New Debt plan

Has this already been posted somewhere?

independent.ie/business/personal-finance/latest-news/banks-will-take-back-homes-under-mortgage-writeoff-plan-2986613.html

Will this even get off the ground?

Comments?

independent.ie/business/personal-finance/latest-news/how-the-process-could-work-for-those-drowning-in-arrears-2986604.html

The above is Charlie’s further explanation(?) on how this would work.

So the mortgage holders continue to pay what is in effect rent for a further 5-7 years presumably in the hope that the market will pick up, allowing the bank to cut their losses a bit.

Why can’t the mortgage holder just use the new bankruptcy arrangements, when they happen, and walk away now? It would appear that home mortgage debt is going to be eligible for the non-court bankruptcy arrangements.

Either way, their credit rating is soiled beyond repair, so I’m not sure what the mortgage holder gains by entering this process.

Edit: Is there a misprint in the original article? I presume they mean Noonan is so UNhappy with the proposal to include mortgage debt in the bankruptcy arrangements that he is insisting on a meeting with Shatter?

That’s just putting it into a never ending loop.
If the person can’t afford the private rent then they claim for Rent Supplement or the RAS!
The council estates are full so they claim for Rent Supplement or the RAS!

So the state ends up paying for the tenants to rent back their own house!!!?