Mortgage debt forgiveness: is essential to Irish economic recovery
A group of economist have written an article published in the Irish times today.
The economists include: Constantin Gurdgiev, Brian Lucey, Stephen Kinsella, Ronan Lyons, Karl Deeter, Shane Whelan, David Madden, Brendan McElroy, Valerio Poti and John D Masson.
They suggest that there should be some re-distribution of the debt to help those in mortgage arrears.
They state that “in order to implement this burden-sharing, a binding arbitration process needs to be put in place,” which would “allocate the excess burden.”
hey say that urgent changes to the bankruptcy laws are needed, as well an introduction of the non-recourse mortgage option.