Mortgage Rescue Scheme

[MortgageBroker]

A mortgage rescue scheme is likely to be announced soon, currently there is no information available on it but I put down some thoughts on how one might work, it is far from perfect but with so many people in serious debt something is going to be put forward - its just a matter of when and how it will work, blogged on it here: mortgage rescue scheme

[Eamonn20Bn plus interest]

I am afraid Ireland is like the sinking Titanic. The rich people have stolen all the lifeboats through NAMA and the rest of us will face a slow, freezing death in the North Atlantic. There may be some floating wreckage the government can let us clamber on to but the FF/Crony Caps will be the only ones to escape in comfort.

[MortgageBroker]

I am afraid Ireland is like the sinking Titanic. The rich people have stolen all the lifeboats through NAMA and the rest of us will face a slow, freezing death in the North Atlantic. There may be some floating wreckage the government can let us clamber on to but the FF/Crony Caps will be the only ones to escape in comfort.

earlier i was just unhappy, now i'm depressed! I reckon a scheme will come in that will help the most vulnerable, but I think a byproduct of that could be problems further down the road on asset disposal, probate or future access to credit an the like.

[The OD]

I imagine you will need to be over 95 with both parents living with you to avail of this scheme.

[bormotello]

Looks like another way for banks to hide their problems
Instead of repossessed houses, which will drive prices down, bank will have “good assets”. Homeowners will not gain much, except that they can stay in place, which they chose as their home

[hammer]

Lets just do a deal with ECB / Banks fixing current interest rates for Ireland at 1% for 5 years.

Lets also give people the option of breaking out of fixed to a rate of say 3% for 5 years.

This certainty will allow people some comfort and a greater degree of confidence which should allow people make short / medium term decisions.

[toughbutfair]

People who have lost their jobs should be able to get a mortgage holiday for a few years or until they get another job. Just roll over the interest the way the banks do for the "big boys"

[Harmonica]

Lets also give people the option of breaking out of fixed to a rate of say 3% for 5 years.

I disagree. People who choose a fixed rate mortgage knew what they got themselves into. They did well when rates were higher and had the comfort of a set mortgage rate. Any one takes out a fixed rate mortgage think he/she knows what the rates will be better than the banks is a fool.

There seems little evidence of widespread foreclosures so not sure if such a scheme is required. Lets face it the rest of us will pay one way or the other as banks will make profits from somewhere. Its not in the interests of banks to foreclose unless someone has stopped paying anything as the property is likely worth less than the remaining mortgage.