Guidelines needed to police the morass of mortgage defaults
THE Central Bank has a lot on its plate these days but it could make the rules governing mortgage defaults much fairer by producing a few guidelines.
One in eight mortgages has either been changed or is in arrears but there are no guidelines on how people should live.
Some couples are getting away with not paying mortgages while continuing to subscribe to private healthcare or sending their children to private schools.
Others run two or three cars or take several holidays a year.
This is blatantly unfair on people who are scrimping and saving in order to meet their obligations.
In most other countries, the authorities publish guidelines which specify quite clearly how families looking to delay mortgage payments can live.
In Britain, the guidelines say that private education and private healthcare are out while only one holiday a year is permitted.
It is time that we did something similar on this side of the Irish Sea.
Even better, we could stop re-inventing the wheel and just adopt the British regulations lock, stock and barrel.