Banks will no longer be in control

There are some solid ideas on dealing with the crisis in mortgage arrears but more work is needed, writes Ross Maguire.

WHILE the Government announcement raises more questions than it answers, the fundamental change proposed is simple — the banks are no longer to be in control.

This could mark a watershed in the country’s response to the mortgage crisis. For years we have grappled with the fact of people being simply unable to meet all their debts but we have unable or willing to come up with real solutions.