Prime Time Special on NAMA and housing market

Oliver1985

Just on now interestin enough!

acer911

Watching it,

One developer bought land for 14 million, now it is valued at 1.4 million, can that be true... i know they overpaid, but surly come on...

Oliver1985

Some of the land people bought really is a joke that site in Longford!!!

acer911

acer911 wrote: »

Watching it,

One developer bought land for 14 million, now it is valued at 1.4 million, can that be true... i know they overpaid, but surly come on...

What's so hard to believe about that?
In fact if it was land that was zoned residentially in an area with extreme oversupply then at the moment it could be worth ZERO. Until it is rezoned where it will be worth a tiny percentage of what it was in 2005/2006

jenzz

Im just sick afer watching that - & that lady Patricia whatshername - Her point the most valid of them all - Who's going to NAMA your house & my house & all the other properties in negative equity.... Just sickening......

The_Conductor

acer911 wrote: »

Watching it,

One developer bought land for 14 million, now it is valued at 1.4 million, can that be true... i know they overpaid, but surly come on...

I know of one site that sold in Fingal Co.Co. the last time for EUR42m (it changed hands 4 times since 2001), that will in all probability be rezoned agricultural again......

A 90% fall in some development land values is very possible in many cases.......

mrgaa1

does anyone ever wonder how this country functions when you have people who are supposed to be politicians and representatives of the people bickering when at the end of the day the mess exists - there are no arguments about that - so lets deal with the mess with a united front so as to bolster its citizens confidence in the economy and also to show the international community that as a whole Ireland is politically united in trying to bring a solution to a huge problem. It doesn't matter who is in charge the same mess is still there.

bangersandmash

mrgaa1 wrote: »

so lets deal with the mess with a united front so as to bolster its citizens confidence in the economy and also to show the international community that as a whole Ireland is politically united in trying to bring a solution to a huge problem.

I agree with you about the bickering. But let's be honest, the above is a euphemism for saying that everyone should get behind NAMA and the sceptics should keep their opinions to themselves.

SkepticOne

mrgaa1 wrote: »

does anyone ever wonder how this country functions when you have people who are supposed to be politicians and representatives of the people bickering when at the end of the day the mess exists - there are no arguments about that - so lets deal with the mess with a united front so as to bolster its citizens confidence in the economy and also to show the international community that as a whole Ireland is politically united in trying to bring a solution to a huge problem. It doesn't matter who is in charge the same mess is still there.

When you talk about the mess do you mean NAMA or some other mess?

stepbar

What annoys me about NAMA is:

A) 40% of the loans going into NAMA are performing!!!
The price being paid for these loans.
C) Related to C, Out of the 77 billion, 9 billion is interest roll up!!! Meaning that the "haircut" is not as tight as we thought. I believe that a high propertion of the interest rollup is from Anglo and Irish Nationwide. In addition, most banks have made provisions towards the debt going to NAMA already, meaning that the haircut is becoming longer and longer.

Seriously, why the hell can't we take the 60% of the loans that are impared and put them into a Bad bank? (Call it NAMA or what you like). Put a levy on the banks to cover the cost of running the "Bad bank". Borrow the money needed to finish those properties not finished, use the land and buildings obtained for government projects and so on.

Whilst I agree that NAMA is necessery, there has to be a better way of delivering it.

ronbyrne2005

Theres tens of billions sitting in banks and other assets belonging to the land owners who sold the land to the developers. They could be hit with a 50% windfall tax on those profits like Gordon Brown did in UK a few years ago.

Senna

ronbyrne2005 wrote: »

Theres tens of billions sitting in banks and other assets belonging to the land owners who sold the land to the developers. They could be hit with a 50% windfall tax on those profits like Gordon Brown did in UK a few years ago.

After the fact?

The_Conductor

Senna wrote: »

After the fact?

Sure- we did it before remember......?

Verbal_Kint

What about these rich old farmers who became multimillionaires overnight from selling overpriced sites.... and put the money into stocks. this windfall tax if it comes in could put them in the breadline. its the banks allowing developers to over leverage themselves that caused this lets leave the old farmers alone to count their money

Ste.phen

Verbal_Kint wrote: »

What about these rich old farmers who became multimillionaires overnight from selling overpriced sites.... and put the money into stocks. this windfall tax if it comes in could put them in the breadline. its the banks allowing developers to over leverage themselves that caused this lets leave the old farmers alone to count their money

Well AIB and BOI surged yesterday, they should just sell their shares and be grateful

Yittisay

doesn't help solve the problem by having someone like that Patrica pandering to the downtrodden public about where is our NAMA. I overpaid for my house & at the end of the day that is ultimately my fault but the best way for me to recover is if the economy in general does - my house may not ever be worth what i paid for it but at least if the economy picks up the value may stabilise & i might have job security.The best way for the economy to recover is tacking this problem head on & with the banking sector effectively insolvent this was the best way forward imho (nationalisation no answer, banks will need to cut staff numbers & if govt owns them they wont, as we've seen with Anglo).

While I recognise the need for unions, lot of those trade unionists are at best a hindrance in attempts to reignite the economy.

20goto10

"Where's my Nama?" We already have a Nama, it's called the banks. And ironically it should be all those who are in need of a Nama for their overpriced homes that should be hoping Nama succeeds, because it relys on us having hit the bottom. Which is good for anyone who bought a home post 2000. And that's a lot of people.

who_ru

Yittisay wrote: »

While I recognise the need for unions, lot of those trade unionists are at best a hindrance in attempts to reignite the economy.

the unions are a hindrence to economic recovery are they?

it was FF & Brian Cowan in particular that stood in front of rte cameras on six one news in 2007 before the general election and told the nation that only FF could be trusted to run the economy. Bertie Ahern appointed all his union buddies on state boards notably to FAS ans elsewhere, he bought them in the public sector through benchmarking. we all know this, it's nothing new, but to say the unions are a hindrence while ignoring the very people that put them into their powerful positons is slightly naive.

AARRRGH

How did that sleazy dullard Willie O'Dea become a politician nevermind a minister?!

Oliver1985

AARRRGH wrote: »

How did that sleazy dullard Willie O'Dea become a politician nevermind a minister?!

He was better than Richard Bruton, god i hate him!!

AARRRGH

Oliver1985 wrote: »

He was better than Richard Bruton, god i hate him!!

Richard Bruton at least talked some sense (e.g. the point about the interest rate was valid) whereas Willie O'Dea just talks fluff and hopes that'll be acceptable.

I have to say as well that it seems very odd to put the Minister for Defence on a show talking about financial issues.

Papad

So I have a question:

Will Nama start the ball rolling with banks releasing money for new mortgages?

AARRRGH

Papad wrote: »

So I have a question:

Will Nama start the ball rolling with banks releasing money for new mortgages?

It should, but I can't see there being much demand hope there isn't much demand for houses in a falling market. We've got a long want to go yet.

TheCityManager

Papad wrote: »

So I have a question:

Will Nama start the ball rolling with banks releasing money for new mortgages?

Does it really matter whether the banks have money to hand out mortgages or not?

With the economy in a black hole and so many losing their jobs or having their pay cut every day, the demand for houses and mortgages will remain a LOT lower than previous times..

FF hopes that mortgage money being available will stimulate demand, shove up prices again and hence increase taxes from housing and ensure that NAMA is a success....

Personally I think they are dreaming but sure what would i know LOL

mathie

TheCityManager wrote: »

FF hopes that mortgage money being available will stimulate demand, shove up prices again and hence increase taxes from housing and ensure that NAMA is a success....

And that's where they'll fail.
The dog on the street knows the property bubble is a-bursting.

mathie

Papad wrote: »

So I have a question:

Will Nama start the ball rolling with banks releasing money for new mortgages?

"NAMA will get credit flowing
MYTH/LIE/SPIN
There is nothing in the NAMA legislation to FORCE Banks to start lending to ordinary people and SMEs
There is no evidence credit has started flowing yet in the UK and the US after their massive bailouts , in fact credit indexes are showing that credit is actually contracting "

http://www.thepropertypin.com/viewtopic.php?f=50&t=25100&start=0