Sunday 24 September 2017

John Drennan: Banks 'shouldn't reap big profits' on 40-year loans

John Drennan

John Drennan

Banks should not be able to reap massive profits on 40-year mortgages negligently sold to young couples at the height of the boom -- sometimes at 110 per cent of the then value of the property, a government backbencher has warned.

Labour TD Arthur Spring said the Government must act on the escalating mortgage arrears crisis affecting "generation jinxed".

The Government should move swiftly to ensure banks "do not turn a huge profit on mortgages that were negligently sold to distressed mortgage holders".

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