Michael Fitzmaurice (Roscommon-South Leitrim, Independent) | Oireachtas source

Any legislation that protects consumers is welcome, but we have seen a stark reality in the past year with vulture funds buying up mortgages from the banks. As bad as our own banks are, these people have no mercy. As I have seen in my own part of the country, no mercy is shown to anybody who goes into arrears. At least some of our own banks might listen for a while. This cannot continue.

At the moment there are approximately 57,000 mortgages in arrears and over the next 18 months 57,000 families will reach a stage where they do not know where they are going. As a nation do we know where we are going if we have to fork out so much in rent allowance? The sad reality is that vulture funds from America and elsewhere outside the country are coming in to buy up large tracts of houses while our people are being evicted from them.

A few years ago the Government, on behalf of the nation, decided to bail out the banks. Taxpayers throughout the country are struggling and have seen their living standards drop. Governments have talked about how they have put their shoulder to the wheel. However, now we need someone else to put a shoulder to the wheel to help these people who are in difficulty because many of them are unemployed and cannot service the loans.

If we keep going the way we are going, where will Ireland, as a nation, be a year or two down the road? Will we have foreigners owning most of our property or will we make a decision to work together? I know there is not just one simple solution to all of this - several different solutions may be required. However, we cannot keep letting these American vulture funds gain ownership of our property that our people owned for so many years. Perhaps because of bad advice and because of a recession someone else in another land is gaining out of it. They are now even attacking people who may be in arrears where the amount owed is less than the value of the property.

As politicians, we can keep kicking the can down the road, but sooner or later we need to decide what we will do for all our people and not just some of our people or not just the banking people. Will we look after the Irish people, north, south, east and west?

It is great to hear that growth figures are moving in the right direction and everyone welcomes that. Every day of the week I hear that we are turning corners. That is a good thing if we are, but sadly for the 57,000 people who are in arrears and those who have lost their homes there does not seem to be any corner and only a big black wall in front of them. Life cannot go on like that. Families need to be freed of the shackles and allowed to start a new life. They cannot continue to live with debt around them because, as the saying goes, when poverty comes in the door, love goes out the window.

The sad reality is that it is causing depression. Let us consider the number of people who have committed suicide because of banks hounding them. Many of the vulture funds who have bought the mortgages have no mercy. They do not mind if people take it in a bad way or whatever. They just drive on and many of them do not want even to engage with people.

I welcome something that will try to protect people. However, as politicians, we have to turn around and start solving these problems because if we do not there are dark days ahead for all these families throughout the country.

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