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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Tue Jun 20, 2017 7:26 pm 
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http://www.irishtimes.com/business/fina ... -1.3127000

Repossessions to increase fivefold, warns master of High Court
Sell-off to vulture funds will push up evictions, costing taxpayers millions


“Evicting one occupier costs money,” he said. “The wholesale eviction of many thousands over the next four or five years is going to cost millions, and it is the taxpayer who will foot the bill.


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Tue Jun 20, 2017 8:14 pm 
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Four years ago he advocated allowing mortgage payers to pay their mortgages with magical promissory notes as a form of Keynesian stimulus.


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Wed Jun 21, 2017 1:20 am 
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With Maire Whelan's bungled appointment, that will at least tarnish every decision she makes, it's a bit shit to note that things don't change in the government processing of appointments.

Quote:
The Government has appointed Mr Edmund Honohan SC as Master of the High Court, writes Mark Brennock.
Mr Honohan was called to the Bar in 1975 and to the Inner Bar in 1995. He worked as an adviser to the minister for economic planning and development, Dr Martin O'Donoghue, in 1977-79.


http://www.irishtimes.com/news/master-o ... d-1.306827

But why would things change? - as Yeat's remarked in September 1913

Quote:
Was it for this the wild geese spread
The grey wing upon every tide;
For this that all that blood was shed,
For this Edward Fitzgerald died,
And Robert Emmet and Wolfe Tone,
All that delirium of the brave?
Romantic Ireland's dead and gone,
It's with O'Leary in the grave.


And that "Keynesian" proposal seems like he shared too many thoughts with the waste of genetic material that is Brian Lucey.

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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Wed Jun 21, 2017 10:02 am 
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I posted this on the Bubble TV/Radio thread last Monday
FreeFallin wrote:
John McGuinness FF and Ed Honohan (Master High Court) on Newstalk now discussing setting up a 'friendly' Vulture fund to buy mortgages off of people in difficulty 'to keep them in their homes' and out of the courts/homelessness.
The fund will raise money on the open market and a National Co-Op Housing Agency will deal with people on a 1 to 1 basis...sounds like a State bank to me


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Thu Jun 22, 2017 12:34 am 
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FreeFallin wrote:
I posted this on the Bubble TV/Radio thread last Monday
FreeFallin wrote:
John McGuinness FF and Ed Honohan (Master High Court) on Newstalk now discussing setting up a 'friendly' Vulture fund to buy mortgages off of people in difficulty 'to keep them in their homes' and out of the courts/homelessness.
The fund will raise money on the open market and a National Co-Op Housing Agency will deal with people on a 1 to 1 basis...sounds like a State bank to me


There are about 80k hardcore non-performing mortgages in the system and I understand that the housing associations want nothing to do with them as their experience is that having not paid their mortgages for years that they don't pay any rent on the mortgage to rent "solutions".

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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Thu Jun 22, 2017 1:53 am 
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slasher wrote:
http://www.irishtimes.com/business/financial-services/repossessions-to-increase-fivefold-warns-master-of-high-court-1.3127000

Repossessions to increase fivefold, warns master of High Court
Sell-off to vulture funds will push up evictions, costing taxpayers millions


“Evicting one occupier costs money,” he said. “The wholesale eviction of many thousands over the next four or five years is going to cost millions, and it is the taxpayer who will foot the bill.


Seamus Coffey picked up on a a quote from that article:

IT wrote:
Mr Honohan also said his “overwhelming impression anecdotally” was that individuals before the courts in relation to these matters were sub-prime borrowers “who should probably never have been given mortgages in the first place”.


Coffey provides evidence that Honahan is pretty much talking through his hole about sub-prime borrowing -- over 76% of cases are from regular lenders and only 15% from vulture funds -- accompanied by the following flourish:

Seamus Coffey wrote:
Where did I go to find the evidence to refute this wild claim? The Courts Service website. Is the Master of the High Court familiar with the Legal Diary? It only took a short while to gather the figures in the above table. Surely it would be better to rely on evidence rather than an “overwhelming impression anecdotally”?


More here:

http://economic-incentives.blogspot.ie/ ... funds.html

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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Thu Jun 22, 2017 5:33 am 
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Coffey's analysis (all here) also shows that many cases involve abandoned dwellings and/or borrowers who don't show up in court and don't engage with the lender.

How are these candidates for restructuring?


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Tue Feb 20, 2018 10:16 pm 
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And he's still at it

http://www.thejournal.ie/high-court-mas ... 9-Feb2018/
Quote:
THE MASTER OF the High Court Edmund Honohan has written a new bill which would give greater powers to the State’s financial and legal support services and stronger protections to people who are in mortgage arrears.
Honohan in his courtroom has been critical in the past of the behaviour of banks towards financially distressed customers and has on a number of occasions called out the government for failing to offer real solutions to repossession and eviction.
The bill, which was written by Honohan with input from academics and legal experts, will be lodged with the Ceann Comhairle’s office by Fianna Fáil’s John McGuinness tomorrow morning....
....he function of the new housing co-operative society, according to Honohan’s bill, would be to acquire housing that is at rick of repossession and redirect it to a non-profit housing provider who would then rent it back to the occupants, allowing them to remain in their homes.
The bill would allow the co-operative to pursue a compulsory purchase order if the bank does not accept the offer to buy the mortgage at a written-down price.
And it would enable courts to consider factors like whether an order for possession is justifiable by reference to a pressing social need - a housing shortage, for example.

Separation of powers!


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Wed Feb 21, 2018 11:17 am 
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Ed's close links with FF go way back.

He was a former advisor to Taoiseach Jack Lynch.
https://www.pressreader.com/ireland/sun ... 8900352761

And he lobbied Brian Lenihan for a plum EU Judge's role though he's against lobbying itself!
https://www.independent.ie/irish-news/a ... 50291.html
Quote:
Asked for his response to the publication last week of his own letter to Mr Ahern in which he asked to be considered for appointment as Ireland's judge at the European Court of Justice, Mr Honohan said: "I was happy to see the fact that I applied for a job back in 2008 brought to the public's attention in the hope that it would open up a debate on how we appoint judges. I think it's a debate we should be having."

He objected to his application for the €228,000 job being "characterised" as lobbying, however, adding: "To suggest that it's a revelation is to suggest that there is some wrongdoing. Then there's the question of characterising it as lobbying when it's just an application. The use of the word 'lobbying' suggests that you're using back-door methods, that it's nearly something reprehensible or dishonourable."


Ed could be in for a big promotion when/if FF get back into power


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Wed Feb 21, 2018 10:11 pm 
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I am quite sure that it is within the law for the Master of the High Court to go drafting bills and publicising them.

That doesn't make it anything other than completely bizarre.


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