Even though we’ve been told that our economy, and by extension our society, is facing challenges all but unprecedented in modern times, yesterday’s figures from the Central Bank showing that 83,251 — 10.9% — of the 761,533 private residential mortgages in the country are in arrears for 90 days or more tell a harrowing story.
The value of restructured mortgages totalled €23bn, or 20.5% of the total Irish mortgage debt. Some of these may be buy-to-let mortgages but the majority refer to the family home.
Though there have, in extreme cases, been some repossessions the idea of people being made destitute because they are unable to repay mortgages cannot be countenanced. Despite the implications for the banks decency must, for a change, prevail over economics.
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