Is there a latent mortgage crisis in Irish banks?

Reblogged from NAMA Wine Lake:

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No-one will have been surprised to hear the CEO of Ireland’s largest bank, Bank of Ireland, last week claim that Irish house prices were stabilising. Ritchie Boucher told the Independent “We think the property market is beginning to stabilise -- in particular in urban areas”.

But there were many raised eyebrows earlier this year when sub-prime mortgage lender, GE Money, sold up its Irish mortgage book to Australian outfit, Pepper Home Loans, because the price paid for the mortgages was understood to have amounted to no more than 40c in the euro.

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About machholz

I started this Blog to get out of my system the absolute rage that I have for the corrupt politicians and their Banker Buddies. I’m an ordinary guy, married with kids, and have firm opinions of what is right and what is wrong. I’m not afraid to say it even when it makes me unpopular. I reproduce news all manner of articles, but will always confirm the source of the articles; this is a compliment to the source of such news pieces. But if you do not agree with this and you are the original author, I will take down any article when requested to do so. I do not assume that the author of the news articles share with my views, I include news articles to give readers another slant to my views or to illustrate what the mainstream news media say on the relevant topic. The opinions expressed are my own but I do not accept liability for them, If I have offended you or made a factual error please put on record the truth by leaving a comment. In addition, my thoughts and opinions change from time to time...I consider this a necessary consequence of having an open mind. This weblog is intended to provide a semi-permanent point in time snapshot and manifestation of the various memes running around my brain, and as such any thoughts and opinions expressed within out-of-date posts may not the same, nor even similar, to those I may hold today. For the record I am currently an Independent political activist and am not affiliated to any political party
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