Struggling homeowners were welcoming news today that the government may allow those that are in large amounts of negative equity, to pay some of that debt using money pulled from their own arses.
The money pulled from their arse could be used to pay off as much as 75% of the outstanding debt in the latest of restructuring proposals for those struggling to make repayments.
Pulling money from one’s own arse is a relatively new practice but has been known to have worked in the corporate banking environment, now it’s going to be trialled in the residential mortgage area to see if it has a similar positive impact.
The mortgage arrears crisis in Ireland has been worsening, with latest figures showing that more than 126,000 mortgages are in some form of distress.
It is hoped that this new payment option to be made to available to struggling home-owner will ease the burden of the financial crisis and help stimulate domestic economic growth.