Fitch wants to see mortgage foreclosures

Amhran Nua

galwayrush wrote: »

True, i know of a few examples where people bought houses purely because they would realise a nice percentage profit within 6 months to a year. They borrowed the deposit from family to get their mortgages , hoping that when they sold, they could pay back their family and have enough left over for an honest deposit to buy again.. Worked fine for a few years until the house of cards came tumbling down. Agree, hard to have sympathy for irresponsable people who secured mortgages on false pretences.

That's more or less flipping, which is where you put down a deposit on the plans, wait for the two years for the estate to be built, then repay your deposit when you sell the house, collecting a nice profit in the meantime without ever needing a full mortgage. By reducing the supply of properties on the market it artificially helped drive prices northwards.

What agencies like Fitch, the government, and the banks are missing is a clear view of the bigger picture. If people have jobs, they can afford to repay their full mortgage, no foreclosure required. Why haven't we got an all-out drive to create employment in Ireland, support new enterprise, attract FDI, and why haven't we had one since 2006? Think what could have been done with even a tenth of the money that was shovelled down Anglo's endless maw.

whitesands

cypharius wrote: »

Stopped reading there.

That's why we are screwed, and why I no longer care what happens to people.

If people are too dumb & lazy to understand how they are getting screwed, it's hard to have sympathy for them.

Every man for himself boys & girls, game feckin on within 6 months :cool:

stovelid

whitesands wrote: »

Every man for himself boys & girls, game feckin on within 6 months :cool:

Is that when you move out of your ma's?

Helix

henryporter wrote: »

I'd like to see some of them grubby little f*cks tossed out of their homes to see how they'd like it - how dare they think they have the right to determine if people should potentially be made homeless just so it fits with some perceived model of good economics

if they cant afford the houses theyre living in then they should be turfed out

just like everyone else

people living beyond their means is what has them in trouble, not pepole looking to call in the money theyre owed by those people

whitesands

stovelid wrote: »

Is that when you move out of your ma's?

I actually sold property in 06, moved the money into bullion & moved back in with the mother Laugh away buddy, I doubled my money, now waiting for default & bargains :cool:

I was 1 of about 500 people marching against NAMA 2 years ago, the lack of interest in opposing NAMA sickened me, I'm looking after me & mine, the rest of you can look after yourselves...

I used to be proud to be Irish, now I'm ashamed, feckin bailouts allround :rolleyes:

stovelid

whitesands wrote: »

Laugh away buddy

I'm not your buddy?

Dudess

mickydoomsux wrote: »

Wait a minute!

You mean people are going to start losing their homes because they can't keep up repayments? Like they say on every piece of paperwork that you sign when applying for a mortgage?

Amazing :eek:

Stinicker wrote: »

However I have no pity for a person who borrowed money and now cannot repay it

Helix wrote: »

if they cant afford the houses theyre living in then they should be turfed out

What if they lost their jobs?

Stinicker wrote: »

c) Education, how anyone could entrust their children to the state to face a liberal brainwashing is beyond me.

What the fuk are you on about? Oh and if you're really that religious, you shouldn't be having sex before marriage.

whitesands

stovelid wrote: »

I'm not your buddy?

No sh1t, your some saddo who has 15000 posts on boards, your a winner, don't let anyone tell you otherwise

Super-Rush

whitesands wrote: »

No sh1t, your some saddo who has 15000 posts on boards, your a winner, don't let anyone tell you otherwise

and you won't be increasing yours in this thread. Do not post in it again.

Helix

Dudess wrote: »

What if they lost their jobs?

then you sell up and buy something you can afford with the money

galwayrush

Helix wrote: »

then you sell up and buy something you can afford with the money

Ahh, in a fictional ideal world, everything is so simple.
Not many buyers atm, and with no job, what will they ( the seller) buy esp if what they are trying to sell is in negative equity?

up for anything

Stinicker wrote: »

c) Education, how anyone could entrust their children to the state to face a liberal brainwashing is beyond me. When I have children they will be educated privately with Religious values where the importance will be on education and not on respecting Ethnic Minorities, Gay Rights and Political Correctness.

In the United States the private Millitia are the checks and balances that keeps the Federal Government in its place.

Is that you, Savonarola? Thank fuck for gun control. Ireland would indeed be an even more joyless place to live if it contained people with your views packing weapons, especially if joined together in feral packs.

Helix wrote: »

then you sell up and buy something you can afford with the money

Do you live in this country/world? Do you have any idea at all!

whitesands wrote: »

I actually sold property in 06, moved the money into bullion & moved back in with the mother Laugh away buddy, I doubled my money, now waiting for default & bargains :cool:

Buy mine, pretty please.

galwayrush

galwayrush wrote: »

Ahh, in a fictional ideal world, everything is so simple.
Not many buyers atm, and with no job, what will they ( the seller) buy esp if what they are trying to sell is in negative equity?

+1

Rural Ireland used to be littered with abandoned houses that couldn't be sold. Most were sold as sites during the "tiger years", history could soon repeat itself as these new houses are abandoned by another wave of outward migration. The legecy of bad planning and gombeen politics is too many houses in the wrong places and not enough where they are really needed.

cypharius

whitesands wrote: »

That's why we are screwed, and why I no longer care what happens to people.

If people are too dumb & lazy to understand how they are getting screwed, it's hard to have sympathy for them.

Every man for himself boys & girls, game feckin on within 6 months :cool:

I'm not dumb or lazy, I just don't call everyone who doesn't agree with me a sheep.

Helix

up for anything wrote: »

Do you live in this country/world?

nope, i had sense and got out of that kip

th3 s1aught3r

WildBoots wrote: »

The following can all go f*ck themselves:

RTE
The banks
Crooked politicians
Rating agencies
The IMF
The ECB
Debt collectors

And any other soulless, heartless, lowlife scumbags who think it's ok to force people out of there homes and possibly onto the street because of a failed monetary, political and justice system.

People need to stick together and tell these scumbags to f*ck off, massive non compliance with a failed system is what we need to see more of.

+1

jimmycrackcorm

I don't see why the government don't protect people from losing their homes. After all they are handing over money to landlords for rent allowance - why discriminate against homeowners? People just need a break for a while until they can get jobs again and continue paying their mortgages. They could still owe the repayments that the government would cover in the interim. It owuld be better than losing the money out in rent allowance for housing people who do lose their homes.

th3 s1aught3r

I think that next year there might be more. Most people will pay their mortgages as a priority, but if one or both loses a job it might become impossible to keep up the payment. If the bank feels the debt is gone bad they will want to cut their losses, repossess the house and sell it in a fire sale . From their point of view its better get something for it than chase people for payment and legal costs

Sanjuro

What the banks and gubment don't seem to understand... sorry, don't give a crap about, is that it's the general public who keep the banks going. By crippling the general populace with high taxes to pay for the banks, they're leaving people with less money. Sure, they bailed out the banks, who didn't deserve it in the first place. But in the process, the population isn't going to have disposable income to save, to invest or to put back into the economy.

thebigbiffo

i've said this before, and i'll say it again...

i'm not a protesty/rioty type person, but if a bank tries to reposess the house of a family member/neighbour/friend as long as the state owns them i'll go to f'ucking jail or hurt someone to stop them. i mean that.

up for anything

I pity the small business person come January. Christmas is going to put them under. Last Christmas most people still hadn't faced up to the situation the country was in so it was pretty much spend like normal. This year more people have come to the realisation that the **** has hit the fan, plus the budget will frighten the rest and I think no one will be putting their hands in their pockets to buy presents or extra food/drink. So those places relying on seasonal spending to keep them from sinking will go to the wall. This will further screw things up because it will mean more unemployment and less spending. Vicious circle time.

There were a lot of shops with To Let signs hanging outside them last January/February on KK High Street, most of which seem to have since been filled but I doubt it will happen in 2011.

skyhighflyer

Too bad Fitch wasn't so on the ball when it assigned AAA ratings to billions of asset-backed securities that turned out to be worthless and caused the financial crisis. With this in mind, I hope I'm excused from giving a flying fcuk what they have to say about anything, especially something that could involve Irish people lose their homes.

th3 s1aught3r

Can only imagine what effect bank fire sales of property will have on the already depressed property market