Nama to buy loans for 54 Billion

irishtimes.com/newspaper/bre … aking4.htm

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viewtopic.php?f=19&t=14906&p=148833&hilit=+cheapest+bailout#p148833

Notice the dip in 2001? That’s when the recession should have happened. It wouldn’t have been half as bad as it is now and getting worst.

When will government realise that recessions have to happen to correct the system and clean out all the malvestments?

Never I guess.

so,
77bn - the banks are owed
54bn - what we’ll pay
47bn - FF guess at current market value

so,
54 is 70% of 77 so, that’s a 30% discount on the 77bn

but, 54 is 115% of 47 so we’re overpaying by 15% in FFs best guess

what does FF think the current value of property has dropped by? well 47 is 61% of 77 so lenihan reckons property has come down by 39% and ain’t going much further.

He actually said prices had come down 50% in this state but 1/3 of the loans are outside the state. 1/5 in UK.

Data → finance.gov.ie/documents/spe … 34supp.pdf

V shaped? W shaped? From the graph it looks like the recovery is NAMA shaped.

But 77 is what the banks are owed and not the peak value of the underlying assets, no?

What “discount” have we all fallen for FFs tricks again by using their buzzwords.

“Discount” is their phrase to cover the lie

OK this is important.

Karl Whelan points out that it the non-Anglo haircuts that really matter. The 30% average means nothing.

If there is an artificially large haircut on Anglo’s loans, there a compensating smaller haircut on the rest.

That fucks over the taxpayer, by transferring money from nationalised anglo to AIB/BOI shareholders.

But still 30% average haircut, like.

Since there is no breakdown of discounts on individual bank loan portfolios, you can assume the worst.

irisheconomy.ie/index.php/20 … -taxpayer/

Funny how the word DISCOUNT means different things to different people - I thought a discount was x% off the legitimate price of something. 47 billion is the worth of the property mortgaged according to FF - with the fantastic discount it only cost 54 billion. There’s some fuzzy Fianna Fail maths right there.

I’m shocked, shocked, I tell you…

Depressed beyond belief more like it.

Me too Yogie. We’ve been royally sold.

I am very much out of the loop these days. So please go easy on me.

  1. Why is this 77BN lower than the much touted 90BN (even 120BN) figure, are we being manipulated as usual?

  2. Anglo & INBS accounting for some 36 billion of the NAMA total. Is that right?!

  3. I have a bad feeling that something is not over…

Something is over OW, all of us are bent over so our government can sodomise us yet again.

According to 9oc news 9BN of the 77BN is interest rollover :open_mouth:

“I told you it was a good time to buy” months ago…but you refused to listen and my ass was sorely pounded :frowning:

Now the property boat has been missed yet again by those you told to wait for the “massive” price cuts.

Which now are not going to happen.

Just think, you could have had your dream home only a few short hours yesterday…ah well.

Dude - this isn’t about the banks starting to make profits again from mortgages - it’s about them transferring their losses on mortgages.

This is a choice between liquidating the banks or the taxpayer.

The government chose the taxpayer.

Game over!

Does that mean we are to pay 54 billion for 68 billion worth of toxic loans, a 20% haircut?