When I was younger, I was taught that prevention was better than cure. This is something we as a country did not adhere to following the last recession regarding mortgage arrears. It is essential that the lessons learned from that crash are applied to what is coming here next.
The pre-Covid-19 mortgage arrears landscape was already far from good and I will start by outlining this to illustrate the challenges with arrears post-virus.
This was despite the spin used to convince us that all was well. There were 63,437 mortgages in arrears pre-Covid with 27,085 of them in arrears longer than two years. There has also been an increase of 3,000 mortgages in arrears in quarter one of this year. The value of the arrears of this group is 90 per c…
Read the full article at: https://www.irishtimes.com/business/financial-services/mortgage-arrears-prevention-is-definitely-better-than-cure-1.4295388
