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New measures to deal with mortgage crisis

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Among them is an independent court review that will have the power to approve insolvency deals that have been rejected by banks.

There's also an extension of the mortgage to rent scheme to deal with most of the 38 thousand mortgages that remain in arrears.

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Under the new system the courts can review and effectively overturn a bank veto. 

Justice Minister Frances Fitzgerald says this was as far as she could go constitutionally.

Meanwhile the Finance Minister hasn't ruled out imposing a levy on banks that refuse to cut their mortgage interest rates. 

Michael Noonan says he'll spend the coming days examining a review conducted by the Central Bank of rates being charged, ahead of a meeting with the main lenders next week. 

Some lenders have been accused of ripping off some variable rate mortgage holders by charging them up to 1 per cent more in order to increase profits. 

Minister Noonan admits the option of a tax or levy on banks who don't comply with demands to cut their rates is open to him in the next budget: 

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