the investment; it failed -- that's the way it works. So, sorry to say it, but it has to be said: "Caveat Emptor", Let the buyer beware!