Paschal Donohoe throws homeowners to the vulture funds

PBP voter

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Ardillaun

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No.

Hence the difference made by banks between those who engaged and those who refused to engage.
The original article quoted suggested that some of the people affected were engaging.

BTW I’ve no sympathy for people who make little or no effort to cooperate with their lenders when they fall into arrears.
 

HarshBuzz

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The original article quoted suggested that some of the people affected were engaging.

BTW I’ve no sympathy for people who make little or no effort to cooperate with their lenders when they fall into arrears.
Me either.

Ross Maguire is an advocate for mortgage holders, a barrister and an expert in the area. He makes some excellent points.
 

venusian

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The right's solution.....sell the house from under them and the taxpayer can fund the HAP scam to house them....
The right is so stupid and being greedy to the core they don't give a flying v about what happens to tax payers as long as a profit can be made off them. Seriously, I think one of the most idiotic things about all this is that first time buyers wont even get the chance to buy these houses, the vulture funds loved by Dobohoe are getting property at huge discounts and they will rent it back to the very taxpayers who paid for the discounts!
 

venusian

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:lol: Wow. Just wow.
Can you provide us with some stats on how many have been called in in Ireland in say the past 30 years?
How about some more recent stats?
https://www.irishexaminer.com/ireland/3800-repossession-orders-granted-as-home-seizures-to-rise-471439.html
3,800 repossession orders granted as home seizures to rise
Almost 3,800 repossession orders were granted by the courts over a four-year period, figures released to the Irish Examiner have revealed.
Despite this, the CEO of the Irish Mortgage Holders Organisation has warned the rate at which such orders are issued will increase as the influence of vulture funds is felt in the Irish market.An analysis of the figures released by the Courts Service show almost 84% of the orders granted from 2013 until 2016 relate to residential properties.Repossession orders can be granted in cases such as contested wills. However, while a breakdown of the applicants in the cases was not available, the Courts Service said the vast majority of cases were instances where banks sought to move on customers in arrears.
A total of 3,779 repossession orders were issued over the 2013-2016 period, 3,163 of which related to residential properties.
While just 343 orders were issued in 2013, the following year saw a drastic increase with 1,063 orders granted, followed by 1,285 in 2015 — the highest number recorded over the period. In 2016 1,088 orders were issued.
 

fifilawe

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like I keep saying like a record on repeat .The State bankrupted itself to save a "Corrupt rotten banking system".Now the banking system is in "Rescued Mode but not functioning properly" but the state is bankrupt.A generation timespan from 2010 the Troika Bail- out
is 25 years hence our State is at the mercy of Vultures, scavengers, hostiles till 2035.Our state cannot "Invest in any Social Improvement Plans" i.e Health Service,Housing Construction, Education for all from Pre-School to Third Level.The Troika laid down the terms and conditions in black and white which has been the policy from the setting up of IMF.All govt services that can be privatised are encouraged to be privatized hence in South American countries, people are cutting the use of mains water
 

ShoutingIsLeadership

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No, let them sit in it for 10 years not paying a red cent while building up a nice bank balance.
While some poor schmuck with a job works 50 hours a week and commutes 10 hours+ to keep his mortgage paid.

You really have no morals
Morals? Where are the morals in a bank taking money for years and then throwing a family out on the street, when the bank knew all along that the mortgage was unsustainable?

Get up the yard.
 

ShoutingIsLeadership

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That stuff about contractual arrangements staying the same sounds reassuring. Let’s hope he’s right.
The problem is that the contractual terms stay the same!

Example - borrower enters a temporary arrangement with a bank, whereby repayments are restructured for a period of 5 years. At the end of the 5 years the plan was that the bank could extend that arrangement or renegotiate a similar arrangement. However, if moved to a vulture, once that 5 year period is up, it is free to revert to those original contract terms and demand full monthly payments...and the borrower can do nothing.
 

NYCKY

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You think that a person who is unable to pay their mortgage should continue paying it for years, so that it can be repossessed anyway?

Are you a bit soft in the head?
Do you think someone who hadn't made a mortgage payment for years should be allowed to keep their house?
 

carlovian

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It’s interesting that commentators have missed the real victims of the sell off which are the tenants of buy to let’s in arrears.

Mortgage holders have excellent protection while tenants get kicked out with as little as 28 days notice into a rental market with no available properties.

The vultures will kick the tenants out, leave the houses empty and wait for the increase in value.

Legislation in this area was promised in 2013 by Jan o Sullivan and 2016 by LandLord Coveney but still no protection for tenants.
 

Ardillaun

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The problem is that the contractual terms stay the same!

Example - borrower enters a temporary arrangement with a bank, whereby repayments are restructured for a period of 5 years. At the end of the 5 years the plan was that the bank could extend that arrangement or renegotiate a similar arrangement. However, if moved to a vulture, once that 5 year period is up, it is free to revert to those original contract terms and demand full monthly payments...and the borrower can do nothing.
Assuming that’s true, I would be in two minds about it. On the one hand these are people who have made a genuine attempt to engage their lenders and deserve time to adjust, but on the other they’ve bought something they can’t afford. Is it unreasonable to expect they should have to give it back eventually if they can’t make the payments they originally signed up for? How many tenants can get the same sort of writedown from their landlords?
 
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Paddy{ie

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Father and Son vultures having a conversation.

Son: Hey dad, look at those mortgages down there. Let’s fly down and get one.
Father: No so . Let’s wait for Pat’s Hat Donohue to arrive, and we’ll get them all.
 

wombat

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Some of these loans are quite low value - under €200k. Someone who can't/won't make repayments on such a low amount should not own the property.
 

hammer

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KBC Bank Ireland has sold a loan portfolio of approximately €1.9bn to Goldman Sachs.

Today's announcement from the group comes as the bank saw its profit after tax in Ireland fall by one third in the six months to 30 June.

The loan portfolio consists of non-performing (NPL) Irish buy-to-let mortgages, performing and non-performing UK buy-to-let mortgages, and non-performing corporate loans.


Well thats ok then :)
 

bonkers

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Says who? When the German bank Sparkasse looked at the Irish market, they didn't see any great profit to be made and they would have entered the market with no bad loans on their books. The only rational explanation for that is the fear of the costs associated with people who decide not to repay.

There's some truth to that. But, me and others were saying to people: negative equity is no excuse for not repaying your mortgage, for as long as you were able to repay it. So, now that those loans are in positive equity, the chickens are coming home to roost and the repossessions have to happen.

The irony of course is that these so-called vulture funds are more than likely willing to do deals that the regular banks wouldn't do. That's the scandal really.
The vulture funds will do no deals. They want every cent to be paid.
 

Civic_critic2

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Some of these loans are quite low value - under €200k. Someone who can't/won't make repayments on such a low amount should not own the property.
This is actually insanity. On what planet is access to shelter to be restricted to those with €200,000? How is €200,000 a 'low amount'? These people have checked out of reality and into a world of almost physical assault on the population.

We can build houses for €30,000. Yis can fk off you unproductive parasites.
 


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