Time for government to get involved and get real on mortgage distress: Doherty
February 19, 2013
Speaking in tonight’s Sinn Féin Private Members’ Motion on Mortgage Distress and Social Housing Sinn Féin Finance Spokesperson has said it is time for the government to “get involved and get real” on mortgage distress.
“Since this government came to power they have promised action but the figures speak for themselves. One in four mortgage holders in this state is in distress. 115 mortgage holders are falling into distress every day.
“Tonight Sinn Fein showed as we have for years how an alternative more direct government approach is needed.
“The failure of the government to adopt such an approach has added to the crisis.
“The first concrete action the government must take is to revisit the Personal Insolvency Act and remove the final say from the lenders. As long as the lenders have a veto there is little reason for them to seek fair compromises.
“Sinn Féin are calling for ‘independent agreements on mortgage distress’ to be decided by ‘a mortgage restructuring panel’ appointed by the Minister. This panel would be empowered to act as an arbitrator with the authorisation to impose on both parties agreements aimed at prioritising the protection of the family home.
“In short, it is time for the government to get involved and get real.”