Fianna Fail claims iCare, founded by David Hall, will end years of financial stress for families and help them ebuild their own financial stability and security.
TD Stephen Donnelly said: "Instead of offering big discounts on distressed mortgages to vulture funds, iCare essentially makes those discounts available to families.
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"iCare's model is simple. An individual or family with an unsustainable mortgage surrenders their home to the bank. The bank closes out the full mortgage, including any residual debt in cases of negative equity. iCare buys the home from the bank at a discount and signs a 28-year lease with the family. The Local Authority pays most of the rent to iCare. The family can, at any time, buy back their home from iCare at the discounted price iCare paid the bank.
"I am calling on all of those families in Wicklow who are currently experiencing mortgage difficulty to get in touch with iCare."
(CD/MH)
