It's was Compulsory Purchase Order in all but name. A fair price was worked our between what the land was worth and what folk could pay. As a measure of the poverty of the time, a three generation term of 100 years was worked out. This could be done again...
The money the bank loaned out to but farms and homes was borrowed from another bank. This is the principle. While they should take a haircut
on this too as they have to pay it back to a bigger bank most of it will have to be paid somehow. The intrest has to be forgotten. Say a 250000 mortgage over 20 years is paying €1.50 per thousand per week. That's 375 a week in payments out of a family income of 500 take home if both parties are working low paid jobs. Spread it over 100 years (five times the term) and repayments are reduced 80% putting money back into the economy, securing the family home, and guaranteed home for children. Say children don't want the home? Make a new category of property which I call 'Bonded' in addition to Freehold and Leasehold. The property can be sold for a nominal sum with the mortgage terms already agreed. Buyer pays 75% of the payments already made and pays off the remainder.
