Britain is ruled by the feckless, for the feckless?

[fido]

Just to balance the anti-banker threads on here and the general populist mood.

http://www.dailymail.co.uk/news/article-2074316/Ba... <- news article!

Is it right that Banks should be forced to lend in less-that-desirable circumstances and doesn't it just kick off the whole cycle of lax lending that got us into this mess?

Edited by fido on Thursday 15th December 13:16

[Digga]

This is the News forum.

As for politicians - well see the thread jusst started about Chirac.

As for democracy, as Huxley wrote, it's the "tyranny of the masses".

[madala]

....that's what America did (forced banks to lend unrealistically)a few years back and that's what got us into this terrible state in which we now find ourselves.....yeah....let's have some more toxic debt....sigh.

[Fatman2]

"For example, this could help a couple who had taken out a 100 per cent loan to buy a house for £100,000 only to see its value fall to £90,000....

and

The loosening of restrictions will be allowed only for good customers who have never had any problems repaying the mortgage they took out...

but

But it will also tell lenders to distinguish between those good customers who meet their payments and the feckless who simply over-stretched themselves.

Sorry but in my book attempting to borrow 100% is feckless and over stretching oneself.

As harsh as this sounds (and as sad as it is to see people in neg equity) people need to learn from their mistakes. Why should they be bailed out to make the same mistakes again. It's like daddy bailing you out because you messed up with your finances.