• Due to a glitch in the old vBulletin software, some users were "banned" when they tried to change their passwords at the end of February. This does not apply after the site was converted to Xenforo. If you were affected by this, please us viua the Contact us link in the footer.

Kenny gives Green Light to banks to repossess homes


Aindriu

Well-known member
Joined
Jun 28, 2007
Messages
8,702
This has been a long time coming but it had to happen. There are many borrowers who are not paying a cent towards their mortgages. They should be targeted hard. Buy-to-lets too need taking back from those landlords where they are pocketing the rent yet not paying the mortgage. Those too which stand empty because the landlord cannot get a tenant either because of lack of demand or because s/he is trying to get far to high a rental.
Banks given repossession green light by Coalition - Independent.ie
 


Sync

Well-known member
Joined
Aug 27, 2009
Messages
28,765
Taoiseach Enda Kenny last night described resolving the banking system and mortgage issue as the next big challenge facing the Government.

Mr Kenny said he would have a plan for dealing with the issue of distressed mortgages in a fortnight.
....Was this really such a pressing issue that he couldn't have waited 2 weeks and announced it all together? Silliness.
 

seismic change

Active member
Joined
Feb 7, 2013
Messages
212
Website
www.finegael.ie
This is welcome news, for me personally I am delighted Enda has announced this move earlier, it should act as a warning to those who have decided not to repay their mortgage in the idea that they are going to gain some sort of write down of their debt that this is not to be the case.

Obviously I feel for those who through no fault of their own are about to loose their home thanks to the Fianna Fail destruction of the Irish economy but unfortunately the economy cant fully recover until the stabilisation of the housing market is allowed to readjust and this isn't possible without full repossessions.

Its good to see Enda and Fine Gael taking the tough but right decisions for the future of our country, they are at least doing whats right for each and everyone of us.
 

gaiusc

Well-known member
Joined
Jul 21, 2009
Messages
982
This is welcome news, for me personally I am delighted Enda has announced this move earlier, it should act as a warning to those who have decided not to repay their mortgage in the idea that they are going to gain some sort of write down of their debt that this is not to be the case.

Obviously I feel for those who through no fault of their own are about to loose their home thanks to the Fianna Fail destruction of the Irish economy but unfortunately the economy cant fully recover until the stabilisation of the housing market is allowed to readjust and this isn't possible without full repossessions.

Its good to see Enda and Fine Gael taking the tough but right decisions for the future of our country, they are at least doing whats right for each and everyone of us.
40% of buyers in 2007 were BTL and they are the most likely to be underwater so there's a lot of low-hanging fruit to be picked before PPR's even get looked at.
 

realistic1

Well-known member
Joined
Jun 27, 2008
Messages
11,402
This has been a long time coming but it had to happen. There are many borrowers who are not paying a cent towards their mortgages. They should be targeted hard. Buy-to-lets too need taking back from those landlords where they are pocketing the rent yet not paying the mortgage. Those too which stand empty because the landlord cannot get a tenant either because of lack of demand or because s/he is trying to get far to high a rental.
Banks given repossession green light by Coalition - Independent.ie
No issue with Buy-to-lets been repossessed. I know many a person (some related to me) that used to be bull************************ting about their properties during the Celtic tiger. These same individuals are still living a Celtic Tiger lifestyle and I know damn well that they are not servicing the mortgage on their properties.
 

Dublin 4

Well-known member
Joined
Feb 6, 2011
Messages
12,993
I know of 1 Messer who has been on the pi$$ for 4 years waitin for a deal.

Hope the sham gets kicked out into rented accomm - he's takin home E800 p.w. & can afford it...
 

sic transit

Well-known member
Joined
Jan 30, 2008
Messages
25,544
....Was this really such a pressing issue that he couldn't have waited 2 weeks and announced it all together? Silliness.
Probably because it involves legislation, which may or may not appear in less than 14 days. It also makes them look like they are "doing stuff".
 

Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
....Was this really such a pressing issue that he couldn't have waited 2 weeks and announced it all together? Silliness.
well Kenny & co have had 5 years to come up with a plan....why he needs another 2 weeks is beyond me.
 

seismic change

Active member
Joined
Feb 7, 2013
Messages
212
Website
www.finegael.ie
well Kenny & co have had 5 years to come up with a plan....why he needs another 2 weeks is beyond me.
I think your forgetting that in 2008 Fine Gael were not in government and nobody outside of government knew the extent of how badly damaged the country was under the Fianna Fail government.
 

sic transit

Well-known member
Joined
Jan 30, 2008
Messages
25,544
well Kenny & co have had 5 years to come up with a plan....why he needs another 2 weeks is beyond me.
Last time I checked they'd only been in Govt for 2 years. IMO it was always a far lower priority than debt deals and now there is an indication of banks stabilising, a better time for it.
 

Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
I think your forgetting that in 2008 Fine Gael were not in government and nobody outside of government knew the extent of how badly damaged the country was under the Fianna Fail government.
Not forgetting at all - intelligent opposition parties usually look at the main issues of the day and put forward strategies to deal with those issues.
 

Asparagus

Well-known member
Joined
Apr 7, 2010
Messages
4,882
This is welcome news, for me personally I am delighted Enda has announced this move earlier, it should act as a warning to those who have decided not to repay their mortgage in the idea that they are going to gain some sort of write down of their debt that this is not to be the case.

Obviously I feel for those who through no fault of their own are about to loose their home thanks to the Fianna Fail destruction of the Irish economy but unfortunately the economy cant fully recover until the stabilisation of the housing market is allowed to readjust and this isn't possible without full repossessions.

Its good to see Enda and Fine Gael taking the tough but right decisions for the future of our country, they are at least doing whats right for each and everyone of us.
Its handy that the tough decisions always seem to align naturally with the mandated european instructions.

Its almost the easiest tough decision you can make.
as like, a quisling.
 

ShoutingIsLeadership

Well-known member
Joined
Jan 17, 2011
Messages
50,434
....Was this really such a pressing issue that he couldn't have waited 2 weeks and announced it all together? Silliness.
You assume there actually will be a plan to announce in two weeks
 

Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
Last time I checked they'd only been in Govt for 2 years. IMO it was always a far lower priority than debt deals and now there is an indication of banks stabilising, a better time for it.
But for the last 2 years, FG's position had been that "we" would pay all of the bank debt/bonds etc and since Kenny wasn't even looking for a restructuring of that debt, in theory there was nothing to do. Therefore the houe mortgage issue should have been on the top of the list.
 

Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
I think your forgetting that in 2008 Fine Gael were not in government and nobody outside of government knew the extent of how badly damaged the country was under the Fianna Fail government.
to be fair, not sure that anyone in government knew either:)
 

Asparagus

Well-known member
Joined
Apr 7, 2010
Messages
4,882
But for the last 2 years, FG's position had been that "we" would pay all of the bank debt/bonds etc and since Kenny wasn't even looking for a restructuring of that debt, in theory there was nothing to do. Therefore the houe mortgage issue should have been on the top of the list.
Ah but Kenny was looking at the list in Merkels hand and her top and his top were opposite on account of the perspective.
 

New Threads

Popular Threads

Most Replies

Top