Saturday, December 15, 2007


The then Prime Minister Margaret Thatcher was reputed to be the one to think up the phrase "property owning democracy". It was possibly dreamed up by one of her advisers, just like her "the lady is not for turning". Who ever thought up the phrase must wish they hadn't bothered as more and more evidence highlights re-possessions and mortgage payments defaults.
"In a damning report, the Citizens Advice Bureau said that irresponsible lending decisions and "aggressive arrears management" by sub-prime lenders was causing increasing numbers of house owners with credit problems to miss mortgage payments or to have their homes repossessed. Numbers of home repossessions, already at a seven year high, are expected to rise by 50 per cent this year to 45,000, according to the Council of Mortgage Lenders."
(Times, 12 December) RD

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