Senator who got six mortgages in a day counts cost

[What_Goes_Up]

independent.ie/national-news … 14892.html

Senator who got six mortgages in a day counts cost of property crash
Sunday March 28 2010
By RONALD QUINLAN

WE all got carried away during the property boom, or so we’re told now that we have to pick up the tab for the bust.

But whatever horrors the future holds in the form of Nama and the increased taxation that will be required to pay for it, some well-known investors would appear to be counting the cost of their boomtime investment decisions.

Take Fianna Fail Senator Ivor Callely as a case in point.

Records seen by the Sunday Independent show that the north Dublin politician took out no less than six mortgages in a single day in 2007 with the AIB Bank.

…(cont’d)

[Rick_Flair]

Callely is one of the , , s ever to appear on a ballot sheet.

[tullibardine]

Good enough for him then!

[Pyramid5]

The former junior minister’s penchant for property has long been established. Indeed, apart from the six houses on which he secured mortgages in 2007, Mr Callely and his wife own a further six properties (including their Clontarf family home) in the capital which they rent to tenants.

Looks like he was trying to catch up with Fahy,

While Mr Callely’s property play might have seemed to many to be astute at the time

Ballsy write this?

[Open_Window]

WE all got carried away during the property boom, or so we’re told now that we have to pick up the tab for the bust…Take Fianna Fail Senator Ivor Callely as a case in point.

No and double fucking no.

Indeed, January that year saw the then TD join the late Galway-based developer John O’Dolan in a four-member consortium which acquired a site at 59-60 Clontarf Road, for a whopping €10m, with a view to its redevelopment as an apartment complex.

Last December, those ambitious plans finally came grinding to a halt with the appointment of a receiver to the site by the project’s lead financier Investec Bank. The bank had provided €8m in loans to the consortium for the Clontarf project.

The former junior minister’s penchant for property has long been established. Indeed, apart from the six houses on which he secured mortgages in 2007, Mr Callely and his wife own a further six properties (including their Clontarf family home) in the capital which they rent to tenants

[dirtysquatter]

Oh, how I laughed when I read this… It made my day.

I know this probably breaks the no-glee policy, but I can’t help myself.

[BoyRacer]

Mortgage Equity Withdrawal where fictional values become real debt.

[Larry]

I don’t really get this:

With property values widely acknowledged to have fallen by as much as 50 per cent since the market’s peak in the final months of 2006, it is entirely possible that Mr Callely and his wife have been hit by negative equity on the two houses they acquired in March 2007.

Further examination of the records relating to the three other houses on which the Callelys secured loans in 2007 holds out the possibility that they are still in positive equity, given the dates of their original acquisition (two of the houses in question were purchased in 1998, while the third was bought in 2000).

However, Mr Callely’s decision to draw down fresh mortgages on the properties based on their values at the height of the market in 2007 equally raises the possibility that all three houses have been plunged into negative equity as a direct consequence of his own financial decisions.

Surely when the latter houses were bought doesn’t really matter? It is the date when the mortgages were drawn down, and thus there is no doubt the whole shebang are in NE, unless Mr. Callelly literally banked the money and can just give it straight back. Right?

[dirtysquatter]

This situation makes it absolutely imperative that there be no debt forgiveness for those in NE.

[Rick_Flair]

@dirtysquatter

This situation makes it absolutely imperative that there be no debt forgiveness for those in NE.

Or at least not for specuvestors.

[Nanda_Devi]

Register of Members Interests of Seanad Éireann 1 January 2008 - 31 December 2008

CALLELY, Ivor

1. Occupational Income ……… Member of Seanad Éireann: Seanad Éireann, Dublin 2.

2. Shares ……………………… Nil.

3. Directorships……………… Nil.

4. Land ……………………… (i)48 St. Davids Wood, Artane, Dublin 5: Letting;
   (ii) Co-ownership in 59/60 Clontarf Road with 3 other individuals: Investment.

Other Information Provided:
(ii)Conveyed in Trust.

5. Gifts ……………………… Nil.

6. Property and Service ……… Nil.

7. Travel Facilities …………… Nil.

8. Remunerated Position ……. Nil.

9. Contracts …………………. Nil.

How come Ivor only has to declare the house in Artane and the site on the Clontarf Rd. Any reason he would not have to declare the rest of them?

[Rimbaud]

Perhaps they were always in his wifes name,she was a far a memory serves the daughter of a wealthy businessman,who made his money on the sale of chain of chemists.

[tea_drinker]

@Rick Flair

@dirtysquatter

This situation makes it absolutely imperative that there be no debt forgiveness for those in NE.

Or at least not for specuvestors.

Of course, but not for anyone. I think we should take a case to the EU of the Gov tries to steal anymore of our money to bail out these people. The money is not growing on trees, we are the ones paying it.
As it is we still have to pay the difference between the cost of private bank investments and their worth, so any drops in price have to take in the 100,000 or so we all have to pay over the next 20 years or so.

[spudnick]

@Rick Flair

@dirtysquatter

This situation makes it absolutely imperative that there be no debt forgiveness for those in NE.

Or at least not for specuvestors.

What really gives me the shits is that we are already doing that thanks to the endless billions being shovelled into the Anglo furnace, bailing out the big players who took a punt and now want (and are getting) their stake back, but it’s easier to get people riled up and furious about the idea of giving Joe ‘Canny’ Soap his stake back in his pissant property investments. Not that he should get anything back, but the level of public apathy about one and fury over the other just baffles me.

Why is this? Is it because of the sheer scale of the talk of ‘billions’ that people can’t relate to (I certainly find it hard), or is it a more subtle class thing? We’re conditioned to seeing rich greedy bastards get out of anything, but when it’s your neighbour… god the blood boils.

How Anglo’s HQ on Stephen’s Green remains pristine, unbroken and unegged is absolutely beyond me…

[Blue_Horseshoe]

The senator was booted out of the Dáil by the good burghers of Dublin North at the last general election (although why the same fate didn’t also befall his constituently colleague, Deputy Haughey jr is beyond me) . Fortunately, he had a “friend” who was able to give him a “dig out” and appoint him to the Seanad.

Perhaps once there, he should have sought advice from Senator Ross before embarking on any financial transaction rather that adopting the default property obsessed position of his party. It would appear, that even in the Capital, FF members think “The Field” is a public information film on how to invest.

Blue Horseshoe

[Rick_Flair]

@Blue Horseshoe

The senator was booted out of the Dáil by the good burghers of Dublin North at the last general election (although why the same fate didn’t also befall his constituently colleague, Deputy Haughey jr is beyond me) . Fortunately, he had a “friend” who was able to give him a “dig out” and appoint him to the Seanad.

Perhaps once there, he should have sought advice from Senator Ross before embarking on any financial transaction rather that adopting the default property obsessed position of his party. It would appear, that even in the Capital, FF members think “The Field” is a public information film on how to invest.

Blue Horseshoe

Dublin North Central actually. He still managed to get something like 15% of the first preferences.

[The_Unwelcome_Guest]

Senator?

That’s one word for him.

[Alusuisse]

Is`nt Ivor a great friend of the Taxi Driving fraternity also…?