Larry Butler (Independent)

I refer to the Hugh Cooney report which was published yesterday. While I am pleased with some of the comments in the report and its recommendations for dealing with future mortgage issues, this is an opportunity to look at the mortgage situation. I call for a debate on mortgage debt. One of the biggest problems with regard to mortgage debt are the bankruptcy laws which need to be reviewed and brought into line with both Britain and America. It is ridiculous that someone who goes into bankruptcy stays a bankrupt for about 12 years. This is an old system which does not suit our situation now. A total of 45,000 people cannot pay their mortgages or at least have problems with repayment as a result of losing their jobs. If our banking system is going to be supported by the European Union, we must review the mortgage situation. Otherwise we will encounter grave problems further down the road.