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Government to become a Sub-Prime Lender after the Budget
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Over at the Property Pin they have been digging away at the proposals in yesterday’s budget for affordable housing provision. The website set up (homechoiceloan.ie) appears to suggest the government is steppign into subprime mortgages for those refused by banks and building societies as well as stipulating the houses purchased come from the 35,000-50,000 new, empty houses build during the boom.
The IEDR for the domain was dug up and it shows this was bought on 11 September – well before the budget. Plans afoot for a while on this front. Over the the pin they reckon variously it is state aid, bailout for builders and subprime sharking.
Sounds pretty much that it is state aid for builders.
Although. If builders go bust. The loans the banks are owed foreclose and the state gaurtees the loans.
Now what is better. To loan people the money to get these. Or compensate the banks when loan fails and I am guessing take possession of the defaulted assets nameily the house and sell it to a family.