Mortgage arrears issue needs urgent response
It is hard to tell human stories in figures alone, they do not convey the real trauma and anxiety of the threat of losing the roof over your family's head. The numbers vary, but it is estimated that, on average, there are almost 35,000 families who are two years or more behind with their payments. The average balance outstanding on these mortgages was €223,789.
Currently, there is something of the order of €8.8bn in outstanding balances on mortgages in arrears for more than a year on private homes.
Yesterday, Fianna Fáil revealed some new proposals in an attempt to ease the crisis. It certainly merits closer inspection. Many efforts have been made to defuse this rapidly ticking time-bomb. An expansion of the Government's mortgage-to-rent (MTR) scheme is one being driven by Housing Minister Eoghan Murphy.