MORTGAGE PROBLEM 'DEEPER THAN ARREARS' - The Government yesterday approved new measures to help home-owners in difficulty with their mortgages. Lenders will have to set up a resolution process for those in difficulty, and will not be allowed to charge penalties, or arrears charges.
Frank Conway of the Irish Mortgage Corporation said he thought the figure for arrears was probably higher than the one in 25 reported reported yesterday, and that the problem was wider and deeper than suggested by the arrears figures.
He said home-owners were often confused about the protocols surrounding the treatment of arrears.
Mr Conway said the mortgage market had changed dramatically over the past couple of years, with the number of mortgage products on the market falling from 283 to around 170. He said many products previously available, such as tracker mortgages, had been eliminated
He said many existing home-owners were in negative equity - their mortgage was greater than the value of the property - but first-time buyers were also having problems qualifying for mortgages, as they were not in permanent employment or had had their wages cut
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NEWS IN BRIEF AND CURRENCIES - Building materials group CRH expects to almost break even for the first half of this year, as a fall in its sales continues to ease.
Aer Lingus's total passenger numbers last month were 941,000, a decrease of 8.6% compared with June 2009.
On the currency markets the euro is trading at $1.2989 and 83.2p sterling.
