Time for passivity to end
"Mr Honohan said lenders needed to address the problem of non-performing mortgage debt “more energetically than has been the case in the past”."
"Following the introduction of personal insolvency legislation, Mr Honohan said it would be “unwise” for anyone to think that not paying their debts is a matter of choice and he warned that non-cooperative mortgage borrowers “really are at risk of losing their homes”."
"He said permanent debt relief was not something that can be offered to all and has to be limited to those who are truly over-indebted to the point of insolvency."
"“In particular, despite the fact that households in negative equity do seem to be over-represented among the arrears cases, negative equity is not in itself a viable rationale for providing debt relief,” he said."
Is there any reason why we should listen to this idiot at this stage? He is trying to whip up hysteria against mortgage holders, particularly those in negative equity, who have decided enough is enough.
In particular, he is trying to threaten them with the loss of their home, when frankly for many of them, the best thing that could happen to them is to lose their home.
He is really beginning to get on my tits at this stage.