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Irish Central Bank demanded to enforce tracker mortgage redress

Chairwoman of ECB supervisory board, Daniele Nouy, has demanded Ireland’s central bank to enforce the tracker mortgage redress on banks. ECB has taken notice of the increasing reports of banks ripping off their customers, and has stated that those banks will be investigated for their failure of controlling internal misconduct and financial risks. This scandal will cost the banks around 1 billion Euro, according to the Central Bank.

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Many victims of the tracker mortgage scandal have to wait until June 2018 for compensation

Irish banks have acknowledged having erred by overcharging customers over tracker mortgages. However, a multitude of victims is yet to receive compensation for having been wrongly denied low-cost loans or wrong rates.  The tracker mortgage scandal, stretching back as far as practically a decade, is estimated to have impacted over 30,000 homeowners. If a good number have already received compensation, others may have to wait until June 2018 for same.

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Does cashback schemes offer the best mortgage deals?

With significantly low rates on many new mortgages, many lenders are offering cashbacks to stand out from the competition. This is the current situation in Ireland. The cashback mortgage deal was introduced by the Bank of Ireland and was later adopted by all major lenders. However, the real question is whether or not cashback offers lead to the best mortgage deals.

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The housing crisis is continuing to deepen

The housing crisis keeps deepening and is now headed towards a massive storm. Recent reports show plummeting stocks, higher rents ever recorded and at least a 20% increase in the prices of houses in the forthcoming years. According to the findings published by Daft.ie, overall rents have drastically increased for the 21st consecutive quarter and it doesn’t stop here.

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Hundreds of repossession cases affected by court decision

Hundreds of cases regarding repossession are pending after a court decision following an appeal by Tanager Designated Activity Company for being refused a repossession order for a home. In fact, a High Court judge has requested the Court of Appeal to decide certain legal issues that are “of considerable public importance”, following this case involving a claim for repossession of Rolf Kane’s family home in Clonsilla in Dublin.

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Half of the personal insolvency proposals rejected by banks

Banks are failing to abide by the personal insolvency legislation introduced in 2012 by the Irish government in a bid to help keep financially distressed families in their homes. The director of the Insolvency Service of Ireland (ISI) Lorcan O’Connor stated to the Oireachtas Justice Committee that most of the proposals presented by insolvency practitioners to lenders on behalf of distressed customers are being rejected.

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