The moral hazard of mortgage defaulters

Why should I continue to pay my mortgage if the State is to bail out those who aren’t paying theirs? That was the obvious question to the proposed bill from Fianna Fáil’s John McGuinness which has been drafted by the master of the High Court Edmund Honohan, writes Daniel McConnell.

Essentially, the bill seeks to allow those people who are struggling to pay their mortgage, or are in arrears, to benefit from a debt write-down and remain in their homes.