Astonishing response threatens to make dire situation worse
THE mortgage crisis is turning into a bitter farce. The news that a barrage of legal threats is being fired at borrowers by the banks suggests that the Government's targets, designed to lift people out of mortgage arrears, are actually threatening to lift people out of their homes.
For the past two days, bank chiefs David Duffy, Richie Boucher and Jim Brown have been in front of the Finance Committee at Leinster House to explain how they are measuring up to targets set this year by the Central Bank to force the lenders to sort out their mortgage arrears crisis.
The first target was pretty straightforward. By the end of June, they were to make a thought-out, sustainable debt offer to one-in-five customers who are three months or more in arrears.