Written Answers - Proposed Legislation

Wednesday, 20 July 2011

Dáil Éireann Debate
Vol. 739 No. 3

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  73.  Deputy Thomas P. Broughan  Information on Thomas P. Broughan  Zoom on Thomas P. Broughan   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   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): Information on Michael Noonan  Zoom on 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.


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