Why is there no second chance for borrowers?

It must be galling in the extreme for those deeply affected by the building standards of bankrupt developer Tom McFeely to read over the weekend that he was out and about again, this time in the UK, trying to get sufficient funds to get back into the property development business. McFeely and his business partner were the developers of the infamous Priory Hall development in Dublin.

This development was built without any apparent regard for building safety and fire standards and when this was discovered the local authorities required that all residents vacate their flats.

Those ‘evacuated’ had to find alternative accommodation and were rent supported by the local authority. However, the mortgages borrowed to buy their flats still had to be repaid.