Irish Moral Hazard Organisation (IMHO)


Really? 10 years? Really?

This thread dates back to the year 2015. :neutral_face:


Yep, Hall is a serious contender now


From last week’s Sunday Times:

*The chief executive of a charity that helps homeowners in arrears has said he accepts that a statement on its website may have misled the public into thinking it did not make payments to board members.

The most recent set of published accounts for the Irish Mortgage Holders Organisation (IMHO) shows that David Hall and three directors — Tracy Mullan, Constantin Gurdgiev and Lucy Cronin — received €96,500 between them in 2015.

The IMHO website stated that in 2015 none of its directors “receive any fees, salary or remuneration for their work from the organisation”. When The Sunday Times revealed in 2015 that five directors had each been paid €5,000 the previous year, the “no payment” claim was removed.*

Story behind paywall.


Any consequences for that misleading claim?

I was half-listening to Marian Finucane/Brendan O’Connor yesterday and there was mention of David Hall talking to AIB about setting up a ‘good vulture fund’ to buy up loans. Anyone head details or read anything about it?


Nearly 25 years since the arrears started…surely this is a world record

Repossession of widow’s home halted after protest threat by leading campaigner
Deal agreed with housing body to prevent widow and children becoming homeless … 98013.html


Is it racketeering if it’s legal?


This Cabra case is up next on Newstalk, Ivan Yates show

edit- Hall is going to protest outside any house with a repossession order where he feels alternative solutions could be found to keep the family in the house


Well Yates would know a thing or two about pulling a stroke like this.


Eventually, and reluctantly the Irish media catches up with Hall and his ‘tsunami of repossessions’ sick schtick

David Hall’s ‘tsunami’ talk is worst kind of scaremongering

** Majority of repossessions are by banks not vulture funds and rate is falling**

In the public war of words surrounding European Central Bank-enforced loan sales, one particular boy’s tendency towards crying wolf is starting to become tiresome.

For the umpteenth time, has warned of a tsunami of home repossessions with the volume of displaced families so large they could fill Croke Park.

His latest warnings follow the announcement of a €900 million loan sale by Ulster Bank which includes private mortgages.

There’s no shortage of public sympathy for those who find themselves so hard-pressed that they’re unable to pay for the roof above their heads. And that sympathy certainly intensifies when their mortgage is sold on to a largely faceless private equity company, often referred to as a vulture fund.

It’s important that in the debate around these funds we continue to make it clear that the lower regulatory hurdles they face are problematic and need to be addressed. But when we reduce the debate to rhetoric about floodgates opening, nobody is well served.

Evidence of past loan sales shows that they come after a series of efforts to resolve the issues at hand. Central Bank statistics also makes clear that the repossession rate is falling. Meanwhile, analysis by University College Cork economist Séamus Coffey done in 2017 shows that the vast majority, or 85 per cent, of court repossessions were taken by regulated financial institutions, rather than funds – a fact that is unlikely to sit well with Hall’s “tsunami” narrative which has yet to play out.


Fuck all sympathy in the comments

They have been very accomadating to their customers, any other country this would have happened years ago

You forgot the part where the entire loan book is 5 years in arrears. Why are SF adamant at protecting them when they’re living carefree? We’re paying for these layabouts in our interest rates and our bank charges. I have no sympathy.


I wouldn’t even mind but it’s nothing to do with the Irish Government/Politicians or the Irish taxpayer (thankfully).

The British taxpayer via RBS and HM Treasury is selling the mortgages to a foreign owned fund.


Pension funds may be ‘invested’ in this jacked up social housing ponzi scheme

How is the yield on a 5 years past due NPL ‘secured’ on an underlying asset that can never be liquidated.

’It’s a no-brainer’: New not-for-profit company aims to keep distressed borrowers in their homes

A NEW NOT-for-profit company has said it intends to purchase distressed mortgages from Irish banks and offer owners a chance to stay in their homes.

Homeoptions is offering itself as an alternative option to vulture funds for banks to sell distressed loans to.

He said the company is now actively pursuing the purchase of distressed family home loan portfolios offered for sale by Irish banks.

“We have the same access to funding as the vulture funds have. We also have links to various forms of ethical funding – impact funding as it’s referred to in the States – where they see the benefit in the social dividend from that investment,” he said.

The company expects this funding will come from the US and elsewhere in Europe as well as from inside Ireland and will include investment from pension funds. The funding and asset management functions will be overseen by Irish firm Quartech Solutions, which has experience of managing large loan portfolios.

We have approached the banks, we have the funders and we’re confident this can be achieved. One of the pillar banks has engaged with us so they’re fairly satisfied we have access to those funds,” Reilly said.

He said the company will take action against people who do not engage with repayment but said this will only happen following board approval after “comprehensive procedures” have been fully implemented.

New figures from the Courts Service published yesterday revealed there was a 52% decrease in new possession cases year-on-year in 2018. The number of possession orders made has also reduced by one fifth.

However Reilly said the cases involving customers whose loans have been sold in recent years to vulture funds as part of large portfolios are “coming down the tracks”.

“We haven’t seen those cases come on board yet, you’ll see it this side of Christmas.”

Related Read

02.07.19 Ulster Bank sells off nearly 4,000 of its customers in massive family home loan book sale

The board will be chaired by Erskine Holmes OBE, founding director the Ulster Community Investment Fund. Other founding members include Michael Durkan, another founding director of Right2Homes, Eve Early, a Right2Homes activist, mental health expert Caroline Lennon-Nally and solicitor Julie Sadlier.

Edmund Honohan, Master of the High Court, has expressed his support for the new model, describing it as a “no-brainer”.

“There’s no other way. The banks should now support this not-for-profit solution. Everyone needs to step up,” he said.

Fr Peter McVerry also said the scheme was “the most obvious way of dealing with this pending crisis”.


David Hall predicts 20,000 Irish homes will be repossessed over next six years

Mortgage advocate says level of repossession would be driven by vulture funds who are buying up distressed loans from banks

about 18 hours ago


Why are the main new media still letting him tout this hysteric headlining

To put this is context, I have been tracking the repo figures per the Central Bank for a number of years now.

There have been 2,959 court ordered repossessions since Q1 2011 to Q1 2019. That’s 365 on average per year

A further 5,865 were voluntarily surrendered in that period. 722 per year.

20,000 over 6 years would be 10x times the number repossessed by court order to date. Absolute nonsense.


David Hall has an article in Irish Times today


Incoming Tsunami alert


Tsunami of tsunamis


How many of the already low figure quoted weren’t actually family homes?

In any other publication this would have been filed under Opinion as opposed to Business.