Fianna Fáil Senators Put Forward Radical New Bill to Safeguard the Family Home

Fianna Fail Senator Brian Ó Domhnaill and his Seanad Colleagues have published a new Bill to deal with the issue of repossessions of the family home, which is coming before the Seanad tonight.

 

The bill entitled The Family Home Bill 2011, restricts the number of scenarios whereby a family home can be repossessed by a Financial Institution.

 “Families in Donegal are concerned about mortgage repayments and this Bill aims to support such families and individuals. The most recent figures available from the Central Bank show that 6.3% of private residential mortgage accounts are currently in arrears for more than 90 days.” ;Said Ó Domhnaill

“The figures show that at the end of March 2011there were 782,429 private residential mortgage account held in the Republic of Ireland to a value of almost €116 billion, of these, 86,271 (or 11%) accounts are either in arrears greater than 90 days or have been restructured and are not in arrears as at the end of March 2011.” ; Ó Domhnaill added

“This new bill outlines very clear and very realistic mechanisms/alternatives to keep families in their homes. They include; an interest only option, extensions of the mortgage term, one year payment holidays, adjustments to the interest rate, debt equity options or a deferred interest scheme.” ;Added Senator Ó Domhnaill

 

“Like my party Fianna Fáil, I believe that keep people in their family homes makes good social policy and also makes sound financial sense. Our new bill puts the protection of the family home at the centre of the State’s approach to mortgage arrears. “

“I am calling on the Government to support the Fianna Fáil bill. It provides solutions to many of the problems affecting families right now. They cannot afford to wait for the Government to produce its own bill.” ;Concluded Ó Domhnaill

Posted: Jul 27, 2011     |     Categories: Uncategorized