Michael Noonan’s plan - Irish may be able to rent their repossessed houses
Renting from the state seen as possible way to prevent home losses
Irish families whose homes have been repossessed may be allowed to stay in them in return for giving up ownership and renting it from the state, under new measures currently being considered to address the mortgage debt crisis.
The new proposals were suggested after Irish Finance Minister Michael Noonan was accused of not acting quickly enough as thousands more Irish households fall behind.
Other options under consideration by the government and Irish financial institutions include allowing people in negative equity to trade up to a new home. But this possibility would depend on their ability to sustain their overall debt after selling their old home at a loss and carrying the previous mortgage 'hangover' with them.
Minister for Finance warns default would cost Irish lives
The number of Irish households in arrears of three months or more is expected to top 60,000 by the end of September, so there is growing pressure on the government to act decisively.
Minister Noonan told the Irish Examiner he would wait for a government-appointed report at the end of the month before deciding what action to take on the mortgage debt situation.
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Quoting Churchill to an Irish audience to make a point is not the silliest part of this sad missive. Like so many "Conservatives" Conboy mBill O’Reilly slams Nelson Mandela as an unrepentant “communist”
Obama is not a socialist, that is why you got ACA run by private insurance companies instead of Single Payer. I know he's not a socialist because I amUnionists regret US envoy Haass’ call for new flag for Northern Ireland (VIDEO)
More 'fried brain' nonsense...A sibling of an Irish person...is Irish...stay out of the Sun, 'n keep trying, cobber!!!Gay teacher fired from Catholic school after applying for same-sex marriage license
Hi alisaann, in truth, the ones who lose the most are the children. Marriage affords most people a means to bequeath possessions to the family without