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dc.contributor.authorDermot Coates
dc.date.accessioned2019-10-26T05:11:40Z
dc.date.available2019-10-26T05:11:40Z
dc.date.created2017-09-29 23:38
dc.date.issued2008-01-01
dc.identifieroai:doaj.org/article:5ca0a5d4b75c49f08be7f96f15004b78
dc.identifier1393-7022
dc.identifierhttps://doaj.org/article/5ca0a5d4b75c49f08be7f96f15004b78
dc.identifier.urihttp://hdl.handle.net/20.500.12424/1601199
dc.description.abstractAs the volume of mortgage credit has risen in tandem with house price inflation, the sub-prime homeloan sector of this market has begun to expand in order to meet demand from those not serviced by the mainstream financial service providers. This article examines the role of local authorities in providing residential mortgages and assesses whether those who have traditionally borrowed from non-market (or public sector) lenders would be considered to be sub-prime borrowers by the private sector. It concludes that, in view of the relatively low average incomes of this cohort of borrowers, they represent a higher probability of homeloan default and as a consequence, would be subject to a higher cost of credit in the private sector. However, this paper highlights the favourable terms offered by local authorities and argues that their failure to price according to the risk profile of borrowers exposes the Exchequer to higher – and often unquantified – costs in pursuit of promoting home-ownership.
dc.languageEN
dc.publisherSocial Care Ireland
dc.relation.ispartofhttp://arrow.dit.ie/ijass/vol8/iss1/2/
dc.relation.ispartofhttps://doaj.org/toc/1393-7022
dc.sourceIrish Journal of Applied Social Studies, Vol 8, Iss 1, Pp 51-69 (2008)
dc.subjectsub-prime lending
dc.subjectmortgage Credit
dc.subjectaffordability
dc.subjectSocial history and conditions. Social problems. Social reform
dc.subjectHN1-995
dc.subjectSocial Sciences
dc.subjectH
dc.subjectDOAJ:Sociology
dc.subjectDOAJ:Social Sciences
dc.subjectSocial pathology. Social and public welfare. Criminology
dc.subjectHV1-9960
dc.titleLocal Authority Residential Mortgage Credit: A Source of Non-Market Sub-Prime Homeloans for Low-Income households
dc.typeArticle
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ge.identifier.permalinkhttps://www.globethics.net/gel/11745586
ge.lastmodificationdate2017-09-29 23:38
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