Banks could gain on bad tracker deals

Banks could be in line for huge windfalls under the Central Bank's new plan to tackle mortgage arrears.

24th March, 2013

Banks could be in line for huge windfalls under the Central Bank's new plan to tackle mortgage arrears, unless proper controls are put in place to stop lenders profiting from moving customers off tracker mortgages as part of loan modification offers.

An actuarial analysis carried out on behalf of the Irish Brokers Association found that tracker mortgages carried a substantial capital value and that borrowers with a typical sized mortgage would need to be offered...

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