Cabinet discusses mortgage-relief proposals

The Cabinet will today discuss a report on how to deal with the issue of mortgage debt.

Cabinet discusses mortgage-relief proposals

The Cabinet will today discuss a report on how to deal with the issue of mortgage debt.

It is expected some limited form of debt forgiveness will be agreed, with other measures such as reform of bankruptcy laws also proposed.

This Keane report is the second to Government on how to deal with the rising problem of those who cannot afford to pay their mortgages.

It is expected to recommend that in some circumstances, the banks could engage in debt forgiveness with homeowners and write off the loans for those who cannot pay.

Refinancing debt, especially where there is negative equity, and proposals such as renting the home from the bank after the keys are handed over, are among the options.

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