Monday 5 December 2016

Baffled citizens are betrayed yet again

The Coalition has let down voters and is now throwing homeowners to the banking wolves

Shane Ross

Published 23/02/2014 | 02:30

Michael Noonan
Michael Noonan

Once upon a time, there was a bank manager. He used to meet his clients personally, lend them money, advise them about their savings and sleep easy at night. So did his clients, happy in the knowledge that their modest nest eggs were safe.

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Some citizens had mortgages with their banker or building society. These citizens paid back their mortgages according to agreed rules. The system worked well, partly because it was based on trust.

Sometimes, honest citizens ran into mortgage difficulties. Such problems were usually resolved by sensible solutions, second mortgages or more realistic payback periods. Repossessions were rare. Individual solutions were sought for every problem.

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