New mortgage figures show banks moving to repossess twenty family homes a day: Doherty
Sinn Féin Finance Spokesperson Pearse Doherty TD has said the new figures from the Central Bank on Mortgage Arrears show that the banks are moving to repossesses twenty homes a day and that the government’s policy has been an absolute failure.
Deputy Doherty said:
“Today’s figures show the banks are moving to repossess twenty Family Homes a day.
“There are still 141,520 mortgages on family homes in arrears and the numbers in arrears of over 180 days continues to rise.
“Furthermore, and despite the government spin, over 1,300 more family homes are in arrears of over 90 days than there was three months ago.
“One in four mortgages on family homes in the state are now in distress. This fact confirms Sinn Fein’s fear that the government’s kid glove approach with the banks is not working. In fact it is lengthening this crisis.
“Time after time the government has acted in the bank’s favour by changing the law to allow easier repossessions and by loosening up the Code of Conduct on Mortgage Arrears. Once again the quarterly figures show no progress towards resolution in most cases.
“This is the sixth year of the mortgage crisis and the figures for those arrears seem to have now peaked at an incredibly high level.
The number of restructured mortgages that are in arrears has actually increased in the third quarter of this year. This is shocking at a time when we are told the Central Bank and government are threatening serious repercussions for banks who do not deal with this crisis.
“The growth in the number in long-term arrears is extremely worrying at a time when repossession has been facilitated by government policy. There are now over 82,000 homes in arrears of over 180 days.
“The government’s policy has been an absolute failure and must be changed immediately. Sinn Fein has called for the family home to be protected in law and an independent adjudication service to level the playing field for struggling homeowners.”