Mayo Deputy Dara Calleary has said new proposals on tackling the mortgage crisis published by Fianna Fáil this week will put homeowners back in the driving seat instead of giving all the power to the banks.
The Mortgage Resolution Bill 2013 establishes an independent office to resolve personal debt issues, rather than essentially giving the banks a veto as Fine Gael and Labour have done. It builds a series of proposals published by the party over the past two years to support people in serious mortgage difficulty and protecting the family home.
Dep Calleary explained: “One of the biggest barriers to growth and recovery is the number of families and communities struggling under the weight of unsustainable mortgage debt. The Government has so far failed to respond to the crisis in a way that supports struggling mortgage holders rather than putting the banks, who cannot be trusted, in control.
“The Government's plan to help those struggling with debt is to simply hand the banks a veto through the Personal Insolvency Bill and then to give the banks even more powers through the latest mortgage resolution plans announced two weeks ago. This is not a plan to support people who are crippled by debt. It is a bankers' charter that removes important protections for homeowners and moves the threat of repossession centre stage.
“I strongly believe that keeping people in their family home is the only responsible thing to do. The Bill we published this week offers practical and urgent help to those in mortgage difficulty. It proposes setting up an independent mortgage resolution office under the Insolvency Service with the authority to provide actual settlements. This office would ensure that all distressed mortgage-holders are dealt with in a consistent manner, giving them the certainty and space they need to work through their financial difficulties so that they can retain their family home.”