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How the responsible can avoid paying the mortgages of those who default

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    #32
    Godge
    Closed Accounts Posts: 21,727 ✭✭✭✭Godge


    micky mouse90 wrote: »
    Anybody who bought a house and I will use after 2002 say should not pay the full price for their house.
    The price of their house was unfairly inflated by govt. and banks actions.

    People should pay mortgage on value of their house today.

    Bail your fellow citizens and neighbours and family out not bankers.

    Can I do the same for my car? Ìt is worth less than I paid the garage for it, will they give me a refund.

    Also that computer I bought ten years ago for €1,000 is now less powerful than an iPhone so can I have that €1,000 back too?

    As for the clapped-out washing machine and radio (as essential as a house) can I have the money back for them as well, they are not worth what I paid for them.


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    #33
    Godge
    Closed Accounts Posts: 21,727 ✭✭✭✭Godge


    experiMental wrote: »
    . Another thing is, housing, especially in Irish climate, is a fundamental human right.

    This is the key mistake Irish people made. Housing is a fundamental human right but owning a house is not. So few Irish realise the difference.


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    #34
    Dan_Solo
    Banned (with Prison Access) Posts: 10,087 ✭✭✭✭Dan_Solo


    gaius c wrote: »
    Chief Risk Officer of Ulster Bank on RTE Drive Time yesterday. Says that 35% of mortgages in 90+ days arrears are paying zero toward the mortgage. He pulled no punches that he believes a lot of this is strategic defaulting and UB will move to repossess on all of this category as soon as the legal loophole is plugged.

    Looks like the initial estimate of a third of mortgages in strategic default could be conservative and until the problem is tackled it's going to grow and grow until you'll basically be an idiot for paying your mortgage.
    Oh great, another slew of cheap houses on the market. That'll work for the FF/FG property boom economic model, won't it.


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    #35
    AlekSmart
    Registered Users Posts: 14,005 ✭✭✭✭AlekSmart


    Godge wrote: »
    This is the key mistake Irish people made. Housing is a fundamental human right but owning a house is not. So few Irish realise the difference.

    :eek: BULLSEYE ! :eek:


    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

    Charles Mackay (1812-1889)



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    #36
    Going Forward
    Banned (with Prison Access) Posts: 8,224 ✭✭✭Going Forward


    gaius c wrote: »
    Chief Risk Officer of Ulster Bank on RTE Drive Time yesterday. Says that 35% of mortgages in 90+ days arrears are paying zero toward the mortgage. He pulled no punches that he believes a lot of this is strategic defaulting and UB will move to repossess on all of this category as soon as the legal loophole is plugged.

    Looks like the initial estimate of a third of mortgages in strategic default could be conservative and until the problem is tackled it's going to grow and grow until you'll basically be an idiot for paying your mortgage.

    How are the "payers" going to fare in this scenario?

    We're going to have another nama, where the cute hoors, who despite being broke, still live the life.

    Very disheartening to hear of the scale of strategic defaulting.


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    #37
    AlekSmart
    Registered Users Posts: 14,005 ✭✭✭✭AlekSmart


    Going Forward wrote: »
    How are the "payers" going to fare in this scenario?

    We're going to have another nama, where the cute hoors, who despite being broke, still live the life.

    Very disheartening to hear of the scale of strategic defaulting.

    Very disheartening indeed,and the 21st Century's example of an "Irish Problem" requiring an "Irish Solution".


    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

    Charles Mackay (1812-1889)



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    #38
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Going Forward wrote: »
    How are the "payers" going to fare in this scenario?

    We're going to have another nama, where the cute hoors, who despite being broke, still live the life.

    Very disheartening to hear of the scale of strategic defaulting.

    There'll be some comeback against the folk salting the cash away somewhere they think is out of reach of the authorities but what do you do with folk who have spent the cash that should have gone on mortgage repayments?

    Last Christmas, everybody commented that Dublin was rocking in the lead up with no sign of recession. Is the penny dropping about where this cash actually came from?


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    #39
    maninasia
    Registered Users Posts: 4,615 ✭✭✭maninasia


    noodler wrote: »
    No they cannot be forced - the banks retain the final say.




    Again, no.

    25bn, I haven't heard anything even close to this tbh.

    Are you sure you aren't confusing that figure with the amount we have put into both institutions to date?

    The figure I have heard is 16 billion, it seems quite realistic due to the amount of mortgages currently in arrears.


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