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If everyone had played by these rules then more or less the same people would be in the same houses now most likely with 25-30% less of a mortgage.
And we wouldn't have seen the strong economic growth we've had in the past decade either and a lot of people would be a lot poorer. Sorry but you are trying to protect people from themselves, typical left wing thinking in my book. If Mr X feels that he can afford to buy my house, then he should be allowed to buy it. Its not the brokers or banks jobs to mollycoddle them any more than you should asked by shopkeepers in Dunnes if youre sure you can afford the groceries in your basket!
And we wouldn't have seen the strong economic growth we've had in the past decade either and a lot of people would be a lot poorer.
Sorry but you are trying to protect people from themselves, typical left wing thinking in my book. If Mr X feels that he can afford to buy my house, then he should be allowed to buy it. Its not the brokers or banks jobs to mollycoddle them any more than you should asked by shopkeepers in Dunnes if youre sure you can afford the groceries in your basket!
Did anyone notice that it was very strangely edited? It seemed like certain people were cut off at certain points while in conversation. it all seemed very choppy to me.
What I found interesting were the significant facts he brought up which were left out of the report and not denied by Little.
He claimed that in the meeting the reporter told the broker that he had €25k in savings and that he had an aunt who could help him out. This was never mentioned by the programme and could have made a significant differnece to his application.
And we wouldn't have seen the strong economic growth we've had in the past decade either and a lot of people would be a lot poorer. Sorry but you are trying to protect people from themselves, typical left wing thinking in my book. If Mr X feels that he can afford to buy my house, then he should be allowed to buy it. Its not the brokers or banks jobs to mollycoddle them any more than you should asked by shopkeepers in Dunnes if youre sure you can afford the groceries in your basket!
I would hope that all concerned would be made apologise, publically, to IMC.
It seems the reporter felt the need to lie about his financial situation to the broker in order to prove that it's easy to get approval for a sub prime loan if you lie!
you'd be the first person to ever imply I was left wing!And we wouldn't have seen the strong economic growth we've had in the past decade either and a lot of people would be a lot poorer. Sorry but you are trying to protect people from themselves, typical left wing thinking in my book. If Mr X feels that he can afford to buy my house, then he should be allowed to buy it. Its not the brokers or banks jobs to mollycoddle them any more than you should asked by shopkeepers in Dunnes if youre sure you can afford the groceries in your basket!
Give us all the information, otherwise we should not be even entertaining such a topic.
Nowadays? When was this practise stopped?Valuers do not inflate purchase prices nowadays.
I suppose they have to give the summer interns something to do.I would have expected an informative explanation of sub-prime lending, the extent of same and more persuasive video using the hidden cameras. Maybe it was produced by an amateur? As already noted, the video jumped all over the place and the hysterical voice of the "mother of three" was simply unconvincing. If the point was to inform, the programme failed dismally.
You mean like a Financial Regulator or maybe a Central Bank type institution? Last I checked we had the highest paid head of a central bank in the western world. Now that they don't have to waste their time fiddling with currency controls I'm sure that they are fully in control of the situationI can remember when the max mortgage was two and a half times income with a deposit of 10/20% over 20 years. Interest rates then were very high and many of us did a bit of fancy footwork (!) to exaggerate our incomes; but that was a far cry from selling mortgages at much higher interest rates to those least likely to be able to make repayments. It strikes me that there should be a law preventing such financial institutions operating or at least with very strict controls as I think (?) is enforced with money lenders. I don't suppose that's possible or likely to happen.
It would also seriously call into question the quality of the loan book of the Irish banks.The implication is that valuers take what the estate agent says the sale price was as the valuation. If this was the case it would call in to question the value of an 'independent' valuation.
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