Special Cabinet meeting to act on mortgage arrears

A special meeting of the Cabinet will take place later on the issue of mortgage arrears.

Ministers will sign off on a package of measures to change current insolvency arrangements.

But Labour demands for a cut in the bankruptcy period to one year has been deferred for further consideration.

Special Cabinet meeting to act on mortgage arrears

Changes to the practices surrounding mortgage arrears have been months in the making but they will be signed off on this afternoon by the Cabinet.

There has been criticism in political circles of banks having a veto on any proposed insolvency deal - it is expected this will be changed to allow an examinership-type process to appeal the veto to the courts.

An overhaul of the mortgage to rent scheme will also be unveiled to allow more of those struggling to pay their home loans avail of such a scheme.

Enhancing MABS or the Money Advice and Budgeting Service is also on the cards, as are changes to valuations and calculating income criteria.

The proposal from Labour's Willie Penrose to cut bankruptcy from three years to one has been left out. Instead, it is being referred to the Oireachtas Finance Committee for assessment, which must be concluded by the summer recess.


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