Thursday 19 April 2018

Michael McGrath: Coalition's mortgage lifeline deal has left banks in the driving seat

THE relationship between financial institutions and customers is never an equal one. Banks have huge commercial and legal resources at their disposal giving them enormous power over borrowers. In normal times a competitive market would go some way to addressing this imbalance.

However, we are in far from normal times.

Over 143,000 residential mortgages are in arrears and a further 37,000 buy-to-let borrowers are behind on their mortgage payments. This is both an economic and social crisis. If we fail to tackle the problem head on, we are condemning thousands of families to remain on the margins of society.

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