Mortgage debt report is 'delusional'
Some groups working to help those in mortgage arrears have criticised the new Keane report which offers solutions as to how the Government can deal with the growing problem of mortgage debt.
The report rules out blanket debt forgiveness or negative equity forgiveness on the basis that it would be impossible to effectively target those most in need.
Its main proposals are for trade-down mortgages, split mortgages and sale by agreement.
A new mortgage-to-rent initiative would allow councils and housing agencies take ownership of properties to allow homeowners remain in their homes and pay rent.
However David Hall, co-founder of New Beginning, a group that helps those struggling to re-pay their mortgages, has described the contents of the report as embarrassing.
Mr Hall said: "This is all delusional stuff. There are two proposals the likes of which I have never seen in my life contained in a report.
"What report would ever propose to allow you pay a mortgage, that at the end of a 30-year mortgage - which in page 28 of this report specifically says - you will owe €9,000. Now that is absolutely incredible stuff."
