Mortgage arrears crisis not solving itself

With mortgage lenders still dragging their heels on solutions for families, the taxpayer may be called upon to bail out the banks - again, write Emma Kennedy and Jon Ihle.

19th May, 2012
The number of people falling behind on mortgage payments is rising rapidly. Photo: Getty

The mortgage arrears problem is continuing to get worse for both borrowers and banks, threatening Ireland's economic recovery and raising fears that the domestic lenders will need further capital support from the taxpayer.

The most recent market indicators suggest the number of homeowners falling behind on mortgage payments is still rising rapidly after accelerating in the second half of 2011. Market sources now expect arrears numbers across the sector as a whole to easily exceed...

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