On 10th December 2013, a roundtable discussion was held at CLM’s offices. Following a presentation by Allan J. Crann BL on the main provisions of the Code of Conduct on Mortgage Arrears (CCMA) 2013 and the consequences of a breach of the CCMA 2013 on the Lender and the Borrower, the roundtable discussion focused on the extent of compliance with the CCMA 2013 by lending institutions, and the adequacy of protection guaranteed by the code vis-à-vis borrowers. Representatives from MABS, CIC’s, voluntary groups and the legal profession attended.
Overall, attendees were of the view that the protections offered by the CCMA 2013 have been significantly diminished compared to previous versions of the Code and that the CCMA is an inadequate response to the mortgage arrears crisis. Work is continuing on this issue.