The Mortgage to Rent Scheme is being described as being riddled with red tape.
Fewer than 400 struggling homeowners have successfully joined the programme in the last seven years.
Fianna Fáil's Finance Spokesperson, Deputy Michael McGrath, says the scheme needs to be reformed.
"It allows people to remain on in their home but people, in that case, would lose the ownership and would instead become tenants," he said.
"It is riddled with bureaucracy. It's taking forever to get individual cases over the line.