Dublin South West Sinn Fein TD, Seán Crowe, has described the latest figures of those in mortgage distress as frightening.

Crowe said that the issue of those in distressed mortgages needs to be solved, but the political will from Fine Gael and Fianna Fáil was lacking.

Deputy Seán Crowe said:

“€4.3 billion is the estimated cash value of owner occupied mortgages behind on repayments, but the emotional cost to the families and individuals trapped in this awful dilemma cannot be easily measured. 420 distressed borrowers lost their homes in the three months to the end of September, according to the Central Bank figures.

“280 of the properties were voluntarily surrendered or abandoned, but 140 were repossessed on foot of a court order. The Central Bank figures also show that during the last quarter 1,210 legal cases were taken against the family home.

“According to the last set of statistics released, the number of mortgages in arrears over 90 days at the end of September was 56,000, or 8% of the total number of home loans. Many of these mortgages holders are now facing into a bleak and an even more uncertain future.

“Every day the repossessions courts across the State make final judgements against householders in mortgage difficulties, but Fianna Fáil and Fine Gael s lack the urgency or the political will to introduce supports.

“Sinn Féin wants to end the current system which allows banks and vulture funds to deal with the arrears crisis on their own terms. We are also demanding that safeguards are put in place to protect the family home.

“This crisis cannot be wished away. It quite rightly featured prominently in the Programme for Government and now it is time for the Government to finally act, and to act decisively, in protecting the family home.”

ENDS