Security chaos at BoI as files left on public transport

[bedsit]

BANK of Ireland has launched a probe into its security systems after highly confidential documents regarding its mortgage book were found on public transport.

…

They paint a far more detailed picture of the bank’s mortgage book than existing data provides.

Among other things, the figures indicate that both the total size of the bank’s mortgage book and the amount of arrears continued to fall between January and March of 2014, in line with expectations based previous results.

They also reveal that “jumbo” mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.

The performance of the 11,063 (€1.23bn) mortgages held by bank staff is also detailed - with different trends evident in comparison to its general mortgage book.

The documents also reveal a difference in the legal tactics taken towards buy-to-let mortgages in arrears in comparison to owner occupied properties which have the protection of the Code of Conduct on Mortgage Arrears.

independent.ie/business/irish/security-chaos-at-boi-as-files-left-on-public-transport-30301043.html

[JimmyTheFish]

I have a link here somewhere I stated that I had asked 5 members of the Oireachtas to get a breakdown of the stats on the location, amount in Euros and number of houses involved. In various replies, all I got was waffle. This included the fragrant Stephen Donnelly.
The reply from the Central Bank was even worse.

[jake76]

Why oh why give the documents to the Sindo of all f**king papers.

were discovered on public transport by a member of the public and handed into this newspaper.

The Sunday Independent is restrained, for legal reasons, from disclosing specific details about what the documents say

For all those overpaying for the SCD pad, there are many more not paying at all

They also reveal that “jumbo” mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.

[mr_anderson]

They also reveal that “jumbo” mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.

Otherwise known as 3 & 4 bed semi-D’s in SCD.

[Mantissa]

Wait, did someone say “wouldn’t it be funny if there was a hi-res version of that image, so we could read some of the text on those pages?”

cdn1.independent.ie/incoming/art … f+Ir+1.jpg

[mr_anderson]

Naughty (but also 17.26% nice).

[Tis_Meself]

Wonder if this was the work of a whistle blower who could’t actually whistle … or lost the little pea?

[ps200306]

Wonder if this was the work of a whistle blower who could’t actually whistle … or lost the little pea?

Could be a few people “losing a little pee” over this one in BOI this morning.

[Bogman]

Interesting. Some would try and have you believe that the arrears are skewed towards properties in less desirable places, roysh. Not worth chasing these.
If there is an arrears bias towards premium properties in desirable areas, in theory this should be good news for the state controlled banks. Shouldn’t it?
Repossess and it will fetch a decent price on the market, the taxpayer picking up a much smaller tab.

However, I fear this is where the problem lies. Too many people of good standing would be affected by this.
Something that rarely gets mentioned is the spectre of monied parents who went guarantors on mortgages for their children getting pulled into trouble.
Enforcing these would be a quantum leap.

[mr_anderson]

However, I fear this is where the problem lies. Too many people of good standing would be affected by this.

Much of the answer lies in who got 100% loans at the peak - doctors, solicitors & accountants.

[gaius]

They also reveal that “jumbo” mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.

Otherwise known as 3 & 4 bed semi-D’s in SCD.

Exactly my thought as well. The geographical spread of arrears (as with much of the other information) has been a very closely guarded secret and the bulls rallying call all along has been that all the arrears are in Leitrim, thus repos would never impact Dublin house prices.

[Mantissa]

They also reveal that “jumbo” mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.

Otherwise known as 3 & 4 bed semi-D’s in SCD.
Exactly my thought as well. The geographical spread of arrears (as with much of the other information) has been a very closely guarded secret and the bulls rallying call all along has been that all the arrears are in Leitrim, thus repos would never impact Dublin house prices.

Yep. Even a cursory glance at the NAMA property list shows plenty in D4, which I posted about before. And that’s only the NAMA ones.

[flash]

They also reveal that “jumbo” mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.

Otherwise known as 3 & 4 bed semi-D’s in SCD.

I’ve said this all along. Workers on an average wage are paying for “professionals” to stay in neighbourhoods that the average tax payer will never afford.

This is how a class system works.

[Col_Max_Pyatnitski]

Exactly my thought as well. The geographical spread of arrears (as with much of the other information) has been a **very closely guarded secret **and the bulls rallying call all along has been that all the arrears are in Leitrim, thus repos would never impact Dublin house prices.

My guess: if the distribution of arrears supported the rally, it wouldn’t be so closely guarded a secret but would be out in the open, via either official or unofficial channels.

[Mantissa]

This story is not covered at all on the Irish Times or RTE News websites.

[macannrb]

They also reveal that “jumbo” mortgages (those with exposures exceeding €750,000) are far more entrenched in arrears than smaller mortgages, creating a major burden despite only making up a small percentage of mortgages.

Otherwise known as 3 & 4 bed semi-D’s in SCD.

I’ve said this all along. Workers on an average wage are paying for “professionals” in stay in neighbourhoods that the average tax payer will never afford.

This is how a class system works.

So if I’m an aspiring “professional”, who has notions that I have worked hard, worked up the ladder, and wants to live somewhere where my older fellow “professionals” live, then the way to go about living there is to take the biggest mortgage possible, one I couldn’t realistically pay back, just buy an appropriate house to fit my spirations, and forget about living up to my financial obligations.

And once I’m able to come to terms with not living up to my obligations, I’ll be able to sleep fine at night.

[jake76]

So if I’m an aspiring “professional”, who has notions that I have worked hard, worked up the ladder, and wants to live somewhere where my older fellow “professionals” live, then the way to go about living there is to take the biggest mortgage possible, one I couldn’t realistically pay back, just buy an appropriate house to fit my spirations, and forget about living up to my financial obligations.

And once I’m able to come to terms with not living up to my obligations, I’ll be able to sleep fine at night.

You will probably need a few holidays a year to keep the stress in check(and for the neighbors not to suspect), Dubai, New York and a weeks skiing, plus a couple of away trips with Leinster

[gaius]

So if I’m an aspiring “professional”, who has notions that I have worked hard, worked up the ladder, and wants to live somewhere where my older fellow “professionals” live, then the way to go about living there is to take the biggest mortgage possible, one I couldn’t realistically pay back, just buy an appropriate house to fit my spirations, and forget about living up to my financial obligations.

And once I’m able to come to terms with not living up to my obligations, I’ll be able to sleep fine at night.

You will probably need a few holidays a year to keep the stress in check(and for the neighbors not to suspect), Dubai, New York and a weeks skiing, plus a couple of away trips with Leinster

People are jesting but don’t forget what Jim Stafford had to say about the matter.
broadsheet.ie/2013/09/10/a-s … n-society/

[CdeB]

This story is not covered at all on the Irish Times or RTE News websites.

I guess without the documents, it’s hard to run a story?

“Files left on bus. We’re not sure what. Check out the Indo for more” doesn’t really work.

Just a guess is all. I’m sure there could be more cynical reasons.

[jake76]

I mailed a couple of my local TDs on the issue.

It will be interesting to see what the Labour TD says on people allowed to keep houses with Jumbo mortgages in arrears.