The mortgage loan code checks



Eamon Quinn

The government said that at the moment there is no need to revise a code of conduct that regulates the behavior of mortgage lenders with its long-standing clients with delays.

The Central Bank's Code of Conduct on mortgage lags has been established since the crisis of backlog loans reached its peak six years ago. It is worrying, since the regulators gave the green light for loans for the purchase of large amounts of unprofitable housing loans for the first time earlier this year.

Fears arose because US equity funds had a controversial record of doing business with companies whose loans were bought from major banks. But Finance Minister Paschal Donohoe confirmed that his request from March to the Central Bank to review the domestic mortgage code found that there is currently no need to change the code.

Finance Minister Paschal Donohoe

He told reporters that he would keep checking the conditions because the equity securities funds would be preparing to control large portions of the Irish mortgage loan.

The minister reiterated the long-standing advice from the central bank and banks that stressful buyers should deal with lenders.

The main lenders currently control 93% of all housing mortgage loans, but this share is likely to fall sharply, as cattle products are buying in cash in the coming months. Asked whether he considered the review to be premature, Minister Donohoe said he did not believe that this was "an issue that needs to be controlled".


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