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15/02/2016
FF Launch 'Extensive Action Plan' For Mortgage Holders
Action is required to boost mortgage holders rights Fianna Fáil has said as it announces its "action plan to support families in meeting their monthly mortgage payment".
Announcing the plan, the party's finance spokesperson, Michael McGrath, said that it contained measures relating to "rip-off mortgage rates and the ongoing problem of mortgage arrears and repossessions".
"Concerns about mortgage rates and the protection people enjoy if they fall in to difficulty are widespread. Fianna Fáil believes it is vital that there is a strong legislative underpinning for a bank’s relationship with its customers, backed up with enforceable Central Bank codes of conduct," Deputy McGrath said.
"Across a range of issues, Fine Gael and Labour have failed to take the necessary actions to protect mortgage holders. They strengthened the ability of banks to obtain a repossession order for a family home while refusing to end the scandal of rip-off interest rates. Up to 1,600 homes were repossessed in 2015.
"Over 300,000 households are paying rates that are double the European average for equivalent mortgages. This is costing families hundreds of euro a month. The margin earned by banks on variable rate loans has grown dramatically as their cost of funds has fallen.
"The banks response to widespread concern on this issue has been totally inadequate. Despite the fact that variable rates in Ireland are more than 2% higher than the euro area average, most banks have offered little more than reductions in their fixed rates.
"Similarly those in mortgage arrears have largely been abandoned. While many restructurings have been put in place, most have not been genuine long term solutions.
"Comprehensive action is required to ensure that homeowners paying variable interest rates are not ripped off, those falling into arrears have access to long-term sustainable solutions rather than facing repossession and ensure existing borrowers are treated on the same basis as new customers."
(MH)
Announcing the plan, the party's finance spokesperson, Michael McGrath, said that it contained measures relating to "rip-off mortgage rates and the ongoing problem of mortgage arrears and repossessions".
"Concerns about mortgage rates and the protection people enjoy if they fall in to difficulty are widespread. Fianna Fáil believes it is vital that there is a strong legislative underpinning for a bank’s relationship with its customers, backed up with enforceable Central Bank codes of conduct," Deputy McGrath said.
"Across a range of issues, Fine Gael and Labour have failed to take the necessary actions to protect mortgage holders. They strengthened the ability of banks to obtain a repossession order for a family home while refusing to end the scandal of rip-off interest rates. Up to 1,600 homes were repossessed in 2015.
"Over 300,000 households are paying rates that are double the European average for equivalent mortgages. This is costing families hundreds of euro a month. The margin earned by banks on variable rate loans has grown dramatically as their cost of funds has fallen.
"The banks response to widespread concern on this issue has been totally inadequate. Despite the fact that variable rates in Ireland are more than 2% higher than the euro area average, most banks have offered little more than reductions in their fixed rates.
"Similarly those in mortgage arrears have largely been abandoned. While many restructurings have been put in place, most have not been genuine long term solutions.
"Comprehensive action is required to ensure that homeowners paying variable interest rates are not ripped off, those falling into arrears have access to long-term sustainable solutions rather than facing repossession and ensure existing borrowers are treated on the same basis as new customers."
(MH)
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30 April 2015
Sinn Féin Calls On The Government To 'Stand Up To Banks'
The Taoiseach Enda Kenny has been criticised by Sinn Féin leader Gerry Adams over his position on the banks refusal to cut variable mortgage rates for struggling homeowners. Mr Adams said that Mr Kenny's response was "not good enough" and that the government needs to "move beyond the rhetoric and force the banks to reduce the interest rates".
Sinn Féin Calls On The Government To 'Stand Up To Banks'
The Taoiseach Enda Kenny has been criticised by Sinn Féin leader Gerry Adams over his position on the banks refusal to cut variable mortgage rates for struggling homeowners. Mr Adams said that Mr Kenny's response was "not good enough" and that the government needs to "move beyond the rhetoric and force the banks to reduce the interest rates".
24 March 2015
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
12 May 2015
Fianna Fáil 'Dismayed' At Central Bank Position
Fianna Fáil has said that it is "dismayed" at reports that the Central Bank is "siding with the banks and not 300,000 mortgage holders paying variable mortgage rates which are double the euro zone average".
Fianna Fáil 'Dismayed' At Central Bank Position
Fianna Fáil has said that it is "dismayed" at reports that the Central Bank is "siding with the banks and not 300,000 mortgage holders paying variable mortgage rates which are double the euro zone average".
11 March 2016
Mortgage Arrears Fall For 10th Consecutive Quarter
The latest figures from the Central Bank have revealed that mortgage arrears have decreased for the 10th consecutive quarter. According to the figures, there has been a 38% drop in arrears, which represents 54,000 plus mortgages, or €9.6 billion of mortgage debt.
Mortgage Arrears Fall For 10th Consecutive Quarter
The latest figures from the Central Bank have revealed that mortgage arrears have decreased for the 10th consecutive quarter. According to the figures, there has been a 38% drop in arrears, which represents 54,000 plus mortgages, or €9.6 billion of mortgage debt.
19 March 2014
Consistency Needed In Bank Handling Of Mortgage Arrears
Greater consistency is needed in how different banks handle mortgage arrears, Fianna Fáil has said.
Consistency Needed In Bank Handling Of Mortgage Arrears
Greater consistency is needed in how different banks handle mortgage arrears, Fianna Fáil has said.
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