Jack Wall (Kildare South, Labour)

Both inside and outside the House, this is viewed as complex legislation. The major representation being made to me in this regard is that nothing in the Bill provides for the tsunami that is coming down the track in regard to the repossession of people's homes - their kingdoms. It is this concern I wish to highlight. After reviewing the views of Deputies from across the House, the Minister must include in the legislation a mechanism to protect the family home.

At present, the HSE through the community welfare system is paying mortgage interest relief to 16,000 families, the number having risen from 4,000 or by four times in the past 12 to 14 months. This is only an interim payment so it is plain that the family home is under threat in all of these cases. The ESRI in a recent working paper by David Duffy stated that the price of houses was continuing to drop and that almost 150,000 homeowners would be in negative equity by the end of 2010. With the continued rise in unemployment and related problems, it is clear that many families are using HSE payments and the generosity of parents and friends as well as borrowing beyond their needs from moneylenders and the like to try to ensure their homes are protected. Yet, there is nothing in the Bill to ensure, nor have I heard it from the institutions, that the banks will provide a mechanism which will ensure the family home is protected.

Many believe that when this legislation is completed, the banks will be waiting like wolves on the hill for the scent to move in the right direction and when that happens we will see countless repossessions. Last Friday was probably the worst ever day I experienced as a public representative since I came to these Houses in 1992. Five people who came to my clinic had received eviction orders. I had to face them, try to console them and give them some hope as to how we could help them. Not one line in the legislation offers any hope or solace for such families.

My colleague, Deputy Michael D. Higgins, has continuously stated that a mortgage management agency structure must be either incorporated into the legislation or introduced as separate legislation. Reference has been made to approximately 150,000 people who will be in negative equity. According to David Duffy the most likely people to default among them are those who are ill, unemployed or in poor financial circumstances and they will risk losing their homes.

I am sure the Minister of State, Deputy Moloney, has similar constituents in his area. Rural Deputies are aware of many people who have come from cities to rural areas to purchase properties at a cheaper price but due to the rise in unemployment their financial circumstances have deteriorated. I urge the Minister of State, Deputy Moloney, to bring the need for such a provision to the attention of the Minister for Finance. The Bill must be modified to incorporate such a change or alternative legislation must be drawn up in tandem with the NAMA Bill to ensure there is protection for the family and society. If not, the future of this country will be dark, as most of the houses in communities will be repossessed because the unfortunate families do not have the money to pay their mortgage. I hope that change will be introduced.

I look to the good side of the Government, such as the Minister of State, Deputy Moloney, and others I know who are honourable and who know in their heart and soul what are the problems. I hope that provision will be introduced by the Minister for Finance before the conclusion of Second Stage to ensure that families can rest in their beds at night and not fear a knock on the door the following morning from someone saying the keys to their house will be taken from them.

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