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Dublin: 8°C Monday 30 November 2020

#Mortgage Arrears

# mortgage-arrears - Tuesday 30 November, 2010

The 9 at 9: Tuesday

Nine things you need to know by 9am: heavy snowfalls mostly failed to materialise but Ireland’s roads remain treacherous, questions over the legality of Ireland’s bailout – and why it’s okay not to eat your greens.

# mortgage-arrears - Saturday 27 November, 2010

The 9 at 9: Saturday

Nine things you really need to know by 9am: the big chill; pushing for a bailout deal; and the Limerick community which helped a mother keep her home by collecting €22k.

# mortgage-arrears - Wednesday 17 November, 2010

Lenihan rules out prospect of public mortgage bailout

No amnesty for people behind on their mortgages, but the minister backs a ‘deferred interest’ scheme.

# mortgage-arrears - Monday 15 November, 2010

The 9 at 9: Monday

Nine things you need to know by 9am: the bailout’s on (or maybe it’s not); Sarah Palin’s new reality show airs in the US – and do the unemployed really earn more than the average industrial wage?

# mortgage-arrears - Wednesday 20 October, 2010

More than one in three local authority loans are in arrears

Meanwhile, data shows average national house prices are back at 2002 levels.

# mortgage-arrears - Wednesday 1 September, 2010

Huge jump in mortgage arrears

Almost 400 homes repossessed in the second quarter of this year.

# mortgage-arrears - Friday 13 August, 2010

THE CENTRAL Bank and Financial Regulator have published a report proposing methods to help people who are experiencing financial problems during the recession.

Read the report.

The paper outlines possible new regulations for dealing with those who are in mortgage arrears.

Under the proposed rules:

  • Banks and building societies would (still) have to wait 12 months before applying for a home repossession, if the person in arrears is cooperating
  • If homeowners sign up to a new repayment arrangement, the 12-month period would start only when they fall into arrears under the new scheme
  • Information must be provided to borrowers in clear English when they go into arrears
  • Lenders would have to wait for the outcome of any complaint or appeals process before applying for repossession of a home
  • Lenders would be required to explore “all viable options” and alternative repayment measures with homeowner
  • Lenders would be stopped from forcing people to switch from a tracker mortgage to another type of mortgage
  • Lenders would be required to set up an appeals process for homeowners
  • Lenders would be required to have in place a Mortgage Arrears Resolution Process (MARP) as a framework for handling arrears and pre-arrears cases

The Mortgage Arrears and Personal Debt Expert Group, who put together the proposals, are seeking feedback from any interested parties. It asks that all suggestions be made by 3 September.

Find more information on the Financial Regulator‘s website, or email suggestions (which you would not mind being published publicly) to: code@financialregulator.ie.

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