Gerry Ryan show - the fear starts

Don’t know if anyone else caught it but Gerry Ryan had a woman on yesterday morning crying because she can’t afford mortgage repayments now that her husband has lost his job in construction.

Sentiment like this will reach a huge audience, and will surely drive fear into the market. Ryan himself was saying how he was amazed how it brought back memories of the dark days in the 1980s.

Its the first item after the newspaper review about 20 mins, a guy rings in complaining about only getting 900 euro to furnish his council house. The audience reaction is hugely angry… … -1200.smil

Shocking real-life stories. My heart goes out to that poor woman.

The utter predictability of this does not make it any less depressing.

The VIs in this country have a lot to answer for.

This is the human cost of their housing bubble.

The human cost will unfortunately be seen more and more in the near future. But who will be held accountable? Will safeguards be put in place to prevent this type of racketeering from happening again? Outside of the Pin, will we actually get an honest appraisal of the Great Bricks & Mortar Swindle?

I was listening to that, she said that her husband had been working for himself as a labourer, but that had dried up in recent months, and he’d started working for a subcontractor. Most pointedly of all, she said that they’d have a bit of trouble meeting this months (June) mortgage payment, and he only lost the job on Friday. She said that they couldn’t even afford to get curtains yet! And they’ve just had a baby?

No. We’ll hear plenty more of the human face of it, as usual it will be the coping classes who will bear the brunt.

As regards the swindle, sure the fundamentals are still sound it’s just that damned credit crunch/ECB/Fed/Iraq/India/China/Oil/Hedge Funds/Uncle Tom Cobley & all have caused a blip if we all tighten our belts we’ll be fine.

Remember, this is Oirland, we’re different.

I heard her on the radio. I’m sorry, but I don’t have much sympathy for her. Her husband had a crap job (Labourer) yet they went and got a mortgage and had a baby. They don’t have any savings.

They are irresponsible.

I found it interesting that Gerry Ryan ended the segment by stating that “we would see many more cases like that soon”, or words to that effect.
The fear is definitely sinking in to the public mind!

Dont be thick. Every person has a right to get a house and have a baby in this country. Labourer might be the only thing this guy can do and is trying to work for his family. Your attitude is shameful and doesnt paint a good picture if people like you are sneering at the unfortunate.

:open_mouth: what ? You mean its their fault ?

Surely its all the VIs fault … the banks, for giving out money (imagine a bank giving out money, unbelievable); the EA, for selling them the house (reckless); the government, for managing an economy to the extent that it provided jobs for these people (should have followed germany and france and had high unemployment … they wont have our problems now); the tooth fairy, for putting money under their pillow when they were kids (they never learned that you have to work for money) etc etc

Their fault ??
Thats blasphemy !

Yes, how dare they try to put a life together, the cheek.

There are two things I would like to say in relation to this sad state of affairs, Id love to know who was giving them advice re getting a mortgage and secondly what is it with Irish people when it comes to looking for financial advice?
They seem to think it should be free ( because they think they dont have to pay banks or life companies for it :unamused: ). They must think the tooth fairy pays brokers, or when they find out it has to be paid for they are too miserable to pay and go ahead and get a mortgage anyway from the bank,without advice. Chr**t Almighty its maddening and I’ll be honest I feel sorry for where they ended up but it was probably always gonna happen anyway and they more than likely couldnt see it coming (neither could the banks,cough ahem).

I agree. Absolutely. Sorry. You borrow it, you pay it back. No guns were held to anyones head. I was walking behind a couple yesterday up Camden street. She dropped her coffee cup on the street, not 5 yards from a bin, further on down, he unwraps his cigs and throws all the packaging over his shoulder. This says it all IMHO. It’s all related. Really it is. From littering to borrowing to fecklessness and entitlement as a way of life. Where did this culture of taking no responsibility for ones actions come from? If it’s a “colonial” issue, it’s time we got over it…

I’d also add that the vast majority of people have to cut their cloth to measure. I didn’t listen to the slot, because I really don’t have time. Your opinion is unrealistic. There are options for accommodation which do not include overextending yourself on a mortgage you can’t afford.

Everyone is entitled to aspire to a house but you have to take responsibility should you spend too much. In other words, that right is incumbant upon you being sensible about it.

Part of the reason the country’s property market is in the mess it is in is because too many people concentrated on their right to buy and not their obligation to be prudent about it.

Please don’t insult other posters. It’s not nice.

Yes, they were irresponsible, but that doesn’t mean they aren’t worth a little sympathy.

Had they done the same thing 5 years earlier they’d be sitting on a 100K+ of equity - and most likely they had friends / workmates in exactly that position, telling them to get on the ladder ASAP, all the usual guff, and i doubt they were in much of a position to judge rationally.

No they don’t. They have the right to the freedom to manage their affairs such that a house and a baby are possible. Big difference.

Excuse me, I’m not being thick. No one has the “right” to own a house. If you can’t afford a massive mortgage (I don’t consider barely hanging on every month being able to afford a mortgage) then you don’t get a mortgage and have a child. You wait until you can afford a mortgage.

It’s called personal responsibility. You cannot blame the banks/estate agents for their situation.

WTF?! What a random load of non sense to support your argument. There are litter bugs around(always have been in this dirty old town, but cmon!).

These people are just doing what every other Irish family has ever tried to do, buy a house and raise a family. They didnt try to flip an apt to make some bucks or “invest”. Arggghh! :imp:

I’d prefer to have german levels of unemployment that what ireland will have over the next decade - we’ll likely pass them sometime early next year.

Ultimately, yes it is their own fault, people must take responsibility for their own actions. Unfortunately, that doesn’t lessen the suffering.

However, we have gone through a period where only the most resilient and strong willed (pinsters?) could have withstood the onslaught of cheery VIs urging people to borrow for just about everything.

Need a new car? Sure stick it on the mortgatge.
Holiday? Take out a 35 year loan.

While I hold ultimately to the doctrine of personal responsibility, it is only fair I think to point out that the vast majority of people in this country are financially & economically illiterate (myself included, I do software for f*cks sake what do I know about money). In the absence of a proper education system in this country that actually prepares people for life rather than the assembly line, is it surprising that so many people make decision based on the advice of so called experts? When every “expert” you talk to tells the same story, is it any wonder that we end up with stories like this.

Yes the information was out there, and ultimately responsibility is must be taken by those who took out hte loans and spent the money, but maybe share teh responsibility a little bit with the multitude of VIs who, even if they didn’t actually make the bed in which these unfortunates now lie, certainly sold them the mattress.

I takes 2 to pull off a con, one to do the con & 1 to be conned.