Irish Moral Hazard Organisation (IMHO)


From AIB’s website announcing the set up: (

I get that David Hall is doing this all for charity and that it’s only going to help those eligible for social housing, but, now that the above is deemed acceptable debt write off by both one of the main banks and the government what is to stop somebody doing the same for profit. I.e

Big Bad REIT purchases a loan book and says:

Voluntarily surrender your house, ownership transfers to Big Bad REIT.
Customer becomes a long term tenant of Big Bad REIT at market rental value.
Any remaining residual mortgage debt, following property transfer to Big Bad REIT, is fully written off.
If customer agrees now with no messing and no missed rental payments, customer has the option to buy back their home, anytime after 5 years, at the price + 10% that Big Bad REIT paid for the loan including any discounts negotiated between Big Bad REIT and the Bank.

The small print:
a) If you turn this deal down and we immediately begin repossession proceedings with no write down.
b) If you accept this deal and miss a rental payment we will evict you like any other tenant.

Certainly if I was running a vulture fund with a pile of delinquent mortgages I’d be looking at this, happy that David Hall and the government had set a precedent.

I’d go as far as to publicly ask the government to endorse the plan, lauding Big Bad REIT for write downs.

Happy days. Get a cracking yield + possible 10% return on investment or a guilt free repo.


Is he?



Exactly, rent arrears for LA tenants are huge. Evictions are rarer than hen’s teeth


It won’t take 6 years and crucially, it is not as expensive.

In Ireland, I’d rather own the title to a property and try to evict a tenant than own the loan and try to evict the title holder.


But in my proposal Big Bad REIT are only dealing with private tenants. Let David Hall deal with the Local Authority tenants.


If Icare is an Approved Housing Body (AHB) as mentioned this morningon the radio I don’t know of any other Irish AHB who are in the business of selling stock (ie their only asset which they can leverage for future borrowing to fund new development) and typically AHBs views on succession rights to a tenancy are more rigidly enforced than Local Authorities.

Also assuming Icare is an AHB then their tenancies come under the auspices of the Residential Tenancies Act and tenants can be evicted via the RTB process not the Courts for arrears or anti-social behaviour- Third parties will also be in a position to seek compensation from Icare under the RTAct if they do not satisfactorily address complaints of anti-social behaviour attributable to their tenants.

Sounds like we are not getting the full story…


What this tells me is that AIB is a very sick rudderless organisation. I know they’ve packaged off older staff and replaced them with younger cheaper ones. But that no one in the top 50 managers had the sense to say
‘listen I know this Hall guy is very loud and certain of himself but why are we giving the time of day to this casino creep ? Isn’t this our job to collect debts ?’

AIB reminds me of a cat burying it’s poo. They have all these ads that they’re “backing brave”. They love thinking about future brave. Past failures are just beyond their powers of problem solving.


AIB is FG’s plaything right now. No matter what Mgmt think, they’re following orders here.


As It’s set up I think the mortgage to rent scheme is pretty sensible.

The issue is that previous iterations had very low take up, in part because so few ppl in arrears met the criteria.

That is still likely to be the case. Especially with a quarter of a million jobs created in the last 5 years, interest rates falling and house prices up 50%.


I had a listen to Hall on Sean Orourke.

He reckons that a max of 7.5k mortgages across all lenders would be eligible.

That, dear readers, is not even a quarter of PPRs in arrears of two years or more.

So what exactly is going on in the remainder?


They’re being sold off to Vulture funds as per today’s post in the Strategic Defulaters thread based on this IT story? … -1.3236069


‘Home Loan Hero’ David Hall Declares His Intent For The Presidency… … 41295.html

He won’t run next year if Higgins goes again. But if Higgins declares himself out, then Hall will have to give a lot of thought to running.


Just on Ray Darcy explaining why he would make a great President. :sick:


The free state will be 100 under the next presidency. And this is a serious option here for our first citizen to represent us. That is the mark of a failed entity as CJ Haughey would say.


Don’t see it myself. Nobody votes for a president to get things done. At most people want virtue-signalling from a president.

Micky D has pushed the role right to the limit but he’s allowed to get away with it because he’s so physically ridiculous.


Anybody can declare a candidacy, that doesn’t make the country a “failed entity”.

Does Donald Trump as President make the US a “failed entity”?


Hall in the Aras? Puke.

Maybe Casino Hall, as president, would revive Bertie’s plan for a gambling resort in the Phoenix Park


Hall now wants the Banks to speed up repossessions because of deadbeat Dads! … 55197.html

I smell a scam


But if anyone is in arrears, its because they can’t afford to pay. 100% of the time.