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Finance Committee hears of Government failure on mortgages - Doherty

2 April, 2014 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said today’s hearings at the Finance with groups working with those in mortgage debt have shown how the government’s has failed miserably to tackle the mortgage crisis in a fair way.

Deputy Doherty said:

“Today the Finance Committee heard in an unambiguous way that those working with people in mortgage distress are being failed by the government. Groups including the Irish Mortgage Holders’ Organisation, FLAC, New Beginnings, the Phoenix Project and MABS all highlighted the inefficiencies in the Government’s approach to dealing with the banks. Effectively, the Government has let the banks off the leash.

“The Government’s initiatives in revising the Code of Conduct on Mortgage Arrears and the deeply flawed Personal Insolvency Act were roundly criticised as favouring the banks over the borrowers.

“Sinn Féin’s submission to the consultation on the revision of the Code of Conduct pointed out the proposals was unfair to borrowers and favoured the banks. Likewise our criticism of the Personal Insolvency Act has unfortunately proven to be accurate. We showed that leaving the banks with the veto would render the Personal Insolvency Act useless to most people in mortgage distress. Today the groups who work with those in mortgage distress verified that this situation has now indeed come to pass.

“Today’s meeting should dispel any doubts that the banks are still running rings around the government in this mortgage crisis. This government has no plan and has actually aggravated the mortgage crisis through its actions. The extremely long waiting lists for Civil Legal Aid were also singled out for criticism as having a major impact on the ability of homeowners to fend off the banks and protect the Family Home

“Next week the Committee will question the banks but after today’s meeting the real questions should be put to the government.”

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