Irish banks may soon crack down on strategic defaulters, with the recent introduction of new laws that will let lenders more easily foreclose on delinquent homeowners.

Until now, many borrowers have capitalized on bloated foreclosure timelines and strong consumer protections in Ireland by ceasing to pay their mortgages even though they can afford them.

Twenty percent of delinquent homeowners who owe mortgage debt to Allied Irish Banks, Ireland’s largest mortgage lender, are strategic defaulters, the bank recently said.

Source: Bloomberg

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