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Cavan-Monaghan homeowners in difficulty as Government fails to act on mortgage crisis – Smith
Cavan-Monaghan TD Brendan Smith has said the latest mortgage arrears statistics published by the Central Bank underline once again the lack of any decisive Government strategy for dealing with the growing crisis.
Deputy Smith said: “According to the official figures, almost one-in-seven mortgage-holders are now in some level of difficulty. In truth, the actual picture is even worse. The Central Bank does not publish the number of mortgages in arrears of less than 90 days. However we know that some 46,634 mortgages were in arrears of less than 90 days at the end of June 2011. Therefore, the actual number of mortgages experiencing some level of distress is likely to be closer to one in five.
“The Keane report on mortgage arrears was presented to the Government on 28 September 2011. That’s nearly 5 months ago and despite repeated promises, the Government has refused to lay out its overall strategy for dealing with the mortgage crisis in this country.
“Fianna Fáil has published two Bills that would radically help people in mortgage difficulty. The Family Home Bill was brought forward by Fianna Fáil last Summer but was voted down by the Government. This would have allowed families in serious mortgage difficulty to stay in their home and avoid repossession. A second Fianna Fáil Bill which would establish an independent office to deal with mortgage debt and personal debt has also been kicked down the road by the Government.
“There are so many families in Cavan, Monaghan and across the country who are struggling with their mortgages and feel they can’t cope. Their problems need urgent attention. Many people, through no fault of their own, are at their wits end. They live in fear of losing their home, are struggling to meet day to day expenses and do not have any quality of life. This is not only an economic problem but a moral issue and it is incumbent on all of us in Parliament to address it.
“The most worrying aspect of the figures from the Central Bank is that the arrears crisis shows no signs of letting up. The Minister for Finance should come forward and make a statement setting out which recommendations of the Keane report will be implemented and when. We need a clear statement on the Government’s strategy for dealing with this crisis,” said Deputy Smith.
