Dublin South West representative, Seán Crowe TD, has said the government needs to stand up to the voracious demands of the banks and to stand with distressed mortgage holders.

Crowe said that nearly one in four mortgage holders were in distress and that the government must move to bring in policies that are based on the greater interest of society as a whole, and not just the banks.

Deputy Seán Crowe said;

“The number of hard pressed mortgage holders in arrears has nearly doubled under this government, a bit like it did during the dying 18 months of the last Fianna Fáil Government.

“Nearly one in four mortgage holders are now in mortgage distress and as we know many of them are desperately seeking a pathway out of their own personal crisis. They are looking to politicians for answers.

“Running parallel with this crisis the government has acted in the interest of the banks and not one of those hard pressed home owners.

“Most recently, the government have modified the Code of Conduct on Mortgage Arrears to favour the banks and the Land and Conveyancing Bill is now passing through the Oireachtas.

“Most independent analysis would suggest this latest Bill will undoubtedly make it easier for banks to repossess homes.

“It is a huge disappointment, but it is clear that the government has decided to side with the banks once again.

“The 180,000 in mortgage distress deserve and need a different and a more coherent government policy that will bring greater balance to this crisis.

“Today’s government policy is the direct opposite of the Programme for Government’s commitment to give greater protection to homeowners and to the family home.

“The Minister for Finance can and should direct the Central Bank to suspend the revised elements of the Code of Conduct and the Minister for Justice needs to allow cool heads to prevail and for the Land and Conveyancing Bill to wait in the shadows for the time being.

“In short, the government needs to take a step back and consider once more what they are doing and start thinking about the one in four. That should be their first positive step.

“They then must move to bring in policies that are based on the greater interest of society as a whole and not just the banks. That means empowering an independent voice to force the banks to be reasonable.

“Struggling homeowners need a level playing field and a government needs that stands in solidarity with them, rather than consistently against them.”

ENDS