So we have mortgage arrears, which international observers such as the International Monetary Fund and others can only scratch their heads at. We have more loans in arrears than the Russian federation, with its population of more than 140 million, and more than Spain, where the population is nearly 10 times ours and unemployment is more than double our own. Yet we have virtually no repossessions.
This means incumbents remain perpetually incumbent, helping to repair banks’ and individuals’ balance sheets, while ensuring Nama’s property portfolio grows in value.
The losers in this are more diffuse and have no lobby group serving their interests. We see first-time buyers priced out. How is that fair, when someone living on the street they want to buy on is years in arrears and is allowed to stay put?