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Patrick Honohan's latest attempt to protect the Bankers


DuineEile

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Time for passivity to end

"Mr Honohan said lenders needed to address the problem of non-performing mortgage debt “more energetically than has been the case in the past”."

"Following the introduction of personal insolvency legislation, Mr Honohan said it would be “unwise” for anyone to think that not paying their debts is a matter of choice and he warned that non-cooperative mortgage borrowers “really are at risk of losing their homes”."


"He said permanent debt relief was not something that can be offered to all and has to be limited to those who are truly over-indebted to the point of insolvency."

"“In particular, despite the fact that households in negative equity do seem to be over-represented among the arrears cases, negative equity is not in itself a viable rationale for providing debt relief,” he said."



Is there any reason why we should listen to this idiot at this stage? He is trying to whip up hysteria against mortgage holders, particularly those in negative equity, who have decided enough is enough.

In particular, he is trying to threaten them with the loss of their home, when frankly for many of them, the best thing that could happen to them is to lose their home.

He is really beginning to get on my tits at this stage.



D
 
Last edited:


Picasso Republic

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May 31, 2011
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Should have been thrown out on his ear a few years ago for professional negligence and incompetence, a few months in prison and pension should have been cut to civil service average at best.

He may be correct in what he says, but his words are worthless and his overall contribution to Ireland has been extremely negative.
 

Pudna

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John Lonergan, Rhona Mahony, Patrick Honohan................. taxpayers money is spent on PR training and soft media focus from RTE.
 

Sync

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/MOD/ You can update the OP with some quotes or it's off to the zoo. /MOD/
 

ShoutingIsLeadership

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Should have been thrown out on his ear a few years ago for professional negligence and incompetence, a few months in prison and pension should have been cut to civil service average at best.

He may be correct in what he says, but his words are worthless and his overall contribution to Ireland has been extremely negative.
Two things:

1. You know he was appointed 4 under 4 years ago, right? - at which point should he have been thrown out on his ear?; and
2. You say "he may be correct"...does that not save him from the chop?
 

Howya

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“In particular, despite the fact that households in negative equity do seem to be over-represented among the arrears cases, negative equity is not in itself a viable rationale for providing debt relief,
Honohan doesn't seem to have asked himself the question as when these particular households took out the loan. If they are in negative equity, then more than likely they will have bought in 2003 to 2007. Therefore they overpaid and overstretched themselves. So you would expect them to form most of the arrears. Duh.
 

Howya

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At the same time Honohan also seems to be prodding the banks to actually deal with the arrears problem. At this stage, I'm not convinced that quiet diplomacy is the right strategy - a bit more bull horn is needed.

Mr Honohan said splitting mortgages between borrowers and lenders may provide sustainable solutions for ‘’significant numbers.’’
 

Shpake

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Doh, what's new here?
the previous marching orders was that By to lets were first in line for repo.
Now when the family home comes on the line... that would be a big step.
 

Dub guy

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WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

What part of the above do people not understand? This warning has been on Mortgage products for years. Sure the Banks lost the run of themselves and behaved irresponsibly, but so did borrowers... It takes two to tango.
 

DuineEile

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/MOD/ You can update the OP with some quotes or it's off to the zoo. /MOD/
Ya wha'

I linked to the article. Don't tell me people are too lazy to click these days?


D
 

DuineEile

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WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

What part of the above do people not understand? This warning has been on Mortgage products for years. Sure the Banks lost the run of themselves and behaved irresponsibly, but so did borrowers... It takes two to tango.
Warning: A mortgage is just a piece of paper. Your real security is that I have more to lose than to gain by defaulting. So don't overinflate the market and expect me to pay back a couple of hundred thousand euro more than the house is worth, 'cause then it ain't worth it to me not to default.

D
 

Sister Mercedes

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Honohan doesn't seem to have asked himself the question as when these particular households took out the loan. If they are in negative equity, then more than likely they will have bought in 2003 to 2007. Therefore they overpaid and overstretched themselves. So you would expect them to form most of the arrears. Duh.
Negative equity has nothing to do with whether or not you can pay your mortgage. Your ability to pay depends on your income, taxes and other outgoings.
 

LamportsEdge

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Last edited:

Sister Mercedes

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Alternatively ring a new helpline set up to cater for the 'Callely mortgage' where a nice couple based in both Cork and Dublin will tell you how you can transfer your debts to your wife and still keep the properties.

Shane Phelan: This building was meant to be the making of Callely -- now his career's crumbling - Independent.ie
You can transfer the house into someone else's name, but the mortgage remains as a lien over the property, no matter whose name it's in.
 

LamportsEdge

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You can transfer the house into someone else's name, but the mortgage remains as a lien over the property, no matter whose name it's in.
If you and your wife draw down six mortgages on the same day and are at the maximum you can borrow based on your income (and hubby's imaginative way with Senate expenses) how does a bank justify allowing the transfer of half that debt to the wife who is already mortgaged handsomely?

In this specific case the couple mentioned had no time to accrue any rights to the property as they had barely started paying the mortgages and as you know you can't transfer rights to something you don't own.

This appears to have been a new departure in the history of Irish financial services. Can't have transferred property as neither had title- so they must have transferred the mortgages.

How does one manage that with a bank?
 

Amnesiac

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Oct 27, 2011
Messages
1,035
Time for passivity to end

"Mr Honohan said lenders needed to address the problem of non-performing mortgage debt “more energetically than has been the case in the past”."

"Following the introduction of personal insolvency legislation, Mr Honohan said it would be “unwise” for anyone to think that not paying their debts is a matter of choice and he warned that non-cooperative mortgage borrowers “really are at risk of losing their homes”."


"He said permanent debt relief was not something that can be offered to all and has to be limited to those who are truly over-indebted to the point of insolvency."

"“In particular, despite the fact that households in negative equity do seem to be over-represented among the arrears cases, negative equity is not in itself a viable rationale for providing debt relief,” he said."



Is there any reason why we should listen to this idiot at this stage? He is trying to whip up hysteria against mortgage holders, particularly those in negative equity, who have decided enough is enough.

In particular, he is trying to threaten them with the loss of their home, when frankly for many of them, the best thing that could happen to them is to lose their home.

He is really beginning to get on my tits at this stage.



D
What do you suggest be done? Mortgage arrears are out of control. Looking the other way will land the taxpayer will even larger losses.
 

LamportsEdge

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21,894
What do you suggest be done? Mortgage arrears are out of control. Looking the other way will land the taxpayer will even larger losses.
Anglo Irish Bank was and remains under its new name 'out of control'. What plans are there in place for that entity to repay the taxpayer?
 

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