Fitch wants banks to evict more Irish families.

He3

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Fitch Ratings MD Andrew Currie tells us through the medium of RTÉ tv News that Ireland's banks should foreclose on more residential mortgages.

He is likely to be seen again on the Nine News just in case you missed him the first time round.
 


johnfás

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Why do we always use the word foreclose here. Banks do not foreclose on Irish properties - foreclosures have virtually never happened in an Irish legal context. Our banks repossess and seek an order for sale. Foreclosure has a specific legal meaning, i.e. the extinguishment of the right of redemption on a property - this is not the order which banks in Ireland grant when a mortgagor cannot meet their payments. The right of a mortgagee to foreclose in Ireland has, in any case, been extinguished under the Land and Conveyancing Law Reform Act of 2009, but it has not been a commonly granted order for over a century.
 
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Holy Cow

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He is right, they should.

Those that bit off more than they could chew deserve to face their destiny.
 
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I can not believe that spinless little twerp from Finch talking about evictions as if it was just a dot on a peice of paper.

THe very people they want to evict are the ones that helped save their precious banks.

Its madness and clearly the biggest transfer of wealth known to man.
 

Squire Allworthy

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I can not believe that spinless little twerp from Finch talking about evictions as if it was just a dot on a peice of paper.

THe very people they want to evict are the ones that helped save their precious banks.

Its madness and clearly the biggest transfer of wealth known to man.

+1

It is also a finely balanced decision. Let us imagine someone is 3-4 months in arrears do you proceed to repossess? It may well make better long term economic sense to restructure the loan.
 

mickdotcom

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Why would they want evictions?

there is no one going to buy the repossessed property.
 
G

Gimpanzee

The delusion has to end, the flood on to the market and the second, scarier part of the property crash has to begin. As some of us have said all along.
If events to date are anything to go by, it won't be let happen like that. Instead we'll have some torturous cure that will be worse than the disease.
 
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Its win win win for the banks.

They dont care what they sell them for because they will sue the origional owner and make sure for the next 12 years they will take a cut regardless if that person is employed or not.

Its time for new bankruptcy laws as they have in the UK, but dont expect FF to do that any time soon, it will upset their precious banks.
 

Magror14

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Why do we always use the word foreclose here. Banks do not foreclose on Irish properties - foreclosures have virtually never happened in an Irish legal context. Our banks repossess and seek an order for sale. Foreclosure has a specific legal meaning, i.e. the extinguishment of the right of redemption on a property - this is not the order which banks in Ireland grant when a mortgagor cannot meet their payments. The right of a mortgagee to foreclose in Ireland has, in any case, been extinguished under the Land and Conveyancing Law Reform Act of 2009, but it has not been a commonly granted order for over a century.
That is a quality post.

I have to say that 11 repossessions out of 100,000 make a mockery out of the underlying concept of a mortgage not to mention the concept of private property. The Irish solution to an Irish problem is not to say "don't worry we will never repossess you". A better approach would be to say we will repossess you but let you stay on under a "caretakers" agreement. The markets believe that we are some kind of communist country now

I say that as a mortgage holder..
 

Squire Allworthy

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Its time for new bankruptcy laws as they have in the UK, but dont expect FF to do that any time soon, it will upset their precious banks.

Long overdue, people need to be able to make mistakes and have the opportunity to start again.

The more liberal the bankruptcy laws the more careful the lender needs to be, and if there is anything to learn from recent events that would be beneficial. But then what am I thinking, Banks being made responsible and taking ownership of their entire loses, that only happens in Never Never Land.
 

eoghanacht

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He is right, they should.

Those that bit off more than they could chew deserve to face their destiny.
Ah, the philanthropes are out.

Given what we now about Messers Fitz, Fingleton and Aherne etc and the fact none of these have had to 'face their destiny' do you think it's entirely fair.

BTW, what exactly do you mean when you say 'face their destiny'.

If you mean making them homeless then your advocating exascerbating an already overstreched SW system.
 

taurus

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can anybody tell me if this shower have an office in dublin or who their reps are in Dublin ??
 

anewbeginning

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It's a mark of our failure as a nation, and a testament to the 43% of people who voted FF at successive elections, that we can't so much as scratch our nose without the Markets and Ratings Agencies tut tutting.

Let's face it, we are no longer a soverign nation. 13 years of Bertie and Cowen at the helm have seen to that. Cowen might as well permanently stay in the pub. In fact we'd be far better as a nation if he did.
 

Pauli

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My trigger finger gets itchy when I read the pronouncements of hired vultures like Mr. Currie.
 

Bow tie

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Can someone actually explain to me why Fitch thinks this is good?
Economically I don't see the point?

You can either a) agree a new repayment schedule and hope to keep getting something back. Keep going through the courts and hope that eventually the loan is paid. b) Evict the tenants and what? Sell at a much reduced price in the current market, not get the full loan back, cause hardship, put more families on the housing list which is bad for the economy surely and things just get worse.

Genuinely- why would more foreclosures be a good, necessary or desired thing economically? It doesn't stack up for me? :oops:
 


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