Repossession of homes: what's the big deal?

Dostoevsky · 04-07-2013 05:06PM #1

Regarding this story: Allsops property auction cancelled due to protest

Is somebody cannot pay their mortgage, why do they have a right to keep their house?

I have rented for years, and have no problem with it. I actually think it gives me more freedom and options. Why can't people who are living in homes that they cannot afford just accept that they have to move to something more affordable? They can then get on with their lives.

If the terms of the repossessions are at issue, then that's an entirely different issue and lenders need full legal protection against abuse by more powerful financial institutions. But some people seem, in principle, opposed to repossession of homes by the financial institutions which own them. This, to me, makes no sense. In fact, it is unfair to everybody else who has to pay for their accommodation.

Losing "your" home really, really is not the end of the world. You have your family and if they are in good health you have all the important things in life. That, surely, is your real home. There's no shame in renting, none at all.

Gongoozler · 04-07-2013 05:12PM

Yeah same here. Don't really understand it. Well I understand what people will say - bankers got us into this mess in the first place bla bla bla - but can't see how it makes sense to anyone with a brain.

Chucky the tree · 04-07-2013 05:14PM

Hardly surprising to see these absolute clowns in the middle of it..

People for Economic Justice, Defend Our Homes, Direct Democracy Ireland

stevedublin · 04-07-2013 05:15PM

FAMILIES with CHILDREN will be thrown out onto the STREET !!!!

hatrickpatrick · 04-07-2013 05:24PM

Gongoozler wrote: »

Yeah same here. Don't really understand it. Well I understand what people will say - bankers got us into this mess in the first place bla bla bla - but can't see how it makes sense to anyone with a brain.

How doesn't it make sense? We've pumped about 100bn into the banks. Us. The taxpayer. That blank cheque from us to the banks is more than the personal debts of probably every distressed homeowner combined. In my view, we owe them nothing further. If we'd never bailed them out I would have a different view, but my position is that these w@nkers still have their massive pay packets and pensions because every ordinary person in this country was forced against their will to pump several million euro apiece into these trainwrecks of industry, and that amount of money most likely covers everyone's personal debts a hundred times over.

ScumLord · 04-07-2013 05:29PM

For the likes of me it wouldn't be the end of the world but if you have a family it would cause huge upset, parents are always going to get upset at the thought of having to move their children away from friends and possibly school.

There's also the fact this is all the banks fault, they created the problem they now get to do a big land grab and can possibly get well over the value of the property by getting the majority of a mortgage on top of selling on the house.

I'm of the position that the banks should have every penny taken off them to home Irish citizens. It's the people that matter at the end of the day not the banks bottom line.

Sir Humphrey Appleby · 04-07-2013 05:29PM

The answer is Cake.
Let them eat cake!

Oh and people should also be allowed to go into Michelin Star restaurants, order all the expensive food and drink they want and then refuse to pay because....
...
..
.. The banks made us do it!

daveyeh · 04-07-2013 05:32PM

stevedublin wrote: »

FAMILIES with CHILDREN will be thrown out onto the STREET !!!!

And why can't they then RENT?

Dostoevsky · 04-07-2013 05:32PM

hatrickpatrick wrote: »

How doesn't it make sense? We've pumped about 100bn into the banks. Us. The taxpayer. That blank cheque from us to the banks is more than the personal debts of probably every distressed homeowner combined. In my view, we owe them nothing further. If we'd never bailed them out I would have a different view, but my position is that these w@nkers still have their massive pay packets and pensions because every ordinary person in this country was forced against their will to pump several million euro apiece into these trainwrecks of industry, and that amount of money most likely covers everyone's personal debts a hundred times over.

But why should I, as a taxpayer who didn't try to keep up with the Joneses by buying a house during the "boom", pay for losses which other people made by buying a house during that time?

It's bad enough that my taxes are funding the idiocy of banks. Adding the idiocy of house purchasers to that burden exacerbates that injustice for those of us who lived within our means during the bubble.

hatrickpatrick · 04-07-2013 05:33PM

ScumLord wrote: »

I'm of the position that the banks should have every penny taken off them to home Irish citizens. It's the people that matter at the end of the day not the banks bottom line.

This exactly.
http://brianmlucey.wordpress.com/2013/06/30/100-things-ireland-could-have-got-for-the-price-of-one-anglo-irish-bank/

It's an absolute f*cking disgrace that we gave these cnuts even one single cent.

daveyeh · 04-07-2013 05:33PM

ScumLord wrote: »

There's also the fact this is all the banks fault.

ALL?

hatrickpatrick · 04-07-2013 05:34PM

Dostoevsky wrote: »

But why should I, as a taxpayer who didn't try to keep up with the Joneses by buying a house during the "boom", pay for losses which other people made by buying a house during that time?

It's bad enough that my taxes are funding the idiocy of banks. Adding the idiocy of house purchasers to that burden exacerbates that injustice for those of us who lived within our means during the bubble.

But you've already paid for it, that's the point. FF paid for it on your behalf in 2008. The amount they put into the banks is more than the combined amount of home debts (excluding commercial property) - all I'm proposing is that this bailout money goes to the people instead of into the pockets of the golden circle.

ScumLord · 04-07-2013 05:39PM

daveyeh wrote: »

ALL?

Yes all, they either knowingly lead this nation into ruin or were so incompetent at their job they ruined the country. A large group of people act like sheep, no matter how intelligent the individuals are once you create a popular movement it's very hard for other people not to join in when they see everyone else benefiting.

The country was duped or mismanaged, the people have a right to want the guilty party to pay the highest price. This is a nation of the people after all, the banks are just one of the tools we use, I don't see anything wrong with disposing of a broken tool.

04-07-2013 05:40PM

What do banks do with repossessed gaffs?

shruikan2553 · 04-07-2013 05:41PM

daveyeh wrote: »

And why can't they then RENT?

Rent? They arent some common students. You need a proper family home that you "own" so you can raise your children otherwise they will turn to crime or something. You cant put the stress of moving house on a child! The nearest house to rent is in another county by how people react.

I cant wait until I finish college so I can get debts I cant afford and then complain about how someone forced me to do it!

ScumLord · 04-07-2013 05:43PM

Deleted User wrote: »

What do banks do with repossessed gaffs?

Sell them to the highest bidder as far as I know. Probably more property developers as the rest of us can't afford them.

Kidchameleon · 04-07-2013 05:45PM

daveyeh wrote: »

And why can't they then RENT?

Because they will still have to pay the negative equity

daveyeh · 04-07-2013 05:52PM

ScumLord wrote: »

Yes all, they either knowingly lead this nation into ruin or were so incompetent at their job they ruined the country. A large group of people act like sheep, no matter how intelligent the individuals are once you create a popular movement it's very hard for other people not to join in when they see everyone else benefiting.

The country was duped or mismanaged, the people have a right to want the guilty party to pay the highest price. This is a nation of the people after all, the banks are just one of the tools we use, I don't see anything wrong with disposing of a broken tool.

So the banks made people vote for Fianna Fail, the banks made Fianna Fail pursue disasterous policies and the banks made people buy over priced houses.

Can you see how you're wrong?

The people of this country voted for a fairy tale fanatasy where everyone was a millionaire and then got slapped in the face when the bull**** hit the fan. That's the reality scumlord.

daveyeh · 04-07-2013 05:54PM

shruikan2553 wrote: »

Rent? They arent some common students.

:eek:

daveyeh · 04-07-2013 05:55PM

shruikan2553 wrote: »

You need a proper family home that you "own" so you can raise your children otherwise they will turn to crime or something. You cant put the stress of moving house on a child!

:pac::pac::pac::pac:

Specialun · 04-07-2013 05:55PM

Alot of people overpaid for houses and instead of blaming themselves they blame the government or property developers...its just an easy get out

daveyeh · 04-07-2013 05:56PM

Kidchameleon wrote: »

Because they will still have to pay the negative equity

Will bankruptcy not sort that out?

ScumLord · 04-07-2013 05:58PM

daveyeh wrote: »

So the banks made people vote for Fianna Fail, the banks made Fianna Fail pursue disasterous policies and the banks made people buy over priced houses.

Yes, essentially they did, through slick marketing and a round of golf with ministers they had the government singing from their hymn sheet, FF and the banks lead this country to ruin, not that FG wouldn't have done the same thing given half the chance.

Can you see how you're wrong?

Nope.

The people of this country voted for a fairy tale fanatasy where everyone was a millionaire and then got slapped in the face when it bull**** hit the fan. That's the reality scumlord.

They bought into a fantasy. They were told by experts, their elected officials and the local bank manager that they were crazy not to jump on the bandwagon. Everyone at the time bought into the fantasy because they're not experts, the banks and governments played on our ignorance.

daveyeh · 04-07-2013 05:59PM

Specialun wrote: »

Alot of people overpaid for houses and instead of blaming themselves they blame the government or property developers...its just an easy get out

Like angry children flinging their ****e in a temper.

'How could it be my fault? I'm not a moron, it must be someone elses fault. Where's my pitchfork?'

who_me · 04-07-2013 06:00PM

daveyeh wrote: »

And why can't they then RENT?

Because - assuming they're in NEGATIVE EQUITY, won't they still have to pay the SHORTFALL in their MORTGAGE?

(edit - oops.. already answered above)

daveyeh · 04-07-2013 06:01PM

ScumLord wrote: »

Yes, essentially they did, through slick marketing and a round of golf with ministers they had the government singing from their hymn sheet, FF and the banks lead this country to ruin, not that FG wouldn't have done the same thing given half the chance.

FF or FG, same difference, but it the people who vote them in.

Dostoevsky · 04-07-2013 06:02PM

ScumLord wrote: »

There's also the fact this is all the banks fault, they created the problem

First, this is not "all" the banks' fault - conscious, intelligent people bought houses at inflated prices. They share at least a lot of that responsibility for their own predicament. As if to highlight their responsibility, many people chose not buy. They are not in this trouble, banks or no banks.

ScumLord wrote: »

they now get to do a big land grab and can possibly get well over the value of the property by getting the majority of a mortgage on top of selling on the house.

This is the sort of thing which could well happen - I'd say it's likely. However, that is for the politicians and people generally to ensure such an injustice doesn't happen. If that's what this campaign were against, I would support it wholeheartedly.

ScumLord wrote: »

I'm of the position that the banks should have every penny taken off them to home Irish citizens. It's the people that matter at the end of the day not the banks bottom line.

And what of those of us who pay for our own homes? Should we be punished for being responsible, because giving free accommodation to people who bought during the bubble does precisely that.

daveyeh · 04-07-2013 06:03PM

ScumLord wrote: »

They bought into a fantasy. They were told by experts, their elected officials and the local bank manager that they were crazy not to jump on the bandwagon. Everyone at the time bought into the fantasy because they're not experts, the banks and governments played on our ignorance.

Buyer beware. Just because someone wears a suit and an easy smile, doesn't mean you should trust them. In fact the opposite is true.

JJJJNR · 04-07-2013 06:05PM

OP as a renter are you not worried about rental prices going through the roof ? the more houses that are repossessed the more people go into rented accommodation, there will be a huge demand and then higher rents.. these houses are being snapped up by the people that probably got the country into this mess in the first place, why is the government prepared to watch these families loose their homes, after a couple of years of missed payments, when the likes of Johnny Ronan gets to charge huge rents on office blocks and at the same time get his debts written off..

http://www.independent.ie/irish-news/courts/johnny-ronan-wins-820000-rent-case-against-medical-council-29272946.html

http://www.independent.ie/irish-news/ritz-sold-for-1m-and-debts-wiped-29313836.html

Another write off

http://www.independent.ie/business/irish/jurys-inn-hotel-chain-gets-debt-writedown-of-330m-from-lenders-29193400.html

daveyeh · 04-07-2013 06:05PM

who_me wrote: »

Because - assuming they're in NEGATIVE EQUITY, won't they still have to pay the SHORTFALL in their MORTGAGE?

(edit - oops.. already answered above)

BTW, my capitals were in response to previously used capitals, just as yours were.

Boombastic · 04-07-2013 06:06PM

daveyeh wrote: »

Like angry children flinging their ****e in a temper.

'How could it be my fault? I'm not a moron, it must be someone elses fault. Where's my pitchfork?'

It was repossessed, you can rent one from me if you like

Repossession of homes: what's the big deal?

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