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Ferris calls for mortgage debt action

24 August, 2012 - by Martin Ferris TD

Sinn Féin TD Martin Ferris has said that evictions and home repossessions should not become commonplace practices in post Celtic Tiger Ireland and should always be used as a mechanism of last resort.

Deputy Ferris made his remarks following last week’s call by Davy Stockbrokers for banks to repossess more houses in situations where loans cannot to be repaid.

The North Kerry/West Limerick TD said:

“Sinn Féin is opposed to people being evicted from their family homes if the homeowner has made legitimate attempts to pay their debts and has engaged with whatever financial institution they hold their mortgage with. Where a homeowner is no longer in a position to ever repay their mortgage then clearly some form of restructuring, including a write down, must be considered.

“We must ensure that eviction and repossession is only ever used as a mechanism of last resort. We cannot afford to allow this to happen as a society, both morally and economically.

“We cannot allow a situation where people are having their homes taken from them by banks due to the dire economic circumstances of the country which were brought about by the recklessness of the banks in the first place. Lenders need to take responsibility for the agreements they entered into with people and recognise that debt resolution processes, as outlined by groups like FLAC, must take place, and this is in the interests of all involved in the longer term.

“The State must act on this sooner rather than later and provide for this process to take place independently in order to ensure that we do not have families put out of their homes or being put through protracted court proceedings.”

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