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Mortgages arrears Nearly Double
11TH MARCH 2013 P.O. BOx 3430, TALLAGHT, DuBLIn 24 TeL: 451 3822 email: info@newsgroup.ie web: www.newsgroup.ie
Sinn Féin representative Seán Crowe TD has said that yet another increase in number of the individuals and families in morgage arrears is another strong that the indicator government’s policy is failing.
Deputy Seán Crowe stated “This 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. “The number in March 2011 in arrears was 49,609. The situation clearly got worse and
rose in September 2012 to 91,358 accounts (11.5 per cent) 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. “Figures show that there are now 185,882 households in mortgage distress.That is a whopping 23.5% of all domestic mortgages.
“A shocking figure for
any government but we were informed this week that they will not exempt those in arrears from their new Family Home Tax. This extra tax will inevitably tip those morgage holders in arrears already further into distress and push a greater number of those struggling to pay into arrears.
“Two years of a Fine Gael and Labour government has seen the number in arrears of over 90 days nearly double.The Personal Insolvency Act that was talked up by Government will do nothing to force the banks and other lenders to face the morgage
distress problem and leaves them with the final say.
“When this the Bill was published Sinn Féin argued that it was essential that the proposed Insolvency Service be independent and that a more humane approach to individuals in was bankruptcy needed.
“It has been a 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
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