|
|
MAG engage with mortgage lenders
21.11.19
THE Mica Action Group (MAG)
have actively been engaging with banks and financial
institutions who hold mortgages on mica properties
in an effort to gain their backing to support
families across the county affected by the defective
blocks issue.
Joe Morgan, new MAG committee member, who spearheads
the engagement between MAG and the financial
institutions said:
“With the announcement in May of this year that
there is a requirement for homeowners to contribute
10% towards the cost of the remedial scheme for the
repair of their homes, MAG are bringing to the
attention of the banks the absolute necessity for
them to step up to the plate and support homeowners
across the county.
“We are reiterating that financial institutions are
also stakeholders in this crisis; they potentially
have thousands of homes on their books which are
currently valued way in excess of the real market
value due to the defective blocks issue. It is only
following the repair of these homes (through
accessing the redress scheme), that this higher
valuation can be reinstated." |
 |
|
Eamonn Jackson shows Minister Joe McHugh around his
home in Milford which has been damaged by the Mica
defective blocks issue. |
Joe continues: “In
addition to this direct engagement with lenders, and
following a meeting with Minister Joe McHugh on Oct
22nd, where a commitment was given by Minister
McHugh to seek a joint supporting statement from The
Department of Finance & The Central Bank to ask for
unique financial measures from the major lenders in
Donegal, last week we again wrote to Minister McHugh
(Minister for Education), Minister Eoghan Murphy
(Minister for Housing) and Minister Pascal O’
Donoghue (Minister for Finance) asking for their
respective updates on this offer of support.
"The lenders themselves have stated a common
approach would be very beneficial and have welcomed
a supporting position from The Central Bank and
Government. MAG have led discussion and debate to
date and have been successful in generating
significant engagement within the major lender
headquarters in Dublin. They now need help from
Government to bring the full circle and to exert
pressure from all sides.
“In the interim, MAG are continuing to lobby the
major lenders and have requested written positions
from each lender by the end of November. Lender’s
positions will be made public in early December, in
order for families to be aware of the support
mechanisms in place for them.
“It is crucial therefore that the key lenders in the
county have indications of support from Government
and The Central Bank ahead of this milestone. It is
our intent to follow this publication with a
Financial information event in Late January 2020 in
Letterkenny to support active engagement between the
lenders/banks and their customers impacted by the
Mica crisis." |
|
