Gerard Craughwell (Independent) | Oireachtas source

I welcome the Minister of State to the House. I commend my colleagues Senator Barrett and Senator Quinn on this sensible and well-thought-through Bill, which offers a practical and easily implementable solution to many aspects of the housing crisis. It is not a panacea for all ills and all that ails us in housing, where the issues are complex and multifaceted, but it offers a reasonable alternative to the current banking and lending offering from the same banks which brought this country to its knees.

The Bill proposes the establishment of a national mortgage and housing corporation to act as a vehicle for lending to provide social cohesion mortgages and build social housing. What is wrong with this? It is a sensible, cost-effective approach which offers us a new and innovative borrowing and lending model for home purchase. I welcome the radical thinking and reimagining of the lending model, which would use monopsony power to ensure people on moderate incomes would be able to access mortgages, as at present they cannot get a foot on the property ladder. Two professionals working in the same house cannot get a foot on the property ladder in this town. They do not have a chance in hell. I am speaking about two young professionals on serious incomes.