Michael Ring (Mayo, Fine Gael)

According to the Financial Regulator, over 40,000 mortgages were in arrears for over 90 days at the end of September, an increase from 26,000 last year. Independent forecasts estimate 300,000 people will be in negative equity this year and over 500 homes have been repossessed in 2010. Some of the recommendations of the report published last week by the expert group on mortgage arrears are in place but others will require legislation. Will many of these recommendations be put in place by the end of the year and which ones does the Government plan to put in place immediately?

There is a time-bomb waiting to explode in regard to mortgage arrears and we need to do something about it. There have been two reports but what we need is action. When will we have it?

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