Central Bank Mortgage resolution figures are shocking - Doherty
Sinn Féin Finance Spokesperson Pearse Doherty TD has said he is horrified at the latest Central Bank figures showing that one in three of the so called “concluded solution” involve the loss of the family home.
He said the figures showing that 16,683 families are facing the loss of their family home with another 14,221 in the queue are the direct results of a cold, calculated government policy of letting the banks dictate how the crisis will be unwound.
Deputy Doherty said:
“I am horrified at this latest confirmation of bank aggression and government facilitation of it. It is beyond belief that the government have presided over a resolution system where one in three families involved are facing the loss of their family home. I have serious doubts too about the sustainability of the other solutions in place.
“The big lie in the figures is that the banks are meeting their targets. That is only true when you include banks repossessing the homes of thousands of families across the State. It is a despicable distortion of the truth to say the banks are meeting resolution targets. They are abusing the system and nobody is stopping them.
“In 40% of cases the bank is proposing repossession or the loss of the home. The figures show that 33% are turning into the actual loss of a family home. That is a horrifying statistic.
“Yesterday Minister Noonan told me he is reviewing the mortgage arrears policy of the government. Today’s figures show how incredibly late his words have come for the 16,683 families in this category.
“The figures suggest another 14,221 face this fate if the bank’s proposals come to pass in their cases. That is 30,904 families that are looking at losing their home. These figures only involve the six biggest banks in the State so anecdotally it can be expected that the other less reputable banks or vultures are forcing an even higher percentage of families from their homes.
“The hands-off attitude of the government and Central Bank is directly responsible for this social crisis. Minister Noonan has, on behalf of Labour and Fine Gael, adopted a cold, calculated government policy of letting the banks dictate how the crisis will be unwound. The Minister must immediately bring forward emergency proposals to prevent this disaster.
“I have proposed empowering the courts through an amendment to the Land and Conveyancing Act to force banks into reasonable arrangements that protect the Family Home for example or empowering an independent body to enforce PIP proposed solutions where banks do not play ball.”