Byrne encouraged by his meeting with Government’s Expert Group on Mortgages

Meath East Fianna Fail TD Thomas Byrne has said that he was encouraged by a meeting with the new Expert Group on Mortgage Arrears and Personal Debt under the Chairmanship of Meathman Hugh Cooney.

“As part of the Renewed Programme for Government, an Expert Group was set up to investigate the issues and propose recommendations around mortgage arrears before considering personal debt.”

“The Expert Group is going to make recommendations on a rolling basis as they progress with their review and will make a final report in June 2010.”

“I took the opportunity to meet the Expert Group to discuss the recent report on mortgages and debt that I co-authored with Fine Gael TD Olwyn Enright for the Oireachtas Social and Family Affairs Committee”

“Young couples in particular moved out to Meath East in recent years and these people now have growing families. Job losses and reductions in income have meant that many families are under pressure.”

“The Expert Group explained to me that they would examine all realistic options open to them.”

"I was delighted that Minister Brian Lenihan this week in the Dail confirmed to me that the Expert Group would give my own Report due consideration." said Deputy Byrne.

“My Committee began our comprehensive investigations in July 2009 and the Committee met with several advocacy and advisory groups as well as banks and other experts.”

“Practical measures included in that report included extension of moratoriums before which repossession proceedings can take place and that lenders identify those at risk of falling into arrears and contact them with advice and support before the worst happens.”

“My Report concluded that emphasis needs to be placed on protecting homeowners. Loss of a family home can have a devastating effect on people, one from which it is difficult to recover. It does not benefit the banks to repossess homes currently, with so many properties in negative equity.”

“I am confident following my meeting with the Expert Group headed by Hugh Cooney that there will be a focus on the borrower and providing practical measures to support them in their bid to save the family home,” concluded Deputy Byrne.