Permo Hammers Brokers Hard

The Times in a small piece yesterday detailed a clawback scheme in operation by the Permo where they can claim back some brokers commission if the property is remortgaged within 3 years. Thats now **5 Years ** .

They are alo reducing said commission from this time next year, adding insult to injury if you are a broker.

The permo is also expected to hammer their borrowers as well as their brokers, watch this space.

There’s a lot of rumour going around about the Permo. I wouldn’t be surprised to see a .1% being lumped on to borrowers’ mortgage rates (particularly those with high LTV ratios).

Anyone with Permo shares would have done well to sell them 12 months ago! They’re down 50% in a year! I say get out now while you still can. They’ve been haemoragging the last couple of days too.

Of course all this raises the mother of all questions: how safe are Irish pension funds? I can’t remember the source, but I heard somewhere that Irish Life own some ridiculous percentage of the ISEQ?

In case anyone’s forgotton, here’s what happened during the Xmas office party season: