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Mc WIlliams article

By midlander at 22:39, Sat January 8 2011, in Buying or selling - 7 responses

"We need to prevent mass chaotic mortgage default and offer hope to the 400,000 people in negative equity. For these people -- who are largely that generation aged between 25 and 40 -- Ireland has become a large debtors' prison with no payroll. People make mistakes; we all do. We should not be punished indefinitely.

However, others should not have to dig deep to bail them out either as the prudent would then be paying for the profligate.

In order to liberate those trapped in negative equity, I would make all their mortgages "non-recourse" as is the case in the US. This means that they can hand the keys back to the bank and that will be the end of it. The mortgage debt will not follow them about indefinitely." DAVID MCWILLIAMS. IRISH INDEPENDENT. SAT 8th JAN

Any comments? Do you think this could happen here?
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