Over 39,000 family home mortgages are in arrears annually.
According to Fianna Fail, just 282 mortgages to rent cases have been completed since 2012.
Housing Minister Eoghan Murphy’s says plans are in place for reviews and alternative funding models.
However, Fianna Fáil Spokesperson on Finance Michael McGrath has said the system just isn’t working.
He said: "The Government has known now for a number of years that the mortgage to rent scheme isn’t working.
"There has never been a greater need for such a scheme to be in place as a safety net for individuals and families who are deep in long-term mortgage arrears.
"The Government has singularly failed to reform the scheme and invest in it."