I know one poor eejit in that demographic went guarantor for his four daughters who each bought a shoebox ’ starter’ flat in Dublin or Galway. I know three are still in the shoeboxes and I doubt they remortgaged onto their own accounts.
I think one sold out an escaped and got married and hopefully he is off the hook for that one.
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?
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!
Why were they amassing such a property empire/debt at that age…it appears they had no kids so was some lucky nephew (or maybe the cats and dogs home) going to inherit all this. It makes absolutely no sense to me
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.