• 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.

Will FG & labour fix the loophole to enable banks to seize family homes ?


venusian

Well-known member
Joined
May 26, 2011
Messages
6,920
Coalition to fix loophole to enable banks to seize homes
Coalition to fix loophole to enable banks to seize homes - The Irish Times - Wed, Dec 12, 2012

CAn anyone remind me of where in the program for government that the loathsome FFger's and "labour" requested a mandate to put families out of their homes?

With the assault on the family with the family home tax (mis-named "Property Tax") to keep the payments up for their banksters and fellow cronies along with the attack on Carers etc I would not be surprised as to what the FFger's/"labour" liars are willing to do.

The electorate voted for a plan for economic recovery, for a jobs stimulus and very much for peace of mind regarding the family home. The FFger's & "labour" quislings in government have not just abandoned their mandate but now want to wage war on the electorate by facilitating their banking friends to repossess family homes while banksters feast on huge salaries and bonuses. :mad:
 


potholedogger

Well-known member
Joined
Oct 17, 2012
Messages
1,238
How is it a loophole?

Banks must be able to recover the mortgaged property!

Definition: A mortgage is an agreement to give up an interest in something if you fail to perform some duty. In many cases, it means that you'll give up your home if you fail to repay your home loan as agreed. You can use mortgage as a verb, meaning "to pledge".
Mortgage and "home loan" are often used interchangeably. However, the mortgage is really the agreement that makes your home loan work -- the bank wouldn't lend you hundreds of thousands of dollars unless they knew they could claim your home in the event of your default.
 

DaveM

Well-known member
Joined
Sep 16, 2010
Messages
16,028
How is it a loophole?

Banks must be able to recover the mortgaged property!

Definition: A mortgage is an agreement to give up an interest in something if you fail to perform some duty. In many cases, it means that you'll give up your home if you fail to repay your home loan as agreed. You can use mortgage as a verb, meaning "to pledge".
Mortgage and "home loan" are often used interchangeably. However, the mortgage is really the agreement that makes your home loan work -- the bank wouldn't lend you hundreds of thousands of dollars unless they knew they could claim your home in the event of your default.
That's all well and good. Until you remember who it is that's picking up the tab for the banks' debts.
 

stopdoingstuff

Well-known member
Joined
Feb 26, 2011
Messages
22,892
You see, contracts only get enforced if you are poor. But if you are a bondholder, you have nothing to worry about.
 

potholedogger

Well-known member
Joined
Oct 17, 2012
Messages
1,238
That's all well and good. Until you remember who it is that's picking up the tab for the banks' debts.
If I put my money in a bank and the bank lends it on a secured loan I want the bank to be able to recover the security for the loan so they can pay me back!
 

DaveM

Well-known member
Joined
Sep 16, 2010
Messages
16,028
If I put my money in a bank and the bank lends it on a secured loan I want the bank to be able to recover the security for the loan so they can pay me back!
I go to work everyday. My income is taxed. That tax has been used to bail out unsecured creditors of the banks. It's the same story for people across the country. You don't think taxpayers entitled to be even slightly aggrieved at the double standard at play?
 

lying eyes

Well-known member
Joined
Apr 27, 2009
Messages
4,417
Coalition to fix loophole to enable banks to seize homes
Coalition to fix loophole to enable banks to seize homes - The Irish Times - Wed, Dec 12, 2012

CAn anyone remind me of where in the program for government that the loathsome FFger's and "labour" requested a mandate to put families out of their homes?

With the assault on the family with the family home tax (mis-named "Property Tax") to keep the payments up for their banksters and fellow cronies along with the attack on Carers etc I would not be surprised as to what the FFger's/"labour" liars are willing to do.

The electorate voted for a plan for economic recovery, for a jobs stimulus and very much for peace of mind regarding the family home. The FFger's & "labour" quislings in government have not just abandoned their mandate but now want to wage war on the electorate by facilitating their banking friends to repossess family homes while banksters feast on huge salaries and bonuses. :mad:
You will have to watch more TV, Rabbite stated on the politics show, that when looking to get into power, it is the practice to LIE. There is your answer.......
 

potholedogger

Well-known member
Joined
Oct 17, 2012
Messages
1,238
I go to work everyday. My income is taxed. That tax has been used to bail out unsecured creditors of the banks. It's the same story for people across the country. You don't think taxpayers entitled to be even slightly aggrieved at the double standard at play?


The taxpayer has borrowed money to bail out banks who repaid money to people they borrowed too much money from. The taxpayer has borrowed so much money some of which is used to finance Government spending that there will be great difficulty in paying it back.

Perhaps it will not all be paid back!
 

Tea Party Patriot

Well-known member
Joined
Oct 31, 2010
Messages
11,557
If you mortgage a property as security you put it at risk, who in their right mind would otherwise bother paying a mortgage if the mortgaged asset wasn't at risk?
 

DaveM

Well-known member
Joined
Sep 16, 2010
Messages
16,028
The taxpayer has borrowed money to bail out banks who repaid money to people they borrowed too much money from. The taxpayer has borrowed so much money some of which is used to finance Government spending that there will be great difficulty in paying it back.

Perhaps it will not all be paid back!
Aint no perhaps about it. The question is whether the benefits of debt write off will entail any degree of fairness. On the evidence so far what do you think? And by the way you're not talking to someone who is in any way a socialist here!
 

potholedogger

Well-known member
Joined
Oct 17, 2012
Messages
1,238
Aint no perhaps about it. The question is whether the benefits of debt write off will entail any degree of fairness. On the evidence so far what do you think? And by the way you're not talking to someone who is in any way a socialist here!
Many borrowers are negotiating substantial write-downs of their bank loans. The availability of the writedowns are some what dependent on convincing the bank that your income has diminished with little chance of it increasing.

Some are much better able to make the case for a loan write down than others.
 

venusian

Well-known member
Joined
May 26, 2011
Messages
6,920
You see, contracts only get enforced if you are poor. But if you are a bondholder, you have nothing to worry about.
It's good timing too, just in time for Christmas, I expect the only way the little impotent tosspots in FFg/"labour" get a hard on is by these measures. I expect to hear "we are taking more of the hard decisions" bull$hit from them. I expect FG/"labour will be happy to increase the suicide rate for the people behind on their payments as if families behind on their mortages hadn’t got enough to worry about. FFger's/"labour" are spineless, uncaring $hits in suits but sure we always knew what they were like.
 

venusian

Well-known member
Joined
May 26, 2011
Messages
6,920
Many borrowers are negotiating substantial write-downs of their bank loans. The availability of the writedowns are some what dependent on convincing the bank that your income has diminished with little chance of it increasing.

Some are much better able to make the case for a loan write down than others.
With the tax rape on the family home (mis-named property tax) I expect more and more will look for write downs as they are going to be shoved over the edge
 

potholedogger

Well-known member
Joined
Oct 17, 2012
Messages
1,238
With the tax rape on the family home (mis-named property tax) I expect more and more will look for write downs as they are going to be shoved over the edge
The tax on the homes is very reasonable. Much better than taxing work!
 

stopdoingstuff

Well-known member
Joined
Feb 26, 2011
Messages
22,892
It's good timing too, just in time for Christmas, I expect the only way the little impotent tosspots in FFg/"labour" get a hard on is by these measures. I expect to hear "we are taking more of the hard decisions" bull$hit from them. I expect FG/"labour will be happy to increase the suicide rate for the people behind on their payments as if families behind on their mortages hadn’t got enough to worry about. FFger's/"labour" are spineless, uncaring $hits in suits but sure we always knew what they were like.
This is one of those incidents where the difference between the treatment of the plebs and the rich is so different that only the simple minded could fail to see how inherently rigged the political and economic system is. Ten of billions of public money has been transferred to one class and the very class that paid for the bailout is now about to get kicked out of their homes. Can anything be a more crystal clear example of how wrong the world is and how illegitimate the state has become? There is no justifying this on any level- none at all. It can't be justified morally and it certainly can't be justified practically, since there are so many alternatives to repossession. And just put it in a European context for a moment. The ECB has expanded its balance sheet to around one third of EU GDP- this is the length to which the powers that be will go to in order to protect the investor class, while the poor are told to suck it up. It will only be a matter of time before this turns tragic- there will be the suicides that you mentioned, but there could be worse too. I hope the bastards have good security.
 
Last edited:

venusian

Well-known member
Joined
May 26, 2011
Messages
6,920
The tax on the homes is very reasonable. Much better than taxing work!
Taxing work?

The only fair form of tax is progressive taxation on income. The tax rape on the family home is demonstrably anti-Dublin , anti- urban and 99.99% regressive.

The tax rape on the family home by Predatory Tax Rapist Noonan (who only preys on the weakest and most vulnerable) is just going to pay unsecured bondholders, banksters and other low lifers in FFg & "labour". they have to be kept in the style they are accustomed to.

Now please get back on thread and discuss will the FFG'ers and their butt wipes "labour" enable families to be chucked out of their homes?
 

venusian

Well-known member
Joined
May 26, 2011
Messages
6,920
Aint no perhaps about it. The question is whether the benefits of debt write off will entail any degree of fairness. On the evidence so far what do you think? And by the way you're not talking to someone who is in any way a socialist here!
“Keep a firm grip on your homesteads and lands. You must not allow yourselves to be dispossessed ”

Charles Stewart Parnell, 1879.
 

potholedogger

Well-known member
Joined
Oct 17, 2012
Messages
1,238
Taxing work?

The only fair form of tax is progressive taxation on income. The tax rape on the family home is demonstrably anti-Dublin , anti- urban and 99.99% regressive.

The tax rape on the family home by Predatory Tax Rapist Noonan (who only preys on the weakest and most vulnerable) is just going to pay unsecured bondholders, banksters and other low lifers in FFg & "labour". they have to be kept in the style they are accustomed to.

Now please get back on thread and discuss will the FFG'ers and their butt wipes "labour" enable families to be chucked out of their homes?
Practically every Country in Europe has a propert tax. Ireland is being bled dry not by bondholders but by dossers hoovering up welfare!
 

H.R. Haldeman

Well-known member
Joined
Oct 1, 2008
Messages
4,444
Why is it that the only "families" anyone seems to worry about are those with unaffordable mortgages?

When was the last time you heard a government minister say: "The family homes of those who rent are sacrosanct." Answer: Never. With those families, if they can't pay the rent, out they go. Get somewhere cheaper you flash bastard. Live within your means! Hard dice, and on your bike.

And yet, if you have a mortgage you can't afford, even if you've only lived in the house the same amount of time as a corresponding renting family has been in theirs, your home becomes a place of unquestionable sanctity. The holiest of holies. To be mentioned by government ministers and worried bankers in hushed, solemn tones: "Oh, the family home is sacrosanct. Of course. No question." Except, what they really mean is this: some family homes are sacrosanct. Others, meh, move into a cheaper rental if you can't afford the one you're in.

Anyone see the natural justice in that? Of course not, because there isn't any.

But it gets worse, even more immoral: these renting families were the very ones outbid during the bubble by those now in difficulty with their mortgage. So you have the double whammy of being outbid on a house, and then 5 years later being asked to pay the mortgage of the people who outbid you. Money you need for rent being given over to pay the other's mortgage and keep them in "their" home. Oh yes, very moral that.

Also, what about the Celtic Tiger yahoo flash Dan's who were showing off when they bought €1m properties in Rathgar and Ranelagh to impress the law partners, but are now underwater? Is my heart supposed to bleed for that poor "family" too? Will my taxes be used to keep them in their "sacrosanct" family home? Or, is there some arbitrary level at which sympathy ends? If you have a €400k mortgage you get relief, but if you have a €500k mortgage that's just vulgar and excessive and out the door with you, you greedy swine! Will there be an Orwellian panel assigned to arbitrate who's living in "modest" accommodation and who's living in a place just a little bit too fancy? Maybe if you have a modest accent you get to stay where you are, but sound like you went to Belvo and drink in Kiely's and you're clearly a showy chancer, and out the door with you!

The whole thing is a sickening bait and switch. It is immorality dressed up as morality. It is moral hazard writ large. It is a reward for recklessness and a penalty for prudence (and that holds even if a majority of those who are now in trouble bought in good faith, which of course is true.) The whole thing stinks to heavens high.

In particular, for people of the left to be on here pleading for society - kids, pensioners, home owners, renters, those who are paying their mortgages, carers, the unemployed, businesses - to pay the mortgages of people who, in many instances, simply bit off more than they could chew, is doubly revolting and they should be ashamed for being so short-sighted.


./rant over...:evil:
 

Popular Threads

Most Replies

Top