Govt issues 'health warning' on 100% mortgages

The Government is issuing a “health warning” today about the long-term costs of 100% mortgages.

A new report from the Department of the Environment has revealed that, despite a fall in house prices, one-third of all new home buyers are signing 35-year mortgages, some for as much as €500,000.

If Gay Mitchell was the first leading politician to break ranks amongst all the parties , it looks like the rest are following him very quickly

Amazing how it took the Gov. 2 years to come out with a statement warning people against 100% mortgages.

I’ve noticed that certain VI’s are now starting to break ranks and becoming turn coats so that the last VI left standing will be seen as the cause of the Bubble.

The construction industry know by this time that the game is up and they are in no way complaining as they have made hay over the last 10 years or so. The banks are closing ranks and issuing statements to the Stock Market regarding low levels of new mortgages without any hesitation. In essence alot of the VI’s have nothing behind them to talk up the market particularly when the old chestnuts of the election of a new gov. and SD were blamed for the slowdown :unamused:

The next big indicator with the builders holidays when alot won’t be asked to return to work :cry:

Government warns that the stables from which horses have recently bolted now need to have their doors shut.

The GOV lead by Bertie “Die” Ahern, got into a awful at least 2 years ago when 100% came to the market, but did they do anything but bluster in the media, nope.

Remember some VIs were pedalling this line for a while.

“There will be no price crash, no government would let it happen . It is too important for the economy , the government generate so much income from high house prices”

Well it looks like the government are unable to prevent it (as we here knew all along) but Joe Public might just be beginning to believe that now.

A few weeks back I was talking to a neighbour here said, “ah but the banks wont let it happen” verbatim! Doomed I tells ya DOOMED!

Well, I never thought I’d see the words: “Gay Mitchell” and “leading politician” in the same sentence.

In all fairness, I’m not sure the Dept of the Environment and the Government per se can be conflated, there is the permanent civil service and the elected Government after all. Of course, the Minister would be free to suppress this report if he liked but Gormless probably has so much shit crossing his desk that he can’t keep track of the promises he made to Fianna Fail to keep this on the qt.

And as for the first leading politician, well, I think you’d have to give the credit to Comrade Joe back in the bad old days of 2004/2005. If you couldn’t give to a dyed in the wool red, then you might as well give it to Joan Burton or Roisin Shortall… Or even feckin’ Richard Bruton…