The Indo goes to war...

#1

its all out war on the new mortgage rules for the indo the last few days…

not including their ‘heart-breaking’ story about the poor woman who couldn’t bury herself in more debt, here are some of the balanced views of my favourite newspaper over the last couple of days… :smiley:

Half of new homes face axe over mortgage proposals
independent.ie/business/pers … 20869.html

New mortgage rules 'will send rents spiralling’
independent.ie/business/pers … 12000.html

First-time buyers are least likely to fall into arrears
independent.ie/business/pers … 20871.html

Growing number of parents using retirement savings to buy children first home
independent.ie/business/pers … 14699.html

One in eight can’t get on property ladder due to lending cap
independent.ie/business/pers … 86870.html

#2

Between the Indo, the IT, RTE, the auctioneers, the builders, the mortgage brokers, the Dept of Finance, the Banks, the politicians and even economists in the CB itself I am now convinced that these proposals will be watered down to the point of being useless. The extent of corruption in this country and the insistance of preserving unaffordable housing to benefit the few is truely sickening

:sick:

#4

My thoery is threefold:

  1. The journos/editors working in the property section are stupid and have been indoctrinated in the belief that high house prices = good and inevitably leads to high volumes
  2. The journos/editors there generally bought (multiple properties sometimes) at a pretty bad time such as 2005-2008 and are therefore personally/morally compromised in their work
  3. The journos/editors are too close to EAs and other VIs
#5
  1. Spouting this nonsense sells papers.
#6

Even Dan McLauglin is getting back in on the act. He’s now an economics lecturer,consultant and commentator. :smiley:
His twitter handle is @drdanmclaughlin.

He has some neck, but then, we already knew that.

#7

:open_mouth:

do you honestly think the Indo needs direction from DOB on this - Irish people love high house prices, why can’t you accept that?

We all get a good laugh at the Daily Mail and Daily Express obsessing over UK house prices - the Indo is just doing the same thing

#8

He is correct, why did the central bank not have this in place 4-5 years ago, it is financial regulation 101

#9

Indo goes to war is a great way of describing it.

#10

Indeed they should have had this in place a lot longer than 4 or 5 years ago. But Dan never thought we had a bubble in the first place back then. Everything was sound according to Dan! He was Chief economist of a pillar bank and was never off the airwaves telling us there was no bubble!! XD
I’d have him arrested.

#11

If you ever want a good laugh, it’s worthwhile googling for past articles and commentaries from Dr Desperate himself.

Here’s my personal favourite from 2007:

The article is chock full of gems:

irishtribesman.blogspot.ie/2007/06/dan-mclaughlin-chief-economist-at-bank.html

#12

Another peach from the Indo talking of the Construction Industry’s submission. Basically no houses will be built if the new rules come in

My favourite part is

Now that is something I agree with
independent.ie/business/pers … 20869.html

#13

When all submissions are published will the Indo and RTE pull out some pro-regulation submissions - or do they only ‘dig out’ those that issued as press releases?

#14

If so then there’ll never have been a better time to enter the building game since the galway tent erections! 8DD

Hats off for the heads up from “Source”! 8DD 8DD 8DD

#15

It’s very much a minority view that lower housing costs are good for the economy, event though there is no strong economic argument to the contrary. Middle aged people tend to have more power economically and politically and rising house prices make them feel better, even as they are disastrous for their children.

I wonder how much the rise in house prices and rents is reflected in the growth figures for the economy. Has their been a significant increase in construction activity and employment? Or are these numbers up because of FDI? We know we reliving the greatest days of the republic when property musical chairs is making the numbers look good.

#16

I demand to pay a mortgage I can just about afford with no room for savings and to not have to factor into account any potential economic declines that might leave me unemployed or unable to meet mortgage payments!

#17

+1 much as I loath denis, I don’t think we need him to explain the behaviour of the papers on this.

He might want higher property prices for a bit if he’s about to offload a lot of Esso station sites, but longer term he’s probably making more money elsewhere

#18

They’re at it again today…

independent.ie/business/pers … 25752.html

#19

Sounds like a serious problem and I think government and public must press Central bank to scrap blanket ban on 90% LTV and replace it with rule that 12.5% of mortgages can have higher LTV than 80% (this would cater for that one in eight).

#20

:laughing: :laughing:

#21

What nonsense. Most of that 1 in 8 would still get a mortgage, just not as high as they might want!