Should TDs have say in regulating mortgage market?

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Should politicians have a say in regulating the mortgage market? Blog by willgoodbody

The topics were wide ranging, covering everything from bank executives' pay, to the economy and inevitably Brexit.It is an issue that is very much exercising some politicians in Leinster House at the moment, with the result that there are a plethora of different pieces of draft legislation being considered.

Independent Alliance Minister Kevin Boxer Moran has put forward draft laws that would force courts to take into account the circumstances of borrowers and their dependents when making a decision on whether or not to grant a repossession order to their lender for the property. For instance, Mr Lane said last Tuesday that the Central Bank has "grave concerns" about the No Consent, No Sale Bill.

The Fianna Fáil proposal on limiting variable mortgage interest rate hikes has similarly met with opposition from both the Central Bank and Department of Finance amid fears it could be unconstitutional. Brendan Burgess, founder of online consumer forum Askaboutmoney.com, has written to the Oireachtas Finance Committee seeking a hearing in relation to the No Consent, No Sale Bill.

And it raises an interesting question. Should politicians have a say in the regulation of this most fundamental of consumer lending markets? Or should it be left to independent regulators and the market itself to sort out?

 

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