Sub-prime crisis exposes contradiction

The refusal of the Department of Social Welfare to provide for mortgage holders who are unable to meet repayments is galling, as it the Financial Regulator’s silence on the issue.

14th February, 2009

State agencies have no problem standing in judgment on the weak while failing to stand in judgment on the powerful, even when they are asked to adjudicate on the same set of facts.

It happened recently, when the Department of Social Welfare refused mortgage interest supplement to an unemployed mortgage holder after concluding that his sub-prime mortgage was too expensive.

The clarity of the department’s judgment stands in marked contrast to the position of the...

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