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MORTGAGE DEFAULTS WILL peak at nearly 20 per cent in early 2013, according to a new report from the credit rating’s agency Moody’s.
The scale of negative equity combined with new insolvency legislation and the ongoing economic difficulties means that there are still “substantial losses to be realised on Irish residential mortgage loans”.
The report, ‘Key Drivers of Default in Irish RMBS Pools Will Persist in 2013′, breaks down the levels of mortgage arrears on a county by county basis. Cavan and Laois have the highest rate of mortgage defaults, which is based on people not paying their home loan for 90 days, with Dublin and Cork among the lowest. 16 per cent of homes are currently in arrears.
Mortgage Defaults by region
Source: Moody’s Investors Service, servicer pool data
However the introduction of new personal insolvency legislation means that borrowers no longer fear the consequences of not paying their mortgages. Even the rumours and initial announcement of the new personal insolvency legislation caused a surge in arrears in late 2011 through early 2012, according to Moody’s.
“The recently proposed personal insolvency legislation, due to come into force in 2013, may further reduce incentives for struggling borrowers to remain current on their mortgage debt.” The report comes as the European Central Bank said yesterday that new personal insolvency legislation rules “could significantly increase default rates” and hurt the finances of Ireland’s banks even further.
Moody’s looked at €66bn of homes loans, around 46 per cent of the market and includes mortgages arranged by Ulster Bank, First Active, Bank of Ireland and Permanent TSB. Up to now, banks have been wary of debt forgiveness as it would hurt them further. However, according to Moody’s, this may be their only option. “Debt forgiveness provides an efficient mechanism to deal with the current mortgage arrears and negative equity issue.”
Other key Points of the report:
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RTE did record a lot of stuff on tape, which was at the time prohibitively expensive, and was as a matter of course, recorded over, in order to cut costs.
Sad, but nothing unusual, as even the BBC did likewise, consigning much of their earlier stuff to the dustbin of history. Even now, many BBC releases, such as Dad’s Army, are partly comprised of home recordings made by viewers.
What stood to RTE was that they were more reliant on film, and as such that tended to survive.
As a matter of fact, RTE have an excellent repository, as borne out by much of Brendan Balfe’s work, down through the years. It’s a fairly safe bet that he will have a hand in this project. I have to give them credit for this, as a history buff myself, I’ll find it interesting.
Balfe relies on audio, and probably a personal archive too, video is very different. My problem is not with reusing tape but recording over significant footage blithely.
Haven’t they wiped most of the stuff before 1980? No Late Late archive to speak of and hardly any home produced programming from 60s has survived.
We’ll soon find out.
Think of the physical space required to keep long running shows like the Late Late or the Den archived – it’s no surprise they couldn’t keep it all!
Wonder if they’ll have that Prime Time Investigates show up?
Seriously though, I can’t imagine an organisation as overpaid and inept as RTE having the amount of organisation and talent it takes to organise a serious archive.
Haven’t they wiped a huge amount of stuff? No Late Late archive to speak of and little or no home produced programming from 60s has survived.
Yep.
Would they show the famous prime time interview c. 1997 of the fine gael leadership candidates. specifically enda kenny babbling waffle when he was asked about his economic policies. The look on his face was like a kid doing the leaving cert just realising he had studied the wrong paper. And that will explain why I could NEVER vote for FG
Don’t we see enough of Gay Byrne? Young people leaving by the thousand and he has so many income streams it is immoral. Just because his greed got him into trouble financially RTE and The government bail him out. Just like the developers he gets helped out by the taxpayer all because he gambled. He is a greedy guts with a smirk on his face because he can get away with this appalling behaviour. I bet he goes to mass on Sunday’s as well as he is typical of our politicians,developers,and bankers – all smug immoral cheats. I think Gay would let his kids emigrate instead of giving one of them just one of his jobs. RTE equal opportunities employer my xxxx
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