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Another NAMA Question

  • 08-09-2009 10:14am
    #1
    Pull_a_tition
    Closed Accounts Posts: 9 ✭


    Following the establishment of NAMA it is envisioned that NAMA will take over the loans (mortgages) where the value of the security is far less than the lone amount.

    NAMA will then be the lender, owning loans secured on lands of lesser value.

    NAMA will pursue the debtors to recover the loans, if they cannot recover the loan amount they will foreclose on the loan and take full possession of the lands.

    Example:
    'Grand Land'
    Value - €10M
    Loan - €25M
    NAMA Purchases the Loan from bank - €17M
    (The bank looses €8M in the transfer - but is not showing a paper loss of €15M)

    NAMA now owns property worth €10M that it has paid €17M

    BUT...!!!

    There is a corner of the site that over looks a pretty bay and would make a great retirement home for a 'good friend'

    The Questions

    Q1: What safeguards/regulations are proposed to stop the NAMA lads selling off this portion of the site to the 'good friend' at a silly low price??

    Q2: Similarly what safeguards are going to be in place to prohibit NAMA selling of the site for less than €17M (i.e. below cost (to nama) selling)?
    Tagged:


Comments

  • #2
    Skrynesaver
    Registered Users, Registered Users 2 Posts: 1,110 ✭✭✭Skrynesaver


    Q1. was the first thing that occured to me when I heard the outline of this legislation, a lot of shady land deals will be done under it's auspices.


  • #3
    optocynic
    Closed Accounts Posts: 755 ✭✭✭optocynic


    Hey, don't ask me man.... I just work here!


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