Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Why the mortgage crisis could be a €40bn problem and not a €6bn one

  • 05-09-2011 9:10am
    #1
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭


    From Todays Indo Website:
    http://www.independent.ie/business/why-the-mortgage-crisis-could-be-a-euro40bn-problem-and-not-a-euro6bn-one-2866134.html
    However, the Central Bank's most recent edition of its Irish Economic Statistics states that per capita Irish mortgage debt now stands at €30,377, including securitised assets. Multiply that by the population and you get almost €136bn, which is the true level of Irish mortgage lending by the domestic and foreign-owned banks.

    So just how bad is the problem? Last week the Central Bank published its latest statistics on mortgage arrears. These showed that almost 56,000 mortgages were more than 90 days in arrears at the end of June. When you throw in the 70,000 mortgages which have been restructured by lenders, of which 30,000 have fallen into arrears once again, it can be seen that 96,000 mortgages are either in arrears and/or have been restructured.

    Could someone critique the maths in the full article to see if any of this stands up.
    Scary stuff if true.


Comments

  • #2
    Spiritofthekop
    Registered Users, Registered Users 2 Posts: 436 ✭✭Spiritofthekop


    It cant & must not happen.

    Its wrong & will open up a can of worms.

    Anyone who fancies not paying back any type of loans in the future will just use "debt forgivness" as a reason in court etc...

    Its will be the worst decision this country ever makes.

    FACT


  • #3
    BrendanBurgess
    Registered Users, Registered Users 2 Posts: 161 ✭✭BrendanBurgess


    I have done a review of the article here

    http://www.askaboutmoney.com/showthread.php?t=160066


  • #4
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    BrendanBurgess wrote: »
    I have done a review of the article here

    http://www.askaboutmoney.com/showthread.php?t=160066

    Thanks for the breakdown, the tracker assumptions were confusing me in White's article.
    Paper never refuses ink still true I see.


  • #5
    SafeSurfer
    Registered Users, Registered Users 2 Posts: 6,973 ✭✭✭SafeSurfer


    BrendanBurgess wrote: »
    I have done a review of the article here

    http://www.askaboutmoney.com/showthread.php?t=160066

    You will understand if people are a little skeptical of your analysis.

    http://www.youtube.com/watch?v=hFwC_J0npgs

    Multo autem ad rem magis pertinet quallis tibi vide aris quam allis



  • #6
    Crazy Horse 6
    Closed Accounts Posts: 2,474 ✭✭✭Crazy Horse 6


    Spiritofthekop wrote: »
    It cant & must not happen.

    Its wrong & will open up a can of worms.

    Anyone who fancies not paying back any type of loans in the future will just use "debt forgivness" as a reason in court etc...

    Its will be the worst decision this country ever makes.

    FACT
    The bank guarantee was the worst decision this country has ever made...Fact.


  • Advertisement
  • #7
    Godge
    Closed Accounts Posts: 21,727 ✭✭✭✭Godge


    Crazy Horse 6 wrote: »
    The bank guarantee was the worst decision this country has ever made...Fact.

    True, but if you don't learn lessons from history, you are bound to repeat the mistakes of the past.

    Guaranteeing the banks was the worst decision this country has ever made. Forgiving mortgage debt on the scale being called for would run it a close second.


Advertisement