PTSB selling bad loans - media whinefest

mariaalice · 26-02-2018 12:10am

Fann Linn wrote: »

If he's in charge of a bank bailed out by the taxpayer he should attend.

Agree with that to a degree but would it actually achieve anything except point scoring he does seem a bit arrogant.

Dev84 · 26-02-2018 12:12am

mariaalice wrote: »

Agree with that to a degree but would it actually achieve anything except point scoring he does seem a bit arrogant.

Some clarity of what loans they are whooring to the vultures.

Fann Linn · 26-02-2018 12:14am

mariaalice wrote: »

Agree with that to a degree but would it actually achieve anything except point scoring he does seem a bit arrogant.

I wouldn't even recognise the man, however he is in charge of a bank which we are the major stakeholder. No different to a HSE chief or a Garda Commissioner.

26-02-2018 10:12am

Dev84 wrote: »

Some clarity of what loans they are whooring to the vultures.

If I borrowed money from you and stopped paying it back after a few payments, then ignored all your efforts to contact me, would you let it go? Or would you go down the legal route, the whole way to the Sheriff knocking on my door? Would you consider that “whooring” to the sheriff?

Franz Von Peppercorn · 26-02-2018 10:25am

One of the things we could do is make the loans non recourse. Even the capitalist US does that. Banks lend against the property and can own the property at the end. However they take the hit on negative equity. The loanee can hand back the keys. His credit rating is squashed but that’s it. He is free of the mortgage.

This would increase supply in a downturn and make the banks more careful about loans. Well, it should. U

Franz Von Peppercorn · 26-02-2018 10:27am

[Deleted User] wrote: »

If I borrowed money from you and stopped paying it back after a few payments, then ignored all your efforts to contact me, would you let it go? Or would you go down the legal route, the whole way to the Sheriff knocking on my door? Would you consider that “whooring” to the sheriff?

If he borrowed off you you’d be a loan shark.

Dev84 · 26-02-2018 10:53am

[Deleted User] wrote: »

If I borrowed money from you and stopped paying it back after a few payments, then ignored all your efforts to contact me, would you let it go? Or would you go down the legal route, the whole way to the Sheriff knocking on my door? Would you consider that “whooring” to the sheriff?

What if you enagaged with me. Explained your difficulties amd came to a new arramgement that suited both of us. And then i went and sold your loan once there was a buyer?

mariaalice · 26-02-2018 11:17am

Dev84 wrote: »

What if you enagaged with me. Explained your difficulties amd came to a new arramgement that suited both of us. And then i went and sold your loan once there was a buyer?

Then your loan should not be sold if you don't deviate from the agreement.

It's not just those that don't engage its individuals who cant sustain the new arrangments. I feel sorry for people but some arrangments have worked.

This is interesting

.https://www.irishtimes.com/life-and-style/homes-and-property/property-profiles-2006-2016-stories-of-boom-bust-and-rebound-after-the-crash-1.2524164

Arthur Daley · 26-02-2018 11:25am

Youngsters coming along now have to pay at least 2005 prices to get into the housing market. While salaries have remained fairly flat. They see this and are encouraged to load up on as much debt as possible. because the government has set a precedent. Nobody can challenge them once in the big house. Next time it's likely to be way worse, as these cultural changes tend to spiral. Which will sink this country good and proper next time.

Real leadership would identify this and puts a stop to it now.

trixiebust · 26-02-2018 11:49am

Arthur Daley wrote: »

Youngsters coming along now have to pay at least 2005 prices to get into the housing market. While salaries have remained fairly flat. They see this and are encouraged to load up on as much debt as possible. because the government has set a precedent. Nobody can challenge them once in the big house. Next time it's likely to be way worse, as these cultural changes tend to spiral. Which will sink this country good and proper next time.

Real leadership would identify this and puts a stop to it now.

Well said!

Snickers Man · 26-02-2018 1:30pm

TheAnalyst_ wrote: »

Yes these are family homes. They should be given an annual grant to help them with maintenance costs. This could be funded by applying a levy for people renting.

Woah!!!! You what?????

OK so people who can't afford a house but are paying their own way by renting the roof over their head now have to pay EXTRA to fund the cost of people who DON'T pay their own way but still want to own the roof over their head?:eek::eek:

Have you thought this through?

nuac · 26-02-2018 2:50pm

kbannon wrote: »

Not sure what that's meant to mean. What can he do to them?

Weston seems to report without fear or favour on the darker doings of the financial establishment, including their new vulture friends.

Rather stupid of them to send him that letter.

Seth Brundle · 26-02-2018 3:49pm

nuac wrote: »

Weston seems to report without fear or favour on the darker doings of the financial establishment, including their new vulture friends.

Rather stupid of them to send him that letter.

I still don't see how they should be worried by a journalist like Weston.
He can't write any lies so what can he do that would worry them?

SidekickSimon · 26-02-2018 4:24pm

We should nationalise the housing market here, bit like they do in Singapore. Stop the wole boom bust property cycle.

Seth Brundle · 26-02-2018 5:14pm

SidekickSimon wrote: »

We should nationalise the housing market here, bit like they do in Singapore. Stop the wole boom bust property cycle.

So will the government pay off my mortgage?

Will the government decide who gets to live in Foxrock and who will live in Jobstown?

SidekickSimon · 26-02-2018 5:16pm

kbannon wrote: »

So will the government pay off my mortgage?
Will the government decide who gets to live in Foxrock and who will live in Jobstown?

Standarise prices everywhere so theres no elite areas or particulary poor areas

It would never work here though

Seth Brundle · 26-02-2018 5:19pm

SidekickSimon wrote: »

Standarise prices everywhere so theres no elite areas or particulary poor areas

A standardised price between a mansion in Foxrock and a small three bed in Jobstown?

Ipso · 26-02-2018 6:01pm

SidekickSimon wrote: »

Standarise prices everywhere so theres no elite areas or particulary poor areas

It would never work here though

Sounds good, comrade. This kind of thing has worked everywhere it's been tried.

Ipso · 26-02-2018 6:02pm

Dev84 wrote: »

We own 75% of the bank. Thats why.

So everyone should stop paying their mortgage?

Dev84 · 26-02-2018 6:18pm

Ipso wrote: »

So everyone should stop paying their mortgage?

Hey you, have a look thorugh the thread before you start saying silly things.

We own 75% of the bank so he should be obliged to appear before the Oireachtas finance committee. Thats why.

CeilingFly · 26-02-2018 11:48pm

Ulster bank ceo has stated that if non performing loans were off the books, interest rates would drop.

His words, not made up media rubbish.

Hitman3000 · 26-02-2018 11:53pm

CeilingFly wrote:

Ulster bank ceo has stated that if non performing loans were off the books, interest rates would drop.

It's cute that you believe that.

CeilingFly · 26-02-2018 11:54pm

Franz Von Peppercorn wrote: »

One of the things we could do is make the loans non recourse. Even the capitalist US does that. Banks lend against the property and can own the property at the end. However they take the hit on negative equity. The loanee can hand back the keys. His credit rating is squashed but that’s it. He is free of the mortgage.

This would increase supply in a downturn and make the banks more careful about loans. Well, it should. U

And ptsb have done that with buy to let mortgages in default.

They have looked at it for pdh mortgages, but initial response was non existent - hence this is the only route open.

Their deal with buy to lets is simply offer up possession and if there's a balance owing after it is sold, the balance will be written off. Over 1000 responded and have done a deal.

CeilingFly · 26-02-2018 11:54pm

Hitman3000 wrote: »

It's cute that you believe that.

Basic math

Hitman3000 · 26-02-2018 11:55pm

CeilingFly wrote:

Basic math

Still cute though.

nuac · 27-02-2018 12:04am

Issue on RTE 1 now.

Burgess shilling for banks/vultures, Weston sticking up for bank customers.

FF ( McGrath ) pressing on with legislation to protect homeowners tomorrow.

Clare wondering if it will bring down the FF/FG supply and confidence agreement.

Interesting times

drillyeye · 27-02-2018 12:32am

This whole thing is a game of hot potato. Somebody is going to have to foot the bill for the shockingly bad leadership in this country (and world), and the shockingly poor choices some of the population made.

The price will be paid by either

1) The banks
2) The people who bought
3) The people who didn't buy (through luck, youth, or common sense)

Personally, I believe that a combination of 1 and 2 are best, not to mention fairest. The government will never pay. A current one may be voted out, but sure they'll just haunt the place until the chance to get back in come again.

Its now or later, and thanks to "interest", the longer we delay the inevitable, the higher the price for Ireland as a whole. Just look at the place right now, where do you think this disaster came from?

oceanman · 27-02-2018 2:10pm

CeilingFly wrote: »

Ulster bank ceo has stated that if non performing loans were off the books, interest rates would drop.

His words, not made up media rubbish.

in all fairness what would you expect him to say...?

Arthur Daley · 27-02-2018 2:30pm

Interest rates (in theory) are supposed to reflect the risk of lending. Thanks to the actions of the politicians and their lobbyists the risk of lending in Ireland has increased very substantially in the last 10 years. Because assets on your balance sheet, that you legally own cannot be repossesed after the handiwork of the political cabal who have dominated this issue.

There are not many businesses anywhere that would tolerate this state of affairs. So understandably international finance is extremely slow to operate or lend into this market. They tend to want to get their money back, or charge a very substantial risk premium if they are hindered from securing their assets by local graft.

Ash.J.Williams · 27-02-2018 2:33pm

end of the road wrote: »

i presume you work for this bank to know that they had every possible opportunity to engage?

fair play to ff and the media for their work, the banks deserve everything they get for what they did to this country, we shall never forget.
the european system of having people out in 90 days is not viable for the tax payer of this country and we won't get 2% variable rate mortgages because it's likely not viable for the banks to give out such mortgages for such a small country.

you'd have a point if we all got a free house or live mortgage free

PTSB selling bad loans - media whinefest

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