A report by the – cough – Department of Finance published this morning rules out any blanket debt or negative equity forgiveness programme to solve the mortgage crisis. That would upset the bankers too much. And we can’t have that.

The possible solutions that will need to be advanced [according to the report] by banks to address mortgage over indebtedness include trade down mortgages, split mortgages and sale by agreement.

Associated with this, the group also proposes the mortgage interest supplement scheme should become time limited.

The report proposes a more specialised mortgage advice service be established, that could link into Mabs, to provide specialist advice and assistance to mortgage holders in difficulty to enable them consider and evaluate their options in their engagement with mortgage lenders.

Underpinning the range of possible solutions, the report also states reform of the bankruptcy and personal insolvency law is fundamental and that without this the mortgage problem will not be resolved.

Minister for State with responsibility for housing Willie Penrose is to unveil two mortgage-to-rent schemes…Under each scheme, households in extreme mortgage distress who are eligible for social housing will be able to remain in their homes as social housing tenants with either the lending institution or a housing association taking ownership of the property. Mr Penrose’ officials will be kick-starting this process next week.

 

Report Rejects Blanket Mortgage Debt Forgiveness (Conor Pope, Irish Times)

(Photocall Ireland)

Diarmiuid Brophy sez:

Taken some years ago in Culebra, off the Caribbean Island of Puerto Rico. Might this be the first pothole in the shape of Ireland received?

Yes.

The Unspecified Thing That Looks Like Ireland: broadsheet@broadsheet.ie

Justin writes:

Just wondering if this is an unintentional leak by RTE about who won the Masterchef Ireland title.
If you search the RTE website for the three finalists the only one that pops up outside the Masterchef pages is Brídín Carey in the RTE food website. She has a few recipes up there.

 

Cauliflower Soup (RTE Food)

Glasshouse‘ by Czech designer Kristýna Pojerová is a mini greenhouse that double functions as pendant lamp. on show at Prague Designblok 2011. The doughnut-shaped base allows one to reach inside to plant small herbs in a radial gutter running around the radius. ‘Glasshouse’ makes use of the otherwise useless heat waste of the bulb, which can be regulated with a dimmer.

It’s on sale here for the equivalent of $1700. Which is a bit steep, given that – if you’re any way handy – you could probably fabricate your own for a fraction of the cost.

via
Broadsheet.ie