Safety Nets for Consumers in Mortgage Arrears

According to The Central Bank of Ireland, at the end of June 2019, there were 723,280 private residential (PDH) mortgage accounts for principal dwellings held. Of this, 61,901 accounts still had outstanding payments, also referred to as being in arrears. as of June, there were a total of 61,901 total accounts in arrears. Within that, over 18,000 were within 90 days overdue, almost 5,000 were up to 180 days overdue and a staggering 27,792 accounts were over 720 days overdue. However, at the end of the quarter only 1,407 homes were repossessed. So what protections do homeowners have when they are in arrears? In Ireland there are many codes and acts that are specifically designed to protect the family home from repossession.

The main code that deals with family homes, is the Code of Conduct on Mortgage Arrears (CCMA) which was put into place in 2013. The code is issued by the Central bank and relates to customers in arrears and pre-arrears situation. It does not however deal with investment properties. This code requires mortgage lenders to apply the Mortgage …

Read More →

All animals are created equal, but some are more 'equal' than others

The title of todays post is of course from George Orwell’s book ‘Animal Farm’ and in it the Pigs used this rationale to place themselves above the rest of society, the Pigs wanted one set of rules for themselves and another set for everybody else. And in the end the Pigs reigned supreme, the behavior of the Pigs was amiable in the early days, but it wasn’t long before there true colours came out.

Finance of course is a separate matter but I think that George Orwell struck on a common chord in his view of Socialism because when we see any sector of business society start to treat others less ‘equally’ it is reminiscent of how the Pigs fared, and the fact that although in the short term the Pigs might have the upper hand, that ultimately they end up on the table as pork chops.

I have the misfortune of seeing imbalance starting to creep into brokerage, in the UK it has started already, Halifax, Nationwide, and Cheltenham & …

Read More →

All animals are created equal, but some are more ‘equal’ than others

The title of todays post is of course from George Orwell’s book ‘Animal Farm’ and in it the Pigs used this rationale to place themselves above the rest of society, the Pigs wanted one set of rules for themselves and another set for everybody else. And in the end the Pigs reigned supreme, the behavior of the Pigs was amiable in the early days, but it wasn’t long before there true colours came out.

Finance of course is a separate matter but I think that George Orwell struck on a common chord in his view of Socialism because when we see any sector of business society start to treat others less ‘equally’ it is reminiscent of how the Pigs fared, and the fact that although in the short term the Pigs might have the upper hand, that ultimately they end up on the table as pork chops.

I have the misfortune of seeing imbalance starting to creep into brokerage, in the UK it has started already, Halifax, Nationwide, and Cheltenham & …

Read More →