Fianna Fáil finance spokesman Michael McGrath has said the mortgage arrears crisis is getting out of control and insisted his party’s resolution proposals would shift power away from banks and towards borrowers.
Mr McGrath said mortgages associated with one in four family homes were either in arrears or had been restructured.
He called for an independent mortgage resolution office to be established.
Mr McGrath said the personal insolvency legislation had given the banks a veto in negotiations with borrowers in 99 cases out of 100.
Fianna Fáil’s Mortgage Resolution Bill 2013 is to be debated in the Dáil this week.