Banks move on debt deals

Long-term interest-only arrangements and selective debt writedowns are emerging as the preferred solutions to unsustainable mortgages.

17th February, 2013

Long-term interest-only arrangements and selective debt writedowns are emerging as the preferred solutions to unsustainable mortgages, despite a huge Central Bank effort to force lenders to develop a broad range of loan modification options, according to mortgage market sources.

Banks, especially foreign-owned ones, have begun in recent weeks to adopt more aggressive solutions from the commercial mortgage market - including negotiated writedowns - and apply them to buy-to-let loans in arrears.

Third-party mortgage servicers report...

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