John Halligan (Waterford, Independent) | Oireachtas source

I do not believe the full scale of the depth of the problem is evident yet. In many cases mortgages taken out in 2001 or those consolidated since that date simply cannot be paid back. Does the Taoiseach agree that the only way to the bottom of this mess is to find a mechanism that revalues the properties at the present valuation, compares the model valuation with the lending against it and then writes off the difference? Is that not reasonable? Many people have no problem with the contract they entered into with the banks and they want to keep it. They want to keep their houses and pay their mortgages. Can we not find a solution whereby the value of a property is set at what the property would be valued at today and the mortgage is brought down to that level and then enter into negotiations with the person that has taken out the mortgage at a reduced rate? The banks would be happy because they would be guaranteed some sort of payment every month.

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