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Thread: 36,438 residential mortgages are in arrears, 387 homes repossessed in 12 months

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    Default 36,438 residential mortgages are in arrears, 387 homes repossessed in 12 months

    The Central Bank and Financial Regulator has published figures that show that 387 residential properties were repossessed in the 12 months to the end of June 2010. 36,438 residential mortgages have been in arrears for more than 90 days.

    According to the central bank, there are over 789,000 private residential mortgages held in Ireland to the value of €118 billion.

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    As at end June 2010, 36,438 mortgage accounts, or 4.6%, were in arrears for more than 90
    days of which 24,797, or 3.14% of the total mortgage accounts, were more than 180 days in
    arrears. By value €6.9 billion was owed in relation to all accounts more than 90 days in
    arrears of which €4.8 billion was owed for accounts more than 180 days in arrears. Mortgage
    accounts in arrears for more than 90 days increased by 12.74% since the end of March 2010.
    There was little change in the number of formal demands outstanding which have been issued
    by mortgage lenders with the total number outstanding remaining at nearly 5,500. In these
    cases the level of arrears amounts to €84.48 million on outstanding mortgages totalling just
    over €1.16 billion. There was also a further decrease in the level of outstanding arrears cases
    where court proceedings had been issued to enforce the debt/security on the mortgage. At the
    end of June 2010 there were 3,023 of such cases which is a decrease of 1.75% since end of
    March 2010. In these cases the level of arrears amounted to €96.9 million on outstanding
    mortgages totalling €672 million.

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    That works out at about €5.5 billion domestic mortgages in distress.

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    The number of repossessions is understated as the figure is court repossessions as opposed to arrangements between the banks and delinquent customers.
    5% of all mortgages being badly in appears is very bad news for them, the banks and the economy.

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    Politics.ie Member Asparagus's Avatar
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    and how many are between 30 and 90 days in arrears?

    so far 36k probably affects 100,000 people. Most of whom will never work again in this country and will either emigrate or live on social welfare.

    Debt Forgiveness / state debt swap for equity has got to be on the table for the next government.
    ANGER IS A POLICY, GET OFF YOUR KNEES

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    One would imagine a lot of these are not under immediate risk owing to the presence of mortgage protection insurance on many of the loans. Such companies are somewhat reluctant to pay out though.
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    Quote Originally Posted by CookieMonster View Post
    One would imagine a lot of these are not under immediate risk owing to the presence of mortgage protection insurance on many of the loans. Such companies are somewhat reluctant to pay out though.
    if they are in arrears then the mortgage protection has expired - no?
    ANGER IS A POLICY, GET OFF YOUR KNEES

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    How many mortgages are being supported by welfare?
    Does this include mortgages on a payment plan?
    Does this include interest only mortgages? (restructured to interest only)
    The future saviour of the Irish Economy: Charles Darwin

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    Quote Originally Posted by Asparagus View Post
    if they are in arrears then the mortgage protection has expired - no?
    In some cases. In others the companies offering may be a but slow to pay and agreements can be made between banks and mortgage holders... dunno if that would be included or not.
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    I bet none of the 36,438 are the homes of bankers or developers.
    If you bought 1 house the banks and government will hound you, buy 10 houses and they will not really bother you! When I see Seanie Fitz evicted I may be happy. This shower coulden't organise a piss up in a brewery.

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