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[euro]1.8bn of sub-prime mortgages in debt woe.

Byline: GARRETH MacNAMEE

MORE than half of subprime mortgages in Ireland are in arrears by more than 90 days, official figures have revealed.

Fianna Fail finance spokesman Michael McGrath said the backlog affected more than [euro]1.8billion worth of home loans. He also accused the Government of failing to do enough to tackle the mortgages crisis.

"The Minister for Finance Michael Noonan has confirmed that 56% of the home sub-prime mortgage book is in arrears of 90 days or more," he said.

"Despite this, he has also said that the Mortgage Arrears Targets Programme does not apply to subprime mortgages. "The simple truth is that the Government has shown scant regard for the 18,000 sub-prime mortgage holders, many of whom are now in real danger of losing their family homes."

Figures released by the Department of Finance have shown that one in every four home repossessions since the beginning of 2012 related to sub-prime mortgages.
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Publication:Sunday Mirror (London, England)
Date:Feb 16, 2014
Words:157
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