Call for a debt agency to tackle mortgage crisis

A NEW agency with tough legal powers to force banks to give lifeline mortgage cuts to struggling families has been demanded by a leading Labour Party figure as the Government came under attack for dithering in the face of the spiralling home debt crisis.

Chairman of the influential Dáil environment and housing committee, Ciarán Lynch, insisted a national debt management agency needed to be fast-tracked through the Oireachtas to avert worsening mortgage misery.

Mr Lynch said the agency should be legislated for as a Government priority and should have statutory powers to assess all problem home loans and to impose solutions on a case-by-case basis.