Central Bank needs home truths on mortgages | Ireland


New Beginning was formed in 2010 to help people in mortgage distress. More than a decade later, and despite the greatest global financial crash of a century, many mortgages have been restructured and will be paid off in full in due course once borrowers are given time.

The official response to the mortgage crisis is still to ensure a financial crisis does not recur. This is fine, but there is a grave risk of the ill being misdiagnosed and the medicine meted out causing real, lasting and unnecessary damage.

I feel the mortgage crisis of 2008-10 was not created by loose lending to homeowners but by reckless lending to investors, which inflated property prices and imposed unacceptable risks on the financial system. It was a



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