In the previous post (here) I detailed the trends in mortgages arrears in Ireland based on Q3 2012 data released today. Since then, I have seen some comments on the 'dynamics' of the mortgages arrears, suggesting that things are 'getting worse more slowly'.
This is simply incorrect. Here's a chart graphically showing acceleration of overall crisis since Q2 2012:
Note that data through Q3 2010 is imputed by estimating back trend from Q4 2010-Q2 2012 data reported by CBofI. Hence, the jump in orange line at Q3-Q4 2010.
But the banks are trying to mask the problem, i know of people who were offered arrears recap in the last few months in a desperate attempt to reclassify them as not in arrears, as if paying long term interest only was sustainable either for the bank or for the customer.
ReplyDeleteThese excuses for banks, will be cap in hand again very soon, will the taxpayer have the money to hand this time?