Ronan Kelly
Retired 2020
The Irish Times - Saturday, November 27, 2010
Time runs out for 10,000 homeowners in arrears
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A 12-month mortgage arrears moratorium was introduced under the Financial Regulator?s Code of Conduct for Mortgage Arrears in February this year
It meant lenders could not take legal action to repossess homes from borrowers until 12 months after their mortgage went into arrears.
The moratorium offered a temporary breathing space for borrowers in difficulties, but over 10,000 of these have now run out of time.
Figures from rating agency Moody?s show an average of 1.38 per cent of prime Irish mortgages have been in arrears for more than 12 months.
There were almost 790,000 mortgages at the end of September in the entire Irish market, including prime and sub-prime mortgages. Based on the prime lenders default rate, 10,900 residential mortgages were in arrears for 12 months or over.
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http://www.irishtimes.com/newspaper/ireland/2010/1127/1224284260242.html
Time runs out for 10,000 homeowners in arrears
....
A 12-month mortgage arrears moratorium was introduced under the Financial Regulator?s Code of Conduct for Mortgage Arrears in February this year
It meant lenders could not take legal action to repossess homes from borrowers until 12 months after their mortgage went into arrears.
The moratorium offered a temporary breathing space for borrowers in difficulties, but over 10,000 of these have now run out of time.
Figures from rating agency Moody?s show an average of 1.38 per cent of prime Irish mortgages have been in arrears for more than 12 months.
There were almost 790,000 mortgages at the end of September in the entire Irish market, including prime and sub-prime mortgages. Based on the prime lenders default rate, 10,900 residential mortgages were in arrears for 12 months or over.
....
http://www.irishtimes.com/newspaper/ireland/2010/1127/1224284260242.html