Giving banks more power to repossess family homes is simply wrong – Mac Lochlainn
Sinn Féin Justice Spokesperson Pádraig Mac Lochlainn has confirmed that his party will be opposing the Land and Conveyancing Law Reform (Amendment) Bill. He said that the Bill will remove a current loophole, making it easier for banks to repossess the family home and that this is “simply wrong”.
“One in four households are in mortgage distress. The Code of Conduct on mortgage arrears is skewed against the mortgage holder, and there are huge issues around the personal insolvency system about to commence. It is not responsible to proceed with this legislation before these issues are addressed.
“This bill makes it easier for the banks to repossess the homes of those in mortgage arrears. Instead of reigning in the banks, this bill makes it easier for them to seek repossession orders. With over 180,000 households in mortgage distress the effects of this bill could be devastating.
“What we are seeing here is the government moving to help the banks yet again. They were central to the creation of this crisis. Despite this, our people were forced to bail them out with devastating consequences. Now we are being asked to give them a dig out again at the expense of mortgage holders in distress.
“Sinn Féin believes there is a fairer way. We would work hard to protect the family home and establish an independent body to force banks into reasonable arrangements. We have positive alternative solutions and will put them forward in our amendments to this bill.”