Tuesday 17 October 2017

Eamon Delaney: Brazen few will ignore debt and face threat of eviction

THE news that the Government will let banks proceed on repossessions, of both homes and buy-to-let properties, as part of a solution to mortgage arrears, is a sign of the further clean-up of the mess created by our property-driven boom. And, let's be honest, it's a boom that the whole country benefited from, from the taxi driver with the apartment in Bulgaria to the farmer with the second home in Leitrim.

Of course, there are many of us who didn't buy property, but the reality is that it fuelled our bubble economy and provided the lavish tax receipts which paid for civil service benchmarking, personal tax breaks and capital spending – not to mention an unusually generous welfare culture.

We have to take responsibility if we want to see the banks healthy again. We can't just let people who are not making an effort to repay mortgages get away with it and blame the banks for all their woes. Especially, when so many others are scrimping to meet their repayments.

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