Category — Economic Crisis

Yesterday in the High Court, there were 56 applications for repossession, including 30 by sub-prime lenders, showing that Ireland is on the precipice of a repossession crisis according to Fine Gael Housing Spokesman, Terence Flanagan TD.

Deputy Flanagan said today (Tuesday) that there has never been a greater need for homeowners to be safeguarded from repossession and once again called on Fianna Fáil to adopt Fine Gael’s Homeowner Support Scheme.

“Fianna Fáil and the Greens inaction on the issue of families facing repossession is unforgivable.

“There are over 6,400 homes facing repossession and, in just a matter of days, the one year moratorium for these householders is about to expire. Despite repeated calls for action from the Government, nothing has been done.

“Once again I call on them to adopt the Fine Gael Homeowner Support Scheme. Fine Gael is the only Party that has a plan to help those in dire need and protect the thousands of Irish families facing repossession of the family home.

“Our Homeowner Support Scheme would allow NAMA to take an equity share in a property after negotiating a write-down in the outstanding debt with the relevant financial institution. The property owner would then service his or her remaining share of the debt and pay a rental fee to NAMA for the equity share taken by the Agency. The homeowner will have an option to buy back the NAMA equity share and if the property is sold, NAMA will receive its share of the sale.”