The Green Party is reported to be discussing with Fianna Fáil measures that will prevent householders in mortgage arrears arising from hardships such as job losses. In reality their proposals are far too little. Householders need radical reductions of the principal on their mortgages.
The Greens are talk about measures like re-scheduling of debts and equity transfers to the lenders. This is no real solution. This issue will be a ticking timebomb as insurance cover runs out for others facing difficulties and promised interest rate hikes kick in as banks place the burden of recovering profitibility on the shoulders of working people.
I am opposed to any bank repossession of homes of ordinary people, as opposed to those owned by the speculators. The proposals of the Green Party are totally inadequate as they leave untouched the question of the principal of the mortgage loans. The overwhelming majority of people bought houses during the property bubble not as an investment but as somewhere to live. The mortgages they were forced to take out in reality meant they had to bear the cost of the obscene profits of the financial institutions, builders, developers and land owners.
Therefore I say a re-valuation of the properties needs to take place and the wrong commited against the people during the boom must be righted by reducing the principal of the mortgage loan in line with the true value of the homes. State support should remain in place for any householders who would still struggle to meet repayments in such a new arrangement.
The alternative is imprisoning young working people in debt for decades with or without their home.
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