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Banks must be prevented from making any attempts to change tracker Mortgages

28 June, 2010 - by Aengus Ó Snodaigh TD

Responding to reports that Permanent TSB is going to try and change the terms and rates of its tracker mortgages Sinn Féin spokesperson on Housing, Dublin South Central TD, Aengus Ó Snodaigh has described the move as 'blatant banditry'

Deputy Ó Snodaigh said, “While this move by the Permanent TSB is portrayed as a move against 'investment property borrowers' it is clear to me that this is merely an attempt by the bank to test the water. I have no doubt that if they get away with this then ordinary home mortgage borrowers will be next and other banks will follow suit.

“That senior bank executives at Permanent TSB have even considered this move – let alone set about implementing it – is staggering and beggars belief.

“Triggering review clauses in the loan contracts as a means to bring about the end of tracker mortgages or to increase interest rates is blatant banditry and must be stopped.

“Ordinary people have already paid and are still paying very dearly for the banking systems role in the economic collapse. Those lucky enough to have tracker mortgages should be allowed to retain that level of comfort it affords them now in uncertain economic conditions.

“Banks – especially those who have benefited from the very generous and unwarranted taxpayer bailouts – must be ordered to halt by the Government and the Financial regulator.

“This move towards ending tracker mortgages is in sharp contrast to the banks' uncompromising attitude to home owners who have been stuck on exhorbitant fixed rate contracts.” ENDS

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