Michael McGrath: Mortgage scheme ‘failing’

Michael McGrath, Fianna Fáil finance spokesman, has turned up the heat on the debate about the best ways to lower the still elevated levels of mortgage arrears, saying one approach — the so-called mortgage-to-rent scheme — is not working as it should.

The claim comes as the Central Bank prepares next week to release the latest figures on mortgage arrears.

This release is the first since the new minority government was formed and will likely reignite the debate about the large numbers still facing arrears, as well as the high numbers whose mortgage deals are falling apart following some sort of restructuring.