Z
zen
Guest
It appears something is in the pipes, but then again apparntly there always has been.... tumbleweed 
.....still we wait for pragmatic engagement with Debtors and Creditors.
The letter is a response, not an answer.
Comments welcome as always
Dear Mr xxxx (zen)
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[FONT="]I have been asked by Mr. Paudie Coffey T.D., Minister for Housing and Planning to refer to your previous query regarding the Shared Ownership Scheme.[/FONT]
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[FONT="]The Government’s 2011 Housing Policy Statement announced the standing down of all Affordable Housing Schemes, including the Shared Ownership Scheme. In 2013, the Housing Agency was asked to conduct a standalone review of the Shared Ownership Scheme, including identification of the main difficulties and recommendations for mitigating measures. While an initial draft of the review has been received from the Agency a number of issues have been identified that need further detailed financial analysis. For example, full information on the status of each local authority’s loan book is required in order to accurately determine the implications of any possible solutions to shared ownership issues for local authority debt management generally. This substantial data collection project involving this Department, the Local Government Management Agency and the local authorities themselves is under way. It will be a number of months before sufficient data has been collected in order to complete the requisite analysis to finalise the review.
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[FONT="]Pending full conclusion of this review, this Department issued a circular letter to local authorities setting out some of the options and interim actions that might be explored to alleviate the difficulties of those in Shared Ownership distress such as allowing use of the Mortgage Arrears Resolution Process and room rental for Shared Ownership mortgage holders. It is accepted that these proposals are not a complete solution to the issues that arise for such mortgage holders but are intended as an interim measure pending outcome of the review. [/FONT]
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It is recognised that Shared Ownership home owners, amongst others, have been affected by issues such as unemployment and possible negative equity. In such cases, borrowers should proactively engage with their lenders, whether a commercial financial institution or a local authority, to seek to avail of one of the options available to provide sustainable solutions to distressed mortgages. [/FONT]
[FONT="]The Mortgage Arrears Resolution Process, already in place in respect of commercial mortgages, is now being implemented across all local authorities. In cases of acute mortgage distress, homeowners also have the option of seeking to avail of the legal process now in place to deal with personal insolvency. [/FONT]
[FONT="]
On foot of the recommendations of the Keane Report on mortgage arrears, the Government launched a Mortgage to Rent scheme in respect of mortgages from commercial providers, on a pilot basis in February 2012. This scheme was extended nationally in June 2012, targeting those low income families whose mortgage situation is unsustainable and where there is little or no prospect of a significant change in circumstances in the foreseeable future. The scheme ensures that the family remains in their home, while ownership is transferred to an Approved Housing Body and the family becomes a tenant of the body concerned. Eligibility requirements are in line with other forms of social housing support. A similar Mortgage to Rent scheme was rolled out nationally in February 2014 for local authority borrowers with mortgage arrears and in negative equity. The local authority would become the property owner/landlord under LA Mortgage to Rent scheme.[/FONT]
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[FONT="]Yours sincerely,[/FONT]
[FONT="] [/FONT]
[FONT="] [/FONT]
[FONT="]Aisling Glynn[/FONT]
[FONT="]Private Secretary[/FONT]
.....still we wait for pragmatic engagement with Debtors and Creditors. The letter is a response, not an answer.
Comments welcome as always
Dear Mr xxxx (zen)
[FONT="][/FONT]
[FONT="]
[/FONT]
[FONT="]I have been asked by Mr. Paudie Coffey T.D., Minister for Housing and Planning to refer to your previous query regarding the Shared Ownership Scheme.[/FONT]
[FONT="] [/FONT]
[FONT="]The Government’s 2011 Housing Policy Statement announced the standing down of all Affordable Housing Schemes, including the Shared Ownership Scheme. In 2013, the Housing Agency was asked to conduct a standalone review of the Shared Ownership Scheme, including identification of the main difficulties and recommendations for mitigating measures. While an initial draft of the review has been received from the Agency a number of issues have been identified that need further detailed financial analysis. For example, full information on the status of each local authority’s loan book is required in order to accurately determine the implications of any possible solutions to shared ownership issues for local authority debt management generally. This substantial data collection project involving this Department, the Local Government Management Agency and the local authorities themselves is under way. It will be a number of months before sufficient data has been collected in order to complete the requisite analysis to finalise the review.
[/FONT]
[FONT="]Pending full conclusion of this review, this Department issued a circular letter to local authorities setting out some of the options and interim actions that might be explored to alleviate the difficulties of those in Shared Ownership distress such as allowing use of the Mortgage Arrears Resolution Process and room rental for Shared Ownership mortgage holders. It is accepted that these proposals are not a complete solution to the issues that arise for such mortgage holders but are intended as an interim measure pending outcome of the review. [/FONT]
[FONT="]
It is recognised that Shared Ownership home owners, amongst others, have been affected by issues such as unemployment and possible negative equity. In such cases, borrowers should proactively engage with their lenders, whether a commercial financial institution or a local authority, to seek to avail of one of the options available to provide sustainable solutions to distressed mortgages. [/FONT]
[FONT="]The Mortgage Arrears Resolution Process, already in place in respect of commercial mortgages, is now being implemented across all local authorities. In cases of acute mortgage distress, homeowners also have the option of seeking to avail of the legal process now in place to deal with personal insolvency. [/FONT]
[FONT="]
On foot of the recommendations of the Keane Report on mortgage arrears, the Government launched a Mortgage to Rent scheme in respect of mortgages from commercial providers, on a pilot basis in February 2012. This scheme was extended nationally in June 2012, targeting those low income families whose mortgage situation is unsustainable and where there is little or no prospect of a significant change in circumstances in the foreseeable future. The scheme ensures that the family remains in their home, while ownership is transferred to an Approved Housing Body and the family becomes a tenant of the body concerned. Eligibility requirements are in line with other forms of social housing support. A similar Mortgage to Rent scheme was rolled out nationally in February 2014 for local authority borrowers with mortgage arrears and in negative equity. The local authority would become the property owner/landlord under LA Mortgage to Rent scheme.[/FONT]
[FONT="] [/FONT]
[FONT="] [/FONT]
[FONT="]Yours sincerely,[/FONT]
[FONT="] [/FONT]
[FONT="] [/FONT]
[FONT="]Aisling Glynn[/FONT]
[FONT="]Private Secretary[/FONT]