Government and Developers a tale of 40 year mortgages

http://www.independent.ie/business/irish/house-prices-must-fall-to-become-affordable-again-681892.html

Any Fianna Fail/PD poster want to explain to me why houses are overvalued as shown by CENTRAL BANK figures.
People have 40 year mortgages because of this. 40 years is a long time. The government should have prevented land hoarding. The government should have prevented flipping. The government should have evened the playing field in terms of using tax payers money to subsidise investors.

Explanation Please. I want good reasons. No passing the buck.


Heres a breakdown of the income range of buyers

Source: THE CENTRAL BANK

PH01

What does this got to do with Election 2007?
Shouldn't the post be moved to Politics, Finance or something?

Akrasia

well its a bit late for it now, But the housing bubble and impending recession should absolutely have been an election issue. It will be a post election issue, If FF are thrown out, they'll probably blame the new government for the recession even though it's already inevitable because of FFPD policies.

(McDowell will make himself hoarse saying "I told you not to throw it away" because he doesn't care about the truth when there's politics involved)

If the opposition get in it could very well decimate them as the people will blame them. Cowen said on polls apart that booms and busts were a thing of the past.

I cant get an answer from any FFer or Pd about these issues.
This should have been an election issue and shows the oppositions impotence by not illuminating the issue.


This is the biggest issue facing the country.

I do think that for alot of people 40 year mortgages and commuting to far distant places so they can own a house is a big issue. It may not be "an election issue" for the parties but it is for alot of people.

The opposition failed to capitalise on this.

gandalf

miji has already reference alot of this in a previous post. Moving to politics.

thebman

Deleted User wrote:

I do think that for alot of people 40 year mortgages and commuting to far distant places so they can own a house is a big issue. It may not be "an election issue" for the parties but it is for alot of people.

The opposition failed to capitalise on this.

Well they can't capitalise on it because they can't do anything about it now. They can't say we'll do x & y differently because any changes in the market will probably just make the bubble burst sooner.

They failed while in opposition, this has been going on for years now.

And while politically unpopular, it is economically better to burst a bubble as soon as it is discovered. A bubble is always a threat. Bertie should not have last year encouraged people to buy houses when it would have been at an inflated price. A correct politician would have discouraged this right from the start.

Now look

http://www.independent.ie/national-news/builders-send-euro500-to-handful-of-election-candidates-683714.html

A CONSTRUCTION company which sent €500 cheques to politicians on the eve of the General Election said it was "supporting the democratic process".

gurramok

Politicians of all shades don't want to mention the dirty word 'bubble' as a fair few of their constituents have bought in the bubble on the pretext that 'prices will always go up'.
They want the masses to keep buying as construction/stamp duty is a hugely important revenue stream and keeps the numbers employed in construction up plus it gives a 'feel good' factor whether real or not.

The opposition with a chance to be in govt are on same side of fence as the present govt as they don't want to come across as negative in rocking the boat on the economy.

None of the parties have indicated what will they do once the revenue stream(17pc of all tax revenue i think it was from construction with 23% of GDP with 20%+ employed) drys up and it will happen soon

Akrasia

Deleted User wrote:

They failed while in opposition, this has been going on for years now.

And while politically unpopular, it is economically better to burst a bubble as soon as it is discovered. A bubble is always a threat. Bertie should not have last year encouraged people to buy houses when it would have been at an inflated price. A correct politician would have discouraged this right from the start.

Now look

Is it like that every day? Or do they allocate a particular day to this kind of case?

Akrasia

gurramok wrote:

Politicians of all shades don't want to mention the dirty word 'bubble' as a fair few of their constituents have bought in the bubble on the pretext that 'prices will always go up'.

Well that's not true. The Socialist party haven't been afraid of telling it like it is... But they're consistantly written off as 'loony' and 'fringe'

Akrasia

Akrasia wrote:

Is it like that every day? Or do they allocate a particular day to this kind of case?

They will have a day like that where they have a list of newcases, these will be "for mention" and allocated a day/halfday or whatever they estimate how long it will take to hear the case. That day the case will be up "for hearing".

Here is todays court list
http://www.courts.ie/legaldiary.nsf/48aada6d828ac19680256dc2004fca2f/94984ad8fae92d71802572e4003c6d88?OpenDocument

AT 10.30 A.M.
SUMMONSES
1 ACC BANK PLC -V- BYRNE
2 acc bank plc -V- MORAN
3 BOYLE & ANOR -V- BOYLE & ANOR
4 DOHERTY -V- HUNTER & ANOR
5 GALLAGHER -V- GALLAGHER & ORS
6 HENNESSY T/A HENNESSY CALF FARM & ANOR -V- O BRIEN & ANOR
7 HOLLERAN & ORS -V- FLANAGAN & ANOR
8 IIB HOMELOANS LIMITED -V- DUNNE & ANOR
9 IIB HOMELOANS LIMITED -V- FITZSIMONS & ANOR
10 IIB HOMELOANS LIMITED -V- KREBS & ANOR
11 IIB HOMELOANS LIMITED -V- MARTIN
12 IIB HOMELOANS LIMITED -V- 0 KEEFFE
13 IIB HOMELOANS LTD -V- MYTHEN & ORS
14 ULSTER BANK IRELAND LIMITED -V- RYAN & ANOR

The list is 68 long but after those above its mainly non home loan stuff

and the original link
http://www.courts.ie/80256FFF005DDD92/0/5AE83CD061B57099802572C60031FECA?Open&Highlight=0,iib

Zambia

Sorry once again forgive my legal ignorance who is ANOR ? as they are in a lot of legal sh1t if they are a person ?

What are all these cases prpoving exactly ?

Gobán Saor

Akrasia wrote:

McDowell will make himself hoarse saying "I told you not to throw it away" because he doesn't care about the truth when there's politics involved

Huh? "he doesn't care about the truth when there's politics involved" I would have thought this to be a pretty much universal trait amongst politicians.:D Why, in particular, are you applying it to McDowell?

Gobán Saor

Zambia232 wrote:

Sorry once again forgive my legal ignorance who is ANOR ? as they are in a lot of legal sh1t if they are a person

It is just legal jargon. ANOR means another person (singular) ORS means other people (plural)
So, a hypothetical case of Nasty Bank v Zambia232 and Zambia232's partner is shortened to Nasty Bank v Zambia232 & ANOR
And a hypothetical case of Nasty Bank v Zambia232 and Zambia232's brother and Zambia232's sister and Uncle Tom Cobly and Joe Bloggs is shortened to Nasty Bank v Zambia232 & ORS.

As always the main purpose of obscure legal terminology is to deliberately hide the meaning from the lay public. Lawyers can then charge for interpreting it.



That'll be 100 guineas, please. Plus VAT.

Zambia

Gob&#225 wrote: »

That'll be 100 guineas, please. Plus VAT.

Thank you Gobán you have been most helpfull.

So by this Rational the cases of Mortgage Co's vs Humans (for want of a better word) are Cases where people have defaulted on mortgages and are being chased as I cant think why else the would be in court against each other.

The bank Vs humans cases could be as well but the certainty is nmore with the others.

what chance do the humans have of not being re-possessed if they have let it go to the stage of coming to court?

cast_iron

Gob&#225 wrote: »

Why, in particular, are you applying it to McDowell?

Quite simply, because he doesn't like him, and will use any excuse (however relevant) to criticise him.

Isn't that the norm around here?

Victor

Deleted User wrote:

That seems a bit light. What date is on it?

It is also missing all the external works, capital contributions and a few other bits.

http://news.bbc.co.uk/2/hi/uk_news/england/4408922.stm


How about the £60,000 house? If the above is too light for ya!!

Fratton Fred

Are banks giving 40 year mortgages because house prices are so high, or are house prices so high because banks are giving 40 year mortgages?

If the mortgage companies were a bit more responsible about the way they throw money at people, maybe we wouldn't be in this mess.

Deleted User

Deleted User wrote:

http://www.independent.ie/national-news/borrowers-at-risk-of-losing-their-homes-679502.html

HUNDREDS of borrowers who are struggling to meet mortgage repayments are at risk of losing their homes.

The Irish Independent has learned that sub-prime lenders - companies that lend to people with a poor credit rating and that have aggressively targeted the Irish market - are increasingly taking borrowers to court for defaults on mortgage repayments, remortgages and other high interest loans.

High Court summonses issued against borrowers by Start Mortgages, the dominant player in Ireland's burgeoning sub-prime market, have almost doubled within a year.

http://www.finfacts.com/irelandbusinessnews/publish/article_1010130.shtml

Up to half US firms in Ireland considering moving some activities overseas; 8.7% of firms are considering winding up their Irish operations entirely

http://www.tribune.ie/article.tvt?_scope=Tribune/Business/Business%20Week&id=69616&SUBCAT=Tribune/Business/Business%20Week

50% more borrowers risk losing their homes

So still no Fianna Fail Supporters or PD supporters to answer why they didnt tackle land hoarding, prevent flipping or why tax payers money is used to subsidise investors.

sovtek

Deleted User wrote:

http://www.tribune.ie/article.tvt?_scope=Tribune/Business/Business%20Week&id=69616&SUBCAT=Tribune/Business/Business%20Week







So still no Fianna Fail Supporters or PD supporters to answer why they didnt tackle land hoarding, prevent flipping or why tax payers money is used to subsidise investors.

I'm just curious. How are investors being subsidized?

Just think of all the different tax reliefs !!


This is an advertisement down in Ferns taken last year (dont know if its still there)

sovtek

Deleted User wrote:

Just think of all the different tax reliefs !!


This is an advertisement down in Ferns taken last year (dont know if its still there)

I'm not really familiar with those tax reliefs nor the scheme that is advertised there. Can you explain them?

http://www.myhome.ie/news/news_show.asp?p=1&id=1496#a

http://www.moving.ie/guides/tax.asp