Tuesday 30 May 2017

Create a NAMA for homeowners

I refer to plans by Permanent TSB (PTSB) to raise interest rates for hard-pressed borrowers and given that this decision was taken at a time when it is obvious that it will push many homeowners over the brink, it is extraordinary that the political reaction to it has been so muted.

While it is a fact that PTSB has not received any taxpayers' money as other lending agencies have, the fact is that the problem of homeowners being left to sink under mortgages that are in some cases twice the value of the property, was caused to a large extent by the reckless lending practices of banks, which includes PTSB.

What the Government must do now is to create a NAMA for homeowners and to transfer liability for that portion of a mortgage that can be shown to have resulted from overzealous lenders such as PTSB.

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