{"id":485,"date":"2012-08-29T09:16:05","date_gmt":"2012-08-29T09:16:05","guid":{"rendered":"http:\/\/seancrowe.ie\/home\/crowe-calls-for-action-on-morgage-debt-timebomb\/"},"modified":"2012-08-29T09:16:05","modified_gmt":"2012-08-29T09:16:05","slug":"crowe-calls-for-action-on-morgage-debt-timebomb","status":"publish","type":"post","link":"http:\/\/seancrowe.ie\/home\/crowe-calls-for-action-on-morgage-debt-timebomb\/","title":{"rendered":"Crowe Calls For Action On Morgage Debt Timebomb"},"content":{"rendered":"<h2><span class=\"il\">Crowe<\/span> Calls For Action\u00a0On\u00a0Morgage Debt\u00a0Timebomb<a href=\"http:\/\/www.sinnfein.ie\/contents\/24294\" target=\"_blank\"> <\/a><\/h2>\n<div><\/div>\n<div><\/div>\n<p>Dublin South West TD Se\u00e1n <span class=\"il\">Crowe<\/span> has  said that evictions and home repossessions should not become  commonplace practices in post Celtic Tiger Ireland and should always be  used as a mechanism of last resort. Describing morgage debt as a  timebomb he called for \u00a0action to be taken by Government and the banks<\/p>\n<p><span class=\"il\">Crowe<\/span> made his remarks following\u00a0a call  by\u00a0\u00a0Davy Stockbrokers for banks to repossess more houses in situations  where loans cannot to be repaid\u00a0and said that\u00a0the clock is ticking\u00a0on  the morgage\u00a0debt timebomb.<\/p>\n<p>Deputy Se\u00e1n <span class=\"il\">Crowe<\/span> said:<\/p>\n<div>\u201cSinn F\u00e9in is opposed to people being evicted from their family  homes\u00a0 particularly if the homeowner has made legitimate attempts to pay  their debts and has engaged with whatever financial institution they  hold their mortgage with. Where a homeowner is no longer in a  financial\u00a0position to ever repay their mortgage then\u00a0some leeway and  flexability\u00a0needs to be shown\u00a0to those in debt<\/div>\n<div><\/div>\n<div>&#8220;Financial Institutes and lenders need to &#8216;step up to  the plate&#8217; and take responsibility for the agreements they entered into  with people.\u00a0They need to\u00a0recognise that debt resolution processes, as  outlined by groups like FLAC, must take place. This would in the long term be in  best interest of \u00a0all parties  involved.\u00a0\u00a0Some form of restructuring, including a write down,\u00a0will\u00a0  also\u00a0have to\u00a0be considered for those struggling and trying to  balance\u00a0mounting debt.<\/div>\n<p>\u201cMorally and economically we have\u00a0 to ensure that\u00a0eviction and repossession is only ever used as a mechanism of last resort.<\/p>\n<p>\u201cSurely  we\u00a0cannot as a society\u00a0allow a situation to develop\u00a0where people are  having their homes taken from them by the same\u00a0banks who by their  reckless lending \u00a0contributed\u00a0 to the dire economic circumstances of the  country.<\/p>\n<div>\u201cThe clock is ticking and\u00a0State must act on\u00a0its\u00a0morgage debt\u00a0timebomb.<\/div>\n<div><\/div>\n<div>&#8220;The  debt\u00a0process needs\u00a0to take place independently in order to ensure that  we do not have families put out of their homes or being put through  protracted\u00a0 and costly court proceedings.<\/div>\n<div><\/div>\n<div>&#8220;Eviction and its dire\u00a0consequences for families and  indviduals may\u00a0be the preferred option\u00a0for some in\u00a0Davy Stockbrokers but  unfortunatly it is an increasingly likely\u00a0problem\u00a0facinga huge amount  of homeowners.&#8221;<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crowe Calls For Action\u00a0On\u00a0Morgage Debt\u00a0Timebomb Dublin South West TD Se\u00e1n Crowe has said that evictions and home repossessions should not become commonplace practices in post Celtic Tiger Ireland and should always be used as a mechanism of last resort. Describing morgage debt as a timebomb he called for \u00a0action to be taken by Government and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-485","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/comments?post=485"}],"version-history":[{"count":0,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/485\/revisions"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=485"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}