|
Jul. 28th, 2009|01:58 pm |
Well, I am all for letting banks take their part of the fall, as one who (a)has bought a flat where to live, and (b) works in public sector at the moment.
For me, personally, however, it would be quite enough to make me feel secure, if defaulting on my mortgage meant that bank only takes my apartment and has to write off everything else I would owe them.
As it is now, I am stuck with a mortgage that is still manageable, but barely, and the understanding that even if I have to give back to the bank the apartment, I would still owe them for the rest of my life, as they wouldn't be able to quickly sell the apartment for the same price I bought it for.
As I understood, betting only the apartment you buy, rather than half your wage for the rest of your life is the situation in the US mortgage market [although a recent visiting friend from the US denied this, so there are conflicting reports].
If a provision such as this would have been adopted sometime at the start of the credit boom, I believe it would have been quite enough of the detterent for banks to lend more responsibly.
|
|