The Mortgage Arrears Reality

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Gulp.

WhatGoesUp writes:

“Having failed to buy into the Michael Noonan hype that Irish banks were on the road to recovery, I decided to go off and look for myself at the numbers.What I found was not the picture as imagined by the Minister of Finance. What’s more, in reality, the picture is actually worse than presented here:- The mortgage arrears figures are only for Primary Dwelling Homes (PDH i.e. family homes) – no Buy-To-Let (BTL) numbers are included, which are even worse.This is without looking at the SME lending/arrears disaster in the banks…”

Sources: Irish Banking federation, Central Bank