Hollywood comes out to bat for Obama: video round-up

Sarah Jessica Parker, Lena Dunham, and Lucas Gray have all produced videos in support of the president.

Under two weeks to go until the US election, and the media world is going headfirst into its support of both candidates. But mainly Obama.

Sarah Jessica Parker appeared on Access Hollywood and passionately gave her reasons for supporting Obama (after a detour about her trip to collect Irish groceries which, apparently, are a thing) – and for opposing Romney.

Jezebel, who posted the video, sum up her appearance:

Romney's flip-flopping, almost accidentally shows her home address on National TV because she's JUST LIKE US, acknowledges that she would be better off financially with Romney as president but she's concerned about equality and women's rights, she won't move to Canada if Romney wins because she will not give up on this country, she is all about women voting, WOMEN VOTE DAMMIT OR SHE WILL COME AFTER YOU. . .

SJP for president! OF MY HEART.

Elsewhere, animator Lucas Gray, who has previously worked on the Simpsons and Family Guy, wrote and directed a superb three-minute adaptation of one of Obama's speeches into a film called Why Obama Now. It focuses on attacking the concept of "trickle down" economics, and does a remarkably good job. Plus, it has graphs, but doesn't scare people with them:

Finally, Lena Dunham, writer, director and star of Sky's Girls, has produced a sweetly funny video about her first time (voting), aimed at people in the same situation this year as she was last election:

The president speaks. Image from the video "Why Obama Now"

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

Getty
Show Hide image

I was wrong about Help to Buy - but I'm still glad it's gone

As a mortgage journalist in 2013, I was deeply sceptical of the guarantee scheme. 

If you just read the headlines about Help to Buy, you could be under the impression that Theresa May has just axed an important scheme for first-time buyers. If you're on the left, you might conclude that she is on a mission to make life worse for ordinary working people. If you just enjoy blue-on-blue action, it's a swipe at the Chancellor she sacked, George Osborne.

Except it's none of those things. Help to Buy mortgage guarantee scheme is a policy that actually worked pretty well - despite the concerns of financial journalists including me - and has served its purpose.

When Osborne first announced Help to Buy in 2013, it was controversial. Mortgage journalists, such as I was at the time, were still mopping up news from the financial crisis. We were still writing up reports about the toxic loan books that had brought the banks crashing down. The idea of the Government promising to bail out mortgage borrowers seemed the height of recklessness.

But the Government always intended Help to Buy mortgage guarantee to act as a stimulus, not a long-term solution. From the beginning, it had an end date - 31 December 2016. The idea was to encourage big banks to start lending again.

So far, the record of Help to Buy has been pretty good. A first-time buyer in 2013 with a 5 per cent deposit had 56 mortgage products to choose from - not much when you consider some of those products would have been ridiculously expensive or would come with many strings attached. By 2016, according to Moneyfacts, first-time buyers had 271 products to choose from, nearly a five-fold increase

Over the same period, financial regulators have introduced much tougher mortgage affordability rules. First-time buyers can be expected to be interrogated about their income, their little luxuries and how they would cope if interest rates rose (contrary to our expectations in 2013, the Bank of England base rate has actually fallen). 

A criticism that still rings true, however, is that the mortgage guarantee scheme only helps boost demand for properties, while doing nothing about the lack of housing supply. Unlike its sister scheme, the Help to Buy equity loan scheme, there is no incentive for property companies to build more homes. According to FullFact, there were just 112,000 homes being built in England and Wales in 2010. By 2015, that had increased, but only to a mere 149,000.

This lack of supply helps to prop up house prices - one of the factors making it so difficult to get on the housing ladder in the first place. In July, the average house price in England was £233,000. This means a first-time buyer with a 5 per cent deposit of £11,650 would still need to be earning nearly £50,000 to meet most mortgage affordability criteria. In other words, the Help to Buy mortgage guarantee is targeted squarely at the middle class.

The Government plans to maintain the Help to Buy equity loan scheme, which is restricted to new builds, and the Help to Buy ISA, which rewards savers at a time of low interest rates. As for Help to Buy mortgage guarantee, the scheme may be dead, but so long as high street banks are offering 95 per cent mortgages, its effects are still with us.