Deputy Michael Lowry has slammed the proposals as part of the Government’s initiative on tackling mortgage debt and stated that the deadlines imposed on banks will only serve to throw distressed mortgage holders to the wolves and place them in an even more disadvantaged position with banks in the driving seat.
Deputy Lowry stated; “We now have 11.9% of mortgage accounts for principal dwellings in arrears of over 90 days. Additionally 23,523 households are now in arrears for two years or more. We are at crisis point and we need real engagement from the banks and the drawing up of individual, specific, long term solutions to allow those in distress to move forward and re-engage with the economy. Instead of such meaningful reform the Government have given the banks carte blanche to set aside the code of conduct and put greater pressure on strained mortgage holders. This Government are so busy patting themselves on the back that they cannot recognise that this move will result in people being evicted from their homes.”
“When canvassing for the last General Election over two years ago the Government stated that this issue would be their number one priority. We have seen inaction, inertia and a failure to engage for the past two years and now as a result of the growing pressure on the Government they have advanced a cobbled together, ill thought out plan that will ultimately do more harm than good.”