Labour: NAMA will trigger repossessions

BANKS will begin a spate of home repossessions once the National Assets Management Agency (NAMA) laws are passed, according to the Labour Party, which is calling for special protections for mortgage holders under the legislation.

It is estimated 35,000 home owners will not be able to pay their mortgage by the end of next year. Labour wants a moratorium on banks taking over these homes in a proposed amendment to the NAMA Bill.

Labour leader Eamon Gil-more told the Dáil yesterday: “It is well known that the banks are just waiting for the NAMA legislation to go through before they open up in a very serious way to seek repossessions.”