Items Tagged with 'Economy of the Republic of Ireland'


  • Moody's Sees Weak Irish Mortgage Securities Market

    Moody's Investors Service put 15 classes of notes in seven Irish residential mortgage-backed securities (RMBS) on review for downgrade on declining performance. The rate of 90 plus-day delinquencies rose to 2.3% of the current balance in Q209 from 1% in the year-ago quarter. The higher delinquency rate comes on the heels of greater unemployment, which rose to 11.7% as of June, from 10% in March. The Irish RMBS market continues to issue despite low mortgage originations. Issuance reached €25.8bn (US$36.7bn) in all of 2008 and €3.8bn in the first half of '09.
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  • Bill Calls for $15,000 Any-Time Home Buyer Credit

    The Mortgage Bankers Association (MBA) on Monday declared its support for a Senate bill, S 1230 or the Homebuyer Tax Credit Act of 2009, which expands the current first-time home buyer tax credit from $8,000 to $15,000. The bill also makes the tax credit available to anyone who purchases a principal residence in the year following the enactment of the bill. The MBA is already calling for monetization of the credit at the closing table on the grounds that more consumers will become home buyers if they don't have to struggle to put away a substantial down payment.
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  • Price Correction Opens Door for First-Time Buyers: Report

    If there is one positive to come out of the nation's historic home price correction, it's likely to be this: many responsible would-be first-time homebuyers that had found themselves locked out of overheated local housing markets during the unsustainable run-up in home prices are now finding their way towards home ownership -- or, at least, are free to begin realistically considering it. It's the upside of a painful housing correction that I think many are missing in an all-too-often narrow-minded effort to keep over-leveraged borrowers in their homes at nearly all costs.
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