Maureen O'Sullivan (Dublin Central, Independent) | Oireachtas source

I wish to share time with Deputies Finian McGrath, Mick Wallace, Catherine Murphy and Richard Boyd Barrett.

Throughout our history we have had a fractured relationship with land and houses, from the time of the plantations until the 19th century when we got to the point where more than 90% of the land was owned by only 5% of the population. We are experiencing similar difficulties today with mortgage holders, but the terms have changed. Then they were called evictions; now they are called repossessions. Then they were called landlords; today they are called the banks. Then it was rack rents; today it is unsustainable mortgages. However, the common denominator is families losing their homes. The Government amendment states the recommendations of the report of the interdepartmental mortgage arrears working group have been adopted as the most appropriate framework for dealing with this crisis, but if they were working, the crisis would not be worsening and in excess of 57,000 would not have been unable to pay their mortgage for a year and an increasing number would not be in mortgage arrears. The only conclusion is that they are not working.

There is no single answer to the crisis, but a comprehensive range of options have been suggested on both sides of the House and the people working closely with those in mortgage difficulty. I refer to organisations such as FLAC, Focus Point and the Society of St. Vincent de Paul. However, instead of this, the tactic used too frequently is a letter indicating legal action. There has to be genuine engagement between the borrower and the bank to find a sustainable and realistic solution.

Repossession might be an option for some, but only if it is negotiated. It is not the answer in all the cases where it is proposed because if repossession is seen as a sustainable solution, it will exacerbate the housing crisis. A flood of repossession sales will destroy current market levels and fuel opportunistic cash buyers who are just looking for investment bargains.

Strategic defaulters should not be tolerated, but there is a need for an independent investigation into and an independent assessment of the reality of this matter. I do not agree with the notion that the State's mortgage arrears crisis represents the greatest social challenge facing it because that confines the issue to mortgage holders. We have a major housing crisis. I witness this in Dublin Central, whether it relates to private rented accommodation, local authority housing, social housing or the increase in homelessness.

I listened to the Tánaiste's fiery words on the Order of Business as he expressed confidence about solving this problem. I hope they become a reality.

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