Irish Moral Hazard Organisation (IMHO)


#361

@IMHO

On the page with the open letter on Gorse Hill the panel on the right
requesting to sign “the letter” and counting the signatures really refers to the letter on mortgage arrears.
This should be made clear, perhaps by just changing “the letter” to “the letter on morgage arrears”.


#362

Good point, clearer now?


#363

Jim Brown, CEO of Ulster Bank, puts it bluntly:

irishmoralhazardorganisation.com … ls-it-out/


#364

twitter.com/lukeming/status/595987265320542208


#365

Whataboutery again.


#366

1 Debt bad.
4+ Debts better.


#367

He makes a really great point though, because a few people wormed their way out of their massive debts then no-one should ever pay for anything again, we’ll all be waaaay better off, right? Can’t see any downsides to this approach, roll on the good times!!! 8DD


#368

independent.ie/business/pers … 19468.html

So much for that.

“won’t pays” get to stay in their oversized homes rented from charities or local authority who have an established history of being unable to collect rent while those stuck in renting hell can remain there forever more.
They’ll swear blind that this isn’t the outcome but of course it will be the outcome.

If Ireland’s regime didn’t have the safety valve of emigration then they’d have to deal with revolution.


#369

Depends on the conditions. Here are the conditions of the current scheme:

housing.ie/Housing-Informati … ent-Scheme

The <€220k rule is pretty restrictive given where prices are at right now.


#370

This is not good, the judicial system is already very lenient on households who refuse to engage. this throws petrol on the fire. It will be interesting to see what the masses make of this and the people on housing lists. i assume we end up paying for it all!

Please tell me the banks can challenge this in the courts!


#371

The commentator Morning Ireland interviewed this morning seemed to think that ceiling was going to be raised to something more encompassing as part of these changes.


#372

Why the hell if someone has not paid the mortgage to the big bad bank on a house for two years without eviction would they bother to pay rent to a fluffy charity?!

Instead of insisting housing authorities or charities take over the properties why not allow the bank to sell them on the open market with a tenancy. New owner becomes landlord, if occupants don’t pay their rent then they are evicted like any other tenant.

If government are hell bent on allowing them to stay in their house then that’s the obvious solution.


#373

And local authorities or charities to “take over” homes?

Where on earth are local authorities or charities going to get the funds to “take over” the guts of 40,000 homes?!


#374

Threshold increased from 220k to 350k. I feel sick, people who don’t pay mortages for over 2 years will get to stay in their homes, while people on housing lists get fucked over again. This country is a joke.

Watching on rte news all the parties are in favour, who is gonna pay for all this?


#375

XX


#376

What about the person whose house is worth 355k?

Does he spray graffitti on the wall and get the valuers back in?


#377

The <€220k rule is pretty restrictive given where prices are at right now.

Not nit-picking here, not for the sake of it anyway, but in the interest of spin-removal, doesn’t the lender own the mortaged property? -You must live in the property on which the mortgage has been secured by the lender, maybe? Just makes it a bit more obvious where the tax money is going. If anyone can correct me, I would be grateful. Not kidding.

If all parties signed up for this mtr scheme as described, would the lender not have given up ownership of the house? Kinda kidding now.


#378

Not nit-picking here, not for the sake of it anyway, but in the interest of spin-removal, doesn’t the lender own the mortaged property? -You must live in the property on which the mortgage has been secured by the lender, maybe? Just makes it a bit more obvious where the tax money is going. If anyone can correct me, I would be grateful. Not kidding.

If all parties signed up for this mtr scheme as described, would the lender not have given up ownership of the house? Kinda kidding now.

Steps are outlined here.

housing.ie/Housing-Informati … ent-Scheme

You’ve to voluntarily surrender the property to the lender who then sells it to the Housing Agency who then rents it back to the original Borrower.

It takes the property off the banks balance sheet,


#379

Holy crap!

Check out the benefits of the mortgage to rent scheme.

housing.ie/Housing-Informati … ent-Scheme

They are given the option to re-purchase the home after 5 years.
The residual Bank debt is now unsecured and aren’t deals on this capped at 3 years?
Is this a free bet on the property market? It says the price will be a market value but does anyone believe that?
Are social housing problems not partly related to selling social housing properties to long term tenants?


#380

Thanks Andy.