Mortgage Debt Forgiveness Rejected in Proposal

12 October 2011 - Which Way to Pay

Email Article Print Article
    


Mortgage Debt Forgiveness Rejected in Proposal

A report published today saw a scheme proposed by the Inter-Departmental Working Group on Mortgage Arrears, which could see up to 10,000 people having their home ownerships given to the local authorities.

The report outlines that the State is largely responsible for finding a solution to the burgeoning mortgage debt crisis across the country, and suggests 2 ‘mortgage to rent’ social housing schemes. If approved, the schemes will see housing bodies taking over ownership of homes in severe circumstances or the leasing of properties to local authorities by banks, depending which solution is more appropriate.

Various other measures were also suggested in the report to help those who are having difficulty with mortgage repayments. The report did however put emphasis on the fact that there would not be any blanket debt or forgiveness programmes for negative equity. The main reason given for this was that a full programme to clear all the negative equity across Ireland’s mortgage portfolios would cost around €14 billion.

news_15.png
 

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

INSURANCE PRODUCTS
Compare Insurance Products >>

Everyone in this day in Age has some kind of gadget. lets hope its insured. gadget Insurance
23 August 2018
Which Way To Pay
Making sure our loved Gadgets are covered by gadget Insurance is a must.
Read More >>
As we all know our health is one of the most important things in life . So we need to make sure we are fully covered with the correct Health Insurance.
30 August 2016
Which Way To Pay
Health Insurance is a very important thing that everybody should think about , this also means taking the correct cover for your personal requirements.
Read More >>
New Product Range: Vehicle Loans
22 October 2015
Which Way To Pay
Check Out our latest new product range added to Which Way To Pay: Vehicle Loans
Read More >>