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Families in mortgage distress ‘are at the sharp end of variable rate rip off’ – Tóibín

17 May, 2016

Sinn Féin TD Peadar Tóibín has accused the Fine Gael Government of only being interested in fattening the state owned banks in order to sell them while 30,000 families languish in mortgage distress

Speaking tonight during the debate on capping variable rates of mortgages, the Meath West TD said:

“Families in mortgage distress are at the sharp end of variable rate rip off.

“Mortgage distress is wreaking havoc in tens of thousands of families throughout the state. It has been dwarfed by humanitarian crisis that is homelessness; mortgage distress is simply another side to the chaos that is this government’s housing policy.

“In Meath and in many parts of the country, there is a migration westward of families who are being priced out of their communities.    

“Today 30,000 families in mortgage distress dozens will have the spent the whole day struggling to keep their heads above water. 30,000 families will tonight go bed and in the silence of their houses, their minds will be racked till dawn seeking a way to stop the loss of the roof over their children’s heads.

“They will be dealing with super profitable banks that have been pumped full tax payers money charging variable rates far out of kilter with European comparisons. The interest rates alone for a section of these families will be the difference between survival and being cast into the chaos of homelessness.  

“The ecosystem of state back credit has in the main been funnelled through these two banks. I agree that ideally more competition would be the best way to control the over concentration of supplier power in the banks but the opposite is happening. You let the cat out of the bag Minister at the end of your statement. The government are looking to fatten the state owned banks in order to sell them.” 

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