The Mortgage Restructuring Arrangement Bill 2013, a brief look under the hood

This is a piece of legislation currently at Bill stage, I can’t help but think they didn’t get anybody involved in the actual mortgage industry to contribute to this.

It was put forward by Deputy Joan Collins who is part of the new political party United Left (please update that website folks!). The ideas put forward do have some merit, but it smacks of left wing thinking wrapped up in centrist jargon which might stand a chance of passing a slightly right of centre decision making government.

Much of it has similar references to the Insolvency Act 2012, with a difference being that this is a negotiation that can be acted on independently of the insolvency solutions. It could probably do with some re-writing, for instance at several points it talks about people who don’t make it through this being able to go for a DRN, DSA or PIA – when (for …

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