The National Housing Co-Op Bill 2017

The National Housing Co-Op Bill 2017

Explanatory Memorandum

The Current Position

A watershed moment in the Distressed Irish Residential Mortgage Crisis, is upon us, for a variety of reasons, with more than one hundred thousand Irish residential mortgages in various levels of arrears.

In excess of 6% of total residential mortgages in Ireland are now in the hands of so-called “Vulture Funds.” Contrary to what we are led to believe, there is no economic, social or moral benefit in having “vulture funds” operating in Ireland and their presence should be discouraged as soon as possible.

As the economy moves through recovery the fact is, this rising tide is simply not lifting all boats. Because of the sheer numbers of citizens affected, the medium to long-term effects cannot be measured in terms of moral and social impacts, although we are seeing increases in reported cases of alcohol/drug abuse, suicide, mental illness and marital/family breakdown.

Every occupant of an Irish Residential Dwelling affected, whether they are a Mortgagor or a Tenant is in the firing line of the stated intentions of the Banks under increasing pressure from the ECB, and the “vulture funds” who will ultimately control these properties.

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'Housing A National Scandal'

'Housing A National Scandal' | by Constitutional Barrister David Langwallner | Law Lecturer and Director of the Innocence Project


It is intrinsic to the sustainability of any social structure that people are adequately fed, clothed and housed. This may seema rather primitive and basic assertion that needs no explanation or contradiction but, of course, in the last respect at the very least The Irish State is not providing for adequate housing for its citizens or intervening to ensure that such accommodation that is provided is adequate and affordable. The housing market is chronically under provided with many local councils reluctant to countenance the building of modular homes and the rental market definedly out of control and extortionate. The state is also tolerating an epidemic of evictions by banks and vulture funds that they have not adequately regulated and have negligently permitted to engage in unfair commercial practices often in breach of consumer protection. The non-intervention in the banking structure which should have led to nationalisation or a significant measure of state control has led to the secretive deal-making in the deeply suspect NAMA and a banking inquiry compromised from the outset. Iceland chose to nationalize its banks to much derision at the time and is now in a stable financial situation. The banking inquiry into the whole farce was deeply compromised with many documents redacted and in addition to that core witnesses either not called or called out of sequence.

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Another key R2H/FF 'working group' meeting

Another key R2H/FF 'working group' meeting is taking place this Weds in Leinster House, working towards the drafting of 'The Fair Housing Market & Family Home Retention Bill 2017'. Mainstream media have been briefed and hopefully we will soon have some more encouraging news for the many tens of thousands of distressed homeowners across the country to add to David Hall's recent achievements with the establishment of his not-for-profit 'I Care Housing'.
All measures aimed at contributing to a long-overdue Social, Moral & Economic resolution of the crisis affecting the Homelessness issue, the Negative Equity nightmare and the failures to provide adequate Social Housing.
The only so-called 'moral hazard' these days is the abject failure to grapple with this enormous issue while EIB/ECB funding remains available to help address the overall task 'off-balance-sheet' and contribute towards getting the whole country back on it's feet.
More news to follow in the coming weeks . . .

Right2Homes in talks with councils on modular housing

Group says it has resources to provide ‘turnkey solution’ to help provide homes

The not-for-profit organisation Right2Homes has said 13 local authorities have expressed an interest in its offer to provide modular housing for families on housing lists.

Right2Homes, which is backed by a number of businesspeople and lawyers, said it has the funding, project management and suppliers to provide “a turnkey, fully funded, temporary solution to local authorities to help provide homes”.

The organisation’s co-founder, Malahide businessman Brian Reilly, was previously involved in a housing association scheme which built some 28 houses for the Howth fishing community in the late 1970s. Mr Reilly was also involved in a a later, not-for-profit housing scheme at Raheny, on Dublin’s northside.

Mr Reilly said the Howth houses had been provided with a mix of credit union and county council loans with bridging finance provided by banks.

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Cappagh House,
County Meath,

Tel:046 9541779