11-12-2021, 06:08 PM
Ruth Richarson sold the Goose that Laid the Golden Eggs - Housing Corp motgages. The banks (and Fay) bought them up because, um, you make shit loads of money from mortgages. We built our first house with a Housing Corp mortgage, same as our parents did. You didn't have to earn above a certain amount to be able to pay back the mortage - there was a minimum amount. We had to falsify my pay slips to show I was earning less than I really was...made sure we didn't own an expensive car, etc. It was tough to comply with the restrictions....and then we had up to 19% interest anyway at some stage.
So yeah, we had an easy step onto the ladder, and Solo Mums (Paula) were almost guaranteed a Housing Corp mortgage, a lot of Solo Mums from the '70's and '80's had their own home. Blame it on Ruth.
So yeah, we had an easy step onto the ladder, and Solo Mums (Paula) were almost guaranteed a Housing Corp mortgage, a lot of Solo Mums from the '70's and '80's had their own home. Blame it on Ruth.