It’s paywalled but is the gist that they want it to be easier to repossess properties for the banks?
The mortgage market here is dysfunctional due to how difficult it is to enforce a mortgage charge in Ireland. No wonder foreign lenders like KBC and Ulster Bank are running out the door. Our rates are very high but hardly any foreign lenders want a part of it due to the regulatory and legal environment in Ireland. Going 10-15 years not paying a mortgage is tolerated by politicians and the courts, and lenders can’t recover debts.
This is the reason interest rates are so high in this country.
There’s a recession coming around the corner, guys – and many of you overextended yourselves buying in Ireland’s overpriced property market.
You DO NOT want to enable repossession fraud like the US banks engaged in against mortgage holders – any change in repossession laws as we head into a recession, will make huge numbers of families homeless, for the gain only of the banks and finance industry, the latter of which is playing its part in keeping this crisis going.
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It’s paywalled but is the gist that they want it to be easier to repossess properties for the banks?
The mortgage market here is dysfunctional due to how difficult it is to enforce a mortgage charge in Ireland. No wonder foreign lenders like KBC and Ulster Bank are running out the door. Our rates are very high but hardly any foreign lenders want a part of it due to the regulatory and legal environment in Ireland. Going 10-15 years not paying a mortgage is tolerated by politicians and the courts, and lenders can’t recover debts.
This is the reason interest rates are so high in this country.
There’s a recession coming around the corner, guys – and many of you overextended yourselves buying in Ireland’s overpriced property market.
You DO NOT want to enable repossession fraud like the US banks engaged in against mortgage holders – any change in repossession laws as we head into a recession, will make huge numbers of families homeless, for the gain only of the banks and finance industry, the latter of which is playing its part in keeping this crisis going.