Business, Construction and Property, Consumer, News, Politics

Dooley alarmed at mortgage crisis in Clare

Timmy DooleyFianna Fáil Deputy Timmy Dooley has expressed alarm about the “escalating mortgage crisis” in Clare, as new figures reveal that the county’s mortgage default rate is higher than the national average.

The figures, obtained by Fianna Fáil through Parliamentary Questions, show that 12.2% of mortgage holders in Co Clare have defaulted on their payments. These figures relate to June 2014 and are the latest available.

Deputy Dooley said the figures are proof of the severity of the mortgage crisis in Co Clare.

“It is shocking to think that more than 12% of mortgage holders in Clare are simply unable to pay their mortgages.  These are people who are in such severe difficulty that they have had to default on their payments. And unfortunately these figures are just the tip of the iceberg when it comes to the extent of the mortgage crisis here, as I know there are many more homeowners who are just barely keeping their heads above water,” said Deputy Dooley.

“This is a damning indictment of the Government’s record on tackling the mortgage crisis. The crisis has spiralled out of control as mortgage holders are left at the mercy of banks.  I have spoken to many Clare homeowners who tell me that they cannot keep on top of their household bills and have fallen behind on their mortgage repayments. They are now genuinely fearful that they may lose their family home. It’s heart-breaking.

“Nationally there are 37,484 people in arrears for more than two years with tens of thousands more heading in that direction.  The banks have been put firmly in the driving seat when it comes to restructuring mortgages in difficulty.  The level of home repossessions is rocketing and homeowners have been left without any legislative protection.  The Government’s much-hyped Personal Insolvency Service is not working. Despite the severe level of mortgage difficulty in Co Clare and across the country, only 199 personal insolvency arrangements involving secured debt have been made by the Insolvency Service of Ireland since it was established in 2014.

“At the moment mortgage holders in Clare are being failed utterly by the Government.  Fine Gael and Labour have shot down several attempts by my party to introduce legislation to get rid of this veto and put mortgage holders back in the driving seat.  They cannot ignore this crisis any longer.  I’m urging the Government representatives in Co Clare to stop ignoring the mortgage crisis on their doorsteps.”



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