socialistparty.ie
Mortgage Crisis: For write downs, not evictions
"It is an unpalatable fact, in light of the severity of the crisis, that repossessions must be expected to rise significantly." These were the chilling words uttered by the Deputy Governor of the Central Bank, Matthew Elderfield. He wasn’t speaking about luxury cars that some people may have bought and couldn’t keep up their repayments when their wages were cut or they lost their jobs. He was talking about people’s homes, the roof over their heads, the refuge where they and their families find respite when everything else – income, jobs, their children’s welfare – might be crashing around them due to the economic crisis.