Spokesperson on Environment and Local Government Barry Cowen said his party is "committed" to helping families at risk of losing their homes through repossession.
He said: "The Mortgage-to-Rent scheme was implemented with the view to keeping people in their homes. However it has not had the desired effect as only 2.9% of the 98,137 mortgage holders in arrears have actually applied to use the scheme. Furthermore just 3% of applicants are ultimately successful in getting assistance under the scheme. This needs to change.
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"Fianna Fáil will set up a new system of state and creditor funded insolvency practitioners to help people at risk of repossession. We would also apply a zero interest rate to the warehoused portion of all split mortgages offered to customers in arrears, and prevent banks getting a repossession order when they have failed comply with the Conduct on Mortgage Arrears."
(CD)
