Wednesday, July 17, 2013

17/7/2013: IMHO statement on Land & Conveyancing Bill

Irish Mortgage Holders Organisation response to the passing of the Land anf Conveyancing Reform Bill, 2013:

do keep in mind, while reading, that our view recognises fully that in many cases, in dealing with mortgages debt there will be no option other than foreclosure sale (voluntary or enforced).

The key to any economically and socially sustainable system for resolving this crisis is to create a symmetric balance of power and incentives between the banks and the borrowers to achieve a long-term sustainable solution to the debt overhang. This the current system does not allow for. 
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