Residential Mortgage Arrears, Restructures and Repossessions


#3801

Day of reckoning looms for those who took out interest-only mortgages in boom era:
independent.ie/business/pers … 70364.html

Just when you think nothing more can amaze you about the Irish mortgage market you discover that the banks were giving out 30 year IO mortgages!! Extraordinary!


#3802

**Residential Mortgage Arrears, Restructures and Repossessions Q2 2017 figures **

(Note 1: BTL figures are discussed separately here viewtopic.php?f=10&t=50546)
(Note 2: Analysis of Restructured Mortgages can be found here viewtopic.php?f=19&t=63422)

Report Link
centralbank.ie/docs/default … f?sfvrsn=7

Arrears

Repossessions

Restructures

Where Green = highest since records began and Blue = Lowest since records began


#3803

Sean O’Rourke had a report from a reposession court the other day with some extraordinary details.

The reporter spoke to a man who lives in West Cork, is 61, and in 2008 got an interest-only 29 year-mortgage with Pepper for €400k at something between 7% and 8%! Apparently the repayments were €3k from day one.

His business has gone south and his health has suffered and he looks like he’s going to lose the home.

Usually in these cases there was stupidity on the part of the bank and the lender equally. I’m normally sceptical of those who claim ‘reckless lending’ but in this case my sympathy is entirely with the customer.


#3804

https://pbs.twimg.com/media/DPjYBdXXUAAtPdV.jpg:small

pbs.twimg.com/media/DPjYBdXXUAAtPdV.jpg:large

Business Post Feature on Mitchell O’Brien - naturally Casino Hall also reckons people should be allowed to move on from debt

twitter.com/mitchellob?lang=en


#3805

Aaaaaahhhhhh, dreamy “West Cork”. Where all the “very best people” live.

Near the sea, best attitudes, a great place to retire. Sea air and lots of coves and inlets for bathing pleasures.

I’m afraid that yes, he might have the loose his house if he cant’ afford it. Some people want it all but don’t want to pay for it. Living the dream!


#3806

Living the dream , yes. But surely there should be some kick back against the numptys who gave out a loan like that. They’re supposed to be the educated lot!


#3807

I don’t think he’d have been with Pepper in 2008, they entered the market in 2012, so I guess he got a GE Capital sub prime loan.

3k on 400k is 9%, I’d expect his repayments of 7.5% to have been closer to 2k than 3k. Maybe he means he’s got the rate at between 7-8% and it rose shortly after he got the loan or GE Capital weren’t the most upfront on the overall cost to their clients.

ECB rates were 4-5% for most of 2008 so interest only might well have been 7-8%. His problem wasn’t so much the rate but more that he shouldn’t have got a loan of that size.

Current Pepper rates seem normal enough so is he still on 7-8% IO? His mortgage would be cheaper on a current SVR with principal repayments. (400k at 3.5% over 20 years is 2.4k per month)

Rugby educated maybe… anyway having to sell on the loan at a 50% loss is a bit of a kicking.


#3808

CB have released some Research on Non-Performing Loans in the Irish Mortgage Market

centralbank.ie/news/article … 6-Dec-2017

Resolving a Non-Performing Loan crisis: The ongoing case of the Irish mortgage market
centralbank.ie/docs/default … f?sfvrsn=5

Mortgage modification in Ireland: a recent history
centralbank.ie/docs/default … ry-(mccann.pdf?sfvrsn=5

Borrower-lender engagement during the Irish mortgage arrears crisis
centralbank.ie/docs/default … f?sfvrsn=4


#3809

**Residential Mortgage Arrears, Restructures and Repossessions Q3 2017 figures **

(Note 1: BTL figures are discussed separately here viewtopic.php?f=10&t=50546)
(Note 2: Analysis of Restructured Mortgages can be found here viewtopic.php?f=19&t=63422)

Report Link
centralbank.ie/docs/default … f?sfvrsn=5

Arrears

Repossessions

Restructures


Where Green = highest since records began and Blue = Lowest since records began


#3810

:laughing:

independent.ie/business/per … 57385.html

Compensation for the distressed borrowers too perhaps and being put through the tress of it all?


#3811

Gasp, shock, horror

Report suggests thousands stopped paying mortgages when eviction threat was removed
A High Court ruling blocked banks from reclaiming homes for two years
newstalk.com/Report-suggests … as-removed

Newstalk breakfast had Brendan Burgess on to discuss this. And while Paul WIlliams called it a ‘revelation’, BB simply said that this comes as no shock to him or anyone who looked at Irish mortgage arrears. He also pointed out that the difficulty in repossessions is what makes foreign bans stay out and in part causes the Irish banks to charge such high interest rates…if Mr X isn’t paying his mortgage, then Mrs Y and Mr Z will be hit by the banks to cover that loss.
There was no one to dispute the report but I reckon the airwaves will have that side of the story as the morning goes on


#3812

David Hall on Radio 1 now saying that at the end of the day Central Bankers are essentially bankers and what would you expect from bankers only a report like this. And have they nothing better to be doing.


#3813

But but Ireland is different. An Irishman always pays his debts. Or was that the Lannisters ? :smiley:

I think most of us are with Brendan there. I’m more surprised if someone is surprised by this.


#3814

alternative headline
Thousands continued paying their mortgages when eviction threat was removed


#3815

This CB report is headline news on Newstalk all morning and has featured on all their radio shows so far today. It’s coming up on the Ciara Kelly show later when David Hall will rage some more.
But it’s getting very little traction on RTE. It’s not on their radio news bulletins, not on their website and got a brief mention on the SOR show.


#3816

That is very interesting. Any idea if either have an agenda?


#3817

1 is populist, the other left wing

Hall on Newstalk now


#3818

Hall on NT now saying exactly that - this just proves that the majority continue to pay their mortgage!


#3819

Halls on NT to trumpet his latest deal…this time with PTSB.

Mortgage to rent…his group will buy the house at a whopper discount and you’ll pay means tested rent at the average LA rent of €45 per week. Your debts written off.
You can buy back the house in the next 30 years at the rate that Hall paid today!

“For those that are eligible, this is absolutely the golden ticket”
“This is a phenomenal deal for those people”


#3820

Buy it back with the cash you salted away while paying a menial rent. That this scam gets no opposition whatsoever tells us so much about the state of Irish society. Haughey would be embarrassed pulling a stroke like this.