Monday 23 October 2017

Five years is too long to wait for mortgage help

WE ARE a few weeks from the fifth anniversary of the government decision which led to the Irish banks being hauled back from the abyss. The September 2008 taxpayers' guarantee staved off Armageddon for the banks - however hard it was for the rest of us to swallow. The average taxpayer is entitled to make her or his own decisions about the Irish banking principals' extraordinarily limited capacity for reciprocal gratitude over the last five years.

Shocking delays on workable remedies for people buried under unreal mortgage debt are a story of intense misery visited upon tens of thousands of mainly young Irish people.

Dispense with accusations of playing the violin here, these mortgage blockages are also a major impediment to the nation's economic recovery. If our economy is to get back on track we need a resolution to unrealistic mortgage debt and that requires imaginative solutions including some forms of debt forgiveness.

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