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Mon 09 Sep 2010Mortgages in difficulty
THE NUMBER of residential mortgage holders who are more than 90 days in arrears on their loan repayments continues to rise. Figures from the Central Bank and the Financial Regulator for the second quarter to June show that one in every 20 mortgages are in some difficulty: 36,348 were in arrears out of the 789,814 mortgage loans outstanding. The Central Bank data may well understate the problem as the collection of mortgage arrears statistics only began a year ago.
By then borrowers already in financial distress may have agreed new repayment arrangements with their lenders.
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