Ross Maguire: Mortgage-debt deal can save families as well as banks
A sustainable payment system will ensure a return to prosperity and that's a winner for borrowers and lenders
Published 16/12/2012 | 05:00
The extent of the mortgage crisis hardly needs repeating. Figures released from the Central Bank last week show that 750,000 people are affected. These are the young families who purchased homes during the Celtic Tiger.
Family is important for it is the bedrock upon which society is built. The family home is the physical aspect of family – said by our Supreme Court to be a place of repose away from the cares of the world. In those homes our children are nurtured. The home is recognition that we are not just economic entities measured on some stock exchange.
The crisis represents an enormous social challenge for the State. Those young families who purchased properties between 2003 and 2008 bear the brunt of the economic collapse, for it was they, spurred on by banks and government alike, who borrowed extraordinary sums of money to purchase ordinary homes.