herald

Friday 24 November 2017

Editorial: How can we end home loans crisis?

IT is becoming increasingly apparent that there will be no NAMA-style bailout for the thousands of householders who have fallen behind in their mortgage repayments.

It is a blow for those who expected the State to follow up its bailout of the banks with a support scheme for financially distressed households.

But it was always going to prove a difficult proposition to implement. There are many taxpayers who have made significant personal sacrifices to keep up with their mortgage obligations.

It does not make sense that they would also be called upon to bail out those who could not, albeit many through no fault of their own, because of job losses and pay cuts.

A Government-appointed expert group is looking at suggestions about what should be done to assist those in difficulty. But shifting the problem to the taxpayer is not the solution.

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