NEW MEASURES to protect families that are finding it difficult to pay their mortgages will be introduced by the Government, Fianna Fáil TD Frank Fahey said yesterday.
The proposal is part of the revised programme for government which was agreed by Fianna Fáil and the Green Party earlier this month. Under the plan, the Government would subsidise lower interest rates to reduce monthly payments for those most at risk of having their homes repossessed.
The programme says lenders should show greater flexibility in seeking to avoid foreclosures by reducing rates, applying longer maturity dates or rolling up outstanding interest. It also suggests that banks could take equity in debt-laden households.
