Councils Face Ca$hmageddon With 45% Arrears Levels

[2Pack]

Local authorities nationwide administered various mortgage schemes including the Shared Ownership scheme. The arrears levels would make any Irish Bank auditor feel quite ill.

irishexaminer.com/ireland/co … 94586.html

Councils nationwide face mortgage arrears on up to 45% of loans.

Shared ownership is quite recent but councils are stil administering small mortgages from the 1990s out of that lot.

In Dublin City alone, 52 houses bought under the shared ownership scheme have been repossessed and it is estimated that 30% of the remaining 1,523 shared ownership homes are in arrears. Dublin City Council said it was likely to have to repossess another 20 in the short term.

In Co Cork, arrears have reached a shocking 51% and a number of repossessions have taken place.

As far as I know the NTMA finances these things with a mixture of long bond and commercial paper raising. The book is called the Housing Finance Agency.

Mysteriously the HFA balanced its books. It made a small profit on running the €4.4Bn book and INCREASED its reserves too…and by more than the small profit…according to the annual accounts audited by KPMG. 2Pack is fucked if he knows how they managed it.

Shhhhh…don’t tell the IMF about this.

[dipole]

they put up the mortgage rate for those who are still paying their mortgage.you can’t easily switch mortgage provider from HFA.

[2Pack]

They claim the average interest rate is 3.1%…possibly a weighed or blended average not a simple one… but maybe they charge you 6% if you do pay and 0% if you don’t…that should do the trick until 50% are in arrears which tipping point they probably reached now.

[Howitzer]

The HFA you say?

Phil Hogan has appointed a former secretary-general of Fine Gael, and an auctioneer who admitted lobbying councillors for rezoning, to a state board. The Sunday Times points out that Jim Miley and Gerry Leahy were appointed to the Housing Finance Agency, with the latter having admitted to the Mahon Tribunal that he had attempted to influence councillors. A spokeswoman told the paper that the appointments were based on experience and suitability.

[The_Naked_Chef]

@Howitzer

The HFA you say?

Phil Hogan has appointed a former secretary-general of Fine Gael, and an auctioneer who admitted lobbying councillors for rezoning, to a state board. The Sunday Times points out that Jim Miley and Gerry Leahy were appointed to the Housing Finance Agency, with the latter having admitted to the Mahon Tribunal that he had attempted to influence councillors. A spokeswoman told the paper that the appointments were based on experience and suitability.

This really is a digusting place to live or to be seen living in .

I despair.

We are governed by…

[mr_anderson]

Shared Ownership Scheme now to be known as the Shared Arrears Scheme ?

(I suppose we already have the Shared Losses Scheme - NAMA, as well as the Shared Bankrupcy Scheme that is the bank guarantee !)

[Negative_Covenant]

Anyone know what the commercial rates arrears are like. I have heard there were up to 600 cases in the last Dublin district Court list for commercial rates arrears. How many more are they making arrangements with before issuing proceedings?

[2Pack]

Some enterprising TD, most likely a Shinner nowadays, will have to ask Phil Hogan how the HFA ended up with a SURPLUS when 45% of its ultimate clients are in ARREARS on their payments.