Sir, – “If you cannot afford your present accommodation or a sensible debt restructuring then unfortunately you should declare insolvency and forfeit your house” writes Adrian Mulryan (February 25th) with a compassion that makes Attila the Hun look like Mother Teresa.
We have to recognise that in the midst of Celtic tiger property hysteria most buyers acted not of out greed or stupidity, but out of a desire to provide a long-term housing solution for themselves and their families.
In writing about the moral hazard of some potential resolutions one could equally highlight a point in our history when the residents of council estates were given the opportunity to purchase their homes at prices substantially below market levels, effectively being subsidised by the taxpayer. This was correctly regarded at the time as giving folk an opportunity that might not have otherwise have possible. Such enlightened and non-condemnatory thinking is badly needed in the current environment. – Yours, etc,