From The Irish Examiner:A POTENTIALLY groundbreaking test case claiming banks and the former government are directly responsible for the financial ruin of tens of thousands of homeowners and property investors is set to be taken against the State.
The Irish Property Council (IPC) has confirmed it is seeking individuals badly damaged by 100% mortgages, "reckless lending" and "a lack of regulation" as part of a planned case seeking mass compensation.
Notices due to be published in newspapers tomorrow will argue that people’s lives have been ruined by the system that created the Celtic Tiger-era property bubble.
As a result, the IPC — which mainly represents small-scale builders, developers and property investors — will ask some of those affected to put their names forward as part of a test case seeking to force compensation from the state and the banking sector.
"The destruction of the property market has been caused by the reckless lending of our banks, lack of regulation by our government and the disregard of prudent advice on fiscal policy by the Government in power," the notice will read.....read on
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