I hesitate to wade into this argument but I agree completely with Peterhun.
There have always been alternatives to mortgages and private home ownership. Traditionally owning a home was a dream for my parents generation never mind a home in another country for holidays.
Fine so things have improved for working people and hail to that. However in the last decade the property market simply lost it’s marbles and sucked in the gullible.
People with absolutely no concept of risk stepped into a world they did not fully understand.
Well folks that’s capitalism and market economics. Its also a form of evolution. The strong survive the weak fail. Its the most fundamental essence of our human civilization.
The banks were bailed out when they failed because government decided they were too important to fail. People with negative equity have little significance in the scheme of things. In any case if they give up and walk away the bank usually takes the hit.
Bailing out individuals in any form is nonsense. People need to take more responsibility for their follies and not expect help from anyone but themselves.
Losses go with any speculation. Buying abroad is just that. You have to wipe your mouth, pick yourself up and deal with it alone in the best way you can.
Well logan, what has been suggested in Ireland is a deferred interest scheme not a bailout, whereby to help people who have purchased during the boom years and have had wage cuts and are struggling to pay for their repayments now – this scheme has been introduced. The scheme which has strict criteria allow for those people that qualify to park part of their mortgage for an agreed period of time – for example the pay 66% of the interest of the mortgage, 34% is parked for an agreed time until the individual gets back on their feet -the goverment will subsidise the part that is parked. It is not a bailout – it is an attempt to get a dead property market back on its feet.