Motion to support those in negative equity

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Cllr Sean McGowan has put forward a motion at the recent bimonthly Council meeting, calling for the Minister for Finance, Michael Noonan, to direct the banks to have a sympathetic look at mortgage holders who are caught up in the negative equity trap.

Cllr Sean McGowan has put forward a motion at the recent bimonthly Council meeting, calling for the Minister for Finance, Michael Noonan, to direct the banks to have a sympathetic look at mortgage holders who are caught up in the negative equity trap.

“This is where mortgage holders took out a loan to purchase their home which was valued at say €250,000 and the same house now, since the collapse of property prices, is valued at €130,000,” explained the Fianna Fáil councillor last week.

“Those unfortunate people who are caught up in this situation are in a terrible position where their home is worth €120,000 less than when they purchased it.

“I am of the opinion that we the taxpayers, who effectively own the banks now, and who are pouring billions into the same financial institutions, should come to the assistance of those people,” he said.

His motion was unanimously passed by members of Leitrim County Council.