Jon Ihle in Sunday Tribune says Irish Nationwide Building Society is going all out to increase its share of the mortgage market for 2011. In 2010 INBS wrote €20m in mortgages, but hopes to get that figure up to €160m in 2011 and €325m in 2012.
That's the best news I've seen in weeks. That's the kind of cheery, optimistic news we've all been looking for. We don't have enough financial institutions willing to do whatever it takes to write new mortgage business. Maybe those 100% mortgages will seem so fuddy-duddy conservative, so 'yesterday' when INBS starts offering 140% mortgages next year. With any luck they'll get that up to 175% by 2012.
This is insanity. Rather than running wild with their bailout money, INBS should be wound up. It's bust, bankrupt, kaput. Time to shut say to goodnight to INBS.