There is definitely some wrong and something going. The startling difference in mortgage arrears between Ireland and the rest of the crisis ridden countries shows that the policy of the government on banking loans and mortgage arrears is clearly not working. How come all the PIGs have the late mortgage arrears rate of no more than 4% whereas Ireland ("We are not Greece") has the rate at more than 13% and growing. This doesn't make common sense and suggests that the so-called "strategic default" may be playing a big role?
• 25% of Ireland’s home loans are distressed (S&P)
• 11.9% of Ireland’s mortgages late by more than 90 days (Irish Central Bank)
• Deutsche Bank believes its closer to 16%
• 35% of mortgage arrears are “strategic non payments” (Gregory Connor, Maynooth University)
Welcome to Ireland, where mortgage payments are apparently optional – Quartz