Well, folks, today might be a bit of a mixed bag for lots of posters here.
We might finally be getting to the end of all the mortgage related threads on P.ie . And as one of the biggest culprits on the 'mortgage moan' front, I've decided to set up one last, hopefully consolidated, thread.
The price of an end to all these threads and moaning, might be an increase in your feelings of disgust, anger or frustration at what you might consider an over-reaction by the government, or the creation of a massive moral hazard.
Equally, this might be another big damp squib, and another can-kicking exercise.
Come 2pm, we should know all. One thing is for sure, this will be the main news tonight [unless a new Pope is elected, in which case RTE will clear its schedules for a lot of white noise about white smoke - hopefully the Vatican won't want that announcement to clash with a Champions League night, and will hold off until tomorrow].
I'll update the OP as and when the details are known, but in the meantime, here are a few hints:
Borrowers who genuinely can't pay will get debt deals from banks - Independent.ieOne of those who has been briefed said: "The Government is not forcing the banks to write down one cent of mortgage debt.
"Instead, people in mortgage trouble will be offered to have half of the debt parked, or the term of the mortgage will be elongated, or the interest rate will be reduced.
"But the full burden of the debt will stay on people's backs."
OP UPDATE (2pm): http://www.rte.ie/news/business/2013...e-write-downs/
Banks will be forced to reach sustainable solutions with 20% of borrowers in arrears by the end of July.
That figure will increase to 30% by the end of the third quarter of 2013 and 50% by the end of the year.
The Central Bank has also published a new code of conduct on mortgage arrears.
Significantly, as part of the new targets for banks, regulators are openly asking lenders to include debt forgiveness if it is appropriate.
In the Central Bank's definition of a sustainable solution, it includes repayment of "a revised principal sum" - in other words some of the debt being written down if the bank offers a deal to a customer.
The Central Bank hopes to increase the use of split mortgages. This would see a home loan divided into two parts with the customer paying the first part and the second part would be parked without interest accruing in some circumstances.
In some cases the second part would be written off at the end of the term of the home loan. However, it would be up to individual banks to determine if this would be appropriate.
UPDATED at 2.12pm: Central Bank statement: