House sale should end obligation of mortgage-holder
Brokers want reform of a homeloan system that protects banks but enslaves householders, writes Jerome Reilly
Published 20/06/2010 | 05:00
NEW figures paint a devastating picture of tens of thousands of people at their wits' end after months of being unable to meet their mortgage bills, with more than 30,000 now more than three months in arrears.
This has led to a call from the Irish Brokers' Association (IBA) for an end to the current mortgage system in this country -- where the mortgage-holder is fully liable for the total debt due on a loan, even if the value of the property plummets.
Ciaran Phelan of the IBA says that many thousands of householders are in despair and are being left in a situation where they will be in serious debt for most of their adult lives.