Govt sits on its hands while over 550 mortgages a week fall into arrears

Irish-housing-estate-July062010

The Government is paralysed by the scale of the mortgage crisis and is failing to help families in difficulty in a comprehensive way, according to Mayo Fianna Fáil TD Dara Calleary. The Central Bank has confirmed that 77,630 or 10.2% of all private residential mortgages are now in arrears of more than 90 days.

Deputy Calleary said, “The crisis facing families in Mayo and across the country is accelerating every week. The national figures reflect what I have been seeing in my own constituency for a number of months. In the first three months of the year a further 6,685 mortgages fell into arrears of more than 90 days, almost 560 every week. I know many Mayo families that are struggling to meet their commitments and are falling behind on bills as well as their mortgage.

“It is astonishing that the Government has not brought forward a comprehensive solution or progressed some of the constructive measures Fianna Fáil has brought forward. Our Bill to set-up a non-judicial debt settlement system passed second stage in the Dáil seven months ago but unfortunately the Government has not moved on it since then.

“We believe the Government’s lack of action is actually making matter worse. One very simple measure that the Government could easily have brought forward by now was the 100 advisors recommended to help distressed borrowers in the dealings with their lender. I know this is something that would be of huge benefit to Mayo borrowers. We’re talking about people under enormous pressure in the personal finances and being left alone to deal with financial institutions with significant resources.

“The Government and the banks have to do more to ease the pressure on thousands of families across Co Mayo who feel let down and a great sense of uncertainty. This is a crisis that demands leadership and action and the Government must step up to the mark,” said Deputy Calleary.