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Government must legislate to support sub-prime mortgage holders – Morgan

16 February, 2009


Sinn Féin Finance Spokesperson Arthur Morgan TD has called for legislation to be introduced to enable new repayment terms for families who are in arrears on their mortgage repayments as a result of the economic downturn. Deputy Morgan was responding to reports that 80% of applications for home repossession are coming from sub-prime lenders and claimed that the Government are failing to take action.

He said, "There are 15,000 sub-prime mortgage holders in Ireland. It was reported last week by the Master of the High Court Edmund Honahan that 80 per cent of applicants for home repossessions were coming from sub-prime lenders.

"The Government is ignoring this category of mortgage holders while the Department of Social and Family Affairs refusing the mortgage interest supplement to thousands of unemployed mortgage holders.

"Legislation will have to be introduced to enable new repayment terms for families who are in arrears of their mortgage repayments as a result of the economic downturn." ENDS

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