Irish Times covered Fitch report today that shows that for mortgages tracked by the agency as a part of 12 residential MBS (RMBS) packages posted another rise in arrears. In 2013 the 90-days in arrears mortgages accounted for 16.7% of total tracked by Fitch. In Q1 2014 this rose to 18.4%.
Irish Times article is available here: http://www.irishtimes.com/business/economy/irish-mortgage-arrears-continuing-to-accelerate-says-fitch-1.1795586
The article notes that Central Bank data showed decline in mortgages in arrears in the most recent 3 months period covered by Central Bank data. Alas, there is a caveat: in Q4 2013 data - the most current reported by the Central Bank, the authorities have omitted mortgages sold by the IBRC to private funds. Adding these mortgages back into the equation and applying the latest known arrears data on the IBRC brings the proportion of all mortgages in arrears 90 days and over for Q4 2013 closer to 13.04% which is above Q3 2013 reading of 12.9%.
Mystery of the declining arrears might just be the successful shifting of mortgages from the books of the entities regulated by the Central Bank to the vultures. In other words...
"The greatest trick the Devil ever pulled was convincing the world he didn't exist"