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New Guidelines for Mortgage Arrears

  • 06-12-2010 2:30pm
    #1
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭


    From the RTE news:

    "The Central Bank has published changes to its guidelines aimed at protecting mortgage holders facing arrears.

    The Central Bank has published changes to its guidelines aimed at protecting mortgage holders facing arrears.
    A new provision prevents banks can from imposing arrears charges or extra interest on people who are in arrears, but are co-operating with the new Mortgage Arrears Resolution Process (MARP) with effect from January 1. The MARP is a framework which must be developed by all lenders to handle cases where home-owners are struggling with repayments.
    The Central Bank says the changes to the Code of Conduct on Mortgage Arrears have been made following the recommendations of a Government expert group. The code will apply to mortgage lenders from January 1.
    Among other changes, the code will now apply to people who tell banks that they could be at risk of falling into arrears. The revised code also puts limits on the number of unsolicited communications banks can make with mortgage holders in difficulty. The code also prevents lenders from forcing people in arrears to change from a tracker mortgage to another mortgage type."

    This is a very good developement. Promotes communication and proactivity. Keeps trackers safe too.


Comments

  • #2
    REXER
    Registered Users, Registered Users 2 Posts: 458 ✭✭REXER


    Trackers are a large part of the problem that the system faces as the tracker mortgages don't even nearly cover the cost of the money! :eek:


  • #3
    Treehouse72
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭Treehouse72


    This isn't good news, it's no news. It's just another small step in the delay and pray, extend and pretend strategy that passes for grown-up thinking in this joke of a country.

    Repossessions and firesales are what's needed. Until we get the dysfunctional property market working again wages and prices will need to stay high to be able to afford mortgage repayments and rents. The current situation is utterly unsustainable in a deflating economy that is desperately trying to regain competitiveness. Not to mention that taxpayers' money is now being spent subsidising people's mortgages that they can't afford. The whole thing is a bloody joke.


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