Noonan: Debt write-off would open floodgates

A WIDE-RANGING mortgage debt forgiveness scheme or partial write-off of loans for anybody not making repayments would “open the floodgates” for those who did not really need help, Finance Minister Michael Noonan warned.

While he said there was no “silver bullet” solution, he said troubled borrowers would be given some relief with plans to help mortgagees set to be announced before December’s budget.

He said a pledge to raise mortgage interest relief for first-time buyers who bought during the boom was being considered.