Mortgages Arrears Nearly\u00a0 Double Says Crowe<\/p>\n
Sinn F\u00e9in representative Se\u00e1n Crowe TD has said that yet another increase in the number of individuals and families\u00a0 in morgage\u00a0 arrears is another strong indicator\u00a0 that the government\u2019s policy is failing.<\/p>\n
Deputy Se\u00e1n Crowe stated:<\/p>\n
\u201cThis latest increase must act as a wake- up call to the Government and is another strong indicator that their policy in this area is not working. <\/p>\n
\u201cThe number in March 2011 in arrears\u00a0 was 49,609. The situation clearly got worse and rose in September 2012 to\u00a0\u00a0 91,358 accounts (11.5 per cent)\u00a0 according to the Central Bank. Some 94,488 or 11.9% of principal dwelling houses (PDH) were in arrears of over 90 days at end-December. This continuing increase after two years of Fine Gael and Labour government shows that their policy is clearly failing a big proportion of house owners.<\/p>\n
\u201cToday\u2019s figures show that there are now 185,882 households in mortgage distress.That is a whopping 23.5% of all domestic mortgages.<\/p>\n
\u201cA shocking figure for any government\u00a0 but we were informed this week that they will not exempt those in arrears from their\u00a0 new Family Home Tax. This extra tax will inevitably tip those morgage holders already in arrears further into distress and push a greater number of\u00a0 those struggling to pay into arrears.<\/p>\n
\u201cTwo years of a Fine Gael and Labour government has seen the number in arrears of over 90 days nearly double.The Personal Insolvency Act\u00a0 that was talked up by Government will do nothing to force the banks and other lenders to face the morgage distress problem and\u00a0 leaves them with the final say.<\/p>\n
\u201cWhen this the Bill was published Sinn F\u00e9in argued that it was essential that the proposed Insolvency Service be independent and that a more humane approach to individuals in bankruptcy was needed.<\/p>\n
\u201cIt has been a\u00a0 bitter disappointment to the tens of thousands of families that are in mortgage distress, that the Bill provides for the banks having complete power in relation to personal insolvency arrangements.<\/p>\n
\u201cSinn F\u00e9in submitted a number of amendments and had called for an Independent Agency empowered to enforce legally binding settlements on debtor and creditor. The only other option open to people in serious arrears is bankruptcy.<\/p>\n
\u201cWhile we welcomed the shortening of the bankruptcy term from 12 to three years, we are mindful that anyone entering bankruptcy couldl lose all their assets, including their home.<\/p>\n
\u201cOur position has been consistent.<\/p>\n
“People should be helped to remain living in their homes and that the newly established Independent Agency examine in a case-by-case basis, how to actually make a mortgage debt sustainable.<\/p>\n
“This weeks figures from the Central Bank of those in morgage distress confirm that the individuals and families in morgage arrears is growing highlights\u00a0\u00a0 the need for a new approach including the appointment of an Independent body with the power to compel banks to come up with fair and equitable deals including write downs for those in morgage distress.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Mortgages Arrears Nearly\u00a0 Double Says Crowe Sinn F\u00e9in representative Se\u00e1n Crowe TD has said that yet another increase in the number of individuals and families\u00a0 in morgage\u00a0 arrears is another strong indicator\u00a0 that the government\u2019s policy is failing. Deputy Se\u00e1n Crowe stated: \u201cThis latest increase must act as a wake- up call to the Government […]<\/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-617","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/617","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=617"}],"version-history":[{"count":0,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/617\/revisions"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=617"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}