Government pledges support for those struggling with mortgages

Government pledges support for those struggling with mortgages

We all have our New Year resolutions and Taoiseach Enda Kenny has insisted that the government’s will be to help those struggling with mortgages and negative equity.

An implementation plan on how to deal with the thousands of homeowners in distress has been authorised by Cabinet, with action promised as soon as this month.

The plan includes new personal insolvency laws to cut the amount of time a person remains a bankrupt.

Speaking on the matter, the Taoiseach said: “(Finance Minister) Michael Noonan has been given authorisation to set up his implementation plan on mortgages.”

Minister Noonan will implement the recommendations of the Keane report on mortgage arrears, published in October, while the Government will introduce the Personal Insolvency Bill in early January, Mr Kenny said.

Also to follow are a Land Conveyancing Bill as well as the implementation of other recommendations that have arisen from Dáil and Cabinet discussions, he said.

“The Minister for Finance will drive that now,” the Taoiseach said.

“Personnel have been appointed from Environment, from Social Protection and from Justice, who will devote their attention exclusively to implementing the findings of (the Keane report) and the recommendations of Government.

“One of those (recommendations) was to honour the increased mortgage relief for those who bought between 2004 and 2008.”

 

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