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United States : SIX big banks giving deals to more mortgage holders.

People who are in mortgage indebtedness have been given permanent deals by their banks to get them out of financial trouble.

The Department of Finance said the six main banks put in place near 14,500 permanent repayment plans for residential mortgage accounts that are in arrears in January 2014.

The department said, this is up from 14,000 in December 2013.

Banks have been moving away from temporary restructures for those in mortgage trouble, like interest only, and offering to split mortgages and giving arrears capitalisation, where the arrears are added to the

overall home-loan debt.

The figures outline the arrears and the amount of permanent repayment deals put in place by Bank of Ireland, AIB, Permanent TSB, KBC Ireland, Ulster Bank, and ACC.

Mortgage accounts at the six banks that are three months or more in arrears have decreased by 1,700 to 79,427, when compared with the end of September 2013.

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Publication:Mena Report
Date:Mar 14, 2014
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