Government approach to mortgage crisis driven by bank agenda – Troy

The government approach to the mortgage crisis is being driven by the agenda of the banks and not by any desire to help borrowers in distress, Robert Troy, TD, says.
 
“Minister Noonan appears to have just realised that it’s not good that 100,000 borrowers cannot fully participate in the economy because of the level of distress in their mortgages.

“After two years in office the government has failed to take on the banks and is now being driven by their agenda to get more powers to repossess homes.

“The solution to this crisis is wide-scale restructuring of troubled mortgages. Of the 79,852 mortgages restructured, almost half have fallen back into arrears, proving that the banks have consistently done the bare minimum required of them.

Deputy Troy says the Fianna Fáil bill of October 2011 – the Debt Settlement and Mortgage Resolution Office Bill – “has been left in limbo while Fine Gael and Labour refuse to bring forward the decisive policy response needed to tackle the crisis”.