Irish lender (Fresh Mortgages) knocked out by credit crunch

Can’t seem to get the mortgage you really want? Well here’s another bite of the cherry. - freshthinking.ie/

Interesting. Builders must have been a large proportion of the target market.

Credit Suisse were obviously still willing to buy the mortgages so it can’t be because of a shift in policy. Just a change in market value due to increased riskiness.

from Bloomberg

A lender with a heart.

Those exorbitant rates may become the norm in the not too distant future, at least for non-conforming borrowers.

mmmmm I wonder

or is it making a virtue of a neccessity?

Would they have just priced themselves out of the market!!!

These guys are not strictly sub prime, they are called a 'non conforming ’ lender.

First ISTC and now this. Not a good week for Sean FitzPatrick.

Aye, and I really think he should take the share graph off the Anglo Irish homepage
Don’t look right

Anglo come out with full year results on the 28th. Should be interesting what they say about “current conditions”.

Fresh Mortgages vs. Credit Suisse… LOL! Sounds very expensive to me… I’m sure Credit Suisse’s legal department can handle it without much strain.

It appears there’s a very bad waft emanating from Ireland these days.

Yea, it is the auld beaten down mentality that we never lost when we became a Free State. We think it is great when we diddle those in authority. The money coming from Europe in connection with Securitisation on products that really could not stand up to close scrutiny was milked for all it was worth! We took the lot in, even though our young men and women would be shackled by it for thirty years. Then when it is stopped, because the product backing it, is found wanting; we sue. This suing thing can happen both ways. The Irish Banks will be on a hiding to nothing when house repossessions really take off and SIV investors start losing their money. Yes, we are a right shower of eejits!

There’s a story in the Sunday Times (5th July 2009) that Michael Holland, owner of the Fitzwilliam Hotel is paying about 23 cents in the euro to acquire the mortgage book from Credit Suisse.

Sean Fitzpatrick and Lar Bradshaw were among the early backers of Fresh Mortgages.

That doesn’t sound bad

It is rather hard to see a downside for him. The article goes on to say…

Holland is one that probably genuinely meets the ‘canny, savvy’ description. Under the radar but quietly successful.

I know the PIN sacred cow is that it is impossible to make money off property, but that ain’t true.

I hope NAMA are paying attention !!!

Not sure that anyone has ever said it was impossible to make money out of property. That’s ridiculous,of course it is possible. personally I question the actual benefit property investment gives. I see it as parasitical but that’s just me.

Not sure that anyone has ever said it was impossible to make money out of property. That’s ridiculous,of course it is possible. personally I question the actual benefit property investment gives. I see it as parasitical but that’s just me./quot

why does it to benefit anyone but the investor?

I assume you meant to say why does it have to benefit anyone but the investor? It doesn’t. Neither does drug dealing.
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We know it is true if it is cheap enough :smiley: .

Will he honour the national moratorium on evictions though ??