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Mortgage War Possiblities & The Latest from Matthew "Tentinfield"


Dublin 4

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In-arrears homeowners who ignore banks 'face legal proceedings': Elderfield
Financial regulator Matthew Elderfield has warned that customers who do not cooperate with their banks could also be ruling themselves out of benefitting from new personal insolvency rules.
Mr Elderfield said repossessions would "inevitably rise".
In-arrears homeowners who ignore banks 'face legal proceedings': Elderfield | Irish Examiner

The problem is clearly escalating & looks like Matty's not taking it from any "Strategic Defaulters".

Dave "The Rave" Hall's recent black eye in Court re the Pro No's hasn't increased his followers confidence in him.

Perhaps Dave can redeem himself with an Appeal victory.

However as those holding out for a deal hope, the Debt Pile is mounting! :shock2:



The Frontline Alliance are now upping the Ante re Industrial Action.

Peter Matthews' claim in December that the Banks need another €60 Billion has gone unrebutted by Enda.

http://www.politics.ie/forum/economy/203645-peter-mathews-warns-irish-banks-still-need-another-60bn-capitalisation-peter-mathews-calls-noonan-s-deal-sell-bank-ireland-stake-i.html

The EZ crisis is bubbling away but the Bond Markets are calm.

Could Ireland's Mortgage Mayhem overspill into Europe with a Bank recap?

Will the Downgraded ESM rescue us or would they claim its part of the same initial Bailout we've subscribed to?

Making things worse Ireland is due to pay a Bond for €5.11 Billion in April & another Banger for over €7 B in Jan.

Can Noonan put a lid on the Mortgage Time Bomb, Pay the Bonds, nail down the Pro No Deal & Get us outta the Bailout?

Or will Greece, Spain, Italy or Portugal kick off Debtageddon? :shock2:



Here's hopin for Noono prevailing over Berlo but either way its a bit of a sweat - isn't it??? :confused:
 

Pinster

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I think it's time to leave, these incompetents are going to kill us all in order to save the banks :shock:
 

james toney

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When is the fuse going to run out on the mortgage time bomb?
It' got to come to head sooner rather than later.
 

Shpake

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n November 2010 [Economist] Morgan Kelly predicted a Mortgage War between those who took out mortgages and those who didn’t.

He said: ”The gathering mortgage crisis puts Ireland on the cusp of a social conflict on the scale of the Land War, but with one crucial difference. Whereas the Land War faced tenant farmers against a relative handful of mostly foreign landlords, the looming Mortgage War will pit recent house buyers against the majority of families who feel they worked hard and made sacrifices to pay off their mortgages, or else decided not to buy during the bubble, and who think those with mortgages should be made to pay them off. Any relief to struggling mortgage-holders will come not out of bank profits – there is no longer any such thing – but from the pockets of other taxpayers.

He also said: “If one family defaults on its mortgage, they are pariahs: if 200,000 default they are a powerful political constituency. There is no shame in admitting that you too were mauled by the Celtic Tiger after being conned into taking out an unaffordable mortgage, when everyone around you is admitting the same.

“Ireland faced a painful choice between imposing a resolution on banks that were too big to save or becoming insolvent, and, for whatever reason, chose the latter. Sovereign nations get to make policy choices, and we are no longer a sovereign nation in any meaningful sense of that term. From here on, for better or worse, we can only rely on the kindness of strangers.”
Such beautiful prose sounding our death-knell/ life-and-death struggle. Please can you provide the link?
 

Dublin 4

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The Restructures are taking their toll on top of the arrears...
 

ShoutingIsLeadership

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Knew you couldn't have stay of this thread
I was about to set up a thread about the European Commission intervening, but then I spotted your thread, so I didn't want to p1ss on your chips :)

As for Elderfield...this is the man who 18 months ago was saying that there was a massive moral hazard in helping borrowers. That tune soon changed!
 

gerhard dengler

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Howya

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According to the figures kindly provided by GD above, there is 24bn of household debt in arrears and 10bn of buy to let. Taking some rough estimates;
The 34bn was originally lent at 90% to value and we have broadly seen a 50% fall in values so 17bn is under water. Does anyone know how much of the 24bn that was flagged in the March 2011 stress tests was actually provided?

Banks need
 

gerhard dengler

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According to the figures kindly provided by GD above, there is 24bn of household debt in arrears and 10bn of buy to let. Taking some rough estimates;
The 34bn was originally lent at 90% to value and we have broadly seen a 50% fall in values so 17bn is under water. Does anyone know how much of the 24bn that was flagged in the March 2011 stress tests was actually provided?

Banks need
I dunno if the full €24 billion PCAR March 2011 recapitalisation figure was paid to the lenders.
I simply don't know the answer to that.

IIRC, Allied Irish Bank was to receive €13.3 b, Bank of Ireland was to receive €5.2 b, Educational Building Society was to receive €1.5b, Irish Life and Permanent was to receive €4 billion - all totalling €24 billion.

edit : your RTE link already gives this level of detail. Ignore this post so.

Further edit : Colm Doherty of AIB did acknowledge that AIB owes the Irish state €20 billion
AIB got €3.5 b in 2008, €3.7 b in September 2010 and it must have got €13.3 in 2011 because the amounts = €20 billion.
 
Last edited:
A

asbol

I don't know if this story has any credence to it (it's being passed around FB quite a bit) but, apparently, criminal charges have been filed against AIB for failing to have a proper banking license.

Here's a snippet (of one of the posts).

A criminal complaint and statement was accepted by An Garda Siochana (Irish Police) against the Allied Irish Bank plc on Valentines Day the 14th of February 2013. This is the first criminal claim levelled against any bank in Ireland for Trading without a perfected Banking Licence, today in the Supreme Court of Ireland the claimant levelled the same charges, our Media ignored what can only be considered as the biggest financial tsunami to hit the global markets. Consider the consequence, your loan, Mortgage, issued by an unlicensed Bank.
Also, this seemed like an appropriate thread to add it.
 

Shpake

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I dunno if the full €24 billion PCAR March 2011 recapitalisation figure was paid to the lenders.
I simply don't know the answer to that.

IIRC, Allied Irish Bank was to receive €13.3 b, Bank of Ireland was to receive €5.2 b, Educational Building Society was to receive €1.5b, Irish Life and Permanent was to receive €4 billion - all totalling €24 billion.

edit : your RTE link already gives this level of detail. Ignore this post so.

Further edit : Colm Doherty of AIB did acknowledge that AIB owes the Irish state €20 billion
AIB got €3.5 b in 2008, €3.7 b in September 2010 and it must have got €13.3 in 2011 because the amounts = €20 billion.
That is a strong argument for Mr Mathews contention that we should be topping up the banks by another 60 Bn euro. If we let this opportunity slip, why we might never see the 20 Bn euro that they owe us!
 

gerhard dengler

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That is a strong argument for Mr Mathews contention that we should be topping up the banks by another 60 Bn euro. If we let this opportunity slip, why we might never see the 20 Bn euro that they owe us!
We need to give them more money so that they can repay what they got previously?

Separately, during the very heady days when the banks were imploding Allied Irish Bank came up with a strategy to deleverage (sell) assets to generate capital to try to stave off the inevitable.
Allied Irish Bank have managed to sell off what were the more profitable parts of their bank, retaining ownership of the less profitable/valuable parts. These parts are the ones that AIB hope will form the building block which will see the taxpayer recoup €20 billion put in to it.
 

Dublin 4

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Does anyone notice the boycott from "Spoofclub" of my OPs? :lol:
 
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