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Do mortgage rescue schemes ever work?

As the UK government comes to terms with the fact its £285 million mortgage protection scheme has effectively failed, there are concerns as to why these various packages are not working. Even though this is a very complicated and complex investment sector there is no doubt that homeowners are struggling to cover their monthly mortgage costs and the UK banking industry is struggling to find liquidity.

While it would be wrong to suggest that all mortgage rescue schemes have failed, there is no doubt that the £285 million scheme announced by the UK authorities earlier this year is just not working. Whether we will see the government put its hands in the air and announce a restructuring of the scheme or plod along with same idea remains to be seen, but many believe now is the time for action.

The UK government now has stakes in a number of mainstream UK banks and the power to introduce new policies behind the scenes. While initially it had seemed as though there was a sea change in the UK banking sector, the recent Royal Bank of Scotland bonus scheme has prompted many to suggest we are seeing a return to the banking sector of old. The UK government needs to rein in bonus payments and ensure that the public comes first, as they have invested billions upon billions of pounds of taxpayer's money into the sector.

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