With all the wailing and gnashing of teeth going on about people over-extending their finances and losing the homes they never could have afforded in the first place, I’m very surprised the Dems haven’t mounted a serious attack to use tax-dollars to bail the delinquent out.
Maybe they’re just waiting to see what the UK Parliment can write up so that they can crib off it?
The number of Britons losing their homes because of bad debt hit an eight-year high in the first half of 2007 as rising interest rates push more and more borrowers over the edge despite double-digit house price growth.
…..
The Council of Mortgage Lenders said home repossessions soared by almost a third in the first half of this year compared to a year ago to 14,000 — the highest since 1999 and roughly 77 homes a day.
Official figures also showed personal insolvencies at near record levels, with the equivalent of nearly 12 people an hour succumbing to bad debt in the three months to the end of June.
“The numbers make unpleasant reading and it is going to get worse,” said Alan Clarke, an economist at BNP Paribas. ”
The Bank of England has hiked borrowing costs five times to 5.75 percent since last August and is expected to push interest rates up to 6 percent by the end of the year in order to bring above-target inflation back under control.
Oh no, I just thought of something!
What if the Dems want to bail the British homeowners out too!?!
Nah. Even with the whining power of AlGore and Howard Dean put together, the Dems couldn’t get those votes authenticated.
Unless they went through Chicago. Hmm.
Edwards has already suggested the “home protection act” or some such silliness.
Who’d a-thunk it? A lawyer looking to get people off of the hook in a bad situation brought on entirely by their own actions….