Search Results for 'United States housing bubble'

Fianna Fáil Spokesperson on Small Business John McGuinness TD has said the rise in the ECB interest rate will heap enormous pressure on businesses and families struggling with their mortgage repayments.

A Kilkenny old-age pensioner has this week begun a legal battle to prevent her eviction from the home, which she has been residing in for more than 40 years.

Dear Editor,

A Kilkenny old-age pensioner has this week begun a legal battle to prevent her eviction from the home, which she has been residing in for more than 40 years.

It is estimated that approximately 2,200 mortgage holders in Mayo have switched to interest only mortgage payments to assist with affordability, but according to Caledonian Life these homeowners may now be leaving their families open to thousands of euro of legacy debt. The most recent report from the Financial Regulator would suggest that this switch has become a common cost saving strategy, as the public attempt to deal with affordability issues in the current recession. The leading life insurance company said it is believed that up to 50,000 struggling mortgage holders throughout the country have had to switch to interest-only repayment terms or otherwise restructured their mortgages since the recession began three years ago, but that most may not have adjusted their mortgage protection cover to reflect this change.

For that increasingly rare breed, the first time buyer, now may be the moment to alert you to one or two issues which could assist your decision making process and more specifically, whether now is the time to take that leap into property ownership (or not).

The decline in property prices in Connaught/Donegal continues, but at a lesser pace than a year ago.

The office of the Financial Regulator is currently revising its code of conduct on mortgage arrears. As part of a consultation, it is offering the public a rare chance to contribute its views on how financial institutions should handle mortgage arrears in future.

Fine Gael senator John Paul Phelan has warned that the current reporting of mortgage arrears is masking the true picture of how many people are struggling to make payments.

“My Party has consistently argued that we need a 24-month moratorium from the time that mortgages first go into arrears, before repossession proceedings can be taken, where a borrower makes reasonable efforts to meet their obligations to pay the mortgage on a principal private residence,” stated Dáil Labour candidate Ann Phelan.