Editorial: Drumm's spree as we struggle
HOUSE repossessions are again becoming a common feature of daily business in the courts. New figures from ratings agency Moodys show that almost 13,000 struggling home owners face losing their homes after failing to pay mortgages for at least a year.
That figure is expected to climb in the face of Government spending cuts and tax hikes slashing disposable incomes which reduce borrowers' ability to repay mortgages.
Yet again, it appears that there is a two-tier structure at play when we hear about David Drumm's credit-card spending spree. The former Anglo Irish Bank chief executive, who has debts of €10m, maxed out a €10,500-limit credit card, spending on entertainment, furniture, dinners and wines in the weeks before he filed for bankruptcy in the US.
There could hardly be a greater contrast between the lives of the 'little people' struggling to pay their bills and those intimately involved in Ireland's boom and bust.