Donal O'Donovan: Mortgage crisis being addressed, but banks winning on the double
SO, are we finally getting to grips with the mortgage crisis? Maybe, but at a big cost to borrowers, who the figures show are opting for a lifetime of debt and higher charges to stay in their homes.
The latest data from the Department of Finance shows that arrears are still at desperate levels – almost one in five customers at the main banks is behind on their home loan – but the data at least suggests banks and borrowers are finally starting to chip away at the problem.
It is no small thing, and follows five years when the crisis drifted further and further out of control. But in many cases where long-term loan solutions are being hammered out, it is coming at a financial cost to the borrower.