Brendan Burgess
Founder
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It looks as if the Oireachtas Committee is going to come out against making MIG available. Fair play to them.
The Central Bank was, rightly, opposed to it as well.
Honohan wrote to Noonan to complain about mortgage plan
In response to a request from Mr Noonan, the [broken link removed] has produced a report on mortgage insurance.
In November, the committee heard from a panel of experts about how mortgage insurance schemes operated in other states and the feasibility of adopting one here.
One expert said cuts of up to 2 per cent in mortgage rates could be delivered, saving first-time buyers up to €2,500 a year, if a universal scheme was rolled out here provided lenders passed on the capital savings to borrowers.
The committee’s report is, however, understood to express concern that establishing a scheme may actually increase the overall level of indebtedness.
It is also said to express reservations about the supposed protections afforded to homebuyers.
http://www.irishtimes.com/business/...nan-to-complain-about-mortgage-plan-1.2111427
The Central Bank was, rightly, opposed to it as well.
Honohan wrote to Noonan to complain about mortgage plan
In response to a request from Mr Noonan, the [broken link removed] has produced a report on mortgage insurance.
In November, the committee heard from a panel of experts about how mortgage insurance schemes operated in other states and the feasibility of adopting one here.
One expert said cuts of up to 2 per cent in mortgage rates could be delivered, saving first-time buyers up to €2,500 a year, if a universal scheme was rolled out here provided lenders passed on the capital savings to borrowers.
The committee’s report is, however, understood to express concern that establishing a scheme may actually increase the overall level of indebtedness.
It is also said to express reservations about the supposed protections afforded to homebuyers.
http://www.irishtimes.com/business/...nan-to-complain-about-mortgage-plan-1.2111427