Distressed mortgage sales
Deputy Breathnach proposed emergency legislation to halt distressed mortgage sales for six months and give local authorities first refusal to buy loans. Minister Doherty mocked Fianna Fáil’s past record, while Breathnach insisted the measure was a practical solution.
On the home building finance Ireland Bill and Deputy Pearse Doherty's reference to the consumer protection Bill, I want to revert to a point raised earlier by Deputy Calleary in regard to vulture funds. As has been stated, given the State's 75% shareholding in the banks, they must listen to the Government. I am solution driven. I do not like to get involved in the blame game in terms of what happened in the past. We need to find solutions.
Comment on this
Deputy Breathnach does not want to get involved in it because Fianna Fáil is responsible for what happened.
Comment on this
I believe there is a simple solution to the problem. We need to introduce emergency legislation immediately which places an amnesty on the sale of distressed mortgages for six months and instructs all the lending agencies to afford the local authorities the first opportunity to purchase the distressed loans to increase our housing stock. It is a no-brainer. Members on the opposite side need to start listening.
