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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Wed Aug 15, 2018 1:56 pm 
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Of Systemic Importance

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They bought at a huge discount?


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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Wed Aug 15, 2018 2:10 pm 
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Of Systemic Importance
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FreeFallin wrote:
They bought at a huge discount?


Definitely and part of it could be timing i.e. they haven't had the loans long enough to have exhausted the exhausting legal process before they gain possession!


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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Wed Aug 15, 2018 4:01 pm 
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Joined: Apr 9, 2014
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Epicurus wrote:
So how are Start, Cerberus, goldman sachs etc. getting paid and funding this if they can't repossess?

They cut deals with people to either sell or refinance.


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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Wed Aug 15, 2018 5:37 pm 
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Planning Tribunal Attendee

Joined: Jan 31, 2008
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I presume the people who wisely strung the banks along for years by not engaging would now be wise to engage with these new debt owners?


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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Wed Aug 15, 2018 6:36 pm 
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Old Time Landlord

Joined: Sep 9, 2017
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Luan wrote:
Epicurus wrote:
So how are Start, Cerberus, goldman sachs etc. getting paid and funding this if they can't repossess?

They cut deals with people to either sell or refinance.


I wonder who the refinance is with. Please God there are no cases where the remortgage could be with an Irish bank....but nothing would surprise at this stage. (Effectively onshoring the bad loans made by British/Belgian banks to put the Irish taxpayer on the hook).

Of course why not offer them new finance given their track record to date and their strong risk profile. Meanwhile credit is scarce for new first time suckers coming along, who will pay the highest mortgage rates in the eurozone, and be thankful for it.

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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Thu Aug 16, 2018 12:10 am 
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Planning Tribunal Attendee

Joined: Mar 17, 2008
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Bogman wrote:
I presume the people who wisely strung the banks along for years by not engaging would now be wise to engage with these new debt owners?

Eh... they will have no choice. Many of these debts are from people who threatened to lawyer up, mainly on spurious grounds, but grounds nevertheless that might cost the kind of money that lawyers can rack up very easily. The new owners just say - any legal issues, you sort that out with the bank after we've settled with you. 'Failure to engage' was the main criteria deciding which loans were sold on - the threat has been there for a long time and a few people (surprisingly few in my opinion) were smart enough to get out with very good deals - the ones that are left are going to get a pretty nasty shock - the deals struck will not be in any way to their advantage and if the politicians want to get involved they are welcome to do so but any softening of the blow will be with taxpayers money, end of story.


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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Fri Aug 17, 2018 1:47 pm 
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Of Systemic Importance

Joined: Nov 4, 2011
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Location: SthDub
I'm surprised at a letter like this slipping by the Sub-Editor. Fact checking seems to be a thing of the past in the MSM

https://www.irishtimes.com/opinion/lett ... -1.3598575
Quote:
Sir, – The latest bank bulk property sale looms with Ulster Bank set to sell 2,900 buy to let mortgages, and 2,300 other residential mortgages.

The bank states that is has to sell the loans as over 10 years they have arrears averaging €3,200 per annum on buy to lets and €6,100 per annum on the other loans.

Since the State propped up the banks when they needed it, where is the reciprocity for the State in our current housing crisis?

Ireland should be given the option to pay the arrears through a preferential rate loan, to secure 5,200 homes. Ulster Bank would then remove the debt from its books, the State gets 5,200 homes, and the occupants of those 5,200 homes, could pay rent to the State, and avoid becoming homeless.

Is the profit of this sale more important than the provision of 5,200 homes, and potentially many others in the months and years ahead?

Our State has paid a high price to the banks.

It is time the Government put in a clause to ensure it gets first option on the loans Ireland has already paid for. – Yours, etc,

JACKIE RYAN,

Dublin 14.


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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Sun Aug 19, 2018 12:53 am 
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There is a problem with that letter.

The banks are offloading both the can't pay won't pay and the can't pay can't pay portions of their books.

If you put can't pay won't pay into a rental they will still can't pay won't pay ....a lot of these are parasites. The state needs to be very firm with the can't pay won't pay lot no matter what 'solution' is cooked up for them. They should not get priority for housing over ordinary decent local authority tenants who pay their rent.

If some carry on as they have done they should be out on their ears.

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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Wed Aug 29, 2018 9:26 am 
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Woman agrees to vacate €1m house after over 100 days in jail

https://www.irishtimes.com/news/crime-a ... -1.3610314

EBS secured judgment in 2011 and she's still there...


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 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Wed Aug 29, 2018 11:18 am 
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TheJackal wrote:
Woman agrees to vacate €1m house after over 100 days in jail

https://www.irishtimes.com/news/crime-a ... -1.3610314

EBS secured judgment in 2011 and she's still there...


Funny how the number given is €9.4m and €9.4m is the precise figure mentioned in this 2012 report on a well known ex Galway Fianna Fáil councillor named Josie Conneely. Josie has a long thread of his own HERE on the pin. :)

https://www.irishtimes.com/business/ret ... r-1.471556

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