Committee Established To Speed Up Action On Mortgage Problems

A committee of senior ministers has been established in the hope of speeding up the governments handling of the mortgage crises.

Chaired by Taoiseach Enda Kenny and Tánaiste Eamon Gilmore, the cabinet sub-comittee held its first meeting on Wednesday, at which ministers were urged to prioritise the mortgage debt issue.

Describing the problem as an “Armageddon” for some families Gilmore said he was “disappointed” at the slower-then-expected pace of dealing with the issue.

Claiming that 70,000 households were more than 90 days in arrears he told the Irish Times that he and Enda Kenny were “absolutely at one” in their frustration at the rate of progress.

“The loss of the home is the Armageddon for families,” he said. “It’s not just the issue of housing and accommodation. When children have to change school [for example], there is the embarrassment and shame that goes with it.”

Mr Gilmore said the sub-committee would co-ordinate the work of five government departments and put a framework in place to help families facing major arrears difficulties: “People in distress need to talk to their banks and their financial institutions. What this will do is strengthen their hand so they are not alone and there is a framework in place. We want banks to co-operate with mortgage holders.”

(H)