Mortgage Arrears: The Central Bank's new plan - and what it means

The banks will have to work to engage thousands of customers a month, assess their financial situations and offer them new proposals, writes Jon Ihle.

17th March, 2013
Under the new Central Bank policy, borrowers who are at least 90 days in arrears will be in line for a 'sustainable solution' on their mortgage.

The new Central Bank policy on mortgage arrears will require most lenders in the market to start renegotiating the terms of distressed debt according to a quarterly timetable. The goal is to take the entire stock of 122,906 accounts that are more than 90 days past due and, by the end of next year, underwrite them again on terms that will assure repayment over the life of the loan.

In practice, the banks will have to work...

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