ICYMI: FLACs Paul Joyce addressed the issue of mortgage debt and consumer protections in an opinion piece in TheJournal.ie last week: Let’s look at some data. At the end of September 2014, some 37,484 accounts on ‘principal dwelling houses’ had been in arrears for over two years, up slightly from the previous quarter. Soberingly, this equates to 44% of all accounts in arrears over 90 days. The process of finding permanent restructuring solutions for these mortgages continues to be slow; almost 9,000 new applications to repossess family homes were brought in the first 9 months of 2014. Actual evictions are, as of yet, still quite low given the extent of the arrears problem. There is clearly a massive amount of work to be done before this arrears crisis is suitably tackled and resolved, not to mention confronting the problem of solutions for a far broader housing crisis.
Posted on: Wed, 17 Dec 2014 10:22:23 +0000
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