Aideen Hayden (Labour) | Oireachtas source

Mortgage insurance guarantees - also known as mortgage insurance schemes - are not something that just arrived after 2000; they were quite common in the housing market in the 1980s. I worked as a solicitor in conveyancing and I came across these schemes back in the day. The witnesses have indicated that the downturn in the late 1980s generated massive claims, repossessions and so forth, and insurers had never anticipated this level of claims activity, with many seeking to try to avoid payment of claims. The witnesses also indicated that lenders remain sceptical of the type of protection offered, as do many international regulators. There have been difficulties in the past with these types of insurance products. Have international protocols been put in place by insurers so that there is a commonality of standard. Are there reinsurance products that ensure ultimate security for the lender?