Friday, 25 November 2011

Nama to put 750 homes on market in new year

THE NATIONAL Asset Management Agency is planning to press ahead with controversial plans to put 750 homes on the market early next year as part of a negative equity protection scheme.

The agency does not need Government approval to proceed, but says it “wants to bring all relevant stakeholders into the process”.

Informed sources say Nama is finalising plans on how the scheme will operate with special mortgages available through three banks, AIB, Bank of Ireland and Permanent TSB.

While it is piloting the sale of 750 homes, the agency has signalled that it would like to sell up to 5,000 homes. The plan created controversy after former minister for housing Willie Penrose expressed concern it was contrary to Government policy and could artificially inflate the property market before it hits the bottom.

The scheme works by waiving 20 per cent of the purchase price of a home if its value continues to fall over the next five years.

Read the article @ The Irish Times

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