45 repossession orders for Tipperary is a wake up call – McGrath

Independent TD Mattie McGrath has described the latest home repossession numbers for County Tipperary as indicative of the continuing failure of the banks to offer meaningful mortgage repayment supports to their customers.  Deputy McGrath was speaking after it was confirmed that of the 900 Circuit Court home repossession orders granted between January and June of this year, 45 were for County Tipperary:

“What these figures reveal is an ongoing crisis within the mortgage sector that is not being adequately addressed in any kind of meaningful or effective way.

When one looks into the figures the picture becomes even more daunting, given that there is an estimated 37,778 mortgages in arrears of over two years.

There is little in the way of a cohesive approach emanating from Government to deal with this emergency.

The only certainty that exists among all the confusion is the permanence of the banks veto in resolution vehicles like the Mortgage to Rent Scheme, and even that Scheme has only delivered 108 positive outcomes in its three year existence.

Couple these challenges with our County Councils estimate of a ten thousand increase in the County’s population in the next seven years and we are looking at a chronic housing crisis that cannot be addressed without a significant policy shift from this Government.

It is very frustrating for the people of Tipperary to realise that although the banks have never been under as much political scrutiny they are still managing to contribute to an almost three fold increase in repossession orders over the course of the last year.

The Minister is clearly failing to safeguard the taxpayer at the same time as he is giving regulatory comfort to the banks by not reducing the power of their veto,” concluded Deputy McGrath.

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