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11/02/2009
'Avalanche Of Repossessions' Warning
The Master of the High Court has warned there could be an "avalanche of repossessions" on its way.
Senior Council Edmund Honohan said the courts are preparing for an unprecedented amount of repossession hearings in a recession that could reach "historic proportions".
Speaking during a judgment concerning a bank repossession of a Waterford couple's home, Mr Honohan said the number of possession cases was increasing weekly, as more homeowners fell behind in their mortgage payments, and added that many or most borrowers were not to blame for their arrears as we go through this recession.
He added that in the current climate where there were almost no house sales, there was really no good reason to grant an immediate order for possession unless there was credible evidence a sale might be on the cards.
'No one gains from rows of empty, shuttered houses,' he said.
The news comes as the Government prepare a bail out package for the Anglo Irish Bank, and Bank of Ireland, which contains a stipulation of a one year grace period for those unable to meet their mortgage payments.
(DW/BMcC)
Senior Council Edmund Honohan said the courts are preparing for an unprecedented amount of repossession hearings in a recession that could reach "historic proportions".
Speaking during a judgment concerning a bank repossession of a Waterford couple's home, Mr Honohan said the number of possession cases was increasing weekly, as more homeowners fell behind in their mortgage payments, and added that many or most borrowers were not to blame for their arrears as we go through this recession.
He added that in the current climate where there were almost no house sales, there was really no good reason to grant an immediate order for possession unless there was credible evidence a sale might be on the cards.
'No one gains from rows of empty, shuttered houses,' he said.
The news comes as the Government prepare a bail out package for the Anglo Irish Bank, and Bank of Ireland, which contains a stipulation of a one year grace period for those unable to meet their mortgage payments.
(DW/BMcC)
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Ireland WeatherToday:Storm Bert will move east through the Northern Isles today. Though weakening it will still bring strong to gale winds to many in Northern Ireland and showers to all, these frequent, occasionally heavy across northern districts. Maximum temperature 10 °C.Tonight:Strong west to northwest winds easing overnight. Showers, most frequent during the evening and in north but dwindling overnight to leave most dry and bright come dawn. Minimum temperature 1 °C.
