NYT - Walk Away From Your Mortgage!

No.No. No. I'm not going down the route of being dragged off into an argument about trivialities. The fact is that the vast majority of staff working in the banks received the increase.

Since when does 6000 employees constitute a MAJORITY ina n organisation that currently has c 15000 employees, and at the time had closer to 17000? By my calculations (dusts off calculator) 6000/15000 = 40%. Correct me if I'm wrong, that doesn't add up to a majority?
 
Personally speaking, I have little sympathy for people who bought properties overseas, in markets which they knew nothing about, often sight unseen. These people were not investors, they were speculators. In some cases they got conned, in most of the others, they were plain stupid, but in most cases, they got carried away.

The same applies for people who bought lots of properties in Ireland, anyone with a basic knowledge of economics knew 3 years ago that the basic laws of supply and demand were going to apply at some stage in the near future. There were simply too many houses being built in Ireland for our population and economy size.

Do the banks, Govt, regualtors etc have to bear some of the responsibility for the mess we're in,? of course they do and at some stage in the future I expect some sort of saga over mis-selling of mortgages will occur. However the fundamental issue here is that people got carried away with themselves and got greedy and thought that this great money making property pyramid scheme we had in Ireland was never going to end. The whole culture of saving for a deposit and furnishing a house (like I did) got forgotten about and it became about me me me and now now now

Negative equity is really only an issue if you want to sell. Other then that, over the life time of the mortage, there is a reasonable chance, that the value of the property will recover some, if not all of the paper loss it currently shows. We are going to have to do something radical with our properties in Ireland, we're going to have to live in them for more then a couple of years before moving again
 

I think that is the point d8lady, you shouldn't bail out anyone who was given a mortgage that they couldn't afford (and whose responsability was it to check out the bona fides of the "professional property developer" The Banks of course) the banks and bond holders should pick up the tab not the tax payer.If that means they go to the wall then so be it.

It is just not possible that a business that makes its profit by charging interest on monies lent conducts its affairs in a manner that is likely to create defaults and then gets a bailout from the tax payer.

Can anyone in their right mind claim that the excessive lending that was everywhere over the last 10 years was not caused and supported by the banks.

Defaulting is now a very real debt management strategy "going forward" and the tax payer should not be paying for the deficancies of the experts.

Iceland's president has refused to sign into law the laws passed by parliment to allow for the repayment of overseas depositors based on the fact that they were depositing their monies in the highest interest accounts available on the basis that their was a greater degree of risk and that the average Iclandic citizen has no moral or legal debt to these depositors.

Now thats whats called leadership not the panderers that we have.

By the way the counrty is awash with so called professional property developers that are up to their oxters in it.
 
the point was stated correctly above it should be the bondholders who take the hit not the country but unfortunatly incompetency reigns supreme in dail eireann and the irish people are rolling over and allowing it too happen.

we should be on the streets demanding the political heads until we recieve politicians who are fit to run the country.
 


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Not one person working for a bankrupt company should get any pay increase whatsoever. In the real world the wages paid by a company and the number of employees are dependent on company profits and losses. If they dont like their wages without rises they can go join the dole queues. The money they are leeching off the state in pay rises could be invested in taking people off those dole queues and putting them into real jobs; real jobs which dont need government bail outs and subsidies. Noone has a right to a job just because they work in a bank. No section or class of person in society should have any more rights than those who were forced to join the dole queues and who did not have their jobs protected and their wages subsidised by the taxpayer.
 
As has been previously mentioned,defaulting on ones mortgage is illegal and the banks can come after you for the shortfall even if you hand in your keys.They can also get a part of your future earnings even if you are on welfare.Don`t expect any sympathy from the government(apart from the usual crocodile tears by whichever spokesperson they parade on the news or primetime). After all they bailed out the banks using taxpayers present and future money.
If it was possible to just hand in the keys and be done with it, the banks would have been much more careful with their lending practices.While I have sympathy with those who find themselves in negative equity or/and have difficulty in paying off their mortgage.I fear they are sorely deluded in expecting the government to help them out.The powers that be are in serious trouble themselves in keeping the banks viable and will do everything possible to keep the mortgage payments rolling in.
Just look at how many politicians from all parties are directors of the banks and i also imagine that some of our political elite are big shareholders and maybe even bondholders in the banks.
 
This is my first post ever to any forum. I am at present on the wrong side of the financial divide outlined (rather smugly in some cases!) elsewhere in this forum. I am not financially irresponsible. I bought a house in 2006 because...I needed somewhere to live. I have worked in senior management positions with two companies in Ireland both of which have subsequently ceased trading. My mortgage is in arrears. I attended the local district court last week to defend a repossession order being aggresively sought by INBS; only given a stay of execution due to the compassionate nature of the Registrar. There were 25 other repossession cases being held that day; all with mainstream lenders who are now pursuing cases at the borrowers expense, allegedly before rumours of a government mandated assistance package come to fruition. I also have two other loans in arrears, on which judgement mortgages have been issued, now seeking to force sale of my home. I was the sole attendee at the court; seven cases were adjourned; the remainder have left the jurisdiction. Present government action, or should I say the lack of it, leave those in the financial cul-de-sac with no other option but to run, not walk!