Fianna Fáil Spokesperson on Finance Michael McGrath TD said the pitifully low number of completed mortgage to rent cases since 2012 is evidence that Fine Gael has abandoned people.
He said: "The fact that a mere 282 mortgage to rent transactions have been completed in the past six years is evidence Fine Gael in Government really has no interest in helping those deep in mortgage arrears to stay in the family home. This figure represents less than 8% of those who have applied for the scheme in that time.
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"Minister Eoghan Murphy's Dáil reply to me talks about 'reviews', 'alternative funding models' and 'pilot operating models'. There is no talk of individuals, families and the daily misery of facing the prospect of losing your home – a prospect that is a reality for far too many.
"The simple fact of the matter is neither the Government nor the Housing Agency has a desire to fund the mortgage to rent scheme. Perhaps they privately believe that it is the borrower’s own fault for getting into that situation. There seems to be no appreciation of the fact that – in the midst of a horrendous housing crisis – it makes perfect social and economic sense to keep families in their home.
"Lenders too have a role to play by agreeing up-front what will happen to any residual debt following a mortgage to rent transaction. On top of this, the Government designed an insolvency system in a manner that allows creditors to frustrate the process. The appeal option to the insolvency court is in tatters following recent Court judgments and the Government shows no desire to fix the situation with legislation."
(CD/MH)
