Mortgage Payments Help - Will Obama Follow Brown?

The UK Prime Minister, Gordon Brown, has announced plans to enable people who are struggling to meet their mortgage payments, to receive generous assistance. This is a move to try to stem an increasing number of foreclosures that have been forecast to rise to similar levels as those experienced in the recession of 1991.

This latest initiative, to assist with mortgage payments, is aimed primarily at people whose jobs are at risk, or where a demonstrable drop in income has occurred. Help is to be available for up to two years and for mortgages secured against properties valued at up to £400,000. It seems that many, but not all, of the major lending authorities have agreed to participate in the scheme.

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It would appear that full details of the intended scheme are still being assessed. However, it would seem to be of potential benefit to both borrowers and lenders. It would assist borrowers with their mortgage payments, during difficult times, and the government would guarantee any additional exposure by the loan sources. If the circumstances of participants had not improved, after the two-year period, the banks would not suffer additional losses because of their commitment to the plan.

There can be no more unpleasant prospect than the threat of losing a home, when job prospects are declining, and mortgage payments are high. Therefore, most pundits have welcomed the plans as a step in the right direction. Others have suggested that it may be only delaying the inevitable. But that is a gloomy view, and the whole world has a vested interest in doing whatever possible, to limit the effects of the downturn.

The situation in the United States will be clearer after the inauguration, but as with Prime Minister Brown it is known that President-elect Obama, will want to do all he can to help homeowners at risk. Global problems need global solutions to restore the confidence that is currently lacking.

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Mortgage Payments Help
Mortgage Payments Help