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Government has failed miserably to address mortgage crisis – Pearse Doherty T.D.

4 March, 2014 - by Pearse Doherty TD

Sinn Fein Finance Spokesperson Pearse Doherty TD has said that the Government has failed miserably to address the mortgage crisis.

Speaking from Leinster House tonight, Deputy Doherty said:

“Currently, 17.9% of all mortgages are in arrears.

“Legislation is needed to protect the holders of all mortgages sold to unregulated companies.

“Recourse to the Financial Services Ombudsman should be a right for all mortgage holders.

“The ‘commitment’ by potential buyers of mortgages to honour the Code of Conduct has been shown to be legally meaningless, vague and short-term.

“The Government has legislation planned for 2015. This will be too little and too late for struggling mortgage holders.

“Furthermore, Minister Noonan has it within his power to halt the sale of the IBRC loan book. Instead, he prefers to allow vulture hedge fund managers to pick the meat from the bones while preventing the mortgage holders from bidding for their own loans.

“Minister Noonan and this Government have sided with financial opportunists and the banks and in doing so they have failed miserably to address the mortgage crisis in this state.”

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