Sale of distressed mortgages to be blocked by Fianna Fail ..

robut

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Fianna Fáil set to block bank sale of distressed mortgages

Fianna Fáil is poised to block moves by a number of banks to sell off tens of thousands of mortgages, according to the Sunday Business Post.

The opposition party is set to invoke its confidence and supply agreement to prevent the sale of distressed mortgages to unregulated vulture funds.

The party is set to publish a bill which could put a halt to the likes of Permanent TSB's plans to sell 20,000 struggling mortgages.

Ulster Bank is also preparing to offload non-performing loans, and it is expected they will signal their plans to sell off more loan portfolios.

The Sunday Business Post report that AIB will look to sell off their distressed commercial and investment property debt by the end of this year, or early 2019.
So ... is this a good move by FF?

As the article states, these are "struggling mortgages" .. probably a legacy of the 08 crash? .. STILL. So as harsh as it might be, should these mortgages be left go to sink or swim OR should state banks / the taxpayer effectively be left funding these indefinitely due to this FF move?

Of course one could be cynical and ask is this FF move purely because they are 11 points behind in the polls ..
 


Analyzer

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The maFFia will tackle the problem of discussion of their route to previous insolvency......by banning such discussions on the media.
 

APettigrew92

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Fianna Fáil set to block bank sale of distressed mortgages



So ... is this a good move by FF?

As the article states, these are "struggling mortgages" .. probably a legacy of the 08 crash? .. STILL. So as harsh as it might be, should these mortgages be left go to sink or swim OR should state banks / the taxpayer effectively be left funding these indefinitely due to this FF move?

Of course one could ask is this FF move purely because they are 11 points behind in the polls ..
Tis a cold day in hell when FF must be applauded for financial policy.

Keep an eye out on the horizon tomorrow morning. Should be able to see a few pigs flying.

If people haven't yet been convinced of the depravity of FG. Having distressed mortgages gives at least the faint hope of eventually recapitulating some gain. Vulture funds are built to buy low and reap high. There is no gain to the Irish taxpayer of having funded these mortgages only to sell off any future value to some group in America.
 

sic transit

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This came up already on other threads earlier. Much ado about FF TBH!
 

PBP voter

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If they can't pay now they will never be able to pay.

Give them all free houses.
 

Socratus O' Pericles

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What happens to the lendee when these loans are purchased by Vulture Funds? They get evicted and placed on the lA's Housing List.
 

sic transit

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Tis a cold day in hell when FF must be applauded for financial policy.

Keep an eye out on the horizon tomorrow morning. Should be able to see a few pigs flying.

If people haven't yet been convinced of the depravity of FG. Having distressed mortgages gives at least the faint hope of eventually recapitulating some gain. Vulture funds are built to buy low and reap high. There is no gain to the Irish taxpayer of having funded these mortgages only to sell off any future value to some group in America.
These are mortgages owned by a bank which has got a State share, but for all intents and purpose functions like a private entity we have no share in. BTW it was the British taxpayer that supported Ulster Bank.
 
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APettigrew92

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What happens to the lendee when these loans are purchased by Vulture Funds? They get evicted and placed on the lA's Housing List.
FG's trust in the "benevolent" multinational comes to dominate policy once more. Selling off distressed loans ensures that any debt we supported is completely ruined but hey, some lad in a pair of suspenders in a boardroom in Manhattan laughs all the way to the bank.

Look at the debacle in Tyrellstown not too long ago. Last thing we need is a repeat.

These lads realize that Thatcher's government fell a good while ago?
 

APettigrew92

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These are mortgages owned by banks who have no connection to the State, in other words private entities we have no share in. BTW it was the British taxpayer that supported Ulster Bank.
So when FF guaranteed the banks, that gave us no cause to be concerned about what their dealing with us are? What was the point in guaranteeing them so?

Also, let's say what you're saying is on point - it will not matter a whit to the Vulture Funds who can and will evict tenants in order to flip the houses for a profit. Very hard to see how those sales will benefit anyone except the vulture funds.
 

robut

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These are mortgages owned by banks who have no connection to the State, in other words private entities we have no share in. BTW it was the British taxpayer that supported Ulster Bank.
The OP article says "Permanent TSB's plans to sell 20,000 struggling mortgages." AND "AIB will look to sell off their distressed commercial and investment property debt by the end of this year, or early 2019."

Arent AIB and PTSB still on some sort of life support from the state / taxpayer? So they do have a connection to the State?
 

Catalpast

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To whom are PTSB selling off these loans to

Is it one buyer or multiple buyers...?

If people borrow and cant/wont pay it back

- then who loses?

The Lender

The only other alternative is that the burden of these loans is placed on the Taxpayer surely?
 

former wesleyan

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What happens to the lendee when these loans are purchased by Vulture Funds? They get evicted and placed on the lA's Housing List.
Geezer on the radio the other day said only the vulture fund buyer was willing to give him a writedown, the original bank having refused for years. Said he'd got 50% off. Not suprising as the funds are buying at a huge discount.
 

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To whom are PTSB selling off these loans to

Is it one buyer or multiple buyers...?

If people borrow and cant/wont pay it back

- then who loses?

The Lender

The only other alternative is that the burden of these loans is placed on the Taxpayer surely?
Whoever they sell them to have to keep to the agreement that both sides signed up to.

So even if the government block the sale it makes ************************ all difference.
 

sic transit

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So when FF guaranteed the banks, that gave us no cause to be concerned about what their dealing with us are? What was the point in guaranteeing them so?

Also, let's say what you're saying is on point - it will not matter a whit to the Vulture Funds who can and will evict tenants in order to flip the houses for a profit. Very hard to see how those sales will benefit anyone except the vulture funds.
So the system wouldn't collapse. PTSB was rolled into Irish Life and they in turn split it off. The decision appears to be a commercial one which the government has not interfered with, in any such entities to date. A lot of faux outrage from FF.
 

sic transit

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The OP article says "Permanent TSB's plans to sell 20,000 struggling mortgages." AND "AIB will look to sell off their distressed commercial and investment property debt by the end of this year, or early 2019."

Arent AIB and PTSB still on some sort of life support from the state / taxpayer? So they do have a connection to the State?
Yes they are but Ulster Bank is not. Still their commercial call.
 

PBP voter

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Geezer on the radio the other day said only the vulture fund buyer was willing to give him a writedown, the original bank having refused for years. Said he'd got 50% off. Not suprising as the funds are buying at a huge discount.
Interesting.

I assume the vulture crowd want the money in one payment.

How did he get the money?

Who gave him a loan? Would he not have a bad credit rating?
 

sic transit

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Geezer on the radio the other day said only the vulture fund buyer was willing to give him a writedown, the original bank having refused for years. Said he'd got 50% off. Not suprising as the funds are buying at a huge discount.
This is the kind of specific detail that rarely appear in news articles about this type of thing.
 

APettigrew92

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Geezer on the radio the other day said only the vulture fund buyer was willing to give him a writedown, the original bank having refused for years. Said he'd got 50% off. Not suprising as the funds are buying at a huge discount.
Ah, this gentleman who secured a deal with a Vulture Fund. What was his stage name? Mr. Snrub? Guy Incognito?

I'm sure maybe there are a half dozen token cases where a lad got the rub of the green, but the idea of the benevolent private vulture fund is not for most level-headed individuals. It almost always ends in a firm rap on the door and an eviction notice. At least de jure state-owned banks have more of an interest in an individual case than some vulture fund god-knows-where.

Better the devil you know, as they say.
 

APettigrew92

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This is the kind of specific detail that rarely appear in news articles about this type of thing.
Well, of course not. It's hearsay. Impossible to verify and would immediately reveal a very partisan opinion on behalf of the paper.

It is also decidedly in the minority. Most self-respecting newspapers won't print something that goes that aggressively against the grain.

I am sure Dublin enjoys the odd day of 28 degrees in Summer, but I doubt they'll start printing that in travel magazines any time soon.
 

sic transit

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Well, of course not. It's hearsay. Impossible to verify and would immediately reveal a very partisan opinion on behalf of the paper.

It is also decidedly in the minority. Most self-respecting newspapers won't print something that goes that aggressively against the grain.

I am sure Dublin enjoys the odd day of 28 degrees in Summer, but I doubt they'll start printing that in travel magazines any time soon.
So no real point here at all. Just some ramble about summer in Dublin. The tenor of the post suggests you're not for moving from whatever you believe.
 


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