Daft Property - Irish Property News

Noonan: no lottery style payout for mortgage debt crisis... FINANCE Minister Michael Noonan yesterday promised that the Government will act swiftly to deal with the mortgage-debt crisis -- but insisted the solution will not be a "big pool of money in substitute for the lottery". The comments came as Mr Noonan insisted it was "not realistic" to expect the Government to sanction universal "debt forgiveness" for borrowers who bought at the peak of the market or have run into trouble with their mortgages. At a meeting of the Finance Committee yesterday, Mr Noonan repeatedly stressed that he would not second-guess the work of an interdepartmental group due to report on solutions to the mortgage crisis at the end of September. But he categorically ruled out any role for universal debt forgiveness, insisting it was "not possible" and that "nobody should think there's going to be some big pool of money to be handed out as a substitute fo...