Irish Financial Regulator publishes findings on handling of mortgage arrears/ repossessions; IBF says Ireland’s record far superior to UK’s
Dec 16th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Irish Financial Regulator today published the findings of an examination of procedures for handling arrears and repossessions across credit institutions and other mortgage lenders, focusing on residential mortgages. Launching the findings the Consumer Director of the Financial Regulator, Mary O'Dea, called on mortgage lenders to continue to engage with borrowers who are currently experiencing financial difficulties and who are willing to enter into revised arrangements to repay their mortgages. The Irish Bankers' Federation (IBF) says 3 in every 100,000 loans result in repossession compared with 200 in the UK.