Dublin South West Sinn Féin TD, Seán Crowe, has welcomed the public commitment from Allsop Space Auctioneers that it will not offer repossessed family homes for auction, in cases where banks have failed in advance to strike an acceptable deal with the property’s former owners, over their outstanding mortgage debt.

Crowe also praised the positive involvement of the Irish Mortgage Holders’ Organisation (IMHO) who apparently secured the written agreement from the company.

Deputy Seán Crowe said:

“The terrible fallout of the banking crisis has left a frightening amount of people out of work and/or in negative equity with their mortgage. I welcome anything that might have a positive impact on the current dysfunctional arrangement between many of the main banks and customers regarding their mortgages.

“The recent commitment from Allsop Space, that it will not offer repossessed family homes for auction in cases where banks have failed in advance to strike an acceptable deal with the properties owners over their mortgage debt, is a positive move.

“There is a general consensus that the current system is not working and needs to be changed radically. This should be plain for everyone to see, but for whatever bizarre reason the Government seem reluctant to accept this prognosis.

“The IMHO believes that the sales of repossessed family homes should only take place when everyone agrees that the property must be sold. It should also be only done when a deal has been agreed on the entire debt by consent. Only then can it, and more importantly should it, be sold.

“I fully support the IMHO campaign and their attempts in getting an identical commitment from every single auctioneer throughout the country.

“This view would be shared by most reasonable people, but banks in their wisdom or without outside pressure from Ministers and the Government are still doing their own thing.

“However on the negative side it has also emerged that only two weeks after bank representatives were before the Oireachtas Finance Committee, 15,000 repossession letters were sent out putting added pressure on distressed mortgage holders.

“This madness needs to stop and common sense needs to be applied to this mounting problem.”

ENDS

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