Poll: Should Mortgage Payers "Strike" on Payments To Bring things to a Crunch ?

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Thread: Mortgage Debt Write Off - Yes or No ?

  1. #106
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    Mortgage debt relief - Stephen Donnelly TD:-

    This is Stephen’s recent submission to the expert group in the Department of Finance on mortgages. It outlines a comprehensive mortgage arrears resolution process, involving burden-sharing with the banks, support and protection for borrowers, reformed bankruptcy procedures and mechanisms to minimise “moral hazard”.
    http://www.stephendonnelly.ie/featur...rtgage-crisis/
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  2. #107
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    Quote Originally Posted by ang View Post
    Mortgage debt relief - Stephen Donnelly TD:-


    http://www.stephendonnelly.ie/featur...rtgage-crisis/
    Donnelly's half-baked scheme got a mention in this thread* which deals at some length with the consequences of large scale mortgage forgiveness.

    The most noteworthy thing about his little scheme is that it doesn't stoop to the vulgarity of saying where the money would come from to fund it.




    *Please, please, please don't merge that thread with this one. Merging threads more than a few posts long makes a disjointed, confusing mess that's impossible to follow.

  3. #108
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    Quote Originally Posted by C. Flower View Post

    It's tragi-comic to see the way that governments and institutions are trying to solve the problem by putting money into the banks, out of peoples' pockets.
    And it gets worse. Apparently some international body in charge of deciding what counts as a default (ISDA, international swaps and derivatives assoc), in order to permit triggering of credit default swaps, has come out and said that the Greeks not paying their entire state payroll wouldn't count as a default, but one missed bond coupon to an international investor would.

    Disgraceful.

  4. #109
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    Quote Originally Posted by morticia View Post
    And it gets worse. Apparently some international body in charge of deciding what counts as a default (ISDA, international swaps and derivatives assoc), in order to permit triggering of credit default swaps, has come out and said that the Greeks not paying their entire state payroll wouldn't count as a default, but one missed bond coupon to an international investor would.

    Disgraceful.
    The natural out come of runaway capitalism. The lunatics have taken over the asylum .
    and yes, merging threads destroys continuity.

  5. #110

    Default Re: Mortgage Debt Write Off - Yes or No ?

    Interesting article in the examiner from Bill Hobbs here where he writes of the risk of a borrowers run.

    A bit far fetched perhaps, but given the poll results it seems to reflect a growing anger.

  6. #111
    Kev Bar Guest

    Default Re: Mortgage Debt Write Off - Yes or No ?

    Quote Originally Posted by monty cardigan View Post
    Interesting article in the examiner from Bill Hobbs here where he writes of the risk of a borrowers run.

    A bit far fetched perhaps, but given the poll results it seems to reflect a growing anger.

    That's good.
    Captures how I felt walking out of a meeting with the EBS yesterday.

  7. #112
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    Through a friend of a friend, who deals with personal debt here in Greece, and particularly mortgage problems, we got this bit of information.

    How the TROIKA proposes to tackle mortgage debt.
    Greece is the first of the bailout countries where the Troika is now insisting that mortgage debt must be tackled. So far, there was an understanding that houses with a debt of less than 200,000 (which is a lot in Greece) could not be sold out from underneath whoever "owned" the place. The banks were forced to sit down with these people and work out a system of interest only payment, repossesion with rent-back to occupier, in some cases even doubling of the mortgage term to 99 years etc. Under no circumstances were the owners to be evicted or the houses sold.
    According to the info now becoming available, the TROIKA is now insisiting that as of 01/01/2013, the banks put houses with any kind of debt on them under the hammer. No mercy, no exceptions.
    Our informant estimates that this will immediately affect some 100,000 house owners, and as the cuts and growing unemployment start biting even harder, this could easily grow to 3 or 400,000 by the end of the year.

    Because of what she does, and her knowledge of the business, our friend knows the market, and she is adament that international real estate speculators agents are already waiting in the wings to start "investing" in cheap property. Expectations are that houses morgaged for up to 250,000 could be sold for as little as 25,000, to "the right"people...

    It would seem that Greece is once again a testing ground to see how this can work, if "the right" people do indeed get in on the act, and how to implement it in the other bailout countries...

  8. #113
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    A family that would like to see mortgage debt written off.

    http://www.breakingnews.ie/ireland/m...ad-571386.html

  9. #114
    Kev Bar Guest

    Default Re: Mortgage Debt Write Off - Yes or No ?

    Quote Originally Posted by Baron von Biffo View Post
    A family that would like to see mortgage debt written off.

    http://www.breakingnews.ie/ireland/m...ad-571386.html

    He can borrow a tent from the crew in Killiney.

    Or retreat to Portugal.

  10. #115
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    Amazing how the prospect of debt forgiveness legislation can drive behaviour.

    "The numbers three months or more in arrears here are three times higher than in Spain, even though that country has higher unemployment."

    http://www.independent.ie/irish-news...-29091601.html

  11. #116
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    New set-up which claims to prevent banks from reposessing property

    The operators of the trust are understood to claim that they have spotted a loophole in mortgage documents and other paperwork that allows them to put assets beyond the reach of banks.

    t is understood that the promoters of the new scheme aim to put mortgages, for both residential and investor properties, into a private trust.

    These people then lease their properties back from the trust for a nominal sum, giving them the use of the asset.

    A charge of €250 is imposed to put assets into the trust, while the trust takes an interest in the portfolio transferred to the trust.

    Commercial borrowers are asked to pay 10pc of the outstanding debt.

    Bankruptcy and trust expert Bill Holohan, a senior partner of Holohan Solicitors, questioned its effectiveness.

    He said courts could set aside any arrangement that seeks to hinder, avoid or delay payment for creditors.
    http://www.independent.ie/business/p...-29474504.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

  12. #117
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    The AIB is homing in on over 5,000 mortgages with a view to reposession.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  13. #118
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    Default Re: Mortgage Debt Write Off - Yes or No ?

    Quote Originally Posted by C. Flower View Post
    The AIB is homing in on over 5,000 mortgages with a view to reposession.
    Should have happened years ago, the arrears figures in Ireland are just insane.

    I'd be all for a sane scheme that allows people who genuinely can't afford mortgages to be able to extricate themselves from the mess in a reasonable timescale (3-5 years or so is common internationally) and begin setting about rebuilding their lives again. Would also keep the banks under control to some degree. There are many good rational social and economic reasons for a humane bankruptcy/mortgage repossession process...if Ireland was well, anywhere but Ireland.

    But we all know any such scheme would be hijacked by insiders and chancers, the "won't pay" will be at the front of the queue while the "can't pay" and just-barely-coping get nothing, and as usual in Ireland what will happen is that the trough-snouting brigade will end up having the debt written off while maintaining ownership of the asset.

    The toxic mix of decades of corrupt Fianna Fail "one for everyone in the audience" governance and the still-strong cultural obsessive fanaticism over land & property means very little can be done that won't end up yet another very expensive dig-out for the connected elite while the peasantry get nothing.

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