New Data on Residential Mortgage Arrears and Repossessions | Financial Regulator
The Financial Regulator today published new data on mortgage arrears and repossessions. The data show that as at end September 2009 there were 791,634 private residential mortgage accounts to a value of €118.6 billion. Of these 3.3%, were in arrears for more than 90 days of which 17,767, or 2.2%, were more than 180 days in arrears. By value €4.8 billion was owed in relation to all accounts more than 90 days in arrears and €3.2 billion was owed in respect of accounts more than 180 days in arrears.
During the quarter ended September 2009, 218 enforcement proceedings were concluded. In 79 cases the Courts granted repossession orders which included 6 properties that were voluntarily surrendered and 2 that were abandoned. In the remaining 139 cases, 28 properties were voluntarily surrendered, 10 were concluded by abandonment while 101 were settled either by renegotiating the mortgage or on other terms.
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December 23, 2009 12:26 pm
So really this is twenty six thousand, one hundred & twenty three families made up of, brothers, sisters, mothers, fathers, grandparents, cousins and friends all living in a state of anixiety and fear and maybe even a great deal of bewilderment, wondering how they are going to pay their mortgage…its not that many really!! Whats all the fuss about? You’d think, listening to the media and some of the politicians that the housing market had collapsed. It still seems very healthy. After all, there are 790,634 mortgages and 118.6 billion in funds sloshing about through the financial system. Of course this financial behemoth rests on the backs of those people who are sweating blood and tears to clamber & cling onto the property ladder. But really… those who can’t afford to pay their way, “f**k them out on thier arses, the property market aint no charity people!!!”…
See the fact is, dear friends, that in Ireland no-one has any constitutional ‘human’ right to a home. You either buy or rent something from the private/rental market. If you cannot afford then you accept the goverenments help (or charity?? discuss…) in the form of social and affordable (though thats a misnomer if ever there was one) housing.
Because this is the housing model we have in Ireland, a laissez-faire or free-market ideology that shapes our housing provision. Its each person for themselves when it comes to housing. Like the idea of a housing cooperative for example, just aint part of the political classes plan for this society. That would allow people to take control of thier shelters, this would be a strange European idea.
So as far as those who buy houses and as a cockney trader said to me a few years ago at an East End market “if ya’s cant afford it… f**k off…”
Cheers.
By the way its ‘feck’ not ‘f**k…
January 1, 2010 5:38 pm
As a post-script to the above, it seems that the human side of our nature with regards our ‘shelters’ is slowly materialising out of the immaterial, material clutter. Master of the High Court Edmund Honohan SC in an interview with the Irish Examiner stated that ‘banks must help bail out people struggling to repay mortgages, shoulder some of the pain’ and ‘called for the code of conduct on handling repossessions to be rewritten’ and that the banks should be taking more of the pain.
Mr Honohan went on to say that a repossession order for a mortgage holder was a “frightening ordeal”: “The spectre of empty houses and someone being evicted is part of the whole terror package to extract money out of people.”
A “terror package”???. This is a condemnation in the strongest terms of our current model of housing delivery in respect of housing delivery placed primarily within the context of the lais?sez faire ideology of the current government. Mr Honohan is not someone who is talking about our homes as if they where commodities to be bought and sold just like a packet of biscuits. Mr Honohan is witnessing first hand the heartbreaking pain felt when people are faced with homeless-ness. This economic crisis has always been about real people, real fear and real misery. This it seems is often forgotten! And for those who think they are somhow insulated from the ‘spectre of empty houses and [of] someone being evicted’ well this spectre hangs over us all, we are none of us immune from this ‘unholy’ spirit’ and we might do well to keep this and to keep those of us who are faced with the ‘terror’ of losing their home in our thoughts at this hopeful time of a new year ahead.
So…at the risk of becoming cliched but sure ‘who cares’… I’ll quote the great Gandhi
‘as human beings, our greatness lies not so much in being able to remake the world – that is the myth of the atomic [capitalist] age – as in being able to remake ourselves’. Mohandas Gandhi
So heres to 2010…
Cheers…
Read more: http://www.irishexaminer.ie/home/call-for-banks-to-absorb-subprime-loans-108797.html#ixzz0bNe9TNL8
February 5, 2011 11:01 am
Why did the government not pay up to €150k off each residential mortgage (=€118 billion)? it would have recapitalised the banks while at the same time taking huge debt from the tax payers. We would all have money in our pockets and no mortgage interest supplements would need to be paid to people in trouble, also reduce the social welfare but not as drastically as what was done. Any family earning €100k + should not be entitled to child benefit. Implement redundancies in the public services at county councils, revenue offices and other such departments but keeping frontline staff such as nurses, Gardaí etc. we could have saved billions doing all this. VAT could have been raised 2/3% to cover a lot of the costs, because we would have the money in our pockets since we would no longer be burdened with massive mortgage payments.
February 6, 2011 11:55 am
…why not indeed? if we could figure out a way of thinking of property as shelter rather tahn commodity, we might be heading some way towards a healthier society. Mortgages are essentially the modern day version of a mill-stone around ordinary folks necks. The only difference is that we are endentured to the banks and a capitalist ideology rather than to an aristocracy…to be continued..