Remember Stepstone Mortgages?

A joint venture between Lehman Brothers and IIB specialising in the sub-prime market. It went bust in 2008.

From today’s Irish Times:

An 81-year-old woman, her son and his family are to lose their home after an order for possession was granted against them at the High Court yesterday.
The elderly woman had signed over her house in Co Louth 10 years ago to her son and daughter-in-law who raised a €740,000 mortgage on it with sub-prime lender Stepstone Mortgage Funding Ltd in 2008.
The repayments were more than €6,200 a month at an interest rate of just under 10 per cent
…In a second case involving Stepstone, a separated couple with a disabled child lost their family home. The Co Kerry couple had borrowed more than €220,000 in 2007 at a rate of 10.8 per cent.

 

Woman (81) To Lose Family Home After Court Order (Fiona Gartland, Irish Times)

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Nu-Centz – Do You Really Love Me ft. Funzo

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Directed by Jonathan Lambert. Produced by Alan Newman. Track Produced by Alan Newman with Co-Production from Deco McGlade. Mixed and Mastered by Collie Collins.

JUST OVER a third of the 48 State agencies earmarked for abolition or merger in 2012 will have completed the process by the end of the year.

Last November, the Government published a list of 48 bodies which it said would be rationalised by the end of 2012, including the National Roads Authority; the Railway Procurement Agency; the employment rights bodies; the State’s galleries, libraries and museums; the Equality Authority; and the Irish Human Rights Commission.

Detailed information disclosed by the relevant Government department in response to queries by The Irish Times has shown that only 17 of the 48 abolitions will have been completed by the end of 2012.

No doubt a quasi autonomous non governmental agency will be set up to look into this.

Only 17 out of 48 quangos to be abolished or merged this year (Harry McGee, Irish Times)

(Mark Stedman/Photocall Ireland)

Broadsheet.ie