Monday November 23, 2020

Debt for equity is the way forward

As a way out of the mortgage crisis, the practice of allowing homeowners to swap debt for equity demands serious consideration by the authorities, writes David Hall.

7th September, 2013
Debt for equity could be used by all mortgagors, whether in positive or negative equity. Photo: Maura Hickey

The farce of the Oireachtas Finance Committee hearings over the past week has demonstrated how much in control the banks are regarding the mortgage crisis. Tomorrow, the long-awaited insolvency service opens its doors. What we witnessed last week does not give one great confidence.

There is, however, an alternative to insolvency, legal letters dressed up as solutions and continued paralysis in dealing with this crisis. A number of years ago, several commentators, including David McWilliams...

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