Poor Me, Poor Me... Vulture Funds etc...

Wtf ? wrote: »

Rather than just rant I decided to dig deep....The figures were published so having not a lot more to do I had a look.
Most of the mortgage holders (97%) were over 4 years in arrears and all of them were not talking (Engaging etc) with the lender. **** away the letters, Ostrich head in the sand, Hoping the state will do a mass wipeout ( Think of the children etc) when most have the money but taking a punt.
Let the vultures at them..... **** em... Dont **** us all over.

Do you know what a multinational vulture fund is? Do you know their business practices?

How are we supposed to regulate them for risk assessment?

Do you know how many more homeless that could create?

Vulture funds shouldn't be allowed operate. The banks should be addressing their arrears in the courts, and schemes like the mortgage to let schemes should be given full state backing. The answer to mortgage arrears isn't more homelessness.

Sheeps wrote: »

Vulture funds shouldn't be allowed operate. The banks should be addressing their arrears in the courts, and schemes like the mortgage to let schemes should be given full state backing. The answer to mortgage arrears isn't more homelessness.

Just let people not bother paying then is it?

It needs to be easier for Banks to remove non payers of mortgages and sell it onto the next family who will pay.

As it is, it's a never ending battle with no chance of recovering the money so they sell it off cheaply to these funds who will spend the time and effort trying to remove non payers as it's worth their while because they got the mortgages cheaper.

ILoveYourVibes wrote: »

You dont have to be personally insolvent for a vulture fund to be able to buy your mortgage. You can have been always totally up to date on every payment.

I can't imagine banks are selling off up to date, performing loans? Why would you?

Wheety wrote: »

I can't imagine banks are selling off up to date, performing loans? Why would you?

Yes absolutely they can get the most money for them. Throw in a few along with some doozies.

MrMusician18 wrote: »

The vulture funds aren't going to demolish the houses so it won't lead to more homelessness.

They will dive up rent and property prices though. Hugely.

dxhound2005 wrote: »

Anyone with deposits in the banks was saved from losing their money. Including lots of small depositors with Anglo Irish. Those advocating burning the bondholders would have burnt everyone.

Quite right. Not to mention the systemic necessity of actually having banks and by extension not spooking all foreign lenders and investors at once to call in all the markers at once and never come back.

It always makes me laugh the brave souls who would've cut loose the banks until you explain to them, very slowly, what would've happened to THEIR money.

Imagine your employer (provided they haven't gone instantly bust) no longer being able to pay you by bank transfer, so you queue for 4 hours while they cut everyone cheques for the last payroll run they have the liquidity to fund for a while. What to do with the cheque? Two options, try cashing it at the local bar (thought not) or drive to Dublin and get the Central Bank to honour it. Inconvenient, yes but nothing compared to the consequent hyper-inflation which reduces the value of your final wage packet by half before the month is up....

Yes Ireland got a wallop, but we entered a programme, we retained a lender of last resort and we kept the thing on the road to fight another day. Fianna Fail have lots to answer for, but Brian Lenihan was a ****in hero, he invented solutions to problems that no one had ever seen and his health and ultimately his life were the consequences.

Still unconvinced my little anti-capitalist chums? Iceland had, pro rata, the biggest financial calamity in first world history in 2008. Lets air some of the horrifying numbers and try to imagine how they wouldve affected Ireland, an Ireland that instead decided to scuttle its own financial system:

Stock exchange - down 90%

GDP - 10% contraction in 2 years (economic depression)

Inflation of 75%

Unemployment quadrupled. Those left in work saw swingeing cuts to salary and hours.

Pension fund assets - devalued by one third.

Currency freefall resulting in suspension of foreign transactions (yes Ireland had the € but imagine the contagion, € may have gone under)

Imports restricted only to humanitarian necessity (food, medicine, oil) to stop capital flight.

Monthly loans for this above purpose from other scandi countries, all insisting on open book scrutiny. Essentially Iceland was taken over externally and they had no way to avoid it. This is far far more severe than Troika programme.

Other "friendly" countries seized Icelandic foreign assets, fearing institutional criminality in their handling.

And the consequences go on.....

Never be naive about how the system effects everyone. Never doubt that a system needs vulture funds as much as it does banks, building societies, credit unions, investment funds, angel investors and peer-to-peer lenders. Why? Little thing called 'moral hazard.' Reward those who can't or won't pay their debts (the distinction is quite irrelevant) and we all pay the price in the end.

Larbre34 wrote: »

Quite right. Not to mention the systemic necessity of actually having banks and by extension not spooking all foreign lenders and investors at once to call in all the markers at once and never come back.

It always makes me laugh the brave souls who would've cut loose the banks until you explain to them, very slowly, what would've happened to THEIR money.

Imagine your employer (provided they haven't gone instantly bust) no longer being able to pay you by bank transfer, so you queue for 4 hours while they cut everyone cheques for the last payroll run they have the liquidity to fund for a while. What to do with the cheque? Two options, try cashing it at the local bar (thought not) or drive to Dublin and get the Central Bank to honour it. Inconvenient, yes but nothing compared to the consequent hyper-inflation which reduces the value of your final wage packet by half before the month is up....

Yes Ireland got a wallop, but we entered a programme, we retained a lender of last resort and we kept the thing on the road to fight another day. Fianna Fail have lots to answer for, but Brian Lenihan was a ****in hero, he invented solutions to problems that no one had ever seen and his health and ultimately his life were the consequences.

Still unconvinced my little anti-capitalist chums? Iceland had, pro rata, the biggest financial calamity in first world history in 2008. Lets air some of the horrifying numbers and try to imagine how they wouldve affected Ireland, an Ireland that instead decided to scuttle its own financial system:

Stock exchange - down 90%

GDP - 10% contraction in 2 years (economic depression)

Inflation of 75%

Unemployment quadrupled. Those left in work saw swingeing cuts to salary and hours.

Pension fund assets - devalued by one third.

Currency freefall resulting in suspension of foreign transactions (yes Ireland had the € but imagine the contagion, € may have gone under)

Imports restricted only to humanitarian necessity (food, medicine, oil) to stop capital flight.

Monthly loans for this above purpose from other scandi countries, all insisting on open book scrutiny. Essentially Iceland was taken over externally and they had no way to avoid it. This is far far more severe than Troika programme.

Other "friendly" countries seized Icelandic foreign assets, fearing institutional criminality in their handling.

And the consequences go on.....

Never be naive about how the system effects everyone. Never doubt that a system needs vulture funds as much as it does banks, building societies, credit unions, investment funds, angel investors and peer-to-peer lenders. Why? Little thing called 'moral hazard.' Reward those who can't or won't pay their debts (the distinction is quite irrelevant) and we all pay the price in the end.

Yes, yes. Very good.

But tell me… how is Iceland doing now compared to Ireland? What debts were they saddled with?

As to the vulture funds. They are the major reason house prices and especially rents, are so high… thank you veeeery much Leo Varadkar.

How many of the loans in these funds have been 'non-performing' for years? If you don't pay back your mortgage, your house is at risk. It feels like there's such a reluctance from banks to repossess houses because of bad publicity, that it's been allowed to fester for far, far too long. Talk of people not paying anything of their mortgages for four and five years and then crying the poor mouth when the bailiffs come.