Country needs action, not ideas

People in mortgage distress need more than state reports, says Trevor Grant

ANY ideas that will assist or enable those facing real financial ruin to remain in their own homes is welcomed, but this report is largely just that: A series of ideas. And while we appreciate that work is under way to implement its key elements, Ireland’s mortgage holders have been in recession for more than three years and the Government is still only at idea stage.

There is some logic behind the two mortgage-to-rent schemes but a significant level of co-operation will be required from the stakeholders. Under each scheme, households in mortgage distress who are eligible for social housing would be able to remain in their homes as social housing tenants with either the lending institution or a housing association taking ownership of the property. Based on the lack of interest expressed by the lenders in relation to the previous “interest deferment scheme”, it’s difficult to see a more complex scheme getting off the ground. And who will foot the bill?