Anti-Eviction Taskforce condemns proposed changes to Code of Conduct on Mortgage Arrears
The Anti-Eviction Taskforce strongly condemns the proposed changes to the Code of Conduct on Mortgage Arrears.
This code offered limited protections to mortgage holders in distress, the proposed changes will mean it will be much harder for a mortgage holder to be considered co-operating and therefor will lose the protection of MARP which provides for a one year moratorium on repossession for ‘co-operating’ homeowners. This will make it much easier for repossession to occur.
It will also remove any protections from unsolicited contact from the banks which till now has been capped at 3 per month. We would assert that this is plenty and that any further duress will lead to even higher rates of stress. It is well known that both marraige break up and suicide has increased and is directly linked to financial distress.
All powers of discretion and adjudication are with the banks, from what is considered a reasonable time frame to submit paperwork (failure to do within said time frame will mean you will be seen as non co-operating) to any appeals against the banks decision which are internal, so therefor you will be appealing the banks decision to the banks board.
This it is maintained is fair, transparent, independent and consistent.
Banks will against the recommendations of the mortgage and debt review group be able to move people off their tracker mortgages if a deal is offered, we would be very wary of how this would be used and it’s implications.
The AET would state this the changes and structure involved with distressed mortgages is in no way independent and is calling for an Independent body to be set up to oversee appeals and the procedures involved for those with distressed mortgages.
An Independent body should be set up to offer independent advice and to also negotiate on behalf of the mortgage holder.
Central to this is that whatever decisions are made should consider the good of the person and the common good of the country. The financial institutions which enabled this banking led crisis through lack of supervision and even overriding internal procedures cannot be trusted to put the common good of the country before their own financial interest.
The mortgage debt crisis has strangulated the domestic economy of which most the country depends upon, we will see no improvement in this situation until mortgage debt is managed in such a way as to free up the personal finances of the people. It is also having a detrimental effect on the people and their lives.
We strongly condemn any changes to the ‘Code of protection on Mortgage Arrears’ that in anyway facilitates greater repossessions or puts added pressure onto already distressed families.
We take this opportunity to remind the government of their promises in their programme for government and to say that for the common good of the country and it’s people, an Independent group should be formed who would not only consider the position of the banks, but foremost would consider the good of the person and common good of the country.
Please find attached submission. AET code submission
