Aberdeen Lodge Repossession

Wanderer78 · 29-03-2019 06:47PM

Ipso wrote:

You mean the bad lenders that have interest rates that are too high or require 20% deposits that dâ€™ordinary man canâ€™t afford.

No, not necessarily, we have given the financial sector too much power and control over our monetary systems, money creation and banking should be a public utility, operated under democratic control and governance

Ipso · 29-03-2019 07:18PM

Wanderer78 wrote: »

No, not necessarily, we have given the financial sector too much power and control over our monetary systems, money creation and banking should be a public utility, operated under democratic control and governance

Well the government doors such a great job with thevhealth care system for example, and weren’t they responsible for hing to inflate the bubble in the first place?

Wanderer78 · 29-03-2019 07:53PM

Ipso wrote:

Well the government doors such a great job with thevhealth care system for example, and werenâ€™t they responsible for hing to inflate the bubble in the first place?

Part of the problem of course, but it's amazing the amount of people that don't realise the major role the private sector played in the bubble, in particular the largely privately 'owned' banking sector, dramatically increasing the money supply in the form of cheap credit, it was actually the rapid rise of this credit, which in turn become our private debts, that caused the crash.

Ipso · 29-03-2019 08:05PM

Yes, but people are now complaining about high interest rates now, fespite them probably being almost half what they were in the late 90’s.
Don’t forget FF got returned to power because people wanted more of the gravy train.

rafatoni · 30-03-2019 10:57AM

Looking for public support now according to the indo

punisher5112 · 30-03-2019 11:23AM

rafatoni wrote: »

Looking for public support now according to the indo

I'll show support in as much as get them out....

Living the high life on us tax paying fools

padd b1975 · 30-03-2019 11:28AM

Strawberry Milkshake wrote: »

Isn’t the B&B their sole source of income and their means of paying the mortgage.

If they have to leave they also lose their jobs. Might aswell declare bankruptcy and have all debts wiped.

Or they could seek alternative employment like what most people do when they lose their jobs.

Their lifestyle as they know it is now over. The sooner they accept that basic fact the better.

30-03-2019 11:32AM

TallGlass wrote: »

I find it odd that bailed out banks offer loans for 30c on the Euro to the like of GS but don't do the same to the person in debt?

Because it's unfair on people who are making full repayments and sets a precedent if you start treating some customers differently.

STB. · 30-03-2019 11:36AM

Who was left to pay their 25 million euro gamble that went arseways ?

The taxpayer no doubt through IBRC.

And they want sympathy. Deluded. That they had wanted to buy their own debt back on the house at a discount is even more deluded.

30-03-2019 11:41AM

NewbridgeIR wrote: »

Because it's unfair on people who are making full repayments and sets a precedent if you start treating some customers differently.

Not talking about this couple but I guess there were thousands of people who were up to date with their Irish Nationwide mortgages and continued to be paying when their mortgages swapped to Anglo Irish and then IBRC. They were not allowed to enter into negotiations into buying their loans at a cheaper rate. I always thought that liquidatiors had to recoup as much money as possible so selling to a company for 30c in the euro when someone else could offer 50c or more seems wrong.

STB. · 30-03-2019 11:52AM

Strawberry Milkshake wrote: »

I always thought that liquidatiors had to recoup as much money as possible so selling to a company for 30c in the euro when someone else could offer 50c or more seems wrong.

IBRC/Nama were fire sales.

There is an awful lot of property etc out there that was sold for a fraction of their total worth/debt. Mostly to vulture funds. Some of them were bought back by the companies that had run up the debt itself. Taxpayer was left with the shortfall.

Much land and properties that could have been ringfenced for social housing needs went this way. And you had the Councils trying to compete then with the eventual retailers/new owners. You simply could not make up the ineptitude of those left to manage all this.

30-03-2019 11:52AM

Strawberry Milkshake wrote: »

Not talking about this couple but I guess there were thousands of people who were up to date with their Irish Nationwide mortgages and continued to be paying when their mortgages swapped to Anglo Irish and then IBRC. They were not allowed to enter into negotiations into buying their loans at a cheaper rate. I always thought that liquidatiors had to recoup as much money as possible so selling to a company for 30c in the euro when someone else could offer 50c or more seems wrong.

If people are up to date with their payments then they're not deemed to be financially struggling. Why should they get a discount just because their lender has collapsed (or left the state)? That would cause huge resentment. There has to be fairness.

noodler · 30-03-2019 11:57AM

TallGlass wrote: »

Watched it last night. Seems like a right mess they have got themselves in. However I might have misheard but they had offered to pay the debt of the loan against the house or buy the house at there valuation? But they are saying that the other loan 25m is not against the house. But GS got an injunction from them fighting this in court.

I find it odd that bailed out banks offer loans for 30c on the Euro to the like of GS but don't do the same to the person in debt?

????

If the coupld had 1/3 of the 25m to pay then it wouldn't be a bad debt requiring to be sold.

Signore Fancy Pants · 30-03-2019 01:16PM

"We have nowhere else to go".

"Need to put food on the table and clothes on the kids backs".

"We have offered to pay €1.25 Million".

They have a solution to their problem, €1.25 Million will get them a nice house with enough left over to live on.

They are not in "the same" situation as others.

LillySV · 30-03-2019 01:25PM

The Irish Indo has an article on them today, trying to portray them as nice poeple/victims.... always treats their d4 friends with great respect... then think nothing of rest of country... hence why I no longer buy it

Potential-Monke · 30-03-2019 02:21PM

Just read an article today. They got a loan and used the lodge as security. The project fell apart and for 7 years GS have been trying to get the lodge, which they're 100% legally entitled to. I'm in full support of turfing these chancers out and let them fend for themselves. One rule for one...

And no, I don't care they're paying the mortgage on the lodge, it was collateral for the loan and it's time to pay. Well, it was time to pay 7 years ago, so it's beyond the time to pay. Turf 'em out, let them figure it out themselves.

Actually, I lolled when I read the Irish Times article, after telling the sheriff/whoever to leave as they're not leaving, her hand was shaking while she was spooning the tea leaves into the cup. Tea leaves! Too posh for a bag yeah? These people have got used to the rich lifestyle and are petrified of being brought back down to reality. F'ck 'em. I've a 20k debt hanging over me from an unaffordable mortgage. They have a loan that is 1250 times higher than mine, and they seem to think they don't have to pay it. What a world we live in.

And before anyone points out anything else to try and defend these people, I don't care. Facts are facts. Lodge was used as collateral, they no longer have a right to it. Fairly straight forward.

padd b1975 · 30-03-2019 02:32PM

Potential-Monke wrote: »

Just read an article today. They got a loan and used the lodge as security. The project fell apart and for 7 years GS have been trying to get the lodge, which they're 100% legally entitled to. I'm in full support of turfing these chancers out and let them fend for themselves. One rule for one...

And no, I don't care they're paying the mortgage on the lodge, it was collateral for the loan and it's time to pay. Well, it was time to pay 7 years ago, so it's beyond the time to pay. Turf 'em out, let them figure it out themselves.

Actually, I lolled when I read the Irish Times article, after telling the sheriff/whoever to leave as they're not leaving, her hand was shaking while she was spooning the tea leaves into the cup. Tea leaves! Too posh for a bag yeah? These people have got used to the rich lifestyle and are petrified of being brought back down to reality. F'ck 'em. I've a 20k debt hanging over me from an unaffordable mortgage. They have a loan that is 1250 times higher than mine, and they seem to think they don't have to pay it. What a world we live in.

And before anyone points out anything else to try and defend these people, I don't care. Facts are facts. Lodge was used as collateral, they no longer have a right to it. Fairly straight forward.

Borrowing terms and conditions are for plebs.

TomasMacR · 30-03-2019 02:41PM

If they owe 25 million how do they have 1.25 million (at least) at their disposal. Shouldn't that go straight into the debt if they've declared they have it. As mentioned, we're paying to service that 25 million.

Patrick2010 · 30-03-2019 03:53PM

He is 68 and she is 47, maybe they should not have had such young kids when they took on that big a debt?

ohnonotgmail · 30-03-2019 05:48PM

TomasMacR wrote: »

If they owe 25 million how do they have 1.25 million (at least) at their disposal. Shouldn't that go straight into the debt if they've declared they have it. As mentioned, we're paying to service that 25 million.

Because only the house was used as collateral. The bank has no claim over anything else

tipptom · 30-03-2019 06:29PM

Didn't think Irish nationwide were still fling money of that magnitude around in 2009?

4ensic15 · 30-03-2019 08:34PM

Strawberry Milkshake wrote: »

Not talking about this couple but I guess there were thousands of people who were up to date with their Irish Nationwide mortgages and continued to be paying when their mortgages swapped to Anglo Irish and then IBRC. They were not allowed to enter into negotiations into buying their loans at a cheaper rate. I always thought that liquidatiors had to recoup as much money as possible so selling to a company for 30c in the euro when someone else could offer 50c or more seems wrong.

The loans were sold in blocks. Very few people could have redeemed their loans without borrowing and certainly couldn't have bought a block of loans.

4ensic15 · 30-03-2019 08:35PM

Dale Doback wrote: »

"We have nowhere else to go".

"Need to put food on the table and clothes on the kids backs".

"We have offered to pay €1.25 Million".

They have a solution to their problem, €1.25 Million will get them a nice house with enough left over to live on.

They are not in "the same" situation as others.

The €1.25m is sourced from a loan to be charged on the house. They do not have 1.25m in a biscuit tin.

Beechwoodspark · 30-03-2019 08:36PM

What the hell did they do with the 26 MILLION?

rafatoni · 30-03-2019 09:29PM

Beechwoodspark wrote: »

What the hell did they do with the 26 MILLION?

thats a lot of fry ups.

Signore Fancy Pants · 30-03-2019 09:38PM

4ensic15 wrote: »

The €1.25m is sourced from a loan to be charged on the house. They do not have 1.25m in a biscuit tin.

Ah oakey dokey.

So, how have they obtained a loan secured on the property if the property is already secured against the €26 Million?

Snakes.

Is it their position that the property was not subject to the original €26 Million? I think I heard them say that.

In any case, the High Court does not agree with them.

Out ye feckers!

SeaFields · 30-03-2019 10:04PM

Have they been asked where the 25 million went? Surely that was used to purchase some assets in the course of the failed project that could be realised against the debt?! Or did they just go all coke and hookers with it?!

rafatoni · 30-03-2019 10:32PM

SeaFields wrote: »

Have they been asked where the 25 million went? Surely that was used to purchase some assets in the course of the failed project that could be realised against the debt?! Or did they just go all coke and hookers with it?!

they be saying next.. "sure didnt we all party"

4ensic15 · 31-03-2019 08:43AM

Dale Doback wrote: »

Ah oakey dokey.

So, how have they obtained a loan secured on the property if the property is already secured against the €26 Million?

!

They have an offer of a loan. if the original loan is redeemed.

31-03-2019 09:46AM

My heart bleeds

"A family threatened with homelessness over €25m debts insist: "We need the Irish public to support us in this fight."

They live in a multi-million-euro property, the Aberdeen Lodge B&B in leafy Sandymount, Dublin 4, and face a colossal level of debt.

But Patrick Halpin and wife Ann Keane don't see themselves as different to other families struggling against the spectre of homelessness.

Mother-of-two Ms Keane (47) broke down describing how the family had been unable to take a holiday for five years due to the "constant knocks at the door" as they faced the threat of legal action. When asked why the public should have sympathy for them with the huge figures involved, Mr Halpin (68) stated the €25m borrowed to finance a failed "boutique" hotel was an "unsecured" company loan and should not have been held against their home.

"I understand some people might think we are living on Park Avenue in Sandymount and that we are having coffee and going to the beach every morning," Ms Keane said.

"But that's not the case. This is our business and family home. We work damn hard to make it work and that means getting up early, doing laundry, baking, cooking, looking after guests, and fitting in the school run, while also being afraid that at any moment, there could be a knock at the door from someone trying to force us out of our home."

US bank Goldman Sachs is trying to take possession of the property. The couple have been in a long-running legal fight with the major global financial institution after falling behind on repayments.

A receiver appointed by the US multinational attempted to carry out a repossession order earlier this week.

Mr Halpin said: "We just don't know what's going to happen next. We need the Irish public to support us against this vulture fund because they shouldn't be allowed to throw families out onto the street and that is where we are going if they're allowed to repossess the house and our business.

"We literally have nowhere else to go. And we will join all the other homeless families.

"It doesn't make sense because we are paying €5,000 a month from what we earn as a business, so why throw us out on the street?" The debts in this case are over €25m and the property, worth at least €3m, was pledged as security for those debts, a statement from Goldman Sachs said.

"We have extensive experience in working with borrowers in a range of circumstances and every effort has been made over a number of years to find a resolution to this matter. We review these matters carefully and have robust processes to ensure our action is appropriate to the circumstances in each individual case," it added.

The couple have offered to pay €1.25m in debt secured on the property but claim Goldman Sachs had refused to deal with them. "We've worked very hard," Ms Keane added. "Patrick wanted to open a boutique hotel but he ended up losing 15 years of his life over it.""
https://www.independent.ie/irish-news/we-need-the-public-to-support-us-family-in-home-battle-over-25m-debt-37965878.html

Aberdeen Lodge Repossession

Comments