Future's Grim For Struggling Mortgage Holders

Frustrated Fianna Fail members have expressed serious concerns at the Irish Government's failure to improve the mortgage crisis.

Fianna Fail Seanad Leader and Finance Spokesperson Senator Darragh O'Brien slammed the Governments failure to deliver on promises made since coming to power in March. He expressed deep concern that practically nothing has been done to assist those struggling with mortgages and other forms of personal debt.

He said: "This budget has now compounded the insult by introducing a cruel measure that will make the situation even worse."


The Budget report announced a cut of €22million to the Mortgage Interest Supplement Scheme and an increase in the minimum contribution required. This cut will force an additional financial burden of €572 a year on households, driving many families deeper into debt.

The Senator commented: "The Government's announcement that they will introduce increased mortgage interest relief for those who bought between 2004-2008 is a welcome move for those who bought at the peak but is not the answer to the problem. We need a coherent strategy to tackle the mortgage crisis."

In mid October, the Keane Report documented a range of recommendations, with the admission that the mortgage crisis could not be reformed until appropriate bankruptcy legislation is introduced.

Mr O'Brien concluded: "Fianna Fáil recently put forward a bill which offers practical and urgent assistance to those with personal debt and mortgage problems. It proposes setting up an independent debt settlement office with the authority to provide actual settlements. This would make a real difference for those who need help most."

(HMcE/CD)