Written Answers - Proposed LegislationWednesday, 20 July 2011 |
Dáil Éireann Debate
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73.
Deputy Thomas P. Broughan
asked the
Minister for Finance
if he would introduce legislation to promote recourse mortgages and handing back of keys and loans to mortgage companies to avoid the current suffering of young householders and in accordance with the best American practice; and if he will make a statement on the matter.
[21703/11]
Minister for Finance (Deputy Michael Noonan):
I assume that the Deputy is referring to “non-recourse” mortgages. I have no plans to introduce legislation to promote such mortgages. There are accrued property rights which subsist as a consequence of existing property mortgages; legislation to alter such mortgage contracts could raise constitutional issues. The Deputy might wish to note that the provision of non recourse mortgages carries a higher level of risk for lenders. This risk would likely be reflected in higher costs to borrowers in the future.
| Last Updated: 08/03/2013 19:35:08 |
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