Board index » The IRISH PROPERTY BUBBLE » The Republic of Property

Post new topic Reply to topic  [ 4045 posts ]  [Go to page]   Previous  1 ... 261, 262, 263, 264, 265, 266, 267 ... 270  Next
Author Message
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Thu Nov 16, 2017 9:51 pm 
Offline
Under CAB Investigation

Joined: May 12, 2012
Posts: 1993
Sean O'Rourke had a report from a reposession court the other day with some extraordinary details.

The reporter spoke to a man who lives in West Cork, is 61, and in 2008 got an interest-only 29 year-mortgage with Pepper for €400k at something between 7% and 8%! Apparently the repayments were €3k from day one.

His business has gone south and his health has suffered and he looks like he's going to lose the home.

Usually in these cases there was stupidity on the part of the bank and the lender equally. I'm normally sceptical of those who claim 'reckless lending' but in this case my sympathy is entirely with the customer.


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Sun Nov 26, 2017 7:24 pm 
Offline
Nationalised

Joined: Sep 29, 2010
Posts: 8588
Location: London, innit
Image
Quote:
Personal insolvency practitioner Mitchell O’Brien believes that debt for equity is the answer for those in mortgage arrears. And his view is gaining ground in the courts, and even with the most stubborn lenders

https://pbs.twimg.com/media/DPjYBdXXUAAtPdV.jpg:large

Business Post Feature on Mitchell O'Brien - naturally Casino Hall also reckons people should be allowed to move on from debt

https://twitter.com/mitchellob?lang=en


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Mon Nov 27, 2017 1:44 am 
Offline
Under CAB Investigation
User avatar

Joined: Apr 2, 2008
Posts: 2016
Location: Cork and Kerry
Skippy 3 wrote:
Sean O'Rourke had a report from a reposession court the other day with some extraordinary details.

The reporter spoke to a man who lives in West Cork, is 61, and in 2008 got an interest-only 29 year-mortgage with Pepper for €400k at something between 7% and 8%! Apparently the repayments were €3k from day one.

His business has gone south and his health has suffered and he looks like he's going to lose the home.

Usually in these cases there was stupidity on the part of the bank and the lender equally. I'm normally sceptical of those who claim 'reckless lending' but in this case my sympathy is entirely with the customer.



Aaaaaahhhhhh, dreamy "West Cork". Where all the "very best people" live.

Near the sea, best attitudes, a great place to retire. Sea air and lots of coves and inlets for bathing pleasures.

I'm afraid that yes, he might have the loose his house if he cant' afford it. Some people want it all but don't want to pay for it. Living the dream!

_________________
There is a reality other than the one we are told about...


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Mon Nov 27, 2017 11:11 am 
Offline
Of Systemic Importance

Joined: Nov 4, 2011
Posts: 5783
Location: SthDub
wii4miinow wrote:
Skippy 3 wrote:
Sean O'Rourke had a report from a reposession court the other day with some extraordinary details.

The reporter spoke to a man who lives in West Cork, is 61, and in 2008 got an interest-only 29 year-mortgage with Pepper for €400k at something between 7% and 8%! Apparently the repayments were €3k from day one.

His business has gone south and his health has suffered and he looks like he's going to lose the home.

Usually in these cases there was stupidity on the part of the bank and the lender equally. I'm normally sceptical of those who claim 'reckless lending' but in this case my sympathy is entirely with the customer.



Aaaaaahhhhhh, dreamy "West Cork". Where all the "very best people" live.

Near the sea, best attitudes, a great place to retire. Sea air and lots of coves and inlets for bathing pleasures.

I'm afraid that yes, he might have the loose his house if he cant' afford it. Some people want it all but don't want to pay for it. Living the dream!

Living the dream , yes. But surely there should be some kick back against the numptys who gave out a loan like that. They're supposed to be the educated lot!


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Mon Nov 27, 2017 12:36 pm 
Offline
Real Estate Developer

Joined: Dec 12, 2007
Posts: 890
Skippy 3 wrote:
The reporter spoke to a man who lives in West Cork, is 61, and in 2008 got an interest-only 29 year-mortgage with Pepper for €400k at something between 7% and 8%! Apparently the repayments were €3k from day one.

I don't think he'd have been with Pepper in 2008, they entered the market in 2012, so I guess he got a GE Capital sub prime loan.

3k on 400k is 9%, I'd expect his repayments of 7.5% to have been closer to 2k than 3k. Maybe he means he's got the rate at between 7-8% and it rose shortly after he got the loan or GE Capital weren't the most upfront on the overall cost to their clients.

ECB rates were 4-5% for most of 2008 so interest only might well have been 7-8%. His problem wasn't so much the rate but more that he shouldn't have got a loan of that size.

Current Pepper rates seem normal enough so is he still on 7-8% IO? His mortgage would be cheaper on a current SVR with principal repayments. (400k at 3.5% over 20 years is 2.4k per month)

FreeFallin wrote:

But surely there should be some kick back against the numptys who gave out a loan like that. They're supposed to be the educated lot!

Rugby educated maybe.. anyway having to sell on the loan at a 50% loss is a bit of a kicking.


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Thu Dec 07, 2017 10:55 am 
Offline
Of Systemic Importance
User avatar

Joined: Aug 20, 2009
Posts: 5034
CB have released some Research on Non-Performing Loans in the Irish Mortgage Market

https://www.centralbank.ie/news/article ... 6-Dec-2017

Resolving a Non-Performing Loan crisis: The ongoing case of the Irish mortgage market
https://www.centralbank.ie/docs/default ... f?sfvrsn=5

Mortgage modification in Ireland: a recent history
https://www.centralbank.ie/docs/default ... ry-(mccann).pdf?sfvrsn=5

Borrower-lender engagement during the Irish mortgage arrears crisis
https://www.centralbank.ie/docs/default ... f?sfvrsn=4


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Sun Dec 24, 2017 11:43 pm 
Offline
Of Systemic Importance
User avatar

Joined: Aug 20, 2009
Posts: 5034
Residential Mortgage Arrears, Restructures and Repossessions Q3 2017 figures

(Note 1: BTL figures are discussed separately here viewtopic.php?f=10&t=50546)
(Note 2: Analysis of Restructured Mortgages can be found here viewtopic.php?f=19&t=63422)

Report Link
https://www.centralbank.ie/docs/default ... f?sfvrsn=5

Arrears

Image

Repossessions

Image

Restructures

Image
Where Green = highest since records began and Blue = Lowest since records began


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Thu Jan 04, 2018 10:44 am 
Offline
Too Big to Fail
User avatar

Joined: Aug 21, 2009
Posts: 4449
Location: Mesopotatia
:lol:

Quote:
Massive blow to vulture funds as home repossessions halted due to arrears miscalculations



Vulture funds have received a massive blow in their attempts to repossess homes.

It has come about because a second lender was forced to admit it was incorrectly calculating arrears levels on mortgage accounts.

This latest admission sees Tanager forced to withdraw legal proceedings against a number of property owners in arrears.

The development is set to cast doubt over future moves by Tanager to take repossession actions against those behind on their repayments.

It comes just two months after subprime lender Start Mortgages had to stop repossession proceedings after it emerged it has been miscalculating the arrears on accounts.

Tanager, a US fund that bought Bank of Scotland mortgages, is now recalculating how it works out arrears on accounts.

Owned by Apollo in the United States, Tanager snapped up more than 2,000 distressed home loans from Bank of Scotland Ireland in 2010.

Financial experts said other funds that bought mortgages were now likely to be forced into admitting they have been miscalculating arrears levels, which will force them to withdraw repossession cases.

In letters sent to mortgage holders, Tanager, through its mortgage servicing agency Lapithus, has had to change how it calculates arrears.

Up to now it has been adding the arrears amount to the overall mortgage balance, so-called arrears capitalisation.

This inflated the monthly repayments.

...


https://www.independent.ie/business/per ... 57385.html

Compensation for the distressed borrowers too perhaps and being put through the tress of it all?

_________________
The real damage is done by those millions who want to 'get by'. The ordinary men who just want to be left in peace. Those who don’t want their lives disturbed by anything bigger than themselves. Those with no sides and no causes. Those who won’t take measure of their own strength, for fear of antagonizing their own weakness. Those people who roll up their spirits into tiny little balls so as to be safe. Safe?! From what?
Sophie Scholl


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Fri Feb 09, 2018 10:13 am 
Offline
Of Systemic Importance

Joined: Nov 4, 2011
Posts: 5783
Location: SthDub
Gasp, shock, horror

Report suggests thousands stopped paying mortgages when eviction threat was removed
A High Court ruling blocked banks from reclaiming homes for two years
http://www.newstalk.com/Report-suggests ... as-removed
Quote:
Thousands of people stopped paying their mortgages once they knew their houses wouldn't be repossessed.
A Central Bank report has found a direct link between an increase in the number of people going into arrears and a High Court judgment which blocked banks from reclaiming homes.
In 2011 a High Court judge made a ruling to block the repossession of homes. This was based on a legal loophole which was addressed two years later.
A new report from the Central Bank has found that during this time, people stopped paying their mortgages.
The Irish Independent reports that some of these people could have continued to pay, but chose to go into arrears instead, because they knew they couldn't be evicted.
The Central Bank report has found a direct link between the High Court judgement and an increase in the number of people defaulting.
Ireland has some of the highest mortgage debt in Europe with almost 51,000 residential mortgages more than three months in arrears.

Newstalk breakfast had Brendan Burgess on to discuss this. And while Paul WIlliams called it a 'revelation', BB simply said that this comes as no shock to him or anyone who looked at Irish mortgage arrears. He also pointed out that the difficulty in repossessions is what makes foreign bans stay out and in part causes the Irish banks to charge such high interest rates....if Mr X isn't paying his mortgage, then Mrs Y and Mr Z will be hit by the banks to cover that loss.
There was no one to dispute the report but I reckon the airwaves will have that side of the story as the morning goes on


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Fri Feb 09, 2018 11:34 am 
Offline
Of Systemic Importance

Joined: Nov 4, 2011
Posts: 5783
Location: SthDub
David Hall on Radio 1 now saying that at the end of the day Central Bankers are essentially bankers and what would you expect from bankers only a report like this. And have they nothing better to be doing.


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Fri Feb 09, 2018 12:15 pm 
Offline
Too Big to Fail
User avatar

Joined: Aug 21, 2009
Posts: 4449
Location: Mesopotatia
FreeFallin wrote:
Gasp, shock, horror

Report suggests thousands stopped paying mortgages when eviction threat was removed
A High Court ruling blocked banks from reclaiming homes for two years
http://www.newstalk.com/Report-suggests ... as-removed
Quote:
Thousands of people stopped paying their mortgages once they knew their houses wouldn't be repossessed.
A Central Bank report has found a direct link between an increase in the number of people going into arrears and a High Court judgment which blocked banks from reclaiming homes.
In 2011 a High Court judge made a ruling to block the repossession of homes. This was based on a legal loophole which was addressed two years later.
A new report from the Central Bank has found that during this time, people stopped paying their mortgages.
The Irish Independent reports that some of these people could have continued to pay, but chose to go into arrears instead, because they knew they couldn't be evicted.
The Central Bank report has found a direct link between the High Court judgement and an increase in the number of people defaulting.
Ireland has some of the highest mortgage debt in Europe with almost 51,000 residential mortgages more than three months in arrears.

Newstalk breakfast had Brendan Burgess on to discuss this. And while Paul WIlliams called it a 'revelation', BB simply said that this comes as no shock to him or anyone who looked at Irish mortgage arrears. He also pointed out that the difficulty in repossessions is what makes foreign bans stay out and in part causes the Irish banks to charge such high interest rates....if Mr X isn't paying his mortgage, then Mrs Y and Mr Z will be hit by the banks to cover that loss.
There was no one to dispute the report but I reckon the airwaves will have that side of the story as the morning goes on


But but Ireland is different. An Irishman always pays his debts. Or was that the Lannisters ? :D

I think most of us are with Brendan there. I'm more surprised if someone is surprised by this.

_________________
The real damage is done by those millions who want to 'get by'. The ordinary men who just want to be left in peace. Those who don’t want their lives disturbed by anything bigger than themselves. Those with no sides and no causes. Those who won’t take measure of their own strength, for fear of antagonizing their own weakness. Those people who roll up their spirits into tiny little balls so as to be safe. Safe?! From what?
Sophie Scholl


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Fri Feb 09, 2018 12:26 pm 
Offline
Too Big to Fail

Joined: Aug 8, 2008
Posts: 3378
Location: Cathair na dTreabh
FreeFallin wrote:
Gasp, shock, horror
Report suggests thousands stopped paying mortgages when eviction threat was removed
A High Court ruling blocked banks from reclaiming homes for two years
alternative headline
Thousands continued paying their mortgages when eviction threat was removed


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Fri Feb 09, 2018 1:04 pm 
Offline
Of Systemic Importance

Joined: Nov 4, 2011
Posts: 5783
Location: SthDub
This CB report is headline news on Newstalk all morning and has featured on all their radio shows so far today. It's coming up on the Ciara Kelly show later when David Hall will rage some more.
But it's getting very little traction on RTE. It's not on their radio news bulletins, not on their website and got a brief mention on the SOR show.


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Fri Feb 09, 2018 1:43 pm 
Offline
Property Magnate

Joined: Oct 23, 2011
Posts: 598
FreeFallin wrote:
This CB report is headline news on Newstalk all morning and has featured on all their radio shows so far today. It's coming up on the Ciara Kelly show later when David Hall will rage some more.
But it's getting very little traction on RTE. It's not on their radio news bulletins, not on their website and got a brief mention on the SOR show.


That is very interesting. Any idea if either have an agenda?


Top
 Profile  
 
 Post subject: Re: Residential Mortgage Arrears, Restructures and Repossess
PostPosted: Fri Feb 09, 2018 2:08 pm 
Offline
Of Systemic Importance

Joined: Nov 4, 2011
Posts: 5783
Location: SthDub
Barmiest Loon wrote:
That is very interesting. Any idea if either have an agenda?


1 is populist, the other left wing

Hall on Newstalk now


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 4045 posts ]  [Go to page]   Previous  1 ... 261, 262, 263, 264, 265, 266, 267 ... 270  Next

    Board index » The IRISH PROPERTY BUBBLE » The Republic of Property

Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com