At the height of the boom Start Mortgages bundled up hundreds of millions worth of Irish home loans and sold the debt on to investors in the bond markets through a company called Lansdowne Mortgage Securities No 1.
Accounts just filed show that 26% of the remaining €120m borrowers bundled together in Lansdowne 1 are so far behind on their loans that they are regarded as “impaired”, suggesting real fears that the debt can never be recouped.
According to a report in today’s Irish Independent, a further 46% of borrowers are in arrears on their loans, many by more than a year.
Fewer than one in three of the Lansdowne 1 mortgages is not either classes as being in arrears or impaired, according to the accounts.
