134. Deputy Terence Flanagan asked the Minister for Finance the status of mortgage indemnity insurance, also known as mortgage indemnity guarantee; if the proposal in Construction 2020 for a mortgage insurance scheme for first-time buyers is implemented, his views on whether this represents doubly insuring lenders for the same risk thereby perpetuating the idea that lenders are not sharing in the risks of mortgage lending; if the premium cost of either, or both, insurance schemes is to be borne by the mortgage holder or the lender; his views on the lender being the sole beneficiary of any claim, while the mortgage holder still retains legal responsibility for a shortfall, which in any event should not arise; and if he will make a statement on the matter. [26638/14]

Summary

134. Deputy Terence Flanagan asked the Minister for Finance the status of mortgage indemnity insurance, also known as mortgage indemnity guarantee; if the proposal in Construction 2020 for a mortgage insurance scheme for first-time buyers is implemented, his views on whether this represents doubly insuring lenders for the same risk thereby perpetuating the idea that lenders are not sharing in the risks of mortgage lending; if the premium cost of either, or both, insurance schemes is to be borne by the mortgage holder or the lender; his views on the lender being the sole beneficiary of any claim, while the mortgage holder still retains legal responsibility for a shortfall, which in any event should not arise; and if he will make a statement on the matter. [26638/14]

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Timeline

1. 24 June 2014

   Mortgage Schemes

   134. Deputy Terence Flanagan asked the Minister for Finance the status of mortgage indemnity insurance, also known as mortgage indemnity guarantee; if the proposal in Construction 2020 for a mortgage insurance scheme for first-time buyers is implemented, his views on whether this represents doubly insuring lenders for the same risk thereby perpetuating the idea that lenders are not sharing in the risks of mortgage lending; if the premium cost of either, or both, insurance schemes is to be borne by the mortgage holder or the lender; his views on the lender being the sole beneficiary of any claim, while the mortgage holder still retains legal responsibility for a shortfall, which in any event should not arise; and if he will make a statement on the matter. [26638/14]

   Source: written

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• Mortgage Schemes

  xml · EN · 24 June 2014

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• Flanagan, Terence. · Asking member
• Finance · Finance · Addressed to

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