The Government has put together a group of experts to devise a plan to help people who are in debt and face losing their homes.
As well as looking at the issue of mortgages, the group will also be examining the rules surrounding insolvency and bankruptcy.
Minister for Finance Brian Lenihan said that by international standards the levels of indebtness in this country are not critical.
He said the number of home repossessions last year were low by international standards.
While he admitted that compliance with payments deteriorated in the early part of last year, he said it improved during the year, which in turn caused the rate of increase of indebtedness to slow.
Minister for Communcations, Energy and Natural Resources Eamon Ryan said: 'The current, inflexible and expensive, court based system of debt management doesn't help anyone.'
He said the group would help to put good debt management laws in place.
In relation to NAMA, Minister Lenihan said he expects the finalisation of valuations to bring some stability and confidence back to the property market.
