Deputy Stanley, speaking in the Dáil, said: "One in nine housing mortgages in the private sector is in distress while four in ten of local authority loans are in distress.
"Meanwhile the government is sleepwalking through this housing crisis. Further evidence of the crisis was seen today when an auction of repossessed homes took place in the Shelbourne Hotel.
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"Each home represented a family who are now homeless. Families who never thought they would be facing this dark day of homeless, while many others face a very uncertain future. This crisis needs to be addressed immediately."
Stanley explained: "The government promised to address this issue 12 months ago. The Keane Report is now four months old and the government remains motionless on the matter.
"The report continues to gather dust in the minister's office. Sinn Féin has brought forward a workable solution. We propose the establishment of an Independent Mortgage Relief Board. This board would address those mortgages in distress. It would include all stakeholders on an equal footing."
In conclusion, Deputy Stanley said: "The forthcoming legislation on insolvency must include solutions to tackling the issue of distressed mortgages in both the private and local authority sectors."
(CD/GK)
