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THE CENTRAL BANK stated today that it has set the banks a target that “sustainable solutions” will be offered to 75 per cent of customers who are over 90-days in arrears by June of next year.
They added that concluded solutions should reach 35 per cent by that date also.
Sustainable solutions
The latest data for the third quarter of 2013, published in November shows that owners of 141,520 principal dwelling houses (PDH) had fallen behind in their home loan payments.
That is a decrease of 1,372 properties and a 0.5 per cent decline on the outstanding balance on all main-home mortgages.
The number of accounts in arrears for more than 90 days at the end of September had risen to 99,189. The increase of 1,315 was driven entirely by accounts that are behind by over 720 days. All other maturity categories declined.
The decrease is the first reported since the Central Bank began taking records in September 2009.
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So that means 75% of those in arrears will loose their homes. What a great country we live in. The banks who would have gone bust without these very people’s sacrifices will be chucked out into the street by the very banks they saved. Stomach churning it really is
Eh, the banks own the deeds, we are talking about people refusing to pay their mortgages.
No ,75% won’t lose their homes,not even close to that!
As far as I know,they end up with an imaginary fine!
Dave is actually a troll ,who hasn’t two bobs to his name !
I am a frugal saver, not in debt, with 90k in the bank, all’s good tom
You’re just a nasty piece of work!
If that target is reached then that pig will be taking off from Shannon.
Great, prepare to say goodbye to it when the bail in comes round
Only 90k ? Don’t worry rent boys make more from Christmas drunks
@Timmay, you like to shaft rent boys at christmas, thanks for that.
Their Solution is to take the houses from the people,,,they have less of a headache on administration by doing so,,,the housing market appears to have picked up a tad, so they will flog the houses for quick money,,,,,they dont care whose lives are affected
Where do you think these people are going to live. The social housing list is already over capacity. As for the rise in housing prices, that’s completely artificial. If Nama released the houses they have in dublin the mini bubble would burst. Again
yes i know the social housing list is very very very long,,,endless in fact,,,,,but that wont stop them !!!!!
Logic has never been a Governments priority !!
Hopefully someone will look at what Iceland are doing and realise it will work here too.
This will be perfect is they repossess as many dwellings as possible
Haha,Dave,you’re up against the Chinese,now!
Target the mortgage holders who have just decided not to pay there mortgage so they can keep up with the Jones. There are plenty of these around
Have you got proof that this is happening??
Of course its happening, what about the lad who bought a huge 5br house with a kitchen island and now refuses to pay cos his house has gone from 600k to 200k? he will be removed soon
How much are you paid to put this rubbish up? Is it paid by hour or by the number of posts?
Dealt with in the same way I dealt with my beer belly, by ignoring it, and I don’t even drink.
Does any organisation actually do what the central bank says? For the banks what is the down side if they do not reach this 75% target. Will they be told they are naughty or what happens?
I think the ceo of each bank who doesnt meet the target is semt to bed early without his or hers tea kerrie
If its like anything else to do with the EU they are fined a sum of money and then handed a money printing set
I hope they are sustainable as they effect lives and they can’t be replaced money can
What does a “Sustainable Solution” mean to a banker?
Hmm
Making a hundred and forty two thousand families (who paid what they had when they had it) homeless?
Forcing a hundred and forty two thousand families to emigrate and work for the rest of their days as debt slaves?
Forcing a hundred and forty two thousand families to commit suicide?
What is this Sh1t?
Getting another bailout from the taxpayer to throw out the taxpayer on the street?
They got billions to resolve this?
Is their a stoogen in government brave enough to ask them what they did with the money?
How about either the people start paying their mortgages or they get removed from these properties. Simples.
Not that simple,Davy Boy!
Davy Boy,is waiting for a flood of properties to come onto the market,he’ll be waiting!
In saying that,if as the troll says,that he has a few bob,then,he’ll be bidding against the Chinese ;)
The trickle is turning into a flood Tom, have you not seen all the apartments becoming available? it’s awesome
This is great news. As a potential house buyer who wasn’t here during the boom I am completely for repossessions, as it will mean more stock on the market and a normal functioning housing market at last.
More than likely ,Dave,you will end up with a dolls house!
Davemac, dont be such an ar***ole, someday your fortunes could change and you could find yoursef facing re-possession, A little humility if you have any please, or would that be above you.
John,this is his favourite subject,which leads me to believe,that he hasn’t two bobs to his name..
I also believe that the Journal should censor some of his comments,as there is a lot of people that are mentally unwell over the fear of losing their home,yes,Dave,their home!
Hi Tom, i couldnt agree more, for someone who spouts about being a potential buyer he seems to use the bus a lot, could that be because he cant afford his own transport, potential buyer my ass, check his twitter page, my guess is hes a young lad from blackrock or foxrock still living at home with Mummy. No clue about the big bad world and wouldnt last five minutes in it on his own. I personally work up to 60hrs a week to pay my mortgage on my own, i raise my 6yrs old daughter too, and only this year has my mortgage fallen into arrears, not because i refuse to pay it but because i couldnt afford it and pay the bills and take care of my daughter, do i deserve to be thrown out onto the street, i never missed a payment in the 11yrs i am living in my home, and presently im only 2k in arrears. Davemac has no clue about the stress that brings and how difficult it makes life. he should learn to shut his mouth on subjects he knows nothing about, i hope he never has to face a situation as stressfull as thi in his life. he has a lot of growing up to do.
Ahh tom, pulling out the mental health card eh? What about the mental health of someone who is just trying to buy his first home only to see property prices propped up artificially? It is certainly having an impact on some buyers mental health also.
John, too bad you have got it wrong bud. I work about 60hrs a week also, in tech, I worked hard, paid my way through college, went abroad to get experience for 7 years, came back here to a country in crisis, only to see people who made financial mistakes lobbying for debt relief, which is a kick in the b*lls to someone like me who has always paid their way. And now because I have saved up a nice lump sum from not overspending, I am made suffer by paying higher taxes to bail out people who were too greedy with their finances and who overborrowed to keep up with the neighbours? and you expect me to be sympathetic? Pfff!
You know John, you can always rent, you will never be kicked out on the street. Whats the problem with renting? too low for you? and you are insinuating that I am a snob?
Also quick question (and I really am sorry for you for getting into a financial mess, with a child and all) – did you not plan ahead for the unlikely event that you would not be able to afford your mortgage? Why did you get such a big loan in the first place? You yourself put your daughters quality of life in risk by overborrowing and not factoring in unforseen financial circumstances. Just saying.
I did check the twits twitter page,and found out that he was mad over Ireland getting NO points!
What this imbecile does or doesn’t understand is, that there is a huge amount of people in mortgage arrears and in distress..
From now on ,any time he spouts off about this subject in a horrible obnoxious way,I am going to report his comment(s)
Davemac you really are a fool, you know nothing about me other than what i have told you and yet you are an expert on my life, i hope to god you never have children, you would be a shocking parent, I hope your crystal ball lasts you a lifetime so you never turn a wrong corner. Have you never made a mistake in your life, you are a complete narcissist. But I don’t let morons like you ruin my day, life won’t always be the bed of roses you think it is now, sooner or later misfortune will call to your door and you won’t like it one bit, as for renting as you suggested, my mortgage is around the same as the average rent so that does not solve my problem, not that that’s any of your business. You just carry on dreaming and living in fantasy land, life has a way of kicking you when you least expect it, it just hasn’t happened to you yet, but it will.
Hi Tom, me too, just look at the ridiculous comment hes just posted now, hes a right nasty piece of work, and due to the way he speaks i think im right, young lad from a posh background, using words like “Awsone” and “Cos”, teenager talk
You are the biggest fool,that I’ve ever encountered on this page..
To say that the mental health of some one trying to buy a property and one that is about to lose one,just shows or proves,that you really are a special kind of troll !
From now on ,I am not responding to your comments,I’m going to report them!
I’m all for a bit of fun,but,on serious subjects like this,you should refrain from your glee!
John,you won’t need to rent,you will get to keep your home!
The banks have made a huge mess and it will take them years to deal with it all!
I wish you and your daughter the very best..
If this imbecile keeps on spouting vile,report his comment(s) like I’ve done!
Cant make head nor tail of your new scutter “To say that the mental health of some one trying to buy a property and one that is about to lose one,just shows or proves,that you really are a special kind of troll !” your loosing the plot, read it, you make no sense, loosing your temper a little i think, calm down and ask mummy for a mug of warm coco and a bickie, you will be fine
Thanks for the wishes Tom, there are some very decent people out there, and some very nasty ones too, i dont let the latter get me down, i will be ok, i have engaged with the bank and am working through the problem, but you are correct in saying this mortgage problem is taking its toll on peoples mental health, the irony is while dave was abroad and not paying tax here i was and have been paying it since i was 16yrs old, hes a clown, i dont believe for a seond he has the money he claims to have, a total walter mitty
Dave You’re the one you should be refraining from your glee, you’re the one who said it was “Awesome” that people’s homes were being re-possessed, and as for “I’m all for a bit of fun” you seem to be the only person on this post who came here for a “bit of fun” the rest of us adults came here to discuss or voice an opinion on a serious adult topic, not to listen to some immature fool rant on about how great it is to see family’s evicted from their homes under any circumstances, remember Dave, children are affected by this issue too, not just the adults. but your too stupid to see that. just keep your privileged opinions for your foxrock friends. Now shush, the adults are speaking.
Well said,John!
wtf why are you guys arguing over each other’s comments? Haha!!
I’ve no problem with Dave, wanting to buy a house,that is something that he’s entitled to be able to do..
But,people,also have a right to be given the opportunity to negotiate with their banks,it’s actually part of the process now,and something a judge will ask ,if the banks are seeking to repossess ..
Nobody’s bothering with you anymore Dave. Find your “bit of fun” elsewhere. Night night.
I didn’t say anything about fun you id*ot., if you read the comments John you will find you are arguing over something Tom said.
As for your pessimistic tone, it is pathetic, begrudging someone who worked hard not to get into a mess like you… No sympathy for jealous people like you.
As I said. Not bothering with you. I’ve better things to do
Well there you have it..
Haha still cant believe you were arguing with each other!!
I personally know of 2 Tom, multiply it out over the population?????
Well,Daniel,I know of none!
But,if as you say is true,then I’m sure,that these people have got a letter through their door!
Sustainable solutions include rate reductions, split mortgages, interest only arrangements (long term), sale/surrender and repossession.
The central bank wants 75% of all of the six banks arrears customs to be offered one of the above (whichever is most suited) by June. If they miss the targets, they get hit with an increased capital reserve requirement which will cost them.
Undoubtedly, not all offers will be what the borrowers want, my gut is that anyone in positive equity will get the thin end of the wedge. That said, the banks will need to keep income rolling in so I think that there will be a lot of rate reductions and split mortgages offered also. Repossessions will be a major feature over the coming two years.
Time will tell I guess.
Read the article 75% people in arrears to be offered a sustainable solution repossession is not a sustainable solution and as for dave the troll despite what u think of bankers the mortgage code is completely on rte borrowers side not the bank … People just want to walk away and keep a house not realistic
Somebody above suggested getting Dave a Dolls House. How about a whip round and we get him a Troll’s House?
Who’s the director of the CBI? The tooth fairy.
Deafening Silence. Wotza matter Dave? Catz got yer tongue?
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