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The Great Irish Sell Off Monday 9.30pm

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    #92
    Barely Hedged
    Closed Accounts Posts: 992 ✭✭✭Barely Hedged


    listermint wrote: »
    Enough of the smug talk, i fully understand the sale of distressed assets. It appears folks may be too close to the coal face for criticism.

    One thing that should be learned from this there should always be redundancy, and hindsight is not or never an excuse. Its a term used by those who failed to prepare and plan.

    You know what they say about that,

    im sure.

    I don't know what you're talking about, on any of your points


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    #93
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    Silverbling wrote: »
    But how old are you?
    Are you trying to belittle the person?
    Silverbling wrote: »
    But how old are you? for my age it was our 2nd recession, we lived through the first so thought it would be the same, and to be honest we winged it in the 80's too
    You lived through the first one. So you knew that after the boom comes a bust?
    Silverbling wrote: »
    People thought the banks funds were endless, the banks should have said no as they are doing now, you can only borrow as much as someone will lend you.
    Why did you go through a broker? Was it because you were refused a normal bank mortgage?
    Silverbling wrote: »
    In 2001 it was a substantial house in the arse end of nowhere for €312,000, my books did not stack up, my ex husband was PRSI, instead of saying no, the broker did what he needed to do, for the accountant to do what he needed to do for the banks to say yes, the developer winged a few bits, we ducked a few bits and we got the house.
    With that knowledge, you found a broker that would do his job of getting you the house. A brokers job is to help get you the house.
    Silverbling wrote: »
    It is 100% the banks fault, they are the so called experts, they should have seen what was happening but everyone was making huge commissions, my mortgage on a 4000 sq ft house was €1600 a month, then they made divorce legal, but had no provision in law about mortgage payments between warring partners, that caused havoc.
    Are you actually saying that they should have somehow seen into their magic ball that you'd divorce your partner? The banks didn't legalise divorce.

    I think your own denial of your mess is clouding your judgement.


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    #94
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    Silverbling wrote: »
    But how old are you? for my age it was our 2nd recession, we lived through the first so thought it would be the same, and to be honest we winged it in the 80's too

    People thought the banks funds were endless, the banks should have said no as they are doing now, you can only borrow as much as someone will lend you.

    It is 100% the banks fault, they are the so called experts, they should have seen what was happening but everyone was making huge commissions, my mortgage on a 4000 sq ft house was €1600 a month, then they made divorce
    legal, but had no provision in law about mortgage payments between warring partners, that caused havoc.

    It's not he banks job, and never has been, to hold your hand.

    It's entirely your responsibility to manage your own finances and not max yourself out.

    It's because of your attitude to money and the thousands like you, who in their greed helped bring about the crash.

    You're admitting to cooking your books and skirting the law to get your house, and then wailing about getting it. Beggars belief.


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    #95
    DulchieLaois
    Registered Users Posts: 466 ✭✭DulchieLaois


    What annoys me the most is ordinary investors (business folk) have to pay all the correct taxes while vulture funds get off Scott free and secondly, the guy from chareville in cork, his mortgage was taken over by a vulture fund, and yet his wife died in the meantime, does the life assurance become null and void if taken over by a vulture fund ?


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    #96
    Barely Hedged
    Closed Accounts Posts: 992 ✭✭✭Barely Hedged


    DulchieLaois wrote: »
    What annoys me the most is ordinary investors (business folk) have to pay all the correct taxes while vulture funds get off Scott free and secondly, the guy from chareville in cork, his mortgage was taken over by a vulture fund, and yet his wife died in the meantime, does the life assurance become null and void if taken over by a vulture fund ?

    I suggest you watch the BBC documentary associated with this founding town:

    https://fairtaxtown.com


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    #97
    [Deleted User]
    Posts: 31,118 ✭✭✭✭ [Deleted User]


    DulchieLaois wrote: »
    What annoys me the most is ordinary investors (business folk) have to pay all the correct taxes while vulture funds get off Scott free and secondly, the guy from chareville in cork, his mortgage was taken over by a vulture fund, and yet his wife died in the meantime, does the life assurance become null and void if taken over by a vulture fund ?

    I was wondering this as well because banks insist on you having it to protect them (the bank) if one of the mortgagees dies.

    What could have happened to it?


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    #98
    Wanderer78
    Registered Users Posts: 29,492 ✭✭✭✭Wanderer78


    Barely Hedged wrote: »
    I suggest you watch the BBC documentary associated with this founding town:

    https://fairtaxtown.com

    id actually recommend the work of bill black regarding these issues, he really should have been a part of this documentary as according to him, the two main vulture funds currently involved in irish affairs, are amongst the most dangerous.

    http://neweconomicperspectives.org/category/william-k-black


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    #99
    Silverbling
    Banned (with Prison Access) Posts: 311 ✭✭Silverbling


    the_syco wrote: »
    Are you trying to belittle the person?


    You lived through the first one. So you knew that after the boom comes a bust?


    Why did you go through a broker? Was it because you were refused a normal bank mortgage?


    With that knowledge, you found a broker that would do his job of getting you the house. A brokers job is to help get you the house.


    Are you actually saying that they should have somehow seen into their magic ball that you'd divorce your partner? The banks didn't legalise divorce.

    I think your own denial of your mess is clouding your judgement.

    Not at all, we got very carried away and behaved like kids in a sweet shop but if you walked into a bank now and asked for whatever today's equivalant of €317k is based on 1 wage and self employed books they would laugh at you and say not a chance in hell

    If they had done the same back then as in somebody who was paid highly to look after the banks money maybe things would not have got so bad.

    In those days you rented your tv, you rented your car, you rented your ridge, you rented your washing machine, your sofa was bought over 3 years interest free credit, mortgages became the same.

    I have no debt so I am not in a mess but since divorce came in the rules have changed it used to be 3 times each of your incomes could be borrowed, they have built in a risk factor

    We used to go for lunch with alcohol with the bank manager and his broker, the question was not how much can you afford to repay but how much do you want

    It was a very different world which was the point of my post


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    #100
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    CruelCoin wrote: »
    It's not he banks job, and never has been, to hold your hand.

    It's entirely your responsibility to manage your own finances and not max yourself out.....

    One could infer you are saying sharp practice is ok.

    No doubt people are responsible for themselves, but business and govt have to be responsible also. Let be clear. Everyone from the bond holders, to banks and govt made a lot of bad decisions, before the borrower made theirs. Also it takes very little in most peoples live to change for their situation to change dramatically. Its not always practical to always plan for the worse possible outcome.


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    #101
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    In every crisis ,assets are sold at a discount .The banks had no choice,
    they needed more capital to survive.
    i think the banks sold 1000,s of to nama for 60 per cent of the loan value.
    Then nama sold them on to vulture funds .
    It would be nice if there was one smart person in the debt of finance or the revenue who might say ,Well when all these funds based in luxemburg or the us buy 1000,s of irish houses will they be able to avoid paying tax.


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    #102
    mel123
    Registered Users Posts: 2,208 ✭✭✭mel123


    While it seems we needed 'vulture' funds back in the day, it seems we dont 'need' them now, so should the government not be looking to put a stop on these sales?
    It would probably only be a small help, but if the property was advertised for sale to the public or say for example tenants who were renting and getting evicted because of a receivership sale offered first dibs, it might help a little in the housing crisis thats currently a complete and utter mess in Ireland.
    Just my tuppence worth.

    Also, what are these vulture funds doing with the property, are they sitting on them once bought for a long period?


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    #103
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    mel123 wrote: »
    ..Also, what are these vulture funds doing with the property, are they sitting on them once bought for a long period?

    Maximizing the rent they earn.


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    #104
    mel123
    Registered Users Posts: 2,208 ✭✭✭mel123


    beauf wrote: »
    Maximizing the rent they earn.

    Are they not evicting people immediately or is that just the stories you hear in the media?


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    #105
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    According to the rules I would imagine.

    http://www.citizensinformation.ie/en/housing/renting_a_home/if_your_landlord_wants_you_to_leave.html#lc0aea

    or by increasing rent

    http://www.citizensinformation.ie/en/housing/renting_a_home/rent_increases.html


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    #106
    mel123
    Registered Users Posts: 2,208 ✭✭✭mel123


    beauf wrote: »
    According to the rules I would imagine.

    http://www.citizensinformation.ie/en/housing/renting_a_home/if_your_landlord_wants_you_to_leave.html#lc0aea

    or by increasing rent

    http://www.citizensinformation.ie/en/housing/renting_a_home/rent_increases.html

    Ah ok, so with these new rules brought in, we might actually see them not even wanting to buy property that isnt already vacant!!!


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