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Thread: Heads you win, Tails we lose. NAMA to offer one way bet on property

  1. #1
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    Default Heads you win, Tails we lose. NAMA to offer one way bet on property

    A pilot scheme to be carried out by NAMA. What could go wrong?

    Nama chairman Frank Daly said the initiative was designed to push renters, who were on the verge of buying, over the threshold.

    Mr Daly told the Oireachtas joint committee on the implementation of the Good Friday Agreement that he expected to offer the scheme to sell residential properties with protection against price falls "within months".

    Under the scheme, interested parties will be asked to put a 10% deposit on a property. The buyer will then have to qualify for a 90% mortgage.

    For the first five years of the mortgage, the buyer will make repayments based on the 90% mortgage.

    After five years, the value of the property will be independently assessed. If the value has fallen by anywhere up to 20%, Nama will write that percentage of the mortgage off.

    http://www.irishexaminer.com/ireland...se-186594.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

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    Default Re: Heads you win, Tails we lose. NAMA to offer one way bet on property

    Quote Originally Posted by DCon View Post
    A pilot scheme to be carried out by NAMA. What could go wrong?




    http://www.irishexaminer.com/ireland...se-186594.html
    And where exactly does the think these proposed purchasers are going to get a 10% deposit from.

    The majority of people are hard pushed to keep stuff paid as it is.

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    Default Re: Heads you win, Tails we lose. NAMA to offer one way bet on property

    Only 20% ?

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    Default Re: Heads you win, Tails we lose. NAMA to offer one way bet on property

    Quote Originally Posted by concernedparent View Post
    And where exactly does the think these proposed purchasers are going to get a 10% deposit from.

    The majority of people are hard pushed to keep stuff paid as it is.
    There are plenty of people out there with bags of cash. People unaffected by the recession.

    Why not use a small % of that cash for a one way bet?
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

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    Default Re: Heads you win, Tails we lose. NAMA to offer one way bet on property

    NAMA accused of jacking up the price of houses sold under this scheme

    THE country's 'bad bank' was last night accused of pumping up the price of properties it is selling under a special deal to protect buyers against negative equity.

    NAMA, the National Asset Management Agency, said the new deal would protect buyers from a price plunge.

    But economists and property experts said the selling prices were significantly higher than those being asked for similar properties not under NAMA's control.
    http://www.independent.ie/national-n...s-3103103.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

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    Default Re: Heads you win, Tails we lose. NAMA to offer one way bet on property

    They may be best offering rent to buy schemes in place in some of these places which would then stimulate growth. A person could rent for x amount of years and then this is taken off the deposit of the house. As flucuations in house price vary greatly in say three or four years they could look at the price of the house again and decide then what per centage of mortgage is needed. It would circumnavigate the need for people to have a deposit and also is flexible to take into account property values. Again though this is common sense something Oireland Inc doesnt really do...Blarp!
    History is the only true teacher, the revolution the best school for the proletariat - Rosa Luxembourg

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    Default Re: Heads you win, Tails we lose. NAMA to offer one way bet on property

    It seems to me that the Irish people will never be free of the crack cocaine that is the "property market".

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    Default Re: Heads you win, Tails we lose. NAMA to offer one way bet on property

    Quote Originally Posted by Slim Buddha View Post
    It seems to me that the Irish people will never be free of the crack cocaine that is the "property market".
    I know, friends telling me they are saving for houses and putting their lives on hold. Most of them are doing it for security reasons and think that its an investment but the house prices are no where near still sustainable.
    History is the only true teacher, the revolution the best school for the proletariat - Rosa Luxembourg

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