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Government review on mortgage targets “too little, too late” - Doherty

4 February, 2015 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the government and Central Bank commitment to review the mortgage arrears targets is “too little, too late”.

Deputy Doherty said:

“The news that the Taoiseach’s office is to intervene in the mortgage arrears resolution really is a case of too little, too late. The mortgage crisis has been rumbling on for seven years now. The Taoiseach’s intervention also raises questions as to why Finance Minister Noonan has always Pontius Pilate style refused to intervene with the Central Bank.

“The government of which the Taoiseach is the head has removed the legal protection of the family home and voted against a Sinn Féin Bill to replace it. It has also given the banks a veto in the insolvency process and even now are refusing to budge on that issue. The current mortgage targets allow a bank to classify legal actions as ‘solutions’. Until these actions are reversed it is difficult to take the Taoiseach’s new found interest seriously.”

“This attempt by the Taoiseach to be seen as proactive is too little, too late and will be seen by those in debt as political posturing. The government has caved on in every issue to the banks and as yet we have no evidence that that is going to change.”

“Last year, the Finance Committee produced a report outlining a wide a range of actions the government could take if it was serious about tackling debt and mortgage arrears. That all-party report is still gathering dust while the Taoiseach, four years into his rule, starts making noises. His intervention is too little and too late for thousands whose homes have been already repossessed or who had to submit to so-called voluntary surrenders.” 

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