Tommy Broughan (Dublin North East, Labour)
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Question 73: To ask the Minister for Finance if he would introduce legislation to promote recourse mortgages and handing back of keys and loans to mortgage companies to avoid the current suffering of young householders and in accordance with the best American practice; and if he will make a statement on the matter. [21703/11]

Michael Noonan (Limerick City, Fine Gael)
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I assume that the Deputy is referring to "non-recourse" mortgages. I have no plans to introduce legislation to promote such mortgages. There are accrued property rights which subsist as a consequence of existing property mortgages; legislation to alter such mortgage contracts could raise constitutional issues. The Deputy might wish to note that the provision of non recourse mortgages carries a higher level of risk for lenders. This risk would likely be reflected in higher costs to borrowers in the future.