Fitch wants to see mortgage foreclosures

th3 s1aught3r · 08-10-2010 09:42PM #1

http://www.rte.ie/business/2010/1008/mortgage.html

Looks like next year may see more home repossession

08-10-2010 09:44PM

Cross the pond. They predict 4 million in 2010.

starbelgrade · 08-10-2010 09:45PM

How the Fitch Stole Christmas.

Stinicker · 08-10-2010 09:48PM

Looks like there will be some cheap homes on the market as Banks dispose of them to make up the shortfall owed. This can only be a good thing, as for anyone owing money, they knew what they were getting into and a mortgage is for life not just for Christmas, or until you have it paid off.

mickydoomsux · 08-10-2010 09:48PM

Wait a minute!

You mean people are going to start losing their homes because they can't keep up repayments? Like they say on every piece of paperwork that you sign when applying for a mortgage?

Amazing :eek:

El Weirdo · 08-10-2010 09:53PM

But what does Abercrombie want?

henryporter · 08-10-2010 09:53PM

I'd like to see some of them grubby little f*cks tossed out of their homes to see how they'd like it - how dare they think they have the right to determine if people should potentially be made homeless just so it fits with some perceived model of good economics - if they knew anything about economics we wouldn't be in this heap of sh1te that we are in. Don't get me wrong - people overspent on houses they couldn't afford, but to see these gits talk about repossession as an antidote to depression makes my blood boil.

Stinicker · 08-10-2010 09:54PM

El Weirdo wrote: »

But what does Abercrombie want?

A smack in the mouth.

themadchef · 08-10-2010 09:57PM

I wont have a pot to cook in, let alone piss in after the budget.

When these people are fúcked out on the street who do you think will pick up the tag for their social housing?

chughes · 08-10-2010 10:34PM

These Fitch people are such [EMAIL="b@stards"]b@stards[/EMAIL].

A smug one on the news earlier saying Irish banks are going to have to increase repossessions.

Banks shovelled money at people and now they expect people to take all the pain.

As far as I'm concerned, Fitch can go forth and multiply with itself.

th3 s1aught3r · 08-10-2010 11:54PM

chughes wrote: »

These Fitch people are such b@stards.

A smug one on the news earlier saying Irish banks are going to have to increase repossessions.

.

Saw a guy from Fitch too. Saying that it would be a 'good thing' if banks started repossessing houses in Ireland. Fair enough you can say that people should have been more careful about the loans they took out, but on a moral and humanitarian level it all stinks to high heaven, theres nothing 'good' anywhere near these guys

09-10-2010 12:06AM

Sure, isn't that how the bank (owners) became so rich after the great depression, they bought up many of the foreclosed properties at rock bottom prices using their personal banks to finance the deals.

Then they made some real money by selling them on a decade later!

They won't be able to repeat that trick as this depression will be much longer.

th3 s1aught3r · 09-10-2010 01:10PM

Deleted User wrote: »

Sure, isn't that how the bank (owners) became so rich after the great depression, they bought up many of the foreclosed properties at rock bottom prices using their personal banks to finance the deals.

Then they made some real money by selling them on a decade later!

They won't be able to repeat that trick as this depression will be much longer.

I dont see why the banks will want to throw people out of their homes, they wont be able to sell very many of them
Plus they would be evicting the people (taxpayers) who bailed them out :mad:

Logical Fallacy · 09-10-2010 01:17PM

henryporter wrote: »

I'd like to see some of them grubby little f*cks tossed out of their homes to see how they'd like it - how dare they think they have the right to determine if people should potentially be made homeless just so it fits with some perceived model of good economics - if they knew anything about economics we wouldn't be in this heap of sh1te that we are in. Don't get me wrong - people overspent on houses they couldn't afford, but to see these gits talk about repossession as an antidote to depression makes my blood boil.

Part of the huge bank debt is due to people inability to pay back their loans and house payments etc.

Yeah, we should just let all these people stay living in houses they can't pay for. That makes sense.

Pookah · 09-10-2010 01:23PM

Logical Fallacy wrote: »

Part of the huge bank debt is due to people inability to pay back their loans and house payments etc.

Yeah, we should just let all these people stay living in houses they can't pay for. That makes sense.

Considering all the taxpayers money the banks are getting perhaps they could come to some sort of arrangement, instead of putting people out of their homes.

Logical Fallacy · 09-10-2010 01:38PM

Pookah wrote: »

Considering all the taxpayers money the banks are getting perhaps they could come to some sort of arrangement, instead of putting people out of their homes.

Look, i hate to break it to people, but after you pay Tax to the government it is no longer "taxpayers money", it's not as if this was a charitable donation you have made.

I'm getting sick of this "we own the banks" bull****. We don't.....lets all move the **** on.

Jesus Wept · 09-10-2010 01:39PM

mickydoomsux wrote: »

Wait a minute!

You mean people are going to start losing their homes because they can't keep up repayments? Like they say on every piece of paperwork that you sign when applying for a mortgage?

Amazing :eek:

It's not quite that simple, there will be a subset of people that have their taxes increased to pay for the bank's bad commercial debts/loans and then subsequently they don't have enough money to pay their own mortgage.

Hardly fair.

Pookah · 09-10-2010 01:55PM

Logical Fallacy wrote: »

Look, i hate to break it to people, but after you pay Tax to the government it is no longer "taxpayers money", it's not as if this was a charitable donation you have made.

I'm getting sick of this "we own the banks" bull****. We don't.....lets all move the **** on.

Sure, let's all move on. Bring on the foreclosures!

Logical Fallacy · 09-10-2010 02:03PM

The-Rigger wrote: »

It's not quite that simple, there will be a subset of people that have their taxes increased to pay for the bank's bad commercial debts/loans and then subsequently they don't have enough money to pay their own mortgage.

Hardly fair.

No tax increase will be brought in to the point the people are suddenly missing a mortgage payment from their monthly income, wait and see.

galwayrush · 09-10-2010 02:10PM

Logical Fallacy wrote: »

Part of the huge bank debt is due to people inability to pay back their loans and house payments etc.

Yeah, we should just let all these people stay living in houses they can't pay for. That makes sense.

A lot of people can't pay their loans because they lost their jobs, no NAMA bailout for them.
They get thrown out of their houses, the State then has to house them, at more then likely a higher cost.

09-10-2010 02:12PM

Logical Fallacy wrote: »

No tax increase will be brought in to the point the people are suddenly missing a mortgage payment from their monthly income, wait and see.

Don't forget that many people have have had their wages reduced as well.

Jesus Wept · 09-10-2010 02:12PM

Logical Fallacy wrote: »

No tax increase will be brought in to the point the people are suddenly missing a mortgage payment from their monthly income, wait and see.

If you have 600e in your account and the payment is 700e, the payment won't go.

R P McMurphy · 09-10-2010 02:18PM

Logical Fallacy wrote: »

Look, i hate to break it to people, but after you pay Tax to the government it is no longer "taxpayers money", it's not as if this was a charitable donation you have made.

I'm getting sick of this "we own the banks" bull****. We don't.....lets all move the **** on.

And when tax is paid who exactly has ownwership over it. The state, which is an organisation established by the people for the people ... supposedly at leastso it is still taxpayers money.

As for owning the banks, the sate will more or less own the entire banking system soon. Again the state is in fact the people of Ireland so I don't know what your point is

whitesands · 09-10-2010 02:23PM

You don't have to like Fitch, but they are correct, the quicker people realise this, the quicker we sort ourselves out.

If we don't see firesales & foreclosures, the smart money will remain outside Ireland, we are TOXIC.

If there was realistic prices out there, money would pour into the country, but if we insist on silly prices for property, the smart money won't invest till we wake up & cop on.

What idiot would invest in a country where people are left in mansions they can't afford??? You might aswell head into paddy power & bet on dogs.

We are idiots & the people who give us money are laughing at us for being so stupid :mad:

WildBoots · 09-10-2010 02:53PM

th3 s1aught3r wrote: »

http://www.rte.ie/business/2010/1008/mortgage.html

Looks like next year may see more home repossession

The following can all go f*ck themselves:

RTE
The banks
Crooked politicians
Rating agencies
The IMF
The ECB
Debt collectors

And any other soulless, heartless, lowlife scumbags who think it's ok to force people out of there homes and possibly onto the street because of a failed monetary, political and justice system.

People need to stick together and tell these scumbags to f*ck off, massive non compliance with a failed system is what we need to see more of.

oppenheimer1 · 09-10-2010 04:59PM

WildBoots wrote: »

The following can all go f*ck themselves:

RTE
The banks
Crooked politicians
Rating agencies
The IMF
The ECB
Debt collectors

And any other soulless, heartless, lowlife scumbags who think it's ok to force people out of there homes and possibly onto the street because of a failed monetary, political and justice system.

People need to stick together and tell these scumbags to f*ck off, massive non compliance with a failed system is what we need to see more of.

That won't work unless you can stay out of their system forever, which isn't possible. "The man" always wins in the end.

And for those that say firesales are the answer, that is akin to selling the country to the highest bidder... which is below the long term economic value. Firesales will only enable the rich to buy up the country cheaply, sit on it and sell it back to us at an inflated price down the road. The same people complaining about the banks now, will be the same people complaining about the high prices for services, property etc. in 10 to 15 years.

The country sells off the family silver at its peril.

poppyvalley · 09-10-2010 05:13PM

Where are all these people the developers paid the millions to? Sure a little windfall tax on these guys would help

orourkeda · 09-10-2010 05:27PM

mickydoomsux wrote: »

Wait a minute!

You mean people are going to start losing their homes because they can't keep up repayments? Like they say on every piece of paperwork that you sign when applying for a mortgage?

Amazing :eek:

It's mad isnt it.

You'd think the banks say that for the craic

Stinicker · 09-10-2010 05:46PM

WildBoots wrote: »

The following can all go f*ck themselves:

RTE
The banks
Crooked politicians
Rating agencies
The IMF
The ECB
Debt collectors

And any other soulless, heartless, lowlife scumbags who think it's ok to force people out of there homes and possibly onto the street because of a failed monetary, political and justice system.

People need to stick together and tell these scumbags to f*ck off, massive non compliance with a failed system is what we need to see more of.

I agree with you I equally loathe the said people above. However I have no pity for a person who borrowed money and now cannot repay it, the bank is perfectly entitled to foreclose and the property does not belong to a person until such time as he/she has repaid all monies owed in full. People need to be realistic and if the cannot make the loan repayment they should cut their losses and negotiate with the banks. If a person is hell bent on keeping their piece of negative equity then either come up with the money or lose the house.

My own family went through the exact same thing in the 1980's recession, the bank was about to foreclose when my father Emigrated to higher wages in England; leaving my mother with us kids, after the first big cheque came through from him the bank quickly relented and after a few months over there he came home as he had bought enough breathing space on the loan.

Ten years later he left again for 6 months and earned enough to fully repay the Mortgage. I remember my mother and father being so happy and celebrating.

I missed my dad in those days in the 1980's but remember getting a £50 note for my tenth birthday, which gave me spending power equal to €500 today.

There are ways and means and a person in debt should look for ways to get out of the situation not moan and blame someone else and expect a government bailout. If I see the Government going bailing out Mortgage holders I swear I will leave and never set foot in Ireland again.

th3 s1aught3r · 09-10-2010 06:09PM

I cannot see the government bailing out mortgage holders. They are flat broke as it is and I suspect the 'markets' would have a dim view of such an action

galwayrush · 09-10-2010 06:18PM

Fitch would probably frown on providing C.F. sufferers with the health care they need. Since we're broke, i imaginge looking after old people in hospital ( bedblockers as Heartless Hearney once referred them as ) would also be a waste of borrowed money . Tough decisions on easy targets, and more of it to come while the Government continues to award their friends who are failures or inept advisors with massive wages and pensions.

Fitch wants to see mortgage foreclosures

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