Navan; where unemployment is up 50% over the year and where the new queueing system in the dole office is in pairs because single file queues in the dole office are a traffic hazard they are so long.
This article contrasts greatly with the pornographic muck they publish in their property pages and is the main article in the Weekend Section
It graphically describes how Banks sometimes ring up 10 Times a Day LOOKING for Money .
The head of Mabs in Navan describes how three of his clients have committed suicide only “in the last few months”
This is a very very sobering read. I highly commend it . Well done Carl O’Brien and Ruadhán MacCormaic.
Noel Dempsey was not a contributor to the article. Sadly we shall miss his ever wise words because we all trust Noel will sort things out, defibrillate the Tiger and then become Taoiseach and go on to save the planet
Anyone know how timmons did with that Wall Street investment property?
I’m tempted to ring him and ask, given that he was featured in the Times befor (Irish & New York)!
This is exactly what they did in the 80’s, I remember my Dad being on the receiving end of that (AIB at the time), it’s not pleasant, there will also be menacing solicitors letters intended to instil fear and home visits by gurriers in suits looking for the money. It is unrelenting and not everyone will stand the pressure, a small few will commit suicide, others will abandon their wife and children and emigrate, a lot will claw their way out of debt, eventually, but the experience will drain a lot from them emotionally and physically.
"Brian Fitzgerald, an independent councillor, says the credit squeeze is hitting young couples particularly hard. “These are young people who have been waiting to get an affordable house under the local authority scheme. They’ve been approved by the council and are ready to buy, and now they find they can’t get a mortgage from the bank. There are huge numbers being rejected for loans - it’s absolutely ridiculous.”
These are the lucky ones. What about the couples who got mortgages in the last few years.
Ahh, Mr. Kenny Timmons, investor from Navan. Not so long ago that I saw him in the NY Times.
He should have done a little more homework I lived a block from 75 Wall St. for six years. He bought at the wrong end of the street away from the stock exchange. He won’t be getting much rent from his next door neighbours at AIG. Check Kenny’s snazzy photo in the Times slide show.
Please clarify, who are you calling the tool ?
The councillor, who is simply reporting the issues his constituents are coming to him with, or the FTBs who are looking to buy ?
I believe this suicidal aspect was predicted back in '06 on the pin.
If there’s no measure in this year’s budget to address the issue of suicide as a result of overbearing debts, it would be an absolute disgrace.
Nobody should feel that life was so hopeless that they need to end their own lives. These problems can be rectified and individuals feeling this way should seek help – i.e. talk to your GP!!!
Cost you 50 quid to do that… then 120 to see a specialist… then a 6-9 months wait with your life on hold… then up to 90 a month for the pills they put you on… with another 30 every month for the follow-up visit to the GP. Feckin’ racket the whole thing.
The writer here is one smart lassie.
FitzPatrick’s flawed philosophy
Sunday, October 12, 2008 By Kathleen Barrington
Anglo Irish Bank chairman Sean FitzPatrick has shown little remorse over the long-term implications of boom-time lending by banks.
In June 2005, a 23-year old primary schoolteacher borrowed eight times her €30,000 a year salary in order to buy her first home. As The Sunday Business Post reported at the time, Helen Gahan was working four jobs to pay off her mortgage.
Besides her full-time day job, Gahan was also working part-time in a shop, giving grinds and providing a babysitting service to help meet her hefty mortgage repayments.
She had taken out a 35-year mortgage at an interest rate of 3.1 per cent. She was able to obtain the €248,000 mortgage because her dad had gone guarantor for €100,000 of the loan.
…lower down
Yet on RTE radio last weekend, FitzPatrick only grudgingly thanked taxpayers for their largesse and refused to apologise for his mistakes. He evidently failed to see that the policies pursued by his bank under his stewardship were part of the problem, even though matters were certainly made much worse by the international credit crunch.
You might have thought that FitzPatrick would have exited stage left blushing. But incredibly, just a few days after the taxpayer was forced to bail him out, FitzPatrick was quoted in the Irish Times advising the government to cut corporation tax and tackle the sacred cows of universal child benefit, state pensions and medical cards for the over-70s.
