THE STATE should underwrite the mortgages of tens of thousands of people to prevent house repossessions caused by the recession, according to Labour Party leader Eamon Gilmore.
He has called for a State-backed scheme – similar to Nama – which would require banks to postpone loan repayments for people who “genuinely” cannot afford to pay.
He said that his “first priority” if he gets into government would be to tell people who lose jobs “you are not going to lose your home”.
Speaking during a visit to Carlow, Mr Gilmore said such a scheme makes sense for “obvious reasons” because “the State is going to have to pay anyway for rehousing all of these people”.