Mortgage Crisis Continues

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the revelation that the main four banks have issued 30,034 letters, relating to repossessions and voluntary surrenders, provides evidence that the mortgage crisis requires direct intervention from the Finance Minister Michael Noonan.

The figures emerged as representatives of the banks attended sittings of the Oireachtas finance committee this week.

Deputy Doherty said: "The Minister for Finance now has 30,034 more reasons to intervene in the mortgage crisis


"It is clear that these four institutions are determined to squeeze the life's blood out of people who have very little left to give.

"Fine Gael and Labour Government have coalesced with the banks in fostering this situation.

"Through removing the only legal protection of the family home in their reversal of the Dunne Judgement and the changing of the conduct of conduct on mortgage arrears, the Government have provided the banks with the tools needed to target the homes of families through this state.

"The Government has let the bank off the leash and the arrogance of the banks, in respect of how they deal with people in mortgage distress, is a result of knowing that the Government is on their side.

"We have stated time and time again that the Government's approach would only lead to more threats for homeowners and more repossession.

"The Government has failed to stand up for struggling homeowners."

(CD/JP)