Irish Times Goes to Navan (The credit wolves at the door)


#3

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)!


#4

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.


#5

The bank made a big mistake with one of my neighbours early this year ( he has since paid them off in full and is a relieved man ) .

He was sent a letter 'signed by ‘a solicitor’ but the solicitor , while qualified, was working in the bank .

You may not send a letter signing yourself as a solicitor Unless you are a solicitor who is IN PRACTICE .

You may style yourself LLB or BCL but not that magic word Solicitor.

He set the law society on her for misconduct and demanded and got an apology from both her and the bank and in writing .

Any time the bank rang him he simply read the grovelling apology letter back to them and asked them what they thought about it 8)


#6

Incredible reading. The disconnect in Irish minds between their extreme borrowing and the current mess is simply astounding.

Just staggering :angry:


#7

The main things to blame was greed (builders, banks, buy to let landlords and homeowners)and naivety (FTBs)


#8

My, patented and now in glorious technicolour, role-mapping for the blame game:


#9

V Good… how about a pyramid of blame. I know who would be at the top :smiling_imp:


#10

Sadly, that would turn it into a circle since the suckers at the bottom of the scheme invented the wankers at the top.


#11

Would that be the Brown Circle?


#12

"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.

                                                What a tool.

#13

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.


#14

That’s awful. Nobody should have to pay for financial carelessness with their lives.


#15

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 ?


#16

Shocking.

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!!!


#17

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.


#18

sbpost.ie/post/pages/p/story … qqqx=1.asp

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.


#19

What would you suggest then, seeing as you know better than all these professionals?


#20

#21

Oh I don’t and I wouldn’t suggest anything else, except maybe to start with the Samaritans. I have very little truck with alternative medecines for serious illnesses (such as depression). My point is that the medical establishment is a closed-shop racket. They can charge what the market will bear, urgency can only be bought (my example was for a private consultation with a consultant - even then there is a wait, but at least you know you’ll get an appointment), they are self (and badly self) regulating, and you pay through the nose.


#22

I took polaris’s comment to be aimed at the councillor, & rightly too if I’m interpreting him correctly. The councillor seems to think that the banks are somehow wrong to be rejecting peoples’ mortgage applications & that they should continue to give loans to everyone who walks in the door.

On the one hand he’s bemoaning the fact that so many of his constituents are in financial difficulty & he then complains that the banks aren’t allowing hundreds of others to get themselves into the same state.