Irish Leader Blasts All The Hype Over Underwater Mortgages

Brian Cowen

There’s been a lot of talk about the looming disaster of underwater mortgages in Ireland.

The country’s leadership is having none of it (naturally).

Irish Times:

Taoiseach Brian Cowen has challenged estimates of the number of mortgages in difficulty.

Mr Cowen told the Dáil this afternoon there had been some suggestion that there had been negotiated repayment reductions or defaults in at least 100,000 mortgages.

“This overstates the situation significantly,” he added. “The figure is closer to 70,000, which includes restructured payments and the arrears figure of 36,000.”

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