There is more…
That’s what is implied, but it is just a rumour from a journalist.
No smoke without Firesales as they say.
It might make sense for the banks to crystalise their losses and then go cap in hand to the Government while the Recap tap is still on.
Last week a nonsensical tirade about somone with extensive debt and no employment history looking for a 100% mortgage to buy a house off his daddy.
This week a nonsensical tirade about people who overpaid for property, who bought into an asset bubble and now cannot afford to repay their enormous debts, for whatever reason. Like someone who paid over a million euro for a house deserves sympathy.
Should we compensate them for the decrease in the value of their X5 and their Eircom shares too Kathleen
Jesus the Sunday Business Post is the new Sindo.
Does anybody on here know who the estate agency is rumoured to be?
Wanna get in a couple of early bids?
Nah, my “bids / insults” will leave them dis-illusioned and depressed, then the rest of you can get in with your higher offers.
If it is cheap and the right house I’ll take it.
Good article. Have to say Kathleen Barrington has been calling it fairly straight for some time.
I think that this is a bit of an unfair and empty polemic (particularly with reference to your comment regarding last week’s article). The article in question (Banks shut doors to new homes; Kathleen Barrington) featured a corporate accountant and his wife, both on large salaries (170K combined) with small debt (30K). He wanted to purchase a property off his father at a relatively sensible LTV (68K%). The conclusion of the article is that the property market has seriously troubled times ahead when an ideal mortgage applicant is refused a mortgage at said LTV and for less than twice the combined annual take home pay (not even gross salary) of the couple. Does this make SBP the new Sindo? I think not. Or are you referring to a different article?
The previous article was discussed here:
The LTV is disputed.
He was not an ideal mortgage applicant in my view. He had no savings (debt in fact), no employment histrory (just back from Oz), no deposit and the 68% LTV is meaningless when a bank effectively cannot repossess a PPR in this country.
So the conculsion is flawed.