Ireland am - February 17th 2009

Right who was the Pin member on “Irelandam”, on TV3 at 7.25approx this morning?

There were two guests, some blond girl on from who was cringeworthy listening to her, and some guy who was very clear and concise about how the Government’s home choice loan scheme was creating a subprime market.

The girl from privateseller was furious, when he said that, she was No, thats not true, its an excellent scheme, and its untrue that its for subprime, because you are still vetted on your income, albeit after you’re turned down by every other bank.
He was saying what does a County council know about credit risk, she was answering that people wanted to borrow and the country needs more buyers.

The EUR 2 billion injection into developer bank accounts (via first time buyers->the banks->the Government’s injection of EUR 7 billion of taxpayers taxes paid into the banks), she was saying how this is a good thing because it spreads the level of default from only a few large borrowers to a larger number of borrowers. Lets not put her in charge at a time of an outbreak of the ebola disease.

My breakfast never settled properly after that!

My breakfast never settles after enduring the double whammy of smugness that is Cagney and Hughes…

He was a representative of the labour party. He did well at the end by getting the last word. Something like:
“Ask yourself, is it better to rent at 10,000 for the year or lose 15,000 on the value of the house you buy”

That blonde was a real big lover of the sub prime scheme. I nearly lost my appetite for breakfast.

She’s Fiona McLoughlin and could run on an FF ticket because she bullshits so doggedly.

Fair dues to Ciaran Lynch of Labour who pressed the sub-prime nature of the HCL scheme.

Yes, the same Alan Hughes who** borrowed **money to invest in shares and promptly lost in the region of €200,000. I wonder what he invested in?

Anyone who borrows to buy shares should have their right to vote revoked !

Probably at least as much as the typical bank it would appear… :unamused:


Well 4 people do.
i.e. there were as many people on screen for the interview as were
interested in the HCL scheme.

When all the people interested in a scheme can literally drive off a cliff in the same mini, you know you’ve got a bad scheme.


But Rd, did you not hear her explain that the scheme was devised during a “crunch” and we are now past that and lending is back with all the banks competing hard for the FTBs.

i have listened to that interview, it is total bunk

competitive rates didn’t come about due to HCL, it was due to the drop in ECB rates as well
as the decompression of Euribor/ECB rates.

the lady from privateseller seems like a nice person but what she is saying is factually incorrect.

From that piece, right at the end, ‘mortgage lending is up by 30% in the first 2 months of the year’


It looks like the media has been rebroadcasting public relations handouts from the property VIs, because the same message has appeared on the RTE main evening news on Monday, The Gerry Ryan show and TV3 in recent days.

The message seems to be “For f*$ks sake FTBs borrow more money!, now is the time to get on the ladder, interest rates are low and others are doing it, don’t worry about loosing your job” or translated “some sheep have jumped the gap in the ditch, you should also follow”.

People will buy when the time is right for them, simple as that there is no need to generate mass hysteria to get on the ladder. Of course there is no mention that ladders can also go down.

I’ve also noticed a strong correlation between the phrase “getting on the ladder” and “here’s a 2 bed apartment I want to sell you”. Any right thinking FTB will skip the 2 bed apartment and go for a 3 or 4 bed house, now that prices have fallen.

Who in their right mind wants to get involved with malfunctioning management companies when you buy an apartment? The legislation promised two years ago, still has not been delivered? yet subprime loan schemes like the HCL get through no problem.

The irish property ladder at the moment

Fiona McLoughlin is actually a trained version of Liz O Kane …and with umm ‘qualifications’ too .

And Gaius of the Pin claims to have housetrained Ciarán so yes, there is a PIN connection ( see here)

Now see … ghlin.html

So that makes her an Economist with a Phd by TV3 standards .

The Property Adder.

Coat time? …ok

Reading that page on Staging (sorry, I mean Staging™), is it actually more than, well, cleaning the house for sale? Is an ability to place items into boxes all it takes to be a property expert these days?


I see there was a bit of PR for the on Irelandam at 7.49am this morning Thursday July 02.
Did someone from here organise that?

[edit: name corrected]

Why? what was said? By the way,it was THE

there was some lady recommending 2-3 websites for different purposes,
one of which was the propertypin for those INTERESTED in buying property at the minute, and how the prospective buyer can check for house price drops in the area before purchasing. there was more than that, but thats the one thing that stood out in mind memory. I’m sure it will be on their website later today to view.