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FIANNA FÁIL HAS published legislation which would remove the ability of banks to put a veto on the new personal insolvency regime.
The party has this afternoon released the Mortgage Resolution Bill 2013, which – if enacted – would change the current rules which require a majority of creditors to approve a person’s entry to the new system.
Opposition parties have previously complained that the rules mean that people who are burdened with high mortgage debts are effectively barred from entering the insolvency process if their bank, which accounts for most of their debts, disapproves of it.
The bill would also create a new Mortgage Resolution Office which would have the power to issue binding orders to lower interest rates, extend the repayment period by up to 20 years, enforce a repayment ‘holiday’, defer part of the loan for up to 10 years, or to lease a home back to its occupiers at market rates.
“One of the biggest barriers to growth and recovery in Ireland is the number of families and communities struggling under the weight of unsustainable mortgage debt,” said FF’s finance spokesman Michael McGrath.
“Legislators have a responsibility to come forward with a response to this crisis which does not put the banks in control.”
Other orders could be issued to demand interest-only repayments for up to four years, swap part of the debt for a stake in the house, or participate in a deferred interest scheme.
“We believe that there is a fairer way to recovery and that our plans on restoring balance to the relationship between banks and their customers could and should be an important step in that process,” McGrath said.
The bill is likely to be rejected by the government, which has denied that banks have a veto under the current system – which has not fully entered law yet – and which claims that the Central Bank will have adequate supervisory powers in its new mortgage arrears resolution process.
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Micheál McGrath, the epitome of being a day late and a dollar short.
Absolutely awful. Insufferable on any interview or debate ive ever heard him on. A lesson in backward mud slinging party politics gombeenery.
He is brazen enough for anything though. Remember seeing him talk on an obscure financial proposal and being passionately against it. When it was pointed out that FF were in favour of it, he started to backtrack and 2 minutes later was passionately for it. He didn’t even bat an eyelid.
He doesn’t even seem to have even one political belief.
Seriously, FF must think that there has been a sudden outbreak of amnesia on a nationwide basis? Has there been? Or did I forget about the amnesia outbreak???
There has I’m afraid. Look at the recent poll results.
Sadly enough lads they’ll be back in charge next election.
McGrath here is no different to an arsonist coming to offer support with a little empty bucket after his gang started a fire in your house and he thinks you should reward them for it. Not that he cares either way as long as he gets back in.
Myself and my wife had reasonably good jobs at Dell. Reasonably well paid. Our home when we applied for a mortgage was 164,000. Reasonable for the time that was in it, 2006. We put a very large, hard earned down-payment on it and were happy enough with our lot. Then the banks messed everything up, with their unsatisfiable greed, and constant push to satisfy their share holders. I do not think we took that big risk. We would have been able to afford it, and have a reasonable lifestyle. These bankers/elite demand obscene salaries because, they claim, they are worth it. Highly educated from their births to be in the business. Always inside the circle. Never having to really work a day in their lives. WHY should I loose my home. I broke no laws. I abided by the rules that we all agree to abide by. WHY after all the damage they have caused to our beautiful country should they not be made to fix the problem they caused. WHY should they not be made to accept that they got it wrong. WHY should they not be made to take the hit for the damage they caused. WHY are none of them spending the rest of their lives in prison. WHY are the men and women we elected to look out for this country assisting them in the total destruction of our beautiful society. I am unable to find employment because of these people. WHY should I have to jump through hoops to satisfy these parasites, or loose my home.???????????
With respect, What exactly are you so angry at the banks for doing? Because you come across as someone blinded by the collective rage against banks. Genuine question
Hear hear Kevin, the point so many miss. You did nothing you could pay your debts. It was the bank bailout and austerity budgets that have left you unable to pay. As for why is he angry with the banks, question is why are you not, they conducted their business fraudulently, they lent out millions to property developers with no security, nothing. They ran the banks into the ground, this is a global banking crisis after all, that started with a few America banks, (but as mr Rothschild said he has spent 40 years investing in the EU and government bonds) That had a knock on effect on banks in the eu, sure wasn’t it Goldman sacs that told the Greeks to cook their books. Tom Darcy, AIB might not even have a banking licence. The banks and governments caused this along with the property developers, not Kevin with his small loan for his family home that he was paying back until he lost his job because of this banking crisis and has to pay extra taxes and face cuts to pay for bailing out these fraudulent banks.
HIS HOME SHOULD IN NO CIRCUMSTANCES BE TAKEN OFF HIM
But the stupid argument is, why should my taxes pay to cover Kevin’s mortgage. This is just divide and conquer. Kevin I will have no problem with debt being written off for you, you didn’t put anyone in this situation, I will continue to have a problem with me and my grandchildren bailing out the banks and paying illegal prom notes in years to come. Massive problem and I will concentrate on that. I hope everything works out.
My goodness the brass neck of these fu***rs. To publish a proposal to alleviate the hardship tens of thousands of Irish homeowners are suffering through negative equity and massive debt. The result of policies and practices that these traitors of a party lived by for the best part of 15 years of power. Finna fail a new low.
This party is a cancer in Ireland that should be eradicated and dispatched to history never to resurface
Yawn….FF/FG, Labour/Conservatives, Democrats/Republicans etc,etc are all ultimately controlled at the very top by the same interests. When in power election promises on the major issues go out the window while the opposition party promises the opposite thus ensuing a never ending status quo. Illusion of choice, democracy is a charade. We all getting played.
well said – they all are in the Power of the Super Rich virtually worlwide . They are there only to give the illusion of Democracy ..
”If voting changed anything ——etc ”
I dislike the messenger,but i can see the sense in the message.
Would they have made this bill if they were in government??.hmmmm.I think not.Im pretty sure these clowns,and that’s been nice,think we are just gullible peseants.Back under the rock now please.
Did you see that one of their main party workers has landed a job with Bank of Ireland. Irish banks were always a home for senior FF people.
You can be certain that if FF were in power that the banks would would be even more cosseted and protected than they are now and Sean Fitz etc would not be facing trial next year.
Brought to you from the party who gave us the big bailout!!! Lol, you couldn’t make it up>
Terrible for the family!
Reality=180,000 in arrears!
Hard call!
Insolvency = bankruptcy!
Bankruptcy laws should be enacted immediately… walking away from debt is the best solution!
Imagine the freedom!
We’d all love to walk away from our debts Michael, sadly the economy would cease to function if we did!
Disagree John. … only a small percentage of people would choose this option. … mainly thru no other reasonable one being available to them. … is silly to think that people want to be a bankrupt. … its extremely distressing especially under the ridiculous system we have in place here. ..again system designed to work for and protect banks. …not customers
The banks got that opportunity John f. Why shouldn’t some of us get it?
I wonder how many people in Ireland are aware that the Wealthiest of the Bondholders are the same people who advised the Government on setting up NAMA ie the Rothchilds. The Rothchilds are also the biggest shareholders in 95 % of the Central Banks of the world including our own. They also control the Bank of International Settlements in Basil, Switzerland, they are also the largest shareholders in the World Bank, the European Central Bank, Goldman Saks and JP Morgan. The bought the Associated Press at least 100 years ago, the Associated Press bought Reuters some years later. Their fellow banksters the South African based Oppenheimers helped Tony O Reilly set up Independent Newspapers getting the picture yet? Time to wake up!
Research Direct Democracy Ireland – the best hope for Us!
Can anyone disagree with the substance of this Bill then?
It doesn’t go far enough, why the hell do you want to create another level of bureaucracy?
Eoin i think you will find most people are sick and tried of FF pretending to care about the country and its people.
It amazes me the amount of concern for homeowners and the people in general you clowns have when sitting in opposition.
Jenny. FF only have to get 30% + of the turnout to be back. They can already rely on their 15% tribal voter base that will vote the way Granddaddy did. Another 10% of their voter base depends on them being in power to get contracts, kickbacks etc, jobs the criminal element and a further 10% will vote for them due to just wanting change and foolishly believing that FF are no longer the party for billionaires.
@Howard Slevin
;”that FF are the party for billionaires.”
i have altered your staement slightly – but I agree with u – but the same applies to FG and labour – so we are left with ourselves – a Citizens Goverment ??.
No point in talking about expertise etc – few could have done a worse [ or was it better- for the Rich etc ] job that the politicins we have had for last twenty yeras or so
This from the shower who brought the economy to the edge? As my old dad used to say ‘big swinging m****y!!’
Would not be a fan of ff but tend to agree here. … banks should not be dictating what is going on in the legal system no more than churchs should be in the political system. … even the new system about to be launched is flawed and caters to the interests of the banks rather than distressed consumers. ..in this instance I have to say that we should have followed the lead of England’s system Which allows people to recover from the distress of bankruptcy in a shorter time and get on with their lives. .. after all What’s the point of hobbling people if their plight is the result of economics rather than personal irresponsibility. … and for some of the characters on here that think bankruptcy is an essay option please do your research. ..is a last option that s demeaning and deeply embarrassing
Yes, as through this world I’ve wandered
I’ve seen lots of funny men;
Some will rob you with a six-gun,
And some with a fountain pen.
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