State should take on bank mortgages
Sir, – The latest bank bulk property sale looms with Ulster Bank set to sell 2,900 buy to let mortgages, and 2,300 other residential mortgages.
The bank states that is has to sell the loans as over 10 years they have arrears averaging €3,200 per annum on buy to lets and €6,100 per annum on the other loans.
Since the State propped up the banks when they needed it, where is the reciprocity for the State in our current housing crisis?
Ireland should be given the option to pay the arrears through a preferential rate loan, to secure 5,200 homes. Ulster Bank would then remove the debt from its books, the State gets 5,200 homes, and the occupants of those 5,200 homes, could pay rent to the State, and avoid becoming homeless.
Is the profit of this sale more important than the provision of 5,200 homes, and potentially many others in the months and years ahead?
Our State has paid a high price to the banks.
It is time the Government put in a clause to ensure it gets first option on the loans Ireland has already paid for. – Yours, etc,