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Reckless Lending
Wanted: Unhappy homeowners to sue the state, banks and the financial regulators
Ads in tomorrow’s newspapers will seek unhappy homeowners to join in a landmark ‘reckless lending’ legal action.
ADVERTISEMENTS ARE TO be placed in national newspapers tomorrow recruiting unhappy homeowners who are prepared to join in a landmark legal action against the state and its banks.
The Irish Property Council is seeking a “willing plaintiff that can be supported in a landmark court action” against the reckless behaviour of the banks, government policy, and the incompetence of the regulatory authorities.
The IPC – which represents builders, developers and investors – now wants to reach out to homeowners who have been destroyed by the practices engaged in by the banks and the state.
It wants individuals who are badly damaged by 100 per cent mortgages and the lack of regulation to come forward as part of a test case.
The organisation stressed that it is not seeking a court judgment, but dialogue “to help deal with the massive debt and liquidity problems facing all parties”.
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