Increasing numbers of homeowners are struggling to pay off mortgages across the country and negative equity is becoming a major issue for a large segment of Ireland's population
On RTE’s Monday night program, “Aftershock: Where to now”, Matt Cooper suggested that the state should step in with a “swap of debt for equity” scheme which is commonly used to rescue companies that get into difficulty, to stop them going bust. “The swap of debt for equity is not pain free for the borrower, as they would lose part ownership of their home but it would make their repayments more manageable.”
He added; “We cannot dismiss people, the citizens of this state, lightly because the public finances and the banks take precedence or because those who have are unwilling to share the pain with those who do not”.
Debt forgiveness: A NAMA for the people?
