Long term mortgage arrears decrease for the first time since the crisis began – Heydon

Fine Gael TD for Kildare South, Martin Heydon has said today (Thursday) that he’s very encouraged by the news that long term mortgage arrears have decreased for the first time since the crisis began.

“Today’s mortgage data released by the Department of Finance shows the number of mortgages in arrears for greater than two years fell by 181 mortgage accounts in May 2015. This is very good news and shows that Government policy on mortgage arrears in working.

“The data also shows that the total number of mortgages in arrears continues to fall. The number of residential mortgages in arrears fell by 1,160 mortgages in May 2015, a figure which is consistent with the more comprehensive data from the Central Bank. The total number of residential mortgages in arrears has decreased by 27%, or 38,200 mortgages, since June 2013.

“The number of residential mortgages in arrears has fallen for seven consecutive quarters after a number of key Government initiatives:
· In December 2012 the Personal Insolvency Bill was signed into law, introducing new debt settlement arrangements
· In March 2013 the Central Bank introduced mortgage arrears targets for the main banks
· In April 2013 the Insolvency Service of Ireland launched a public information campaign.

“The number of restructured mortgages has increased by 48% since June 2013.

“However, the number of mortgages in arrears is still too high and I would encourage the Central Bank to continue to monitor its targets for the banks and the ISI to continue to engage with mortgage holders so that this progress can be continued.”