From the TUC

US mortgages that work for workers

28 Dec 2011, By

This is NOT a sales pitch, but I’d be interested in any examples of similar provisions in Europe. I’ve just come across a remarkable blog on the AFLCIO website about a union-backed mortgage plan which provides cover for people on strike, unemployed or off sick (remember that in the US, social security is far more restrictive than in the UK or the rest of Europe – mortgage insurance and state benefits in the UK would certainly cover some of these, but not, I think, being on strike!) Part of the reason for the decline in strike activity in the UK is due to the high cost of living which means that workers are reluctant to lose more than a few days’ pay at a time, and unions rarely have the reserves for prolonged strike pay, but this US mortgage would make that decision a bit easier (although it’s mostly based on interest free loans, with only a few grants).