| Synopsis: |
There have been some marked changes in the routes into mortgage arrears, the management of arrears and their outcomes since the late 1980s and early 1990s. Mortgage arrears now affect a wider spectrum of borrowers than previously, and the information and analysis undertaken for this study indicate that the problem is not yet over. The objectives of the research for this report were: to establish the characteristics, reasons for mortgage arrears and experiences of those who default at various levels, compared to all mortgage borrowers; to investigate the policies and practices of lenders for making loans, recovering arrears and dealing with possession and voluntary surrenders; and to analyze the potential and problems of mortgage rescue. |