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Review of rules for mortgage arrears must introduce mandatory restructuring options – Doherty

27 February, 2018 - by Pearse Doherty TD

Mandatory mortgage restructuring options must be introduced as part of the review of the Code of Conduct announced by Minister Paschal Donohoe, according to Sinn Féin Finance spokesperson Pearse Doherty TD.

Teachta Doherty has raised this issue with the Minister for Finance on several occasions but despite a Programme for Government commitment the issue has been ignored up to now.  

Speaking today, Teachta Doherty said;

“The announcement by the Minister of a review of the Code of Conduct is long overdue. It was a Programme for Government commitment to do this. The key part of that commitment was to ‘include an obligation on providers of mortgage credit to provide a range of sustainable arrears solutions’ in the revised Code.

“This is the critical element and the only thing that will make regulation of the vultures beneficial directly to homeowners.

“For me, this means the banks and vultures should have to offer a split mortgage or a mortgage to rent. That is the minimum that struggling homeowners should be offered before any talk of repossession and it should apply to the banks and the vultures.

“It is two years since the election and today is the first comment the government has made on this issue apart from when I pushed them.

“Regulation is required for the vultures but without the types of changes I am arguing for in the Code of Conduct the benefit of such regulation is limited.” 

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