NAMA to pay Developers Salaries


#1

Did anyone see this headline?
Did I miss a thread?
Looking for clarification on the subject.
Thanks.


#2

And this is how the Indo has it…

independent.ie/national-news … 37354.html

NAMA - Because they’re worth it… 8- 8- 8-


#3

Don’t remember a specific headline but do remember this from the Indie a couple of weeks ago

““Provision for excessive management costs included in business plans will not be acceptable to Nama and must relate to reasonable cost to cover ordinary lifestyle,” the builders were told by the CIF in a document marked “not for general circulation”.”

independent.ie/national-news … 18996.html


#4

“NAMA will move to seize developers’ personal assets and houses – despite pleas from builders for their family homes to be protected.”

I wonder how that will sit with the Family Home Protection Act 1976

irishstatutebook.ie/1976/en/ … index.html


#5

Here is the Mail on Sunday’s exclusive on it…


#6

Editorial in the Indo


#7

The Irish Independent is a Fianna Fáil mouthpiece.

The developers are going to be given billions to continue building crap stuff we don’t need.

The developers will be able, with their inside information and Fianna Fáil contacts, to buy more land and assets at bargain basement prices.

They will become richer and richer while PAYE workers will become poorer.

You couldn’t make this stuff up.


#8

Should the title to this thread not be NAMA TO BURN MORE TAXPAYERS MONEY as these people have already proven they cant run a business successfully what more proof do they need.


#9

I guess it is safe to assume that the additional monies lent by NAMA will include personal guarantees and will carry high interest rates due to the high risk nature of the loans. :imp:


#10

Nama can have 100% ownership of the loans and properties and 10% interest if it wants but valuewise !00% of nothing is still nothing and how can you value e.g. say 40 houses in the arshole of nowhere with no infrastructure, no roads no lighting and no proper sewerage?
Whil;e I hope you are right cavecanem I dont believe this bunch at all.


#11

NAMA does not equal HOPE. Its a sorry State.


#12

spqr64,

From a recoveries perspective, I don’t see the logic any lending more money to developers. I would foreclose on any defaulting developer and seek additional recoveries on shortfalls. Any development worth completing should be done under NAMA.

The winners from this are probably the equity/mezzanine investors, 3rd parties owed money and the developers.


#13

Memo to BotTom Parlon:
To get your message across more effectively, much better than sending an email would be to record a video clip showing you whining ‘it’s not fair’ to the Taoiseach and then stamping your foot and sucking your thumb.
At least that’s what I learned in low infants and it always worked!


#14

If you thought about it too much it would drive you bonkers


#15

Its quite interesting how ‘real’ NAMA and its various intricacies tends to attract less ire round here than calls for various versions of “myNAMA” by the little people.

If this thread had referred to mortgage holders simply calling for something rather than billionaire extortioners actually being presented with something for nothing it would more than likely run to about 10 pages by now.

It seems people are still more interested in securing their little niche within the social pyramid vis a vis their immediate neighbours rather than addressing why the structures of same encompass what they do.

I think it was George Carlin who said “unenlightened self-interest doesn’t impress me”.


#16

I love that quote from the ‘financial expert’. The only people who can produce the necessary profits are the people who have made spectacular losses.

Of course, they could be perfect reverse barometers. NAMA reckon that all they need to do is the exact opposite of what these guys tell them, and they’ll turn up trumps.


#17

Paying them after whats happened is madness.
We are tolerating failure.

I then read that the government are making noise about seizing the developers homes, even if they have been signed over to family members. And I think that all sounds great, but I just know the story will change later. They might be allowed to keep the properties because they have an income from Nama.

Its just all so fucked up that I really find it hard to read this stuff anymore, its just all wrong and theres sweet fuck all I can do about it. The government are talking out of both sides of their mouth, this post descends into a sweary rant from this point on so I will just end it here.


#18

There is one simple thing you can do. Its not to hard.

Take all your money (deposits) out of NAMA guaranteed Banks.


#19

viewtopic.php?f=50&t=29428
How to kill the zombie banks!


#20

the sad reality is that once you decide to go the bailout route, you then have jobs that have to finish and the people who know how to do it are the very ones who brought you there to begin with, sickner to the taxpayers.