Repossessions

Villa05 · 03-03-2013 5:26pm

StillWaters wrote: »

The also stated in the article that their intention was to keep as many people on their homes as possible, and instead will target strategic defaulters.

I don't think anyone would argue that that is not sound action. However as DP30 stated, they will hold, drip feed or manage the stock. I can't see them dumping it. It is not in their interests to do so.

For those of you unfamiliar with Ulster Banks Parent company, here's a taster

http://www.independent.ie/business/irish/bosi-to-close-down-business-accounts-as-full-exit-looms-26673572.html

It is in there interest to get rid of stock in the short to medium term. They will want to sell before the market is flooded by Irish Banks. The new legislation will probably accelerate this.

Barracuda1 · 03-03-2013 5:34pm

Villa05 wrote: »

For those of you unfamiliar with Ulster Banks Parent company, here's a taster

http://www.independent.ie/business/irish/bosi-to-close-down-business-accounts-as-full-exit-looms-26673572.html

It is in there interest to get rid of stock in the short to medium term. They will want to sell before the market is flooded by Irish Banks. The new legislation will probably accelerate this.

Penny wish and pound foolish if they act too quickly on these loans. They may in the future want to re-enter the Irish market and may be stopped by the Central Bank.

Scortho · 03-03-2013 5:37pm

Barracuda1 wrote: »

If the property was bought without bank support I'd say the bank might have a job on their hands. The property maybe in the partner or family member name.

If the btl was bought with bank support, chances are the family home was normally used as security, as most btl buyers needed it as leverage.

If the property is owned in between 2 people they're both jointly a d severely liable.

Villa05 · 03-03-2013 5:49pm

Barracuda1 wrote: »

Penny wish and pound foolish if they act too quickly on these loans. They may in the future want to re-enter the Irish market and may be stopped by the Central Bank.

Ulster Banks thinking mirrors the Central Banks views

On the issue of repossessions, he believes that it might be inevitable for many investment properties but should be avoided for the majority of owner occupier cases where the borrowers are doing their best to repay. “A debt modification that enables them to stay in their home will often be the best solution all around,” he added.

http://businessetc.thejournal.ie/patrick-honohan-household-financial-distress-is-at-unprecedented-levels-793673-Feb2013/

Villa05 · 04-03-2013 7:57am

MORE than one-third of mortgage holders who are in arrears are deliberately not paying – even though they can afford to do so – a leading academic has claimed.

http://www.independent.ie/business/personal-finance/third-of-mortgage-holders-in-arrears-choosing-not-to-pay-29106324.html

Many choosing the state supported rent free option by not paying there mortgage. Thats alot of houses to be repossessed

EricPraline · 04-03-2013 11:59am

Villa05 wrote: »

Many choosing the state supported rent free option by not paying there mortgage. Thats alot of houses to be repossessed

Those are some pretty shocking figures, and something that needs to be seriously taken into account by anybody advocating debt write-down or mortgage attenuation schemes. The wrong people may ultimately end up being the prime beneficiaries from such a scheme.

Gregory Connor, professor of Finance at NUI Maynooth, said that 35pc – or close to 40,000 – of residential and buy-to-let mortgage holders who are three months or more behind on their payments could meet their payments but were choosing not to
...
The academic claimed that the high level of people who can pay their mortgage, but won't, means many people would get a deal under new personal-insolvency rules who should not.

gaius c · 04-03-2013 11:59am

Villa05 wrote: »

http://www.independent.ie/business/personal-finance/third-of-mortgage-holders-in-arrears-choosing-not-to-pay-29106324.html

Many choosing the state supported rent free option by not paying there mortgage. Thats alot of houses to be repossessed

Can you imagine what would happen if a third of tenants stopped paying their rent?

The sooner these chancers get taken to the cleaners, the better.

who_ru · 05-03-2013 7:53pm

gaius c wrote: »

Can you imagine what would happen if a third of tenants stopped paying their rent?

The sooner these chancers get taken to the cleaners, the better.

it's not going to happen, the guaranteed banks must be forced into repos of BTL properties, which still hasn't happened yet, they are the ones who have brought about the strategic default culture by not even attempting to address the arrears crisis in any meaningful way.

ronan45 · 06-03-2013 2:05pm

Why is it that an English bank is pushing this through and not Irish banks?
Will this loophole closing apply to all Banks? And why wouldnt all the banks take advantage now and go hell for leather :cool:

http://www.eveningecho.ie/2013/03/03/ulster-bank-plans-1000-home-repossessions-per-year-once-loophole-is-closed/

http://blogs.myhome.ie/2012/05/04/almost-one-in-10-mortgages-at-ulster-bank-on-a-forbearance-arrangement/

It is feared the number of home repossessions may rise once new legislation is passed.

Ulster Bank has announced it plans to repossess more than 1,000 homes per year once a loophole is closed in a new law which currently prevents banks from recovering money owed to them.

The bank's chief executive Jim Brown told the Sunday Business Post that Ulster Bank planned to keep as many people in their homes as possible, but wanted to differentiate between borrowers who could not pay and those who would not.

"There are regulations in place that say the bank is under an obligation to engage with any customer who contacts the bank and says 'I can't pay my mortgage this month', or 'I'm going to struggle for the next six months', and not foreclose on that mortgage for the 12-month forbearance period," he said.

"The bank has to give them a chance to get back on their feet. Also, the bank has to try to find a way that that customer can pay at least a little bit of the mortgage and put them on a better long-term footing."

gaius c · 06-03-2013 2:16pm

ronan45 wrote: »

Why is it that an English bank is pushing this through and not Irish banks?
Will this loophole closing apply to all Banks? And why wouldnt all the banks take advantage now and go hell for leather :cool:

http://www.eveningecho.ie/2013/03/03/ulster-bank-plans-1000-home-repossessions-per-year-once-loophole-is-closed/

http://blogs.myhome.ie/2012/05/04/almost-one-in-10-mortgages-at-ulster-bank-on-a-forbearance-arrangement/

It is feared the number of home repossessions may rise once new legislation is passed.

Ulster Bank has announced it plans to repossess more than 1,000 homes per year once a loophole is closed in a new law which currently prevents banks from recovering money owed to them.

The bank's chief executive Jim Brown told the Sunday Business Post that Ulster Bank planned to keep as many people in their homes as possible, but wanted to differentiate between borrowers who could not pay and those who would not.

"There are regulations in place that say the bank is under an obligation to engage with any customer who contacts the bank and says 'I can't pay my mortgage this month', or 'I'm going to struggle for the next six months', and not foreclose on that mortgage for the 12-month forbearance period," he said.

"The bank has to give them a chance to get back on their feet. Also, the bank has to try to find a way that that customer can pay at least a little bit of the mortgage and put them on a better long-term footing."

Why? Because they are not cosseted and protected by the Irish taxpayer. I reckon that BoSI and Ulster bank are going to get the jump on our dummies and dump all their crud over the next year or so and when that's over, our "pillar banks" will be left in an even worse position than they already are. They'll do this because they need capital badly and the only way to do it is to crystalise the losses on their loan book and recover whatever they can get.

However, the pillar banks don't seem to really care because the taxpayer will bail them out anyway.

who_ru · 06-03-2013 4:58pm

gaius c wrote: »

However, the pillar banks don't seem to really care because the taxpayer will bail them out anyway.

Exactly. Disgraceful bastards that they are.

Villa05 · 06-03-2013 7:40pm

Figures out tomorrow are expected to show an increase of 4,000 in those in arrears of 3 months or more on their mortgage

The grim news on arrears was laid out by Central Bank officials to bankers, credit union officials and credit card company executives.

Figures for the level of arrears for the last three months of last year are due out tomorrow and are set to show an additional 4,000 households are unable to meet home-loan repayments.
It is expected the figures will show that more than 90,000 residential mortgage accounts are now three months or more behind on their repayments. This is up from 86,000 accounts last September.

http://www.independent.ie/business/personal-finance/property-mortgages/bankers-warned-thousands-more-mortgages-have-fallen-into-arrears-29111815.html#comments

+4.5% increase in a term that has seen a rise in people in employment

monkeypants · 07-03-2013 10:46am

Villa05 wrote: »

http://www.independent.ie/business/personal-finance/third-of-mortgage-holders-in-arrears-choosing-not-to-pay-29106324.html

Many choosing the state supported rent free option by not paying there mortgage. Thats alot of houses to be repossessed

I see the word claimed used a lot in this article, but no mention on how that's supported.

Zamboni · 07-03-2013 12:30pm

monkeypants wrote: »

I see the word claimed used a lot in this article, but no mention on how that's supported.

Why not ask him for it then?

http://economics.nuim.ie/staff/professor-gregory-connor

Villa05 · 07-03-2013 6:15pm

Shocking arrears figures
- In arrears up to 90 days 49,393 (Q3 2012 50,031)
- In arrears 91 to 180 days 19,073 (Q3 2012 19,814)
- In arrears over 180 days 75,415 (Q3 2012 71,544)
of which
- In arrears 181 to 360 days 24,063 (Q3 2012 24,469)
- In arrears 261 to 720 days 27,829 (Q3 2012 26,453)
- In arrears over 720 days 23,523 (Q3 2012 20,622)

14% rise in the numbers 2 years or more in arrears

http://www.centralbank.ie/polstats/stats/mortgagearrears/documents/2012q4_ie_mortgage_arrears_statistics.pdf

EricPraline · 07-03-2013 6:31pm

The Public Accounts Committee heard today the Republic has a repossession rate of about 0.25 per cent of home loans, compared to 3 per cent in the UK and up to 5 per cent in the US.

http://www.irishtimes.com/newspaper/breaking/2013/0307/breaking39.html

Villa05 · 07-03-2013 6:33pm

monkeypants wrote: »

I see the word claimed used a lot in this article, but no mention on how that's supported.

If you had purchased a house for 300k and now found that the house was only worth 125K. Would you be tempted?

Note
Many bought starter homes apartments, which they had outgrown by the time they moved in.
The banks/developers were bailed out, would you feel a bit aggrieved that you are left carrying the can for your debt + banks/developers debt + benchmarking + failed politicians extortionate pensions + every other Fianna Fail policy (of which, there were many)

Were I in this position, not only would I consider not paying but also suing the state/banks for (a) not allowing me to sell out of a loosing position in 2009, because they will not accept a price less than the mortgage
(B) not repossessing when the situation first became hopeless e.g. the loss of a job. This is what happens in every other normal functioning economy.

Failure to do either of the above has made the situation worse for both the borrower and the bank, with the borrower having the full liability.

There is a perception that repossessing is the worst evil known to mankind, when the truth is the complete opposite. Cutting that ball and chain from your ankles can be a very liberating experience

gaius c · 07-03-2013 7:03pm

Villa05 wrote: »

If you had purchased a house for 300k and now found that the house was only worth 125K. Would you be tempted?

Note
Many bought starter homes apartments, which they had outgrown by the time they moved in.
The banks/developers were bailed out, would you feel a bit aggrieved that you are left carrying the can for your debt + banks/developers debt + benchmarking + failed politicians extortionate pensions + every other Fianna Fail policy (of which, there were many)

Were I in this position, not only would I consider not paying but also suing the state/banks for (a) not allowing me to sell out of a loosing position in 2009, because they will not accept a price less than the mortgage
(B) not repossessing when the situation first became hopeless e.g. the loss of a job. This is what happens in every other normal functioning economy.

Failure to do either of the above has made the situation worse for both the borrower and the bank, with the borrower having the full liability.

There is a perception that repossessing is the worst evil known to mankind, when the truth is the complete opposite. Cutting that ball and chain from your ankles can be a very liberating experience

Trouble is that "some" Irish people seem to be under the impression that they can dump the debt but keep the house.

Zamboni · 08-03-2013 10:26am

Villa05 wrote: »

There is a perception that repossessing is the worst evil known to mankind, when the truth is the complete opposite. Cutting that ball and chain from your ankles can be a very liberating experience

Have you heard Jack O'Connors melodramatic bs?
He is a disgrace to common sense.

http://www.rte.ie/news/2013/0308/375048-mortgage-arrears/

gaius c · 08-03-2013 10:50am

Zamboni wrote: »

Have you heard Jack O'Connors melodramatic bs?
He is a disgrace to common sense.

http://www.rte.ie/news/2013/0308/375048-mortgage-arrears/

From now on, high profile persons who make statements like that should immediately be asked if they have loans in arrears themselves.

D3PO · 08-03-2013 11:00am

That guy is a idiot. Cant believe my tv licence money in part is going towards publishing his rubbish online

Villa05 · 09-03-2013 12:27pm

Glut of repossessed houses could depress prices ‘by up to 25%’
One analyst warned that the growing mood for action on mortgage-holders with long arrears could see property values plummet as much as another 20%.

Others said a phased rise in repossessions was the key to limiting impact on prices, but they differed on whether prices should be allowed dictate policy.

Central Bank figures show 23,500 owner-occupied homes and 7,500 buy-to- lets are more than two years in arrears, meaning a first round of repossessions could potentially unleash 31,000 extra units onto a market with more than 50,000 units already for sale.
..............................................
Financial adviser Eddie Hobbs said talk of a price recovery was a “delusion” and would be until the “repossessions cascade” ended. He said the process had not even begun and when it did, repossessed properties would be priced 20% to 25% below existing units.
..............................................
However, Cathal MacCoille, chief economist with Davy, said delaying the problem would not solve it. “We should have seen 20,000 repossessions if we were on a par with the UK. There have been 1,300.

“Once you get past 365 days, the chances of recovering the loan is very low, but there is a big lump of people in arrears for more than two years. It’s better to sort through the underlying problems rather than protect house prices.”

http://www.irishexaminer.com/ireland/glut-of-repossessed-houses-could-depress-prices-by-up-to-25-224964.html

Thanks to belcampprisioner for posting on a seperate thread
Agree strongly with Hobbs and MacCoille, if we don't sort this out now the IMF will be needed again in the future.

The forbearance measures are there, not, to keep people in their homes but to prevent property prices from collapsing further. Low house prices are good for the economy but bad for the "Irish Wealthy"

If we are passing massive debts to our children, would it not be beneficial if we passed on affordable housing also. When they reach affordable levels lock the prices in through tax mechanisms and use the tax proceeds to pay for the mistakes of this generation. These tax mechanisms should be designed so that it discourages development land hoarding, flipping, and all the other negative practices and policies of the past. Write it into our constitution and history books so that it is never forgotten

monkeypants · 11-03-2013 1:41pm

Villa05 wrote: »

If you had purchased a house for 300k and now found that the house was only worth 125K. Would you be tempted?

Note
Many bought starter homes apartments, which they had outgrown by the time they moved in.
The banks/developers were bailed out, would you feel a bit aggrieved that you are left carrying the can for your debt + banks/developers debt + benchmarking + failed politicians extortionate pensions + every other Fianna Fail policy (of which, there were many)

Were I in this position, not only would I consider not paying but also suing the state/banks for (a) not allowing me to sell out of a loosing position in 2009, because they will not accept a price less than the mortgage
(B) not repossessing when the situation first became hopeless e.g. the loss of a job. This is what happens in every other normal functioning economy.

Failure to do either of the above has made the situation worse for both the borrower and the bank, with the borrower having the full liability.

There is a perception that repossessing is the worst evil known to mankind, when the truth is the complete opposite. Cutting that ball and chain from your ankles can be a very liberating experience

Tough question. I've no doubt that I'm severely in negative equity myself, but it's our home, so we're staying and paying. Right now we can afford to. That, of course, may change.

My question is this: while your post makes a lot of sense, it's not exactly proof. This professor is making this claim and I don't see any evidence. Now maybe he's got loads of evidence, but he hasn't provided it to the Indo. Maybe he has, but they've omitted it because it's boring and boring doesn't sell newspapers the way Lisa Murphy's antics do.

Zamboni wrote: »

Why not ask him for it then?

http://economics.nuim.ie/staff/professor-gregory-connor

I could I suppose, but that's not my job. Why didn't the Indo? They've got paid, professional reporters on their staff that could have asked that question before the article was published. You may disagree with me, but I think this is lazy journalism.

monkeypants · 12-03-2013 11:01am

There's a little more detail here.

Zamboni · 13-03-2013 3:36pm

http://www.rte.ie/news/2013/0313/376398-government-mortgage-arrears/

The Government and the Central Bank have unveiled unprecedented measures to tackle the mortgage arrears crisis.

The steps put greater emphasis on writing down debt, while acknowledging some borrowers will have to volunteer to surrender possession of properties.

Banks will be forced to reach sustainable solutions with 20% of borrowers in arrears by the end of July.

That figure will increase to 30% by the end of the third quarter of 2013 and 50% by the end of the year.

The Central Bank has also published a new code of conduct on mortgage arrears.

That will see the restriction that blocked banks from making more than three unsolicited contacts with customers per month dropped.

The Central Bank has not found the banks were harassing customers in its site visits to banks, but was concerned that the limited contacts were hampering lenders dealing with arrears.

The new policy will see borrowers afforded breathing space to deal with banks while blocking banks from harassing customers.

Significantly, as part of the new targets for banks, regulators are openly asking lenders to include debt forgiveness if it is appropriate.

In the Central Bank's definition of a sustainable solution, it includes repayment of "a revised principal sum" - in other words some of the debt being written down if the bank offers a deal to a customer.

The Central Bank hopes to increase the use of split mortgages.

This would see a home loan divided into two parts, with the customer paying the first part and the second part would be parked without interest accruing in some circumstances.

In some cases the second part would be written off at the end of the term of the home loan.

However, it would be up to individual banks to determine if this would be appropriate.

If a new sustainable solution cannot be reached with the bank, the borrower has the option to use the personal insolvency arrangements, which will be operational in June.

If banks fail to restructure loans they will have to write-down the loans to value of the loan to repossession value of the property.

That will require banks to set aside more capital for loans in arrears.

The measures will cover AIB, Bank of Ireland, Permanent TSB, Ulster Bank, KBC and ACC.

Almost 12% of owner occupier mortgages are in arrears.

Politicians and the Central Bank are frustrated with progress in the issue despite years of negotiations.

One of my biggest fears in this, is that banks management and staff will effectively have the ability to write down debt for mortgage holders of their choosing and incur the liability on the states behalf.
This will be open to widespread abuse.
Staff with authority to make decisions will be able to look after their friends and family.
This will happen in the exact same way bank staff friends and family have never had issues in attaining finance.

D3PO · 13-03-2013 3:54pm

Zamboni wrote: »

http://www.rte.ie/news/2013/0313/376398-government-mortgage-arrears/

One of my biggest fears in this, is that banks management and staff will effectively have the ability to write down debt for mortgage holders of their choosing and incur the liability on the states behalf.
This will be open to widespread abuse.
Staff with authority to make decisions will be able to look after their friends and family.
This will happen in the exact same way bank staff friends and family have never had issues in attaining finance.

what an absolute joke. Its a shambles.

You cant pay use MARP, debt forgiveness is one thing debt forgiveness and allowing people keep their homes is a totally different kettle of fish.

besides this you can be sure bank officials will sort out family and friends unjustly so. This will be abused from pillar to post.

SHAMBLES. I actually thought FG & LAB have done a pretty good job of unravelling FF's mess up to this point but this more than undoes everything.

cookie1977 · 13-03-2013 4:09pm

Lets wait and see how it pans out. We're speculating here a bit. At least it's forcing banks to deal properly with arrears rather than just leaving them on the sidelines to build up. Personally I think most banks have been completely ignoring the issue altogether.

They've said repossessions will rise significantly so that should please some people. And if they can sort of many of the arrears with out huge numbers of write downs that has to be a good thing.

D3PO · 13-03-2013 4:20pm

cookie1977 wrote: »

Lets wait and see how it pans out. We're speculating here a bit. At least it's forcing banks to deal properly with arrears rather than just leaving them on the sidelines to build up. Personally I think most banks have been completely ignoring the issue altogether.

They've said repossessions will rise significantly so that should please some people. And if they can sort of many of the arrears with out huge numbers of write downs that has to be a good thing.

in fairness the banks were hanstrung regarding reposessions under the legistlation. No bank wants to leave a hosue over 2 years in arrears without action.

I cant see anything but a vote getting exercise here its a joke. I feel sorry for people who are having mortgage difficulties I wish them all well, if there is any chink of light then i thnk the banks should work with them.

If the bank is likely to make a better return by doing a deal with them then reposession then thats the right thing to do as ultimately I want the banks to do the best thing financially as we own them.

It would be a bitter pill to swallow for me and others who were responsible and pay their debt but theres no point in being illogical in this. We need to think about this without emotion.

But FFS this is still hampering banks. Let them function correctly. Let them start by repoin any BTL's in aeears over 6 months whilst in parallel repoing any PPR's that are underwater with no hope of being reserected (using MARP)

That in itself is a significant exercise. Get that doen then re evaluate the loan books and the situation at that point. Why can these people not apply logic to things.

cookie1977 · 13-03-2013 4:28pm

D3PO wrote: »

in fairness the banks were hanstrung regarding reposessions under the legistlation. No bank wants to leave a hosue over 2 years in arrears without action.

I cant see anything but a vote getting exercise here its a joke. I feel sorry for people who are having mortgage difficulties I wish them all well, if there is any chink of light then i thnk the banks should work with them.

If the bank is likely to make a better return by doing a deal with them then reposession then thats the right thing to do as ultimately I want the banks to do the best thing financially as we own them.

It would be a bitter pill to swallow for me and others who were responsible and pay their debt but theres no point in being illogical in this. We need to think about this without emotion.

But FFS this is still hampering banks. Let them function correctly. Let them start by repoin any BTL's in aeears over 6 months whilst in parallel repoing any PPR's that are underwater with no hope of being reserected (using MARP)

That in itself is a significant exercise. Get that doen then re evaluate the loan books and the situation at that point. Why can these people not apply logic to things.

I'd agree with you on the BTL's completely. If they look properly at the PDH/PPR's and find some that are completely unsaveable then proceed there too. In relation to the restrictions under the previous legislation, while I'd agree that it hampered banks dealing effectively with the arrears in many ways I do not for an instant believe that the banks would still have dealt properly with many of those in difficult arrears but who were still rescueable with the write deal (not including debt write down here as part of a deal).

Lets be honest here. Most of the banks would happily repossess most long term arrears cases and get judgements on the outstanding balance against the mortgage holder rendering them burdened for life. They are not the friendly face they like to present on their ads so someone/something still needs to keep them in check since as you say we own most of them.

D3PO · 13-03-2013 4:42pm

cookie1977 wrote: »

Lets be honest here. Most of the banks would happily repossess most long term arrears cases and get judgements on the outstanding balance against the mortgage holder rendering them burdened for life. They are not the friendly face they like to present on their ads so someone/something still needs to keep them in check since as you say we own most of them.

totally agree. Thats where MARP needs to be used or if banks are prevening this process form working properly, that the regulator needs to get involved and kick some sense into them.

No point in burdening somebody for life. Repo and do a deal, 100, 200 a month or whatever is right in the individual circumstance for 10 years whatever it may be and just let people move on.

I know many would baulk at that, but we have to do something realistic and stop this knock on impact to the greater economy.

Its not like the people get off scott free, they will have lost their home, and still have a level of residual debt to pay off. Banks can finally clean up their balance sheet and life can move on.

cookie1977 · 13-03-2013 4:44pm

D3PO wrote: »

totally agree. Thats where MARP needs to be used or if banks are prevening this process form working properly, that the regulator needs to get involved and kick some sense into them.

No point in burdening somebody for life. Repo and do a deal, 100, 200 a month or whatever is right in the individual circumstance for 10 years whatever it may be and just let people move on.

I know many would baulk at that, but we have to do something realistic and stop this knock on impact to the greater economy.

Its not like the people get off scott free, they will have lost their home, and still have a level of residual debt to pay off. Banks can finally clean up their balance sheet and life can move on.

Certainly if you've gotten in to debt (however that happened) there has to be some personal responsibility and serious consequences but there is absolutely no point in destroying someones life just to get a pound of flesh. No one is going to be happy with whatever solution is proposed but as long as all sides feel that there is some measure of fairness then that's what's important too.

D3PO · 13-03-2013 4:50pm

a modicum of logical non emotional thought. Pity as a collective society we cant act like that !

cookie1977 · 13-03-2013 4:51pm

D3PO wrote: »

a modicum of logical non emotional thought. Pity as a collective society we cant act like that !

There's hope yet

handlemaster · 13-03-2013 6:11pm

its about time repossession started happen wholesale its doing no one any favours sticking heads in the sand. Does who can pay should those who cant join the rental market and if you cant pay that I am sure our welfare state will pay for it.

Villa05 · 22-03-2013 8:05pm

monkeypants wrote: »

Tough question. I've no doubt that I'm severely in negative equity myself, but it's our home, so we're staying and paying. Right now we can afford to. That, of course, may change.

My question is this: while your post makes a lot of sense, it's not exactly proof. This professor is making this claim and I don't see any evidence. Now maybe he's got loads of evidence, but he hasn't provided it to the Indo.

MP hope everything works out for you
He has another article in today's Irish Times, again no evidence just uses data available to question the level of arrears.
http://www.irishtimes.com/business/economy/ireland/can-t-pay-won-t-pay-where-does-the-truth-lie-in-the-mortgage-arrears-crisis-crisis-1.1334707

I do feel he brings an important point into the whole debt forgiveness debate.
Where there is debt forgiveness proposed there should be full transparency on the recipients income.
The Gov know something we don't and they are consistently drawing a line between "can't pay" and "won't pay". How long would it take to gather the PPS numbers of those in arrears and compare with Revenue data (amazing what excel can do)

This mortgage crisis is going to be very expensive to resolve and will lead to higher taxes and interest rates. If there are chancers out there trying to take advantage they need to be rooted out, so that you and I do not pay more.

cookie1977 · 22-03-2013 10:00pm

A month earlier in another article Gregory was suggesting between 35% and possibly more than 50% of those in arrears were strategic defaulters basing some of he's ideas on the US market which he says has up to 50% defaulters:
http://www.irisheconomy.ie/index.php/2013/02/19/how-large-are-strategic-arrears-in-the-irish-mortgage-market/

Yet he does not take into account recourse versus non-recourse mortgage systems in both countries. He seems to be changing his mind as he never stated any figures he had in mind in the Irish Times article. A bit odd to me.

I'm all for identifying and pursuing strategic defaulters but pulling numbers out of a hat reminds me of a scene in the film the Manchurian Candidate about the "precise numbers of persons in the communist party"

http://www.tubechop.com/watch/1047062

Repossessions

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