schmittel wrote: But I genuinely believe that the vast majority of people who get up early in the morning have no idea of the extent of the problem and how it is effecting all of us in higher mortgage rates, increased taxes, higher house prices, housing supply shortage etc. If they understood this public opinion would change pretty quickly.
enricoh wrote: If I was a bank handing out mortgage loans and looking at sinn fein coming over the hill I'd be legging it in good time too!!
ongarite wrote: » Turning into a bygone USSR state with all banks, post office & housing controlled by the state. Get me out of this future hell hole!!
schmittel wrote: » The problem is that there are no TDs or parties to vote for who are saying I think we need to start repossessing houses if people don't pay their mortgages. This is because public opinion seems to be we don't want banks to repossess houses - the people shouting loudest are anti bank campaigners, we bailed them out, reckless lending, da family home, think of the children etc. But I genuinely believe that the vast majority of people who get up early in the morning have no idea of the extent of the problem and how it is effecting all of us in higher mortgage rates, increased taxes, higher house prices, housing supply shortage etc. If they understood this public opinion would change pretty quickly. We need somebody like an anti David Hall to get on the airwaves and campaign for repossessions. But nobody wants to do it because it so emotive.
Cyrus wrote: » youd be a pariah if you went on that platform unfortunately
Sweet.Science wrote: » Shutting house building down for most of the year was bordering on criminal We were already in a huge crisis now things are so much worse
schmittel wrote: » Exactly. And the reason being is that in this country we have tendency to discuss everything on a micro level:"Poor Paddy and Mary. Paddy lost his job in the last recession and Mary's struggling to hold down two part time jobs to keep food on the table for the kids, do you want to make them homeless? Yes or no?" The focus is on the consequences for Paddy and Mary. We need to discuss it on a macro level:"Should we enforce contract law in Ireland? If somebody does not make payments on their mortgage should the property be repossessed. Yes or no?" The focus should be on the consequences for society and the economy as a whole.
Villa05 wrote: » The current system is a product of ff/Fg and the banks were in on the non repossession also as they knew mass repossessions would kill them off. Keep the people in the home looking after the asset until the market picked up appeared to be the policy. Of course actions have consequences
Timmyr wrote: » I dont know where you get your ideas, but NZ is not right wing
Wanderer78 wrote: » How come, what have sf got to do with it? Our dysfunctional housing market is feeding our dysfunctional banking sector, and vice versa
Mad_maxx wrote: » because SF are vehemently opposed to mortgage defaulters loosing their homes.
RichardAnd wrote: » Do houses ever really get repossessed here? I have family members who have been spotty with mortgage payments for over a decade and have not lost their houses.
Wanderer78 wrote: » maybe if we created a somewhat functioning property market, such issues wouldnt arise
RichardAnd wrote: » This, along with many other things beside, is precisely why I think there needs to be a serious inquiry into the state's behaviour and handling of Covid. Of course, we didn't get one for the financial crisis of the last decade, so I'm not confident this time either. At best, there will be a general election, and Paddy will vote to "punish" FF/FG by electing SF. However this would solve nothing as the legions of civil servant advisors and think-tanks would go nowhere. The financial crisis gave gave me a healthy suspicion for big government. Call me cynical, but I view the state as a dangerous and very expensive obstacle.
timmyntc wrote: » Banks repossessing property IS a sign of a functional good property market. The inability to repossess is the major disfunction.
mcsean2163 wrote: » An obvious solution would be the state buy the loans, repossess the houses but leave the families in them. Imagine if the state bought those loans @25%. Good grief, they really are incompetent.
Wanderer78 wrote: » again, our dysfunctional housing market is feeding into our dysfunctional banking sector, and vise versa, both need to be resolved in order to create both functional markets
Mad_maxx wrote: » its not socially conservative , i accept that relative to ireland however , its very right wing economically and culturally , they dont do bleeding heart in New Zealand , extremely hard headed folk
Mad_maxx wrote: » a functioning property market requires repossessions
timmyntc wrote: » Repossessions are both normal and necessary in a functional housing market. You cant have a functional market without repossessions.
Wanderer78 wrote: » ...and we need a functioning property market in order to do that, this is a merry-go-round
awec wrote: » Hundreds get repossessed each year. I expect the 2020 number would be very low though.
schmittel wrote: » Hundreds is tiny, meaningless in the context of the number in default.
