No Bail Out for Morgage Defaults on the Cards - Elderfield

[People Korps]

The whole problem with a financial pyramid is that someone must pay, with mortgage holders they as individuals isolated are weak and b/ many taxpayers do not have their debts levels and wont want to pay for them in a bail out through taxes..

Whereas we can whine about banks being bailed out they are a building, an institution but the idea of Mrs Smith up the road getting 60k to cover a mortgage shortfall while those not in neg equity pay will not go down in the current climate.

Somehow any help for mortgage payers must be dressed up so it should be through tax relief and the Health Boards.

[C. Flower]

The whole problem with a financial pyramid is that someone must pay, with mortgage holders they as individuals isolated are weak and b/ many taxpayers do not have their debts levels and wont want to pay for them in a bail out through taxes..

Whereas we can whine about banks being bailed out they are a building, an institution but the idea of Mrs Smith up the road getting 60k to cover a mortgage shortfall while those not in neg equity pay will not go down in the current climate.

Somehow any help for mortgage payers must be dressed up so it should be through tax relief and the Health Boards.

From where is that money to come ? From tax revenue ?

[BrendanGalway]

At this stage the majority of these Bondholders are either :
-A powerful and connected Mix of our own Billionaires and Multi-millionaires
or
- Major European Institutions, German or British.

In any case, our Govt decided it could not allow these Groups to suffer their losses even if it meant handing us the Bill in its entirety. Did they decide this of their own accord or was pressure applied?

[MPB]

There are questions over the likes of D. Desmond and some other Irish figures.

Burn the lot of them. Financially.

[disability student]

At this stage the majority of these Bondholders are either :
-A powerful and connected Mix of our own Billionaires and Multi-millionaires
or
- Major European Institutions, German or British.

They advised Lendahand in order to protect their 'own' assets .

In any case, our Govt decided it could not allow these Groups to suffer their losses even if it meant handing us the Bill in its entirety. Did they decide this of their own accord or was pressure applied?[/quote]

I think pressure was applied as they had known of this problem for months. It was a matter of time to apply the brakes. The credit unions has objected to Lendahand re his comments that they were the main bondholders of the banks.


Is there any way of finding out the true owners of the bonds (senior bonds)??

[C. Flower]

Didn't they consult Desmond ?

[BrendanGalway]

Is there any way of finding out the true owners of the bonds (senior bonds)??

Anglo is not under FOI and the Dept of Finance is proving very difficult to deal with for those that try. I was meant to give them a go myself, along with the Ombudsman, but never got around to it. I must go over what the folks at GavinsBlog.com have tried so far and make an attempt. Feel free to join me!

[People Korps]

From where is that money to come ? From tax revenue ?

Exactly the problem who to squeeze to save voluntary debtors

[disability student]

Didn't they consult Desmond ?

Yeah they did. The only question was that, did Desmond come to them (DOF) or DOF consulted Desmond?

I recall one stockbroker commented to us that Desmond & Mc Manus went to their stockbroker in London for advice. It was where they invested their 'money' and availed of the advice.

That stockbroker was & is a employee from Morgan Stanley.

[disability student]

Anglo is not under FOI and the Dept of Finance is proving very difficult to deal with for those that try. I was meant to give them a go myself, along with the Ombudsman, but never got around to it. I must go over what the folks at GavinsBlog.com have tried so far and make an attempt. Feel free to join me!

I would be happy to join you.

How about the AIB or BOI re bondholders?? Are they under FOI??

[disability student]

Anglo is not under FOI and the Dept of Finance is proving very difficult to deal with for those that try. I was meant to give them a go myself, along with the Ombudsman, but never got around to it. I must go over what the folks at GavinsBlog.com have tried so far and make an attempt. Feel free to join me!

Here are the details re percentage on bondholders:

BOI: Senior, 18.5; Subordinated, 5.3; Total, 23.8

AIB: Senior, 8.5; Subordinated, 4.6; Total, 13.1

Anglo: Senior, 4.1; Subordinated, 2.7; Total, 6.8

INBS: Senior, 1.2; Subordinated, 0.2; Total, 1.4

ILP: Senior, 5.1; Subordinated, 1.6; Total, 6.7

Totals: Senior, 37.4; Subordinated, 14.4; Total, 51.8

It appears that BOI has the highest percentage in terms of senior bondholders and also less capitalised than AIB. I think (not sure) that D Desmond has past links with BOI??

[ang]

Editorial piece on this in Fridays Examiner :-

Declaring, earlier this week, that there was "no silver bullet solution" to the growing problem of arrears, Mr Elderfield outlined a range of options for struggling mortgage holders very different to those afforded by taxpayers to ruined banks who were, unlike most homeowners, architects of their own downfall. If moral hazard must apply to one then why not to the other

Read more: http://examiner.ie/opinion/editorial...#ixzz0pGkS2plz

[C. Flower]

Editorial piece on this in Fridays Examiner :-

We're all being taken for fools.

[MPB]

We're all being taken for fools.

It did not take long for Elderfields mask to slip.

These spoofers are there to protect the Banks and their job is to insure that ordinary taxpayers pick up the bill for the greed of idiotic Bankers.

They are making a huge and repeated mistake, as the last time they tried to make people pay reparations for the mistakes of the elites, they caused the deaths of 12 million people.

[PaddyJoe]

I would think a lot more people are in trouble with their mortgages than the statistics show. Only 32 thousand mortgages in arrears? Can't be accurate given what has happened to the country. I woud guess that thousands of mortages have been renegociated over the last two years as people have lost jobs. Payments' rescheduled, interest only paid for a certain period, extension to the life of the mortgage, etc.