Mortgage holders in crisis
Sir, – Enid O’Dowd (Letters, September 24th) suggests that mortgage holders in need should receive State support.
While the underlying intent is admirable, such a move would surely represent yet another State bailout for the banks, with their unshakeable entitlement to remain profitable and collect every cent due to them, no matter a global pandemic, individual circumstances, or who pays it.
We are living in unprecedented times, and it is time for radical measures. The banks in this country owe this country and its people a debt of gratitude for ensuring their very survival. Maybe now is the time to make good on that debt, and permanently write-down some of the mortgage debt for those struggling with finances as a result of Covid-19. Or at the very least facilitate reduced payments and zero interest for a certain generous defined period to allow people get back on their feet.
There will of course be a raft of excuses wheeled out about central banks and rules and moral hazard. All of which we have heard before, back in more normal times. But let’s not forget that banks are allowed to lose money too. And at the very least, the gesture may provide some genuine content for their next round of utterly nauseating TV commercials. – Yours, etc,