nama for bank/developers, but homeowners?

smergger

Would like to hear thoughts, and get some facts and figures
NAMA is going to give 54bn for 77bn worth of loans, the loans in question are 21000 loans to 2000 individuals/companies and worth about 47bn at current market value.
Since late last year, the number of house repossession orders being heard by the High court had been increasing, haven't heard much regarding that lately .There was a 6 month moratorium on these repossessions, but that must be ended/ending soon for the earliest cases. The main carrier of the cases was Start Mortgages, a 100% mortgage lender, approx 60% the cases was by them , but BOI/AIB etc have also been behind many the cases heard. Something like 80 cases were being heard weekly , and that figure from around March
What i would like to know is, when we hear now that 9bn of what NAMA taking onboard is in overdue interest owed, why has the plight of people in severe negative equity and facing repossessions been completely ignored by the news, media and politicians?

Riskymove

well i am not very happy about the consequences of NAMA or how we have gotten here, but what do you suggest?

if someone cant pay their mortgage what should happen? should the Government pay it? should we all get a free house? whats the answer?

btw negative equity has little to do with this, its about affordability of a mortgage

I'll tell you what's going to happen to people in negative equity:

1 - Rates will shoot up. They will be paying far more in mortgage fee's in the next couple of years than they are now.
2 - Taxes will be raised while services will be cut to help pay for our massive debts.
3 - Those trying to keep their heads above water on the dole will see cuts to it.

You'll get poorer, while the massive loss of income in taxes/levies etc will go straight to the banks, private investors, FF cronies and developers through NAMA. I.e. the people who really need it..:rolleyes:

(Don't you know how expensive it is to heat their mansions come winter?)

smergger

Riskymove wrote: »

if someone cant pay their mortgage what should happen? should the Government pay it? should we all get a free house? whats the answer?

the parallel i was drawing was that more than 2000 home repossession orders have been through the high court, and yet 9bn of the nama bill is in rolled over interest on the actual loans owed by 2000 companies/developers
The negatve equity factor of nama loans is gov pay 54bn for 77bn worth of loans , that are worth 47bn at current prices, but ppl who bought at the same inflated prices are not going to see their loans/mortgage adjusted in any similar fashion

Riskymove

smergger wrote: »

The negatve equity factor of nama loans is gov pay 54bn for 77bn worth of loans , that are worth 47bn at current prices, but ppl who bought at the same inflated prices are not going to see their loans/mortgage adjusted in any similar fashion

but thats the price paid to the bank for the loan is it not?

the developer still owes the loan to NAMA???

bangersandmash

A similar thread...

http://boards.ie/vbulletin/showthread.php?t=2055653919

The same basic question applies - who would pay for any adjustment in "NAMA2" and how would that money be recouped in the future?

Also does that mean we can have a thread "NAMA for non-homeowners?"