November 2009 – Brady welcomes pledge by Mortgage Lenders to assist Homeowners

Local TD and Minister of State, Aine Brady, has warmly welcome the announcement by the Irish Banking Federation outlining their intent to support homeowners who find themselves genuinely unable to maintain mortgage repayments on their principle private residence.

‘All Mortgage Lenders who are members of the Irish Banking Federation (IBF) will work with their customers who are facing repayment difficulties in their principle private residence due to changed economic circumstances.'

‘It is important and it is essential IBF find a pathway to solving genuine difficulties in order to find solutions that do not involve legal actions. We need to do all we can to help those who are finding it difficult to meet their mortgage repayments in these economic times.'

‘We are in one of the worst financial crisis in modern times and collectively we need to deal with issues, such as these, in more innovative ways"

 "I understand that the basis for such solutions is for the customer to talk to his/her lender at the earliest opportunity so that arrangement can be agreed, implemented and reviewed thereafter on a six monthly basis.'

 "Like many other Public representatives, I have received representations over the last number of months, from concerned homeowners with mortgages, and I know that this announcement will benefit such individuals."

 "An oversight committee is also to be established comprising representation from MABS so as to monitor progress of the statement of intent by the IBF."

"This commitment from the financial institutions which covers 10 financial institutions within the state must be welcomed.' concluded Minister Brady.

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