bang on…i said in an earlier post this did’nt all fit and the remortgage money was out there somewhere. London looks to have got a lot of it…and I’m waiting to see what they ‘own’ in Germany also!
pa1
April 24, 2012, 8:11am
335
This guy is a genius. What an own goal for the debt forgiveness cabal.
Question now is why did the bank take so long to repossess on someone with such a large property portfolio!
HiFi:
Yep…and what’s the betting there is even more to come? This repossession was not only inevitable but neccessary. In the context, the bank behaved in a more charitable fashion than even a lefty local authority would do with an unruly tenant (two years since repossession order granted.)
I love the bit in the Irish Times where it said “they could not be contacted yesterday…” I’ll bet they couldn’t! Reckon the neighbours’ sympathy has all but evaporated by now! The question is - who should get the biggest fool award over this? The tearful woman who took the youtube video? Occupy Dame Street? Eamon Gilmore? The Trinity college dude who wrote to the Irish Times?
AFAIK, they’re on holidays.
Coles2
April 24, 2012, 8:23am
338
+1. And an inglorious end to Occupy Dame Street.
jxbr
April 24, 2012, 8:26am
339
At a time in his life when he should have been moving any investments to less risky and more liquid asset classes and, as an accountant something he should have known, he borrowed massively and put it all in property.
In doing so, he actively played his part in inflating the bubble, driving up property prices and fuelling bank lending to developers who could then build and sell to people like him.
His London apartments are all saleable and rentable. He will not have lost on these, unless they have been remortgaged. Canary Wharf is booming.
The Occupy movement, Boyd Barrett, Mick Wallace, New Beginnings are deservedly making fools of themselves in supporting people like him.
I doubt if there are enough members of Occupy Dame Street to occupy all his properties.
I am just amazed at any sympathies being expressed for him.
The code on handling mortgage arrears and re-possessions is clear. It is genuinely hard for banks to re-possess primary residences.
centralbank.ie/regulation/pr … 202011.pdf
The lender must not apply to the courts to commence legal action for repossession of the borrower’s primary residence, until every reasonable effort has been made to agree an alternative arrangement with the borrower or his/her nominated representative.
Where a borrower co-operates with the lender, the lender must wait at least twelve months from the date the borrower is classified as a MARP case (i.e. day 31), before applying to the courts to commence legal action for repossession of a borrower’s primary residence.
The twelve-month period commences on day 31 but does not include:
• any time period during which the borrower is complying with the terms of any alternative repayment arrangement agreed with the lender;
Where a borrower is in mortgage arrears, a lender may commence legal action for repossession of the property without the 12 month period applying, only in the following circumstances:
a) where the borrower does not co-operate with the lender;
A lender, or its legal advisors on its behalf, must notify the borrower in writing immediately before it applies to the Courts to commence legal action for the repossession of the primary residence.
Non-co-operation is defined as
A borrower can be considered as not co-operating with the lender when any of the following apply to their particular case:
a) the borrower fails to make a full and honest disclosure of information to the lender, that would have a significant impact on their financial situation;
(i) has failed to meet his/her mortgage repayments in full as per the mortgage contract or has failed to meet in full repayments as specified in the terms of an alternative repayment arrangement; and
Wow. Clause 48 is a humdinger.
Maybe in time we might come to see him as some manner of unlikely hero.
Glad to see this sentence in the Irish Times article about the London properties:
SO glad to see they’ve chosen not to refer to it as their ‘family home’.
Exactly! That is the narrative we should be trying to get out. Anyone on for calling Joe Duffy, writing a letter to the papers, etc?
Elka
April 24, 2012, 10:36am
344
trag·e·dy (trj-d)in which the main character is brought to ruin or suffers extreme sorrow, especially as a consequence of a tragic flaw, moral weakness , or inability to cope with unfavorable circumstances.
Elka:
trag·e·dy (trj-d)in which the main character is brought to ruin or suffers extreme sorrow, especially as a consequence of a tragic flaw, moral weakness , or inability to cope with unfavorable circumstances.
Yes, it certainly counts as Greek/Shakespearian tragedy
The other bit that is relevant is that the weakness is held up in the literary tragedy as an example to all… I think we have a bit of that too…
Fingers
April 24, 2012, 11:21am
346
Yabut is the tent still there?
If it is, it might not be for much longer!
breakingnews.ie/ireland/downpours-expected-over-next-two-days-548762.html
Won’t someone think of the poor pensioners!
This guy has 34 properties that we know of. Is an accountant and still employed. He’s also over 70 so would he get a free medical card?
I think someone AFAIK’ed that they have gone on holidays…
probably a camping holiday so…
i think anyone over 66 gets it, ever since they occupied the church that time FF tried to take it off them
Magpie
April 25, 2012, 1:16pm
351
Are they still in the tent?
Lovely weather for camping, I hope they have laid the ground sheet properly
Medical card is means tested for all now.
Magpie:
Are they still in the tent?
Lovely weather for camping, I hope they have laid the ground sheet properly
Probably staying at the Four Seasons at night and camping by day.
