GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
690969

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Irish Mortgage Defaults Unprecedented Scale - most have jobs BUT "Banks Bleeding Us Dry!!!"

Posted by on in Consumers Fight Back
  • Font size: Larger Smaller
  • Hits: 1803
  • 0 Comments
  • Print

Monday 3 February 2014 by John McManus   IRISH TIMES  "Scale of Irish Mortgage Defaults Unprecedented."

The revelation that five years into the downturn three-quarters of the people behind on their mortgage payments actually have jobs comes as a surprise. It shouldn’t, but it does. It is also quite scary as most of us soldier on under the assumption that if we can hang on to our jobs we will keep a roof over our heads.  It is a further reminder of a fact we have perhaps lost sight of: the scale of the Irish mortgage default is unprecedented. Nothing really like it has happened anywhere before.

It is a lot of people. Roughly speaking, about one in five of the 800,000 residential mortgages in the Irish market is in default. That is 160,000 mortgages and even when you allow for buy-to-let mortgages and multiple mortgages it’s still hard to avoid the conclusion that there are about 100,000 people in Ireland today who have a job but can’t afford their mortgage. There must be thousands of others who are just one more pay cut or tax rise away from default.

The critical question is whether they will be able to afford their mortgage tomorrow. The answer to this question is the key to deciding what sort of approach should be adopted in arriving at a “sustainable solution” for them, to use the jargon for restructuring.  The critical question is whether they will be able to afford their mortgage tomorrow.

The answer to this question is the key to deciding what sort of approach should be adopted in arriving at a “sustainable solution” for them, to use the jargon for restructuring.here have been property crashes aplenty and the dynamics of default are pretty well understood. The main drivers are negative equity and unemployment. But something else seems to have been at play in the Irish context. The pay cuts and tax rises of the past five years seem to have produced a very large cohort of people who still have jobs but can no longer afford their boom-time mortgages.  According to the study by Yvonne McCarthy – which relied on a survey of borrowers and data collected as part of the Central Bank’s stress testing of the bank’s mortgage books – this is the situation that three out of every four people who are currently in arrears now find themselves in.

 

It is a lot of people. Roughly speaking, about one in five of the 800,000 residential mortgages in the Irish market is in default. That is 160,000 mortgages and even when you allow for buy-to-let mortgages and multiple mortgages it’s still hard to avoid the conclusion that there are about 100,000 people in Ireland today who have a job but can’t afford their mortgage. There must be thousands of others who are just one more pay cut or tax rise away from default. 

http://www.irishtimes.com/business/sectors/financial-services/scale-of-irish-mortgage-default-is-unprecedented-1.1676749

WARNING FROM BFCSA:  World Wide: Not the time to buy property and not the time to take out a mortgage or to be enticed by "DEBT ARTISTS" to re-consolidate debt!                                                             JOIN US TODAY and find out why.   This email address is being protected from spambots. You need JavaScript enabled to view it.

Banks running rampant across the Globe.  Driven by 1929 Power, Greed, Money.  

Disastrous legacy and consequences of World Wide SELF REGULATION of BANKS

Banks ran their own "Selfie Scam" for three decades, miring citizens in lifetime debt

 

Last modified on
Rate this blog entry:

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Thursday, 09 April 2020