Dan White: Mortgage timebomb will cause new banks crisis

[mambo]

Dan White: Mortgage timebomb will cause new banks crisis when it goes off

The recommendation that the moratorium on repossessions should be extended by a further year is another sign that the clock is ticking on our €150bn mortgage time bomb.

Last year all of the main banks and building societies agreed not to repossess the homes of people whose mortgages were in arrears for at least 12 months. Now, with the 12-month moratorium about to expire for many of those in arrears, there are fears that the number of homeowners facing repossession could rocket.

More at herald.ie/opinion/columnists … 66695.html

[Ireland_is_different]

www.Autoquake.com send me an email whenever a car I want has been traded in and they have it for sale.
I wonder if the banks will be proactive enough to set-up a twitter page that sents “tweets” out to you when a house in the area you are looking has been repossessed and is about to be put on the market.

[Libero]

Am I right in thinking that banks should account for a non-performing home loan long before it eventually gets repossessed?

[Daniel_Plainview]

@Libero

Am I right in thinking that banks should account for a non-performing home loan long before it eventually gets repossessed?

Jesus Christ man, that’s “dangerous talk”.

[Septic_Crank]

I was sitting in a cafe in Blackrock yesterday and couldn’t help overhearing a conversation between two well-dressed middle-aged men:

“Why bother paying the loan back? Just focus on life’s necessities. That’s the way I’m playing it”

“Yeh, you’re right.”

[2Pack]

@Septic Crank

I was sitting in a cafe in Blackrock yesterday and couldn’t help overhearing a conversation between two well-dressed middle-aged men:

“Why bother paying the loan back? Just focus on life’s necessities. That’s the way I’m playing it”

NAMA for the people, by the people. What!

[Cheeky_Offer]

I was sitting in a cafe in Blackrock yesterday and couldn’t help overhearing a conversation between two well-dressed middle-aged men:

“Why bother paying the loan back? Just focus on life’s necessities. That’s the way I’m playing it”

“Yeh, you’re right.”

I want a house in BR but still can’t find one at a decent price. Meanwhile the banks are paying for the likes of these jokers to sit there.

Why should these guys not be banished to a Ghost Estate somewhere? Default, like dole, should not be a lifestyle choice.

Roight, Gouys.

[osvaldoc]

@Daniel Plainview

@Libero

Am I right in thinking that banks should account for a non-performing home loan long before it eventually gets repossessed?

Jesus Christ man, that’s “dangerous talk”.

Shame on you Daniel for even to suggest such heresy.

However I understand that there is a new International Accounting Standard in the pipeline dealing with Accounting in a Ponzi Environment which should be of great help to our banks.

[Rick_Flair]

I was sitting in a cafe in Blackrock yesterday and couldn’t help overhearing a conversation between two well-dressed middle-aged men:

“Why bother paying the loan back? Just focus on life’s necessities. That’s the way I’m playing it”

“Yeh, you’re right.”

I want a house in BR but still can’t find one at a decent price. Meanwhile the banks are paying for the likes of these jokers to sit there.

Why should these guys not be banished to a Ghost Estate somewhere? Default, like dole, should not be a lifestyle choice.

Roight, Gouys.

Step out of the removal van just as they are coming down the drive sobbing children in tow like? That’s the spirit.

[Cheeky_Offer]

I was sitting in a cafe in Blackrock yesterday and couldn’t help overhearing a conversation between two well-dressed middle-aged men:

“Why bother paying the loan back? Just focus on life’s necessities. That’s the way I’m playing it”

“Yeh, you’re right.”

I want a house in BR but still can’t find one at a decent price. Meanwhile the banks are paying for the likes of these jokers to sit there.

Why should these guys not be banished to a Ghost Estate somewhere? Default, like dole, should not be a lifestyle choice.

Roight, Gouys.

Step out of the removal van just as they are coming down the drive sobbing children in tow like? That’s the spirit.

Of course not but there has to be consequences of default. What p’eed me is the attitude of I like my lifestyle - I’ll deal with the debt some other time.

I wish default on no one. There is no glee in the genuine suffering going on out there. We all have friends and family affected.

Unfortunately there is a consequence to leverage. Whether you are Lehman, Paul Carroll or John and Mary there should be no distinction. We have a strong welfare state but that does not mean you have a right to stay put because you like the area or it would be tough on little Johnny.

Those guys are live in the “ah shure the banks never touch you” land.

Something has to give. Why should the prudent sit on edges looking in at the Castle Leverage?