Wednesday, 13th march 2013
Last week’s Central Bank figures show the extent of Fianna Fáil’s legacy to Irish homeowners; 94,500 mortgage accounts for private dwellings are over 90 days in arrears, and 23,500 are in arrears for over 720 days.
Measures announced by the Government today will go a long way towards reducing that figure by ushering in widescale restructuring of mortgages for people whose loans are in distress. The banks must now step up their engagement with borrowers in difficulties so as to allow those in arrears to stay in their homes.
New targets stipulate that by the end of June 2013, the banks should have proposed sustainable mortgage solutions for 20% of distressed borrowers. By the end of September 2013, this will have reached 30%, and by the end of 2013, the banks should have proposed sustainable mortgage solutions for 50% of distressed borrowers.
Micheál Martin’s opportunistic criticism response to these measures is cynical in the extreme. People are hurting and Fianna Fáil is blatantly trying to take advantage of the misery it created.
Micheál Martin spent 14 years in the Cabinet of the Government which created the property bubble and subsequent economic crash. Yet he now has the nerve to try and present himself as the champion of the beleaguered mortgage holder. Mortgage holders who bought properties at the height of the boom will find this very hard to stomach.
The mortgage arrears situation has caused huge distress to many families across the country. The measures announced this week will help tens of thousands of people to stay in their homes. Fianna Fáil has no credibility when it comes to the mortgage crisis and should really know better than to grandstand on an issue in which they are totally compromised. The people of this country know hypocrisy when they see it.