Mortgage strike threat might just force a response

SO FAR mortgage crisis loan modifications have been about as effective as using a foot pump on the Titanic.

Solely designed so that banks can delay owning up to their losses, it’s a hopeless “delay and pray” strategy given the sheer scale of homeowner financial vulnerability and growing insolvency.

With almost 100,000 home mortgages in trouble, close to 350,000 homeowners in negative equity, 200,000 variable rate mortgage holders paying twice the interest rate they should be paying and 290,000 tracker rate mortgages about to increase, it was only a matter of time before someone would float the notion of an organised civil disobedience campaign.