Today’s Telegraph reports that “Gordon Brown is to prevent banks and building societies offering 100 per cent mortgages in an attempt to usher in a new era of “responsible lending”.”
Gordon Brown has been in charge of the British economy as Chancellor or Prime Minister for nearly twelve years. During his term as chancellor he bragged incessantly about his “prudence” while presiding over an era of irresponsible lending. In all that time it never occurred to him that 100% mortgages were a bad idea.
But now, 17 months, after the collapse of Northern Rock he announces that he is to put a stop to 100% mortgages.
Too late Brown. Too Bloody late.
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