I really have difficulty understanding the reasoning of some posters.
If I am interested in buying something, anything, I look around and make comparisons with other similar things, and get an idea if the price I am being asked if OK. I may ask a professional or not. Whichever¡ way, I make the decision.
If subsequently market prices fall, I cannot go and ask for my money back. Example If I buy a car for 25,000 and then the list prices is reduced for future purchases to say 20,000. That is my problem not the car dealers’.
The same with a property. It was I who decided that the price was OK and that I could afford it. No one pushed my arm up my back.
At the height of the property market, the price being asked was the going rate. Over the years before, when prices increased, I made a profit. I did not say I had paid too little. I had assessed the market well.
Prices have fallen due to market forces, mainly that considerably less people want to buy now than did before.
How can I blame the bank , who in good faith gave me a mortgage based on the value of the property at the time, the information that I provided on my ability to repay. If I cannot afford to pay now its my fault, I got it wrong.
I have sympathy for those who are in difficulties and I was pleased for those who in belter times made good profits. But that is the way life is.
If I borrowed a 100,000 from you, would you think it OK if I later said I cannot repay it and walked away ?
If a bailout is required it is not for the banks to the hit but us, through the government using our tax money. As I said in anther post, it could be levied as a Charity Tax, as that is what it would be.
This message was last edited by johnzx on 26/11/2012.