Almost nine out of ten loans in a government sub-prime mortgage scheme are under water in some parts of the country, a Sunday Business Post analysis has revealed.
The loans, which were originally advanced as part of a boomtime affordable housing plan called the Shared Ownership Scheme (SOS), become distressed at a rate four times higher than ordinary mortgages.
Across 15 local authorities that provided figures, the average rate of distressed debt among the loans...
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