Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Are we really back to this sh*t again?

Options
1…457910…16

Comments

  • Options
    #182
    Gavlor
    Registered Users Posts: 6,179 ✭✭✭Gavlor


    Samuel T. Cogley wrote: »
    It's absolutely human nature to go for broke, it's absolutely the job of the banks to make sure people aren't. Let's not pretend like either party is blameless here or that shenanigans don't go on.

    Agreed, I probably didn't articulate my point well enough but it was that the house buyers are just as much to blame as the banks. Yet it suits the socialist agenda to blame the financial institutions every time.


  • Options
    #183
    darkpagandeath
    Closed Accounts Posts: 24,465 ✭✭✭✭darkpagandeath


    Gavlor wrote: »
    Agreed, I probably didn't articulate my point well enough but it was that the house buyers are just as much to blame as the banks. Yet it suits the socialist agenda to blame the financial institutions every time.

    I think we have to agree the issue is both ways. We cannot absolve everyone. But we can expect Financial institutions to be the buffer. And they failed in that demonstrably.


  • Options
    #184
    Gavlor
    Registered Users Posts: 6,179 ✭✭✭Gavlor


    darkpagandeath wrote: »
    I think we have to agree the issue is both ways. We cannot absolve everyone. But we can expect Financial institutions to be the buffer. And they failed in that demonstrably.

    I'm just amazed that developers haven't been mentioned yet :D

    Edit, it also has to be remembered that financial institutions are for profit organisations and as such will always take the most profitable route. Hence the need for effective regulation, something that was abhorrently lacking between 2000-2010


  • Options
    #185
    jester77
    Registered Users Posts: 11,262 ✭✭✭✭jester77


    TimeToShine wrote: »
    I find it hard to believe that anyone like this was sitting pretty in 2011 with circa 120k and rather than buy elected to sit pretty and wait.

    You don't think there are couples that have had kids in the last 6 years? Circumstances change. In 2011 I was happily renting and didn't have kids. Since then I have kids and purchased a house.


  • Options
    #186
    hmmm
    Registered Users Posts: 11,205 ✭✭✭✭hmmm


    Yourself isit wrote: »
    I rented during the boom and didn't buy. Major mistake. If I had bought and had a tracker mortgage I would have twice the house now at the same per monthly cost.

    But it's not up to normal people to be financial experts.
    You were punished for doing the right thing, and it's a lesson a lot of us have learned. The people who bought beyond what they could afford simply didn't bother paying their mortgages, while people who rented because they were prudent were screwed. It's easier to rant about the "bankers" than it is to do what is prudent in the longer term and repossess assets when people can't afford to repay their loans.

    Now of course everyone is scratching their heads wondering why banks aren't lending, and why our interest rates are high compared to other countries.


  • Advertisement
  • Options
    #187
    darkpagandeath
    Closed Accounts Posts: 24,465 ✭✭✭✭darkpagandeath


    Gavlor wrote: »
    I'm just amazed that developers haven't been mentioned yet :D

    Sure, There another issue and thread... houses out in the middle of nowhere.


  • Options
    #188
    darkpagandeath
    Closed Accounts Posts: 24,465 ✭✭✭✭darkpagandeath


    hmmm wrote: »
    You were punished for doing the right thing, and it's a lesson a lot of us have learned. The people who bought beyond what they could afford simply didn't bother paying their mortgages, while people who rented because they were prudent were screwed. It's easier to rant about the "bankers" than it is to do what is prudent in the longer term and repossess assets when people can't afford to repay their loans.

    Now of course everyone is scratching their heads wondering why banks aren't lending, and why our interest rates are high compared to other countries.

    That would have been more to do with having to pay the tax payer back. Mortgages are available again pretty much in all. Also they are under the eye of a Central bank that is kind of watching now. Still pretty useless but meh.


  • Options
    #189
    hmmm
    Registered Users Posts: 11,205 ✭✭✭✭hmmm


    darkpagandeath wrote: »
    But plenty got told to via media or the banks.
    These very forums were full back in 2006 of posts about how people were going to become rich from buying property, how "rent was dead money" and how people were stupid for "not getting on the ladder".

    Now apparently it was all the banks that told them to do it. If there's one thing we know about Irish people, it's that they don't need banks to convince them that they're going to make a fortune through property.


  • Options
    #190
    Ash.J.Williams
    Registered Users Posts: 20,929 ✭✭✭✭Ash.J.Williams


    Jimbob1977 wrote: »
    The houses looked decent enough.

    Looks like there's a major property bubble emerging. And we are sleepwalking into the same crisis as before.

    Although the underlying causes are different. Supply and demand this time..... global recession after a boom last time.

    I was looking to buy a house back in 2006. Swept up in the same madness... like an infection. We left Dublin and dodged the bullet by sheer good luck. Considered €500k for houses that would have lost 50% value in a year.

    just noticed today, hoarding up all over dublin and branded with all the old big names we were familiar with ...


  • Options
    #191
    The Rape of Lucretia
    Closed Accounts Posts: 7,440 ✭✭✭The Rape of Lucretia


    darkpagandeath wrote: »
    I think we have to agree the issue is both ways. We cannot absolve everyone. But we can expect Financial institutions to be the buffer. And they failed in that demonstrably.

    'The banks' are not however a machine, divorced from the rest of the country or the people. They are Irish. And staffed and run by Irish people. So incompetent Irish banks and incompetent Irish borrowers ****ed up (many literally the same individuals). Finger pointing at 'the banks' is a sure sign that little or nothing has been learned and the country is as naive and incompetent as it was 10 years ago.


  • Advertisement
  • Options
    #192
    The Rape of Lucretia
    Closed Accounts Posts: 7,440 ✭✭✭The Rape of Lucretia


    hmmm wrote: »
    Now of course everyone is scratching their heads wondering why banks aren't lending, and why our interest rates are high compared to other countries.

    And jumping up and down about why the central bank has restricted access, and putting pressure on politicians to loosen the criteria. Really. Will these people ever learn ?


  • Options
    #193
    Spanish Eyes
    Registered Users Posts: 15,919 ✭✭✭✭Spanish Eyes


    Banks are rubbing their hands together now. Big bonuses, again.


  • Options
    #194
    Gavlor
    Registered Users Posts: 6,179 ✭✭✭Gavlor


    Spanish Eyes wrote: »
    Banks are rubbing their hands together now. Big bonuses, again.

    Because the brainless idiots are queuing at the door with applications.

    "Build it and they will come"


  • Options
    #195
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    Ayuntamiento wrote: »
    As I stated above, it's easily passed off as a 'family gift' in many cases.

    They can trace the deposit back. Unless you got it years ago it will be clearly a loan.

    Also they still look for savings.


  • Options
    #196
    Ayuntamiento
    Registered Users Posts: 346 ✭✭Ayuntamiento


    Yourself isit wrote: »
    They can trace the deposit back. Unless you got it years ago it will be clearly a loan.

    Also they still look for savings.

    I've seen it working for people I know but you clearly feel the need to be right on this one so knock yourself out :D


  • Options
    #197
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    Gavlor wrote: »
    They did stress test?? Stress test should have been a limit not a target. But joe soap saw the stress test max amount as his mortgage


    Joe soap doesn't do the stress test. It was the banks. The reason prices rose is because of cheap credit. The banks caused this credit glut. Expecting that normal people will refuse credit when the banks are telling them that they are good for it is to get the blame arse over tit.

    As it happened the only people who were in danger of being repossessed were the people who lost their jobs. The bust was not caused by increases in interest rates. If you kept your job and got had a tracker payments were easy. It was the drop of in construction activity, the developer over leveraging etc that caused the bust. Not joe soap.


  • Options
    #198
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    The Rape of Lucretia wrote: »
    And jumping up and down about why the central bank has restricted access, and putting pressure on politicians to loosen the criteria. Really. Will these people ever learn ?

    Whose is doing that? Certainly not joe soap - developers for sure. Some banks. The property "journalists".


  • Options
    #199
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    Ayuntamiento wrote: »
    I've seen it working for people I know but you clearly feel the need to be right on this one so knock yourself out :D

    Admitting defeat then.

    I've been through the process. I am telling you how it works. These days you can't hide the loan. I gave them 2 years statements of a bank account in a different country because I transferred money from the UK for the deposit. They were looking for a loan over there.


  • Options
    #200
    Ayuntamiento
    Registered Users Posts: 346 ✭✭Ayuntamiento


    Yourself isit wrote: »
    Admitting defeat then.

    I've been through the process. I am telling you how it works. These days you can't hide the loan. I gave them 2 years statements of a bank account in a different country because I transferred money from the UK for the deposit. They were looking for a loan over there.

    Yeah of course. You're on a bit of a monologue now :D Over and out!


  • Options
    #201
    The Rape of Lucretia
    Closed Accounts Posts: 7,440 ✭✭✭The Rape of Lucretia


    Yourself isit wrote: »
    Whose is doing that? Certainly not joe soap - developers for sure. Some banks. The property "journalists".

    The Irish :

    http://www.independent.ie/business/irish/third-of-firsttime-buyers-seek-relaxation-of-central-banks-rules-on-home-loans-34735957.html

    And Joe Soap.


  • Advertisement
  • Options
    #202
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    The Rape of Lucretia wrote: »
    'The banks' are not however a machine, divorced from the rest of the country or the people. They are Irish. And staffed and run by Irish people. So incompetent Irish banks and incompetent Irish borrowers ****ed up (many literally the same individuals). Finger pointing at 'the banks' is a sure sign that little or nothing has been learned and the country is as naive and incompetent as it was 10 years ago.

    Nope. Banks were the main part of the problem.

    I think you are the kind of guy who likes to feel superior to as many people as possible, however limited your analysis is, you will always come back to that self regarding feeling good of being smarter than the masses.

    What is your story by the way? Did you buy in the boom? Later ? Or not yet?

    It would be nice to see what the superiority is based on.


  • Options
    #203
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    FFS this was about w*nkers that had just spent 600K to live in Portmarnock and the inverted snobbery of living on a council estate. Now it's about banks... booooooooooooooooo...

    More about how people with more money than me are ****, less about the other **** with way more money than all of us!


  • Options
    #204
    Spanish Eyes
    Registered Users Posts: 15,919 ✭✭✭✭Spanish Eyes


    Renting is fine, but looking forward.... how could anyone afford the rent if retired and on a pension? And be kicked out with a few months notice. Not a good prospect in this country is it?

    Think forward. There is nothing like the security of owning your own home. Nothing. Especially if the mortgage is paid off by the time you retire.


  • Options
    #205
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    The Rape of Lucretia wrote: »
    The Irish :

    http://www.independent.ie/business/irish/third-of-firsttime-buyers-seek-relaxation-of-central-banks-rules-on-home-loans-34735957.html

    And Joe Soap.

    70% of first time buyers not seeking a relaxation of the central banks rules. Seems pretty smart to me.

    By the way do you feel "the English" are responsible for London prices, or do you just apply ethnic criteria here?


  • Options
    #206
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    Ayuntamiento wrote: »
    Yeah of course. You're on a bit of a monologue now :D Over and out!

    It's always going to be a monologue if the other side has no facts and disappears.


  • Options
    #207
    pablo128
    Closed Accounts Posts: 6,221 ✭✭✭pablo128


    Yourself isit wrote: »
    It's always going to be a monologue if the other side has no facts and disappears.

    Well here are some facts. My mother was able to buy a second house working part time as a cleaner 14 years ago. She went to a dodgy mortgage broker and he knocked up a dodgy P60 and bingo.

    And she was far from the only one.


  • Options
    #208
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    Spanish Eyes wrote: »
    Renting is fine, but looking forward.... how could anyone afford the rent if retired and on a pension? And be kicked out with a few months notice. Not a good prospect in this country is it?

    Think forward. There is nothing like the security of owning your own home. Nothing. Especially if the mortgage is paid off by the time you retire.

    It is this genuine fear that causes people to overspend not "greed" or "stupidity". Of course if enough supply was available it wouldn't happen.

    Its not like people want house prices to be Expensive, not buyers anyway.


  • Options
    #209
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    pablo128 wrote: »
    Well here are some facts. My mother was able to buy a second house working part time as a cleaner 14 years ago. She went to a dodgy mortgage broker and he knocked up a dodgy P60 and bingo.

    And she was far from the only one.

    We are not talking about 14 years ago. I'm clearly blaming the banks then but the guy I'm replying to was talking about people hiding credit union loans now.


    Well not when I bought in 2015 they weren't. The banks knew my entire financial history across two countries. It would have been impossible to hide a loan or repayments


  • Options
    #210
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    pablo128 wrote: »
    Well here are some facts. My mother was able to buy a second house working part time as a cleaner 14 years ago. She went to a dodgy mortgage broker and he knocked up a dodgy P60 and bingo.

    And she was far from the only one.

    I think I was earning 26K and the wife was doing her PhD on about 10 grand stipend. We got approved for over 300K on 'affordability' and increase in earnings potential.

    Fook me if a decade later I'm not now on less that I was then :pac:


  • Advertisement
  • Options
    #211
    TimeToShine
    Registered Users Posts: 4,881 ✭✭✭TimeToShine


    Spanish Eyes wrote: »
    Renting is fine, but looking forward.... how could anyone afford the rent if retired and on a pension? And be kicked out with a few months notice. Not a good prospect in this country is it?

    Think forward. There is nothing like the security of owning your own home. Nothing. Especially if the mortgage is paid off by the time you retire.

    I agree with you in that if you are a homebird with absolutely no intention whatsoever of ever living outside of Ireland then you should buy as soon as you are able - regardless of cost. Note that this applies to fewer people than you'd think - people change and I would class married teachers and gardai amongst the few who fall into this category. People who have effectively had their path beaten out for them by the generations above who have little to no chance of a career/life outside of Ireland. In that case fire away - you'll never solidify your losses if the bubble pops and it prevents exactly the scenario you describe.


Advertisement