Local hotel owner praised for cancelling auction of family farm.

end of the road · 06-06-2014 02:40PM

Head The Wall wrote: »

Stories like that make me glad my choice to leave Ireland was correct. I was already pissed off with the waste of taxpayers money and this kind of crap which I expected to happen has also come true.

People should not be getting debt writedowns and keeping the asset, if they can afford to still pay a mortgage they can afford to pay rent

its not a waste of money, debt right downs are the only way, prices were over inflated and the banks were quick to give out lowns/mortgages willy nilly without ensuring people would be able to continue paying, they are going to keep the asset, and debt right downs will happen so i suggest you get over it, everyone is going to take a hit including the tax payer, our government were stupid enough to bail out the banks with our money and we just let it happen so we deserve what we get.

Wompa1 · 06-06-2014 04:02PM

end of the road wrote: »

its not a waste of money, debt right downs are the only way, prices were over inflated and the banks were quick to give out lowns/mortgages willy nilly without ensuring people would be able to continue paying, they are going to keep the asset, and debt right downs will happen so i suggest you get over it, everyone is going to take a hit including the tax payer, our government were stupid enough to bail out the banks with our money and we just let it happen so we deserve what we get.

If people get debt write downs, do you think they'll re-adjust the value of their home if they ever go to sell it? F**k no.

Ireland needs a wake up call. The price of a new home in most places in the country is still astronomical when put in relative terms to the sh1tty pay and high cost of living. Homes need to be foreclosed on and quicker. So many homes come on the market at reduced prices to end this BS second property bubble that's going on before it ruins more people.

The banks were irresponsible giving out large loans but what kind of a-holes take out loans that big in the first place. Why weren't people living within their means? Why? Just because they could get that much money from the banks?

end of the road · 06-06-2014 04:16PM

Wompa1 wrote: »

If people get debt write downs, do you think they'll re-adjust the value of their home if they ever go to sell it? F**k no.

and rightly so, the banks deserve to take a hit, and so do we for being so thick to allow our government to spend our money on them to reward them for being irresponsible

Wompa1 wrote: »

Ireland needs a wake up call.

all ready got it

Wompa1 wrote: »

Homes need to be foreclosed on and quicker.

no they don't, doing so is rewarding the banks

Wompa1 wrote: »

So many homes come on the market at reduced prices to end this BS second property bubble that's going on before it ruins more people.

not in ireland, the banks will hold out for the over inflated prices, nobody learns in this country, should the houses be taken and sold every penny should go to the state in compensation for bailing out the banks, the banks deserve to be punished and this is a good way.

Wompa1 · 06-06-2014 04:30PM

end of the road wrote: »

and rightly so, the banks deserve to take a hit, and so do we for being so thick to allow our government to spend our money on them to reward them for being irresponsible

all ready got it

no they don't, doing so is rewarding the banks

not in ireland, the banks will hold out for the over inflated prices, nobody learns in this country, should the houses be taken and sold every penny should go to the state in compensation for bailing out the banks, the banks deserve to be punished and this is a good way.

Already got it?

https://www.youtube.com/watch?v=E4GpHyBJ-ho

How about this, can you explain to me how the line of credit system works in Ireland today. How are you rated? how can you tell what your current credit rating is? What independent body provides your credit rating?

Ok, so by your reckoning. The state needs to foreclose on the homes, auction them off and take the profit. The only problem with that is they can't even operate the f**kin tolls on the motorway. Even if it should happen, it won't.

It doesn't change the fact that homes need to be foreclosed on. The cost of living is too high. The next generation if f**ked. If you come out of college and get 18-21k a year and pay a huge lump of that in taxes...then consider your starting point, how much more can you get through raises and promotions? You might be lucky to cap out at 50k a year, MIGHT!

If banks are responsible now and we've learned our lessons as you claimed. And people are making crap money. People won't even be able to get a mortgage until they are quite old and have saved up enough to get a reasonable sized mortgage. They may not ever get to retire since it will take them a life to pay it off.

Cheaper homes, cheaper rent, reduction in the cost of the essentials and a tax break for those willing to start a business (private) and create jobs in my opinion is the way to steady the ship. Bring down the cost of living.

end of the road · 06-06-2014 04:57PM

Wompa1 wrote: »

Already got it?

https://www.youtube.com/watch?v=E4GpHyBJ-ho

How about this, can you explain to me how the line of credit system works in Ireland today. How are you rated? how can you tell what your current credit rating is? What independent body provides your credit rating?

Ok, so by your reckoning. The state needs to foreclose on the homes, auction them off and take the profit. The only problem with that is they can't even operate the f**kin tolls on the motorway. Even if it should happen, it won't.

It doesn't change the fact that homes need to be foreclosed on. The cost of living is too high. The next generation if f**ked. If you come out of college and get 18-21k a year and pay a huge lump of that in taxes...then consider your starting point, how much more can you get through raises and promotions? You might be lucky to cap out at 50k a year, MIGHT!

If banks are responsible now and we've learned our lessons as you claimed. And people are making crap money. People won't even be able to get a mortgage until they are quite old and have saved up enough to get a reasonable sized mortgage. They may not ever get to retire since it will take them a life to pay it off.

Cheaper homes, cheaper rent, reduction in the cost of the essentials and a tax break for those willing to start a business (private) and create jobs in my opinion is the way to steady the ship. Bring down the cost of living.

homes don't need to be foreclosed on. the cost will be to great for the tax payer, debt rightdowns and forgiveness and to move on is the only way now, a tax break for small business is a nice idea but just not viable, cheeper anything is a nice idea but in ireland its just never going to happen, also The state wouldn't be foreclosing on the homes and auctioning them off, if that was to happen it would be the banks who would then be forced to hand over the profit as punishment for the reclessness that caused us to bail them out

Wompa1 · 06-06-2014 04:59PM

end of the road wrote: »

homes don't need to be foreclosed on. the cost will be to great for the tax payer, debt rightdowns and forgiveness and to move on is the only way now, a tax break for small business is a nice idea but just not viable, cheeper anything is a nice idea but in ireland its just never going to happen

What cost? The taxpayers have already sured up the defecits in the value of the homes.

ScumLord · 06-06-2014 05:26PM

Zamboni wrote: »

The value Irish people place on allowing folks to renege on debts is simply astounding.

I think the value some people place on bank debt over actual people is really astounding.

I don't think a family should be thrown out of their home just to satisfy bank debt. I'm not saying the people should get off with paying back their debt but something can be worked out. But definitely against making families homeless because the bank isn't getting it's money fast enough.

comongethappy · 06-06-2014 05:38PM

ScumLord wrote: »

I think the value some people place on bank debt over actual people is really astounding.

I don't think a family should be thrown out of their home just to satisfy bank debt. I'm not saying the people should get off with paying back their debt but something can be worked out. But definitely against making families homeless because the bank isn't getting it's money fast enough.

Repossessions take years to approve.

If everyone gets their mortgage for free, why would anyone pay?

ScumLord · 06-06-2014 05:45PM

comongethappy wrote: »

Repossessions take years to approve.

If everyone gets their mortgage for free, why would anyone pay?

They didn't get their mortgage for free though. They paid it up until they couldn't I'm guessing. I don't know the particulars but in most cases people aren't avoiding paying their mortgage they just can't pay it.

The bank handed out stupid mortgages without doing the proper checks so they gambled on people. The gamble didn't pay off, why should they get to walk away with all their chips while the other party get striped?

comongethappy · 06-06-2014 05:56PM

ScumLord wrote: »

They didn't get their mortgage for free though. They paid it up until they couldn't I'm guessing. I don't know the particulars but in most cases people aren't avoiding paying their mortgage they just can't pay it.

As someone who sees distressed mortgages every day at work I can tell you with certainty that (for the bank I work at) the 'won't pays' far outnumber the 'can't pay'.

The bank handed out stupid mortgages without doing the proper checks so they gambled on people. The gamble didn't pay off, why should they get to walk away with all their chips while the other party get striped?

Indeed, why should the borrower get off scot free?

expectationlost · 06-06-2014 06:14PM

"family farm" is there such a thing its business isn't it not just a family

ScumLord · 06-06-2014 06:17PM

comongethappy wrote: »

As someone who sees distressed mortgages every day at work I can tell you with certainty that (for the bank I work at) the 'won't pays' far outnumber the 'can't pay'.

It is wrong to renege on your debt, if you can pay it you should.

Indeed, why should the borrower get off scot free?

The borrower isn't getting off scot free, they pay out a considerable sum to be told by the bank that the money they have paid means nothing, where is the rest of it. I'm not arguing the bank shouldn't get paid or the people owing money shouldn't pay, I'm just saying a family shouldn't be thrown out of a house just to satisfy a banks ledger. The banks have contorted the system wildly in their favour and actively brought about the collapse by their actions.

The only reason people can't pay is because they bought into the banks mantra that everything was rosy and always would be. So feck the banks, they can wait for their money and next time maybe they'll be more cautious with their money.

the_syco · 06-06-2014 06:54PM

hatrickpatrick wrote: »

When the people saved the banks' asses by paying THEIR debts, it hardly seems unreasonable to demand that they cut those people some slack.

Why the f**k should those who can pay their loans reward those who cannot repay their loans?

hatrickpatrick wrote: »

*coughcoughbondholderscoughcough*

Andiftheywerenotpaidwherewouldwegetloansfrom?

hatrickpatrick wrote: »

Presumably they'd collapse, and good f*ckig riddance to them.

And again, where would people get their loans from?

And before you say something along the lines of "foreign bankers", who in their right mind would lend to a nation who never repays their loans?

maryishere wrote: »

when evicting someone in a county where bloody apartments built 8 years ago now only sell for a quarter of their sale price then

Only of any relevance if the person who bought the apartment wanted to sell it at a later stage. They house purchaser gambled, and they lost.

maryishere wrote: »

when elderly pensioners who had their life savings in shares in the bank had that wiped out

You gamble to make money. Unfortunately, high reward comes with high risk. They could have bought lower risk to gain less, but unfortunately this didn't happen.

maryishere wrote: »

I cannot understand why people, whose children have had to go to Australia (and I met many of them there) , have not risen up against the bankers.

A VERY nice social welfare package has so far stopped the rioting. Bring it down to the same level as the brits, and you may see some of them getting some protests together.

maryishere wrote: »

the pain should be shared between both parties which made mistakes in the boom.

I assume you are including all those that bought houses and have paid them off, yes?

end of the road · 06-06-2014 07:05PM

comongethappy wrote: »

As someone who sees distressed mortgages every day at work I can tell you with certainty that (for the bank I work at) the 'won't pays' far outnumber the 'can't pay'.

yeah, i bet they do, wouldn't be good for a bank employee to admit that the bank f//ked up up now would it

comongethappy wrote: »

Indeed, why should the borrower get off scot free?

if they are to lose everything then so should the bank, thats of course if you believe the whole thing is a gamble which many do in relation to the borrower but funnily enough not the bank

end of the road · 06-06-2014 07:12PM

the_syco wrote: »

Why the f**k should those who can pay their loans reward those who cannot repay their loans?

rewarding? really? because someone else payed in full does not mean those who find themselves being unable to pay or pay as much but who are willing to do a deal with the bank shouldn't be cut some slack, banks who were bailed out by the tax payer deserve nothing to be easy for them, they need to be made to realize hard that they cannot be able to bring the country down and lend reclessly.

the_syco wrote: »

Only of any relevance if the person who bought the apartment wanted to sell it at a later stage. They house purchaser gambled, and they lost.

so did the bank, if the house purchaser gambled then so did the bank

the_syco wrote: »

You gamble to make money. Unfortunately, high reward comes with high risk. They could have bought lower risk to gain less, but unfortunately this didn't happen.

the bank could have given out less and did more checks, but they didn't

Unknown Soldier · 06-06-2014 07:53PM

Reading all of the above one can happily state that Ireland is full of self serving b**terds. Moral compasses only have the "me" as North.

I blame the general upbringing and religion.

Local hotel owner praised for cancelling auction of family farm.

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