Revised Code of Conduct on Mortgage Arrears ………….. Could be an opportunity to Borrowers to stand up to the Bankers and do a Mr. Drumm on it with keys rattling in your pocket!

Once again a government agency (the Central Bank) seems to give in to banking pressure by updating the code of conduct for dealing with mortgage arrears seemingly in the banks favour. This, in a week when we have been subject to hearing the arrogance of the same bankers when they themselves were facing ruin.

However, maybe it is time that the people of Ireland who have mortgage difficulties (some 145,000 of them or almost 25% of the mortgage holders in Ireland). use this change in code and face down the bankers who are going to be calling and contacting people more directly and more often?

Tell them as it is, that if they do not do a deal with you that you will be doing exactly what Mr. Drumm (and I have not doubt all other bankers threatened) and throw the keys back at them! And just look at what that threat got them, €64billion and counting.

Troubled mortgage holders have just been too nice about this mess. They find themselves in difficulties because the bankers were greedy and dished out money like it was free. Making up any kind of product so they could give people more money than they could ever afford to pay back. This was not because they were nice people or because they wanted to see everybody own their own home…. It was because they were making money and lots of it! And they still are greedy and need to be thought a lesson.

Bankers created interest only loans, low tracker mortgages, 110% mortgages, etc all of which the people of Ireland are saddled with. Well it is now time to hand them back to the bankers, tell them how it is you are not paying any more unless they are willing to share the pain. As Mr. Drumm said let them have some skin in the game or they can have the keys!

The implementation of the new insolvency legalisation and the updating of the bankruptcy laws mean that people can walk away. In doing so most people will see very little effect on their lives and possibly see a major improvement in their health without the stress of being kept down with massive debt. The banks know this and are scared that people will begin to stand up to them.


Paul C Caroll