Deputy Jackie Cahill calls for support for Fianna Fail debt resolution Bill
New thinking is needed to address the growing mortgage crisis in the county, according to Deputy Jackie Cahill.
And the Fianna Fail Tipperary TD has said that all TDs should support his party’s Mortgage Arrears Resolution (Family Home) Bill 2017 to protect the family home.
Deputy Cahill was commenting following the release of debt resolution analysis carried out by the Insolvency Service of Ireland, which shows Tipperary among the top couties whe it comes to debt resolution.
“We have very high levels of Tipperary homeowners availing of these types of protections. With a total of 148 DRNs, DBAs or PIAs, Tipperary is top of the charts in a field that we shouldn’t be looking to excel at. The areas ahead of Tipperary include the cities of Dublin, Cork, and Waterford and the commuter counties of Kildare, Meath and Wicklow,” he said.
Deputy Cahill said that there is clearly an issue in Tipperary that was not being seen in other midland counties, and it requires new legislation to be put in place.
“Homes are at risk, even under these types of arrangements, and I think it makes good social and economic sense to keep families in the family home,” he said.
Fianna Fail has a Bill before the Dáil that if passed will ensure that the family home is protected
“I want to see this bill passed as quickly as possible, but it will require the other TDs in Tipperary to back it Protecting the family home is an idea that members of all parties and none can surely agree on,” said the Fianna Fail TD.
Under the Fianna Fáil proposal, an independent Mortgage Resolution Office will be set up to examine the efforts made by families to pay their mortgage. Following consultation with the lender and consideration of the full financial picture of the borrower, a suite of restructuring options will be examined in order to make the mortgage on the family home sustainable.
Deputy Cahill believes that this will end the current situation whereby banks or mortgage lenders have a veto on repayment options, and will balance the relationship to give mortgage holders a chance.
“Without this Bill, we will see more and more Tipperary homeowners entering into these arrangements, while they may provide some short term respite, long term, we need to find more sustainable ways of keeping families in the home,” he said.